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April 19, 2014 / 19 Nisan, 5774
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Posts Tagged ‘british’

Britain: ‘A World Capital for Islamic Finance’

Thursday, October 31st, 2013

Originally published at Gatestone Institute.

The London Stock Exchange will be launching a new Islamic bond index in an effort to establish the City of London as one of the world’s leading centers of Islamic finance.

Britain also plans to become the first non-Muslim country to issue sovereign Islamic bonds, known as sukuk, beginning as early as 2014.

The plans are all part of the British government’s strategy to acquire as big a slice as possible of the fast-growing global market of Islamic finance, which operates according to Islamic Sharia law and is growing 50% faster than the conventional banking sector.

Although it is still a fraction of the global investment market — Sharia-compliant assets are estimated to make up only around 1% of the world’s financial assets — Islamic finance is expected to be worth £1.3 trillion (€1.5 trillion; $2 trillion) by 2014, a 150% increase from its value in 2006, according to the World Islamic Banking Competitiveness Report 2012-2013, published in May 2013 by the consultancy Ernst & Young.

But critics say that Britain’s ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel global financial system based on Islamic Sharia law.

British Prime Minister David Cameron announced the plans during a keynote speech at the ninth World Islamic Economic Forum, which was held in London from October 29-31, the first time the event has ever been held outside the Muslim world.

“Already London is the biggest center for Islamic finance outside the Islamic world,” Cameron told the audience of more than 1,800 international political and business leaders from over 115 countries.

“And today our ambition is to go further still. Because I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.”

Cameron said the new Islamic bond index on the London Stock Exchange (LSE) would help stimulate fixed-income investments from Muslim investors — especially investors from oil-rich Persian Gulf countries — by helping them identify which listed companies adhere to Islamic principles.

Investors who practice Islamic finance — which is said to be structured to conform to a strict code of ethics based on the Koran and Sharia law — refuse to invest in companies that are linked to alcohol, gambling, pornography, tobacco, weapons or pork. Islamic finance also forbids collecting or paying interest and requires that deals be based on tangible assets.

Unlike conventional bonds, sukuk are described as investments rather than loans, with the initial payment made from an Islamic investor in the form of a tangible asset such as land. The lender of a sukuk earns money as profit from rent, as in real estate, rather than traditional interest.

Cameron says the British Treasury will issue £200 million (€235 million; $320 million) worth of sukuk as early as 2014. The objective is to enable the government to borrow from Muslim investors. The Treasury plans to issue fixed returns based on the profit made by a given asset, thereby allowing Muslims to invest without breaking Islamic laws forbidding interest-bearing bonds.

The Treasury also said some sukuk bond issues may require the British government to restrict its dealings with Israeli-owned companies in order to attract Muslim money.

Although Britain has already established itself as the leading secondary market for sukuk — the LSE has listed 49 sukuk bonds worth $34 billion during the past five years — such bonds have rarely been issued from local firms and never from the government.

“For years people have been talking about creating an Islamic bond, or sukuk, outside the Islamic world. But it’s never quite happened,” Cameron said. “Changing that is a question of pragmatism and political will. And here in Britain we’ve got both.”

According to Cameron, this “pragmatism and political will” is being influenced by the fact that Islamic finance is “already fundamental” to the success of the British economy. Indeed, it is.

Britain is already the leading Western center for Islamic financial and related professional services. It is a leading provider of Sharia-compliant finance, with reported assets of $19 billion, according to Islamic Finance 2013, a new report published by The City UK, a financial sector lobby group.

Bibi and Obama Growing Apart on Iran while Rouhani Is All Smiles

Monday, October 21st, 2013

The Associated Press reported that Israel and the U.S. have been growing apart on the Iran nuclear threat, so much so that there appears to be a rift between them these days. Essentially, Israeli prime minister Benjamin Netanyahu continues to sound the alarm tirelessly and at a high pitch, while the West sees genuine Iranian compromises in the Geneva talks.

The different views are only growing more so, threatening to leave Israel in isolation, as the talks between six global powers and Iran appear to be gaining steam, the AP surmises. western negotiators were upbeat after last week’s talks, going into the next round of negotiations, Nov. 7.

If you wanted a Munich moment – this is it, with the Czech ambassador sitting nervously in the waiting room while the British and French prime ministers and the Axis brutes decided his country’s fate.

