Islamic Finance in NZ - Another story the NZ MSM did not Report

Sandi's picture
Submitted by Sandi on Thu, 2007-09-13 12:17

This wee gem, appeared in infonews on Wednesday

Hamilton businessman Abdullahi Dayib, has set up his own company, Al-Haramain Islamic Finance, to offer New Zealand's first Islamic "mortgages".

He is a Muslim, whose religion bars conventional borrowing with interest payments, the Wall Street Journal reports.

Mr Dayib, who is Somali-born, said shariah, or Islamic law, deemed the payment or receipt of interest -- known as riba -- akin to usury.

As a matter of faith, a Muslim cannot lend money to, or receive money from someone and expect to benefit -- interest (known as riba) is not allowed. To make money from money is forbidden -- wealth can only be generated through legitimate trade and investment in assets. Islamic investment funds are also banned from investing in companies associated with tobacco, alcohol or gambling."

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What a coincidence that the next day, ASB Securities are promoting Rabobank Nederland to NZ investors.

A bank that accomodates and recognises Shariah Law.

Anyhow, moving back to Mr Abdullahi Dayib, it seems that he has chosen a very interesting name for his finance company. "Al-Haramain Islamic Finance"

On the Beehive website.

"Rt. Hon Helen Clark

31/05/2004
Listing of terrorist entities
Prime Minister Helen Clark announced today that the government has listed the following individual and organisations as terrorist entities pursuant to the provisions of the Terrorism Suppression Act 2002.

Organisations
Al-Haramain Foundation (Indonesia)
Al-Haramayn Foundation (Kenya)
Al-Haramain Foundation (Pakistan)
Al-Haramayn Foundation (Tanzania)

The Al-Haramain Islamic Foundation is an Islamic non-governmental organisation dedicated to promoting Islamic teaching throughout the world. Information in the possession of the United States government indicates that the Al-Haramain Foundation in both Indonesia and Pakistan, and the Al-Haramayn Foundation in both Kenya and Tanzania provide financial, material, and logistical support to the al-Qaeda network and other terrorist organisations.

Back in July
Investigate reports "That an Islamic "charity" application includes setting up an Islamic school to teach Wahhabi Islam - the radical branch of the religion - and establishing an "Islamic Bank" in New Zealand. The proposal is said to involve "millions of dollars".

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Looking back at the first news item, check out the last paragraph.

"Islamic investment funds are also banned from investing in companies associated with tobacco, alcohol or gambling."

No alcohol huh?

WineryExchange of San Rafael got $9 million from Venrock Associates, " 3i ", and "Rabobank" to fund expansion of an online wine industry supply market.

"3i offers Shariah range for financial sector"

Rabobank's is of course Shariah Law compliant.

Link to Beehive webpage - you will probably need the cached version

http://www.beehive.govt.nz/Vie...


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Phil Goff & John Key Been Attending Islamic Banking Meetings

Sandi's picture

Phil Goff, Minister of Defence and Minister of Trade, Mr John Key, Leader of the National Party are members of the advisory board of the New Zealand Asia Institute.

In 2006, the Institute continued this popular forum and hosted two such meetings. On 14 June, the Institute hosted a visiting delegation of four senior Malaysian bankers and academics and organized a Business Breakfast on Malaysian and Islamic Banking.

They also held a workshop where Dr Bahtiar Effend from Universitas Islam Negeri, & the National Islamic University, discussed inter-faith and intercultural dialogues in Indonesia. Mr Umar Hadi, Director for Public Diplomacy of the Department of Foreign Affairs, spelled out the current government’s visions and strategies for developing Indonesia into a moderate Muslim democracy.

40 strong participants from businesses, the University and the wider community, were also briefed how Islamic banking worked as an alternative financial system, why its products were gaining relevance in the global market, and how it might be integrated into the world financial system.

www.arts.auckland.ac.nz/FileGe... -

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