Shariah Finance Watch Has a List of Shariah Compliant Banks
Sunday
There are at least two reasons to boycott such banks: First of all, Sharia compliant banks are required to donate two percent of their profits to Muslim "charities," which are often jihad-related groups, because, of course, jihad is an inextricable part of Islamic doctrine.
Secondly, the widespread existence of such policies at banks ostensibly legitimizes Sharia law — a backward, misogynistic, intolerant, totalitarian form of law that has no place in the modern world.
To see the latest list of Shariah compliant banks, click here. Here is the original list of Shariah compliant banks:
Alpha Natural Resources Asset Acceptance Capital Corporation
Aviva Plc
AXA
Barclays PLC
BNP Paribas Group
Citibank, N.A.
Credit Agricole, S.A.
Deutsche Bank AG
Dow Jones & Company Inc.
Equity Insurance Group Limited
Goldman Sachs Group
HBOS plc
HSBC Holdings plc
INVESCO Perpetual
Julius Baer Group
Maersk Logistics
Merrill Lynch & Co., Inc.
Morgan Stanley
NYSE Euronext
Silicon Graphics, Inc.
Singapore Power
All of the following are also Sharia compliant:
* Bank Negara Malaysia (The central bank of Malaysia)
* CIMB Group (CIMB Bank + CIMB Investment Bank + CIMB Islamic Bank)
Anchor Banks (Major / Commercial banks)
* Affin Bank Berhad
* Alliance Bank Berhad
* AmBank Berhad
* CIMB Bank Berhad
* EON Bank Berhad
* Hong Leong Bank Berhad
* Malayan Banking Berhad (Maybank)
* Public Bank Berhad
* RHB Bank Berhad
Foreign-owned banks (commercial only)
* ABN AMRO Bank (M) Berhad
* Bangkok Bank (M) Berhad
* Bank of America (M) Berhad
* Bank of China (M) Berhad
* Bank of Tokyo-Mitsubishi UFJ (M) Berhad
* Citibank(M) Berhad
* Deutsche Bank (M) Berhad
* HSBC Bank Malaysia Berhad
* Oversea-Chinese Banking Corporation (M) Berhad (OCBC Bank)
* The Standard Chartered Bank (M) Berhad (StanChart)
* The Bank of Nova Scotia (M) Berhad (Scotiabank)
* JPMorgan Chase & Co.Bank (M) Berhad
* United Overseas Bank Bank (M) Berhad (UOB Bank)
Offshore Banks and Branches in Labuan
* ABN AMNRO NV (Labuan Branch)
* Affin Bank Berhad
* Al-Hidayah Investment Bank (Labuan) Ltd (Labuan Branch)
* Aminternational (Labuan) Ltd (Labuan Branch)
* AmMerchant Bank Berhad
* Bank Islam Malaysia Berhad, (Labuan Offshore Branch)
* Bank Muamalat Malaysia Berhad, (Labuan Offshore Branch)
* Bank of America National Association Berhad, (Labuan Branch)
* The Bank of East Asia Ltd (BEA) (Labuan Branch)
* The Bank of Nova Scotia (Labuan Branch)
* The Bank of Tokyo Mitsubishi UFJ Limited (Labuan Branch)
* Barclays Bank PLC (Labuan Branch)
* BNP Paribas (Labuan Branch)
* Calyon (Labuan Branch)
* Capital Investment Bank Limited (Labuan)
* Cathay United Bank (Labuan)
* CIMB Bank (L) Limited
* CIMB (L) Limited (Labuan)
* Citibank Malaysia (L) Limited (Labuan)
* City Credit Investment Bank Limited (Labuan)
* Commercial IBT (Labuan Branch)
* Credit Suisse (Labuan Branch)
* DBS Bank Limited (Labuan Branch)
* Deutsche Bank AG (Labuan Branch)
* Dresdner Bank AG (Labuan Branch)
* ECM Libra Investment Bank Limited (Labuan)
* The Hongkong and Shanghai Banking Corporation Limited Offshore Banking Unit (Labuan)
* ING Bank NV (Labuan Branch)
* The International Commercial Bank of China (Labuan Branch)