Most references to the Munich moment usually show PM Neville Chamberlain waving a piece of paper and announcing "peace in our time." But the really scary Munich moment took place hours earlier, when these dubious characters signed on to the deal. It was about the West's willingness to knowingly embrace the lies of the thugs it was dealing with, leaving Czechoslovakia to pick up the tab. From left to right, Chamberlain, French PM Daladier, Hitler, Mussolini and Italian Foreign Minister Count.

Most references to the Munich moment usually show PM Neville Chamberlain waving a piece of paper and announcing “peace in our time.” But the really scary Munich moment took place hours earlier, when these dubious characters signed on to the deal. It was about the West’s willingness to knowingly embrace the lies of the thugs it was dealing with, leaving Czechoslovakia to pick up the tab. From left to right, Chamberlain, French PM Daladier, Hitler, Mussolini and Italian Foreign Minister Count.

In fact, the louder Netanyahu cries out, the more shrill he is bound to sound in the face of the smiling Iranian president Hassan Rouhani.

“I think that in this situation as long as we do not see actions instead of words, the international pressure must continue to be applied and even increased,” Netanyahu told his Cabinet on Sunday. “The greater the pressure, the greater the chance that there will be a genuine dismantling of the Iranian military nuclear program.”

The statement may reflect more how out of touch Bibi is with the winds blowing in Washington DC right now, than a practical strategy. Over the weekend, U.S. officials said the White House was going to offer Iran a chance to recoup billions of dollars in frozen assets—sitting there since the 1979 Islamic revolution—if it scales back its nuclear program. The sanctions will stay in place for now, but Iran would suddenly receive a windfall.

In other words, Iran will receive between $50 and $75 billion, tax free, not for eliminating its nuclear weapons program, but for merely slowing it down.

This is vintage Rouhani, incidentally – the man was the architect of Iran’s winning strategy of fooling the world while flashing many winning smiles. One gets the feeling the Rouhanis wanted their boy to go into modeling for toothpaste ads, instead of running one of the three most evil regimes on the planet, but one thing led to another.

Speaking on NBC’s “Meet the Press,” U.S. Treasury Secretary Jack Lew said it was “premature” to talk about easing sanctions, but he did not endorse Netanyahu’s tough line, saying the U.S. is planning a more “incremental” approach in response to concrete Iranian gestures.

It’s 2005 revisited, and Rouhani knows he’s already won this round. He managed to separate Netanyahu from his American benefactors, and isolate Israel which now looks like it’s frothing at the mouth while Iran is all pleasantries and pragmatism. All he has to do from this point on is keep talking, host a couple UN inspectors, mess with their inspections a little, nothing serious, make it impossible to get a real read of what goes on in those plants – but keep on smiling, denying, and never say anything hostile or aggressive against israel or the West.

Bibi cannot win this one, any more than Czechoslovakia could win the diplomatic war against Hitler. Few people know today that on paper the Czechs were superior militarily to the Germans. If they had decided to strike against the Germans, they could have altered world history. They didn’t need British or French protection, they were completely self sufficient in manufacturing their military arsenal. Indeed, it was his bloodless conquest of Czechoslovakia that turned Hitler unstoppable.

Rabbi Ephraim Mirvis Appointed as UK’s New Chief Rabbi

Sunday, September 1st, 2013

On Sunday, Rabbi Ephraim Mirvis was appointed as the United Kingdom’s new chief rabbi.

Rabbi Mirvis is the Britain’s 11th chief rabbi.

Besides being a congregational rabbi, Rabbi Mirvis previously served as the chief rabbi of Ireland from 1985 to 1992.

Rabbi Mirvis was born in South Africa in 1956. He moved to Israel in 1973, where he learned in Yeshiva Keren B’Yavneh, followed by Yeshivat Har Etzion, finally receiving his Smicha (ordination) at Machon Ariel in Jerusalem in 1980.

Rabbi Mirvis also has a BA in Education and Classical Hebrew, and to top it off is also a Shochet and Mohel.

Arguing against ‘Limited’ Strikes on the Assad Regime

Wednesday, August 28th, 2013

Originally published at Daniel Pipes.

Warfare is a very serious business whose first imperative is to deploy force to win – rather than to punish, make a statement, establish a symbolic point, or preen about one’s morality.

Yet, these latter are precisely what several Western states will accomplish if they respond to the Syrian government’s apparent use of chemical weapons against civilians with “limited” strikes lasting one or two days against fewer than fifty sites. Briefly lobbing American, British, and other missiles against the regime without a concomitant readiness to deploy ground troops will neither overthrow the government nor change the course of the war. It will, however, allow Westerners to feel good about themselves.

