By Patrick Wood, Editor

Finance

There is growing evi­dence that the big banks are cloaking bad debts again. The finan­cial crisis was sparked orig­i­nally by hiding true asset values under­lying res­i­den­tial mort­gage pools that were sold to investors world­wide. This time its com­mer­cial loans that are lurking in deep waters like the ice­berg that sank the Titanic.

You might say that these people never learn, but more likely, they have learned and are plan­ning yet another clan­des­tine plun­dering of the Treasury.

Goldman Sachs exposed again

On July 3, an obscure Goldman Sachs com­puter pro­grammer, Sergey Aleynikov, was arrested by the Feds on charges that he stole pro­pri­etary com­puter pro­grams used by Goldman Sachs on the New York Stock Exchange (NYSE).  Experts warned that the “outing” of the code would seri­ously jeop­ar­dize the oper­a­tions of Goldman and could poten­tially dis­rupt markets.

Joseph Fac­ciponti is the Fed­eral pros­e­cutor in charge of Aleynikov’s case. His incred­u­lous state­ment given as tes­ti­mony included,”The bank has raised the pos­si­bility that there is a danger that some­body who knew how to use this pro­gram could use it to manip­u­late mar­kets in unfair ways.”

Note that Goldman Sachs raised the pos­si­bility, not Fac­ciponti. But, the point is, the stolen soft­ware had the ability to manip­u­late mar­kets; the impli­ca­tion is that when Goldman Sachs uses the pro­gram to manip­u­late mar­kets, it is, of course, unques­tion­ably fair.

Since when is any manip­u­la­tion of the market fair? Or legal?

The day before Aleynikov’s arrest, July 2, the NYSE unex­pect­edly extended the trading ses­sion by 15 min­utes. Here is the com­plete text of the press release:

“The New York Stock Exchange extended trading by 15 min­utes Thursday, in an extra­or­di­nary move prompted by what the exchange said were “system irregularities.”

The NYSE had con­nec­tivity issues that pre­vented some orders from being com­pleted at the tra­di­tional 4 p.m. Eastern time close. As a result, traders were allowed to man­u­ally exe­cute orders until 4:15 p.m.

Unlike other stock mar­kets, the NYSE still uses spe­cial­ists, or actual traders who hold mini-auctions that help set the price of a stock. While elec­tronic trading now makes up the bulk of trading at the Big Board, spe­cial­ists still handle some of the order flow on the exchange floor.

Trading past the offi­cial close is rare, but in October 2008, amid the heavy volatility brought on by the near-collapse of the U.S. finan­cial system, trading in indi­vidual stocks was extended so spe­cial­ists could fill orders.”

Now, let me explain what is going on here. In years past, a par­tic­ular type of floor trader on the NYSE was known as a “Spe­cialist.” The func­tion of a Spe­cialist, who also had to own a seat on the NYSE, was to facil­i­tate liq­uidity by taking long and short posi­tions with their own money and then spreading them around in smaller incre­ments to other traders. The Spe­cialist was highly reg­u­lated but on the other hand, I never heard of a Spe­cialist not doing well.

With the advent of elec­tronic trading, the role of the Spe­cialist was mostly replaced with com­puter soft­ware, which is not given to reg­u­la­tion or transparency.

Enter stage right, Goldman Sachs.

Goldman Sachs’ com­puter pro­gram was plugged directly into the com­puters of the NYSE. Once com­pro­mised (e.g., stolen soft­ware), the NYSE was forced to unhitch it, which they did during the 15 min­utes of extended trading on July 2.

Goldman’s spe­cial posi­tion allowed their pro­gram to see the flow of orders before they hit the trading floor. In the split second it would take for those orders to arrive, Goldman had that time to jockey orders to its own advan­tage, and then to use the customer’s orders to lock in the profit.

The prac­tice is called “front run­ning” and it is illegal. Goldman Sachs has been busted in the past for it, and has paid huge fines. But, the slaps they got weren’t enough to make them walk away from this guar­an­teed money-making machine.

Now, Goldman Sachs is doing every­thing in its power to cover its tracks and con­vince everyone that it did no wrong. In reality, they should be sharing a cell with Bernie Madoff.