* J.P. Morgan Malaysia Ltd (Labuan)
* J.P. Morgan Chase Bank National Association (Labuan Branch)
* KBC Bank NV (Labuan Branch)
* Kuwait Finance House Labuan Berhad (Labuan Branch)
* Lloyds TSB Bank PLC (Labuan Branch)
* Mizuho Corporate Bank Ltd (Labuan Branch)
* Macquarie Bank Limited (Labuan Branch)
* Maybank International (L) Ltd (Labuan Branch)
* Morgan Stanley Labuan Investment Bank Limited (Labuan Branch)
* Natexis Banques Populaires (Labuan Branch)
* OSK Investment Bank (Labuan) Limited (Labuan)
* OCBC Limited (Labuan Branch)
* Public Bank (L) Limited (Labuan)
* Rabobank Nederland (Labuan Branch)
* RHB Bank (L) Ltd (Labuan)
* The Royal Bank of Scotland PLC (Labuan Branch)
* RUSD Investment Bank Inc (Labuan)
* Schroders Malaysia (L) Berhad (Labuan)
* Societe Generale (Labuan Branch)
* Sumitomo Mitsui Banking Corporation (Labuan Branch)
* UBS AG (Labuan Branch)
* United Overseas Bank Limited (Labuan Branch)
Investment banks
* Affin Investment Bank Berhad
* Alliance Investment Bank Berhad
* AmInvestment Bank Berhad
* Asian & Euro-American Merchant Bankers (Malaysia) Berhad (Aseambankers)
* CIMB Investment Bank Berhad
* Ecmlibra investment Bank Berhad
* Hwang-DBS Investment Bank Berhad
* KAF Investment Bank Berhad
* Kenanga Investment Bank Berhad (formally K&N Kenanga Berhad)
* MIDF Investment Bank Berhad
* MIMB Investment Bank Berhad
* OSK Investment Bank Berhad
* Public Investment Bank Berhad
* RHB Investment Bank Berhad
* Southern Investment Bank Berhad
Islamic banks
* Asian Finance Bank (M) Berhad
* Bank Islam Malaysia Berhad
* Bank Muamalat Malaysia Berhad
* Hong Leong Islamic Banking Berhad
* CIMB Islamic Bank Berhad
* RHB Islamic Bank Berhad
* AmIslamic Bank Berhad
* Affin Islamic Bank Berhad
* Al Rajhi Banking & Investment Corporation (Malaysia) Berhad
* EONCAP Islamic Bank Berhad
* Kuwait Finance House (Malaysia) Berhad
* Maybank Islamic Berhad
Development Financial Institutions (Government-owned banks)
* Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat)
* Bank Simpanan Nasional Berhad
* Bank Pertanian Malaysia Berhad
* Export-Import Bank of Malaysia Berhad (Exim Bank)
* Bank Perusahaan Kecil & Sederhana Berhad ((Small Medium Enterprise) SME Bank Berhad)
* Sabah Development Bank Berhad (SDB)
* Sabah Credit Corporation Berhad
* Lembaga Tabung Haji
* Credit Guarantee Corporation Malaysia Berhad (CGC)
* Malaysian Industrial Development Finance Berhad (MIDF)
* Bank Pembangunan Malaysia Berhad (BPMB) (The development bank of Malaysia)
* United States
HSBC Amanah
HSBC Securities (USA) Inc.
452 Fifth Avenue, Tower 25
New York, NY 10018
Tel: (1 212) 525 8142
Fax: (1 212) 525 8143
Email: julie.rotondini@us.hsbc.com
Catharine Furrer-Lech
Chair UBS Islamic Finance Committee
catharine.furrer-lech@ubs.com
Citi Islamic Investment Bank
https://www1.citibank.com/ciib/homepage/contacus/form.htm
EDS CREDIT SERVICES
larry.walker@eds.com
AL BARAKA BANCORP
baraka@batelco.com.bh
AMERICAN ASSETS INC.
sharaway@msn.com
AMEEN HOUSING CO-OPERATIVE OF CALIFORNIA
info@ameenhousing.com
HOMES & LOANS REALTY
hamid_aghili@eee.org
BEAM CAPITAL MANAGEMENT, LLC
info@beamcap.com
CRESCENT CAPITAL INVESTMENTS, INC.
info@crescentcapital.com
MATRIX MANAGEMENT GROUP, INC.
