The “hawala” a method of financing terrorism moves 300 million Euros in Spain

April 4, 2014


The ‘ hawala ‘ is an opaque and easy way to send money to any corner of the world. A system that can move 100,000 USD per day and is based on the relationship of trust between the partners in the chain of money delivery. Confidentiality and opacity have made it one of the methods of financing terrorist Jihadi groups. In fact, the ‘ hawala ‘ has been linked to the recruitment or movement of funds from organizations linked to Al Qaeda, such as the Al Qaeda for the Islamic Maghreb.
In Spain and Portugal an organization that allegedly laundered funds for this transfer system was dismantled resulting in at least 18 detainees linked to an organization that allegedly provided services to drug traffickers.


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Appears unlikely Taliban militants will kill Canadian hostage

Taliban militants in Pakistan’s tribal region have opted to delay plans to kill Canadian hostage Beverly Giesbrecht, but her captors are apparently still holding out for a ransom before releasing her. The abduction of Giesbrecht, 53, has become a sensitive issue, and tribesmen of the embattled area are reluctant to speak on the matter openly. However, some locals said that while there is no hard information about her release, it could come at any time.

In a video released last month, the West Vancouver resident said her captors warned that they would behead her if their demands for $375,000 USD weren’t met by the end of March. That deadline was later extended to April 6. The Canadian embassy in Islamabad has been working behind the scenes with Pakistani authorities to help secure her release.

Future outlook of asset-backed Islamic financial system

The Islamic finance industry size is 300 billion USD and expanding at 15 percent a year. It prohibits interest, which is also prohibited in Bible. Islamic financial institutions have been largely sheltered from present crisis, which has resulted in $400 billion losses. USA, France, Germany & India have good potential.

The Islamic financial system is based on a set of values, such as transparency & cooperation. In the past three decades, the number of Islamic financial institutions has risen above 300, spreading amongst 75 countries. The size of Islamic financial system is 300 billion dollars and expanding at 15 percent a year. The system forbids the levying or payment of interest, preferring shared ownership and splitting of profits.

Economic experts assert that the system of financial derivatives, which is based on ‘interest’ or ‘usury’, cannot bring real development. “Financial derivatives create only money, with no real value, causing inflation and moral decadence. The current global financial crunch is an example that it has several fundamental problems,” said Haris Ahmed, BDE, Academy for International Modern Studies (AIMS), United Kingdom. “There is a global need for a radical and structural reformed financial system, and the Islamic financial system is the best answer. The Islamic financial system is based on the principles of Islam, and offers an alternative which could reduce risks. Islamic banks don’t buy credit but manage concrete assets, which shelters them from the difficulties that American and European banks are experiencing. In the Quran, it is clearly mentioned in many places. For example, in 2:275 Allah (God) says ‘Those who charge riba are in the same position as those controlled by the devil’s influence.’ This is because they claim that riba is the same as commerce. However, Allah permits commerce, and prohibits riba. Thus, whoever heeds this commandment from his Lord, and refrains from riba, he may keep his past earnings, and his judgment rests with Allah. As for those who persist in riba, they incur Hell, wherein they abide forever”.

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