Goldman Sachs lands key gov­ern­ment post

Obama has appointed Robert Hor­mats, vice chairman of Goldman Sachs, to be Under­sec­re­tary of the Trea­sury for Eco­nomic, Energy and Agri­cul­ture. Hor­mats is also a member of the Tri­lat­eral Commission.

Hor­mats will work closely with Hillary Clinton (Sec­re­tary of State) to “refine Washington’s rela­tion­ships with China, India and Russia,” according to the New York Times press release.

Hor­mats has been on the revolving-door cir­cuit since 1977 when he worked at the State Depart­ment. He was Deputy U.S. Trade Rep­re­sen­ta­tive from 1979 to 1981 and Assis­tant Sec­re­tary of State from 1981 to 1982. He then joined Goldman Sachs in 1982.

Henry Paulson was the most recent high ranking offi­cial at Goldman, having pre­ceded Tim­othy Gei­thner as Sec­re­tary of the Treasury.

Market

Not much to add today. While the DJIA pulled back a bit, the NASDAQ moved up. The S&P 500 was down only .05 per­cent. Today rep­re­sented the 11th straight gain for the NASDAQ.

Market inter­nals are weak­ening with each ses­sion: advance/decline, momentum, rel­a­tive strength, etc. All of the indexes have exhib­ited a clear five waves up in the cur­rent rally.

All signs would point to a par­tial retrace­ment of 1/3 to 2/3 of the rally, prior to another wave up to new highs and the com­ple­tion of the cur­rent a-b-c rally.

One sub­scriber asked if this was a bear market trap or the start of a new bull market. I vote for the trap sce­nario. If this were the start of a new bull market, it would be the first time that one was launched from con­di­tions like we have today. Since March 6 – 9, the bigger pic­ture playing out is Pri­mary Wave 2 up, which is expected to be fol­lowed by Pri­mary Wave 3 down. I believe that when Pri­mary Wave 2 is fin­ished, we will look back and see a clear (and large) A-B-C cor­rec­tion that sets up the fur­ther decline.

By Patrick Wood, Editor

Economy

One in eight U.S. home­owners are in fore­clo­sure pro­ceed­ings or are seri­ously late on mort­gages and about to enter fore­clo­sure. If you pic­ture your neigh­bor­hood, say 48 homes, what would it mean to your home price if six of those were turned over to the banks for auction?

Healthy bank earn­ings being reported for the second quarter are coming under attack as fast as they are released. The reason is that banks are again abusing cer­tain accounting rules to over­state mort­gage values on both res­i­den­tial and com­mer­cial prop­er­ties. If such assets were stated cor­rectly, earn­ings would be much lower.

The banks are being increas­ingly viewed as vil­lains. The recent article in Rolling Stone Mag­a­zine vil­i­fied Goldman Sachs and a number of other large banks. Whether com­pletely accu­rate or not, this article reflects changing public sen­ti­ment, and it is likely to get much worse before it gets better.

Paul Craig Roberts recently wrote,

“According to Bloomberg.com, Goldman Sachs’ cur­rent record earn­ings from their free or low cost cap­ital sup­plied by broke Amer­i­can  tax­payers has led the firm to decide to boost com­pen­sa­tion and  ben­e­fits by 33 per­cent. On an annual basis, this comes to com­pen­sa­tion of $773,000 per employee.“

Goldman Sachs is also being inves­ti­gated for pos­sible illegal trading prac­tices involving their clients who use the Goldman online trading plat­form. There is a very short period between an order placed and an order exe­cuted, during which time it is pos­sible to manip­u­late the price in favor of the company.

Pol­i­tics

Politi­cians stam­pede through junk sci­ence to leg­is­late cap & trade and global warming laws. Just about everyone with any intel­li­gence knows this is a tax­a­tion scam that would insult a crook­ster like Bernie Madoff, who is just starting his 150 year prison term for fraud, etc. What makes Con­gress any dif­ferent than Madoff?

Here’s more bad science…

Obama’s “sci­ence czar,” John Hol­dren, is the director of the Office of Sci­ence and Tech­nology Policy. What poli­cies might he favor?