iica1@home.com
SATURNA CAPITAL CORPORATION
webmaster@saturna.com
WAFRA INVESTMENT ADVISORY GROUP
wafra-info@wafra.com
WELLINGTON MANAGEMENT
info@wellington.com
ARAB BANKING CORPORATION (USA)
robert.ivosevich@arabbanking.com
GUIDANCE FINANCIAL GROUP
info@guidancefn.com
UNIVERSITY ISLAMIC FINANCIAL
info@universityislamicfinancial.com
FAILAKA ADVISORS LLC
chicago@failaka.com
SHARIAH CAPITAL
bredman@shariahcap.com
ANCHOR FINANCE GROUP LLC
info@anchorfinancegroup.com
CALYX FINANCIAL
information@calyxfinancial.com
ISLAMIC FINANCE PROJECT – HARVARD LAW SCHOOL
ifp@law.harvard.edu
SUNRISE EQUITY
info@sunriseequities.com
ABANA-ARAB BANKERS ASSOCIATION OF NORTH AMERICA
aadeyemo@arabbankers.org
18 comments:
Why is Silicon Graphics on this list? They aren't a bank, they're a tech company.
That's a good question, Randian.
Shariah Finance Watch Blog is edited by Christopher Holton, Vice President with the Center for Security Policy and executive director of its Shariah Risk Due Diligence Project and Divest Terror Initiative. He welcomes questions and comments on this blog. He can be contacted at:
christopherh@securefreedom.org
I will write to him and ask him your question. And then come back here and give you his answer. Stand by...
I noticed on the Sharia Finance Watch page that the comments on this list are all from 2008. I take it that the list was posted in 2008 and may need updating. The post itself is not dated. Do you understand the list to be from 2008? Thanks.
Good question. I'll ask Christopher.
Someone just emailed this comment:
If one finds that their bank is on this list they should move....Probably get a FREE TOASTER OUT OF THE DEAL!
Thanks for the list. More precisely, Islam does not have the concept of separating charity for the poor from donations for terrorism. Charity donations are a religious obligation for every Muslim. This is what the Koran says about how it is to be used:
Charity (the zakat) is only to be given to the poor and needy, to those who collect them, to those whose hearts are won to Islam, for ransoms, for debtors, for fighting in Alllah's cause (jihad), and for the traveler. This is a law from Allah, and Allah is knowing and wise. - Koran 9:60
This is what Sharia law says about the portion to be used for jihad:
The category fighting for Allah's cause means people engaged in Islamic war, but who are not part of a regular army and receive a salary. These jihadists must be paid for weapons, clothing, meals, and travel and all other expenses. Their families should be paid as well. - Reliance of the Traveller, h8.17
Thanks John. Very helpful.
Also, I heard back from the administrator of Shariah Finance Watch. Here's what he said:
CW:
The page you asked about was last modified in March 2008 by my predecessor. I did not take on SFW until the outset of 2009.
I took a close look at that list for the first time today and believe it needs extensive updating. I am going to start a project to do that right away but I have taken down the page in the meantime.
Christopher
It seems like there are not much choice in malaysia, though they are quite substantial nonbeliever resident like myself. I will hate to walk into any sharia compliant bank. I just hope I don't have to do any more banking transaction in malaysia as it will definitely make me feel uncomfortable and unhappy.
How did this law of 2% come about ? Who's idea was it and if a Bank is asked to donate 2% and refuses ,,what are the cocsequinces . ? I will not do my banking at any bank that gives money to Islam .
The two percent is based on the example and sayings of Mohammad. The Hadith and Sunnah.
That's how Sharia law was created. Whatever Mohammad did and said is the example for all Muslims to follow. It says 91 times in the Koran Mohammad is an ideal human being and every Muslim should follow his example.
Unfortunately unlike the red cross does not help anyone who needs help without black mailing to become muslim. I do not want to bank in a bank that supports Islam.
The category fighting for Allah's cause means people engaged in Islamic war, but who are not part of a regular army and receive a salary. These jihadists must be paid for weapons, clothing, meals, and travel and all other expenses. Their families should be paid as well.
So glad that someone asked about the Date of the list, and the SFW editor plans to update it very soon.
Thanks for being observant and responsive.
"It says 91 times in the Koran Mohammad is an ideal human being and every Muslim should follow his example."
Think there's a word (or several) for that... such as BRAINWASHING, LYING, CONTRIBUTING TO THE DELINQUENCY OF MINORS, etc.
Thanks Stuart!
Hi
Thanks for the list. I am looking to move my accounts to a sharia-compliant bank and your list was my perfect source. Only question: if your list updated to 2016? If not, when can we expect an updated version?
Again thanks for the help.
Please double check to see if Compass Financial is on the list. I see Merrill Lynch is included and one of the credit card companies I use. What about Visa or Mastercard or American Express?
Thanks for the list! I was looking for banks to get a shariah compliant loan from. I will try one of the ones you listed :)
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