It will also entail real dangers. Bashar al-Assad’s notorious incompetence means his response cannot be anticipated. Western strikes could, among other possibilities, inadvertently lead to increased regime attacks on civilians, violence against Israel, an activation of sleeper cells in Western countries, or heightened dependence on Tehran. Surviving the strikes also permits Assad to boast that he defeated the United States.

In other words, the imminent attack entails few potential benefits but many potential drawbacks. As such, it neatly encapsulates the Obama administration’s failed foreign policy.

Rabbi Sacks Attacking PM, Multiculturalism

Monday, August 19th, 2013

Britain’s chief rabbi, Lord Sacks, is blaming British Prime Minister David Cameron for failing to do enough to boost marriages in the UK, and saying multiculturalism in Britain has “had its day,” The Times reported.

Rabbi Sacks said Cameron should recognize marriage in the tax system and do more to support stay at home mothers.

“I think the government has not done enough,” he said. “Although I don’t take a political stance … I don’t think the government has done enough at all.”

Rabbi Sacks, who retires next month after 22 years, said the estimated £9 billion-a-year cost of family breakdown and “non-marriage” meant the state has a direct interest in promoting marriage.

Rabbi Sacks also said multiculturalism in Britain had led to “segregation and inward-looking communities.”

Comparing it to a hotel where “nobody is at home,” he said: “It doesn’t belong to anyone, we’ve each got our own room and so long as we don’t disturb the neighbors we can do whatever we like.”

Britain: Muslim Prison Population Up 200%

Tuesday, August 6th, 2013

Originally published at Gatestone Institute.

The number of Muslim convicts in British prisons has surpassed the 11,000 mark for the first time, according to data included in a new report produced by the British Parliament.

The statistics — from a July 29 House of Commons research report entitled, “Prison Population Statistics” — show that the number of Muslim inmates in England and Wales jumped to 11,248 in 2012, up from 3,681 in 1997. Stated another way, over the past 15 years, the number of Muslims in British prisons has jumped by more than 200%.

The rate of increase of Muslim inmates in British prisons is eight times faster than that of the overall prison population, and the numbers show a clear overrepresentation of Muslim convicts: Muslims, who make up roughly 5% of the British population as a whole, now make up 13% of the British prison population (compared to just 6% in 1997).

The growth in the number of Muslim inmates is fueling fears that British prisons are becoming hotbeds for Islamic radicalization.

Although most of the Muslims in British prisons are immigrants from Asia, the Middle East and North Africa, an increasing number of Muslim inmates are converts to Islam.

According to a research report recently commissioned by the British Ministry of Justice, many non-Muslim inmates in British prisons are being bullied into conversion or are embracing Islam in exchange for promises of protection from physical assault.

The study examines the Islamic “gang culture” inside the Whitemoor Prison in Cambridgeshire, which houses around 500 of the most dangerous prisoners in Britain. Researchers from the Cambridge Institute of Criminology who wrote the report found that more than one third (39%) of the prisoners at Whitemoor are Muslims.

Prisoners told the researchers that they had felt overwhelming pressure to convert. In some instances, they said, Muslim inmates had left Islamic literature in their cells and ordered them to “read this.” In other instances, inmates were promised that if they converted to Islam, they would be safe from physical assault.

The report states that if loners, including sex offenders, converted to Islam, fellow Muslims would defend them; they could thereby gain safety from a large and dominant group. Others used their newly acquired faith as a tool for status in establishing influence.

Non-Muslims and prison officers inside Whitemoor described Islam as an “organized gang” and a “protection racket,” which “glorified terrorist behavior and exploited the fear related to it.”

Prison guards said there were “proper Al-Qaeda” members in the prison who were regarded with “awe” by younger inmates. Some prisoners described Whitemoor as a “recruiting drive for the Taliban” and fertile ground for hatred and a new generation of extremists.

Guards also said they had a policy of “appeasement” towards the powerful and growing Islamic prison population, particularly convicted terrorists who were feared to be recruiting future extremists.

The report states: “The threat of assaults motivated by religious fanaticism or extremist ideology added weight to the atmosphere at Whitemoor,” and continues: “The new population mix, including high numbers of Muslim prisoners, was disrupting established hierarchies in the prison. Social relations among prisoners had become complex and less visible. Too much power flowed among some groups of prisoners, with some real risks of serious violence. There were high levels of fear in the prison. In particular, there were tensions and fears relating to ‘extremism’ and ‘radicalization.’”