In 1977 Hol­dren co-authored a long-winded book titled Eco­science. Because of his belief that the earth is over­pop­u­lated, he argued for com­pul­sory pop­u­la­tion con­trol, including forced ster­il­iza­tion and abortion.

Adding ster­i­lant to drinking water is dis­cussed as an option, although a bad one because it would hor­rify the public. Forcing young mothers to receive con­tra­cep­tive implants is a more favor­able option, as well as forcing all ille­git­i­mate babies to be put up for adoption.

In short, Hol­dren is a card-carrying member of that group of mis­guided glob­al­ists who openly (but qui­etly) believe in eugenics.

Thanks to like-minded people, pop­u­la­tion growth has been crip­pled in most Western coun­tries to the point that recovery is impos­sible. In par­tic­ular, the number of chil­dren in the U.S. has steadily declined for two decades now. Chil­dren are tomorrow’s workers. There are not enough chil­dren to sup­port the eco­nomic and social machinery in the U.S. If 40 mil­lion unborn chil­dren had not been aborted since it became legal, we would have a dif­ferent demo­graphic pic­ture today.

[See: <a href=“http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Obamas-science-czar-suggested-compulsory-abortion-sterilization-50783612.html” onclick=“javascript:_gaq.push([’_trackEvent’,‘outbound-article’,‘http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Obamas-science-czar-suggested-compulsory-abortion-sterilization-50783612.html’]);”>Obama’s sci­ence czar sug­gested com­pul­sory abor­tion, sterilization]

Market

Asso­ci­ated Press reported this morning that world mar­kets rose overnight because of “demand for riskier assets amid hopes that the U.S. economy could soon be growing again.”

These are called “animal spirits” in trading jargon, and they have returned to the market with a mis­sion: Throw cau­tion to the wind and their money to the mar­kets. For two days, at least, investors’ appetite for risk over­pow­ered their reason.

With prices sharply higher today, sev­eral things become apparent. First, a com­pleted A-B-C decline from June 11 to July 8 is now his­tory. Sec­ondly, the head and shoul­ders pat­tern dis­cussed here recently has been nul­li­fied; rather, it built a shelf from which the rally was launched. Thirdly, the next phase of Pri­mary Wave 2 up is likely underway, which will lead to new highs since the March 6 – 9 bottom. Fourth, it is too early to pre­dict how the DJ Trans­port index will per­form as opposed to the DJ Indus­trials, but it should be care­fully con­sid­ered going forward.

There is an old market saying that “the market will do what­ever will fool the majority of investors.” Today cer­tainly meets that expec­ta­tion. Up volume was over 96 per­cent; the Advance/Decline ratio was almost 9 gainers to 1 loser. Together, this qual­i­fies as a 90 per­cent upside day.

In the larger pic­ture, keep in mind that the brutal bear market from 2007 ended Pri­mary Wave 1 in early March, 2009. The entire rally since then is con­sid­ered Pri­mary Wave 2 up, or a counter-trend bear market rally. Gen­er­ally, we are in the latter stages of this Pri­mary Wave 2 rally.

Although it is sur­prising that a deeper retrench­ment has been passed over for the time being, the odds have always favored at least an A-B-C pat­tern for Pri­mary Wave 2. A and B are now appar­ently com­pleted, and the C wave is in progress.

As higher prices mate­ri­alize, it will offer a great oppor­tu­nity to unload stocks buried in 401k port­fo­lios, mutual funds, etc. If you haven’t done the nec­es­sary leg­work to have the authority to con­trol your accounts, there may still be time for you to get ready.

On Friday, I will show some time and price pro­jec­tions for wave C based on Elliot Wave theory and Speed Resis­tance Lines.

Gold and silver were also sharply higher as it fol­lowed other equi­ties. As wave C unfolds, there will likely be upward pres­sure on both metals. For the last few days now, silver has out­per­formed gold, fur­ther con­firming increased appetite for risk.

By Patrick Wood

The Bible warns that “… the love of money is the root of all sorts of evil” (1 Ti. 6:10) So, just when you think you have just about seen it all, some­thing even more shocking turns up. Like this…

Either global bankers are seducing Islamic dic­ta­tors, or vice versa. Even if they are seducing each other at the same time, the result will be the same: Islamic/Shari’a banking is coming to the United States and other western nations, thanks to global banks such as Cit­i­group, HSBC, Deutsche Bank, Morgan Stanley and Goldman Sachs.