The report concludes: “More prominent, in practice, were pressures (and temptations) felt by some prisoners to convert to Islam. Conditions in the prison made participation in Islamic practices the most ‘available’ option for those looking for belonging, meaning, ‘brotherhood,’ trust and friendship.”

Meanwhile, British media recently reported that Dale Cregan, a notorious quadruple murderer who is serving a life sentence at the Manchester Prison, is being targeted by extremist Muslims who want to convert him to Islam.

Cregan, who is of Irish Catholic background, is said to be afraid of rival gang members who have offered a bounty to anyone who attacks him in prison. Muslims have offered to protect Cregan if he converts to Islam. According to prison officials, Cregan is so well known that if he converts to Islam, it would be seen as a way to further increase the influence of Muslim gangs inside the prison.

Searching a Greek Priest for Arms

Sunday, July 15th, 2012

The 1920 Jerusalem riots took place under British Mandate of Palestine on April 4–7, 1920 in and around the Old City of Jerusalem.

The events coincided with and are named after the Muslim Nabi Musa festival and followed rising tensions in Arab-Jewish relations over Zionist immigration. Concurrently, there were Arab attacks on Jewish settlements in the Galilee.

Speeches by Arab religious leaders during the festival led to an outbreak of violent assaults on the city’s Jews. Five Jews and four Arabs were killed and several hundreds were wounded.

Sheikhs of 82 villages around the city and in Jaffa, claiming to represent 70% of the Arab population, issued a document protesting the violence against the Jews.

The Palin Court of Inquiry sent to the region in May 1920 by the British authorities placed the blame for the riots on the Zionists, “whose impatience to achieve their ultimate goal and indiscretion are largely responsible for this unhappy state of feeling.”

The document was never published.

Jewish Groups Sharply Condemn Church of England’s Endorsement of Anti-Israel Program

Wednesday, July 11th, 2012

The main representative body of British Jewry lambasted the Church of England’s General Synod for endorsing an “inflammatory and partisan” anti-Israel program “at the expense of its interfaith relations.”

The Synod on Monday overwhelmingly passed a motion to support “the vital work” of the Ecumenical Accompaniment Programme in Palestine and Israel (EAPPI). The program brings church volunteers to “the West Bank to experience life under occupation” and “monitor and report human rights abuses” for a period of three to four months. As part of the program, participants are encouraged to lobby on behalf of the Palestinian cause upon their return.

Vivian Wineman, President of The Board of Deputies of British Jews, released a sharply worded statement on Tuesday condemning the Church of England’s move: “Justifying its decision using the views of marginal groups in Israel and the UK, the Synod has ridden rough shod over the very real and legitimate concerns of the UK Jewish community, showing a complete disregard for the importance of Anglican-Jewish relations.

“Unsurprisingly its graduates return with simplistic and radical perspectives, giving talks against Israel which do nothing to promote an understanding of the situation in the Middle East, much less promote a peaceful and viable solution to its problems. Members of Jewish communities across the country have suffered harassment and abuse at EAPPI meetings and yet Synod has completely dismissed their experiences.”

Wineman went on to deride the Church for its sanctimony and expressed concern for the latent anti-Semitism that was exposed in the run-up to the vote, saying: “The Jewish community does not need lessons from the Anglican Church in justice and peace, themes which originated in our tradition. Moreover, to hear the debate at Synod littered with references to ‘powerful lobbies’, the money expended by the Jewish community, ‘Jewish sounding names’ and the actions of the community ‘bringing shame on the memory of victims of the Holocaust’, is deeply offensive and raises serious questions about the motivation of those behind this motion.”

A statement on the website of the Israeli embassy in the UK said: “We are deeply disappointed that General Synod has endorsed the work of a highly partisan organisation. Christians face rising persecution across the region and yet, by supporting this group, the Church of England has chosen to amplify one-sided voices and to single out Israel – the only country where Christian rights are enshrined and the Christian population is growing.

“We share the concerns of all those within the Church of England who opposed this resolution as being misguided and undermining hopes for genuine understanding and reconciliation.”

This is not the Church of England’s first foray into anti-Israel initiatives, with a high-profile vote in February 2006 that resolved to disinvest from companies whose products are used by the Israeli government in Judea and Samaria.

JTA contributed to this report

Printed from: http://www.jewishpress.com/news/israel/british-jewish-groups-condemn-church-of-englands-endorsement-of-anti-israel-program/2012/07/11/

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