With Great Britain now pledging to become the Islamic banking center of the world, the stam­pede by all global banks to enter the world of Islamic banking is well underway.

Western banking met Islam many decades ago, but only began to sleep with her a few years ago. Since then, it is has become a wanton and open affair.

The impli­ca­tions for the west, and espe­cially for the United States, are stag­gering. Because all Islamic banking prod­ucts must be cre­ated and offered according to strict Shari’a law, global banks are doing for Islam what it could never do on its own: give legit­i­macy to Shari’a and infil­trate it into the fabric of western society.

What is Islamic banking?

Simply put, “Islamic banking and finance” cre­ates, sells and ser­vices prod­ucts that are in strict accor­dance with Shari’a. In the Islamic cul­ture, it is referred to as “Shari’a finance” and covers the prac­tices of banking, invest­ment, bonds, loans, bro­kerage, etc.

To insure Shari’a com­pli­ance, banks must hire Shari’a scholars to review and approve each product and prac­tice as “halal”, the Muslim equiv­a­lent of kosher in Judaism. Because there is a shortage of such scholars, there is com­pe­ti­tion between banks to find the best expert to sit on their boards of direc­tors. This pro­vides the highest legit­i­macy to each ruling because it is made at the director rather man­age­ment level.

It should be noted that most of these scholars are from the school of rad­ical Wahhabi/Salafi Shari’a in Saudi Arabia and else­where, holding views dia­met­ri­cally opposed to the basic values of Western civilization.

Shari’a finance has many dif­fer­ences from orthodox banking: Notably, it cannot charge interest (usury) and it calls for alms giving (zakat). It also calls for avoid­ance of exces­sive risk and may not be asso­ci­ated in any way with gam­bling, drinking alcohol, eating pork, etc.

Zakat demands a tithe of 2.5 per­cent of rev­enue be donated to Islamic charity. If western banks follow this rule, their con­tri­bu­tions will be stag­gering. It is cer­tain that a por­tion of this money will end up in the hands of rad­ical Mus­lims who are sworn to destroy the U.S. and replace its gov­ern­ment with Shari’a law.

Shari’a finance is a recent phe­nom­enon. There were very few Islamic banks prior to 1980. How­ever, with the Khomeini rev­o­lu­tion in Iran in 1979, Shari’a was sum­marily imposed throughout Iran and Shari’a finance took off.

The dark side of Shari’a

Shari’a is the legal and judi­cial system of Islam that is bru­tally imposed on many Islamic coun­tries in the middle east. It is the spe­cific embod­i­ment of the total­i­tarian ide­ology prac­ticed by the Tal­iban, Iranian Mul­lahs and Saudi Wahhabis.

Shari’a is per­pet­u­ated by claiming to have its roots in the Koran, but in fact it is mostly the product of rul­ings and dic­tates made by Islamic scholars and caliphs over sev­eral centuries.

For non-Muslims, Shari’a is best known for its medieval, harsh bru­tality. Many rul­ings handed down by Shari’a courts have shocked the western world, for instance:

• The December, 2007 “teddy bear” case in Sudan, where a British teacher was sen­tenced to 40 lashes and a year in jail for allowing her stu­dents to name their teddy bear “Mohammad.” Islamic mobs demon­strated in the streets and called for her execution.
• The November, 2007 case where a 19 year old gang-rape victim in Saudi Arabia received a sen­tence of 200 lashes for riding in the car with her rapists.
• In 2006, a 34 year-old mother was forcibly raped and ulti­mately tried and con­victed of adul­tery, and was ordered to be stoned to death.

Shari’a demands total and unques­tioned sub­mis­sion. Its sub­jects are told that Shari’a is given by Allah and that what­ever befalls them (good or bad) is Allah’s will. To ques­tion a judg­ment under Shari’a (right or wrong) is to ques­tion Shari’a itself and will only bring harsher pun­ish­ment. If a person receives harsh pun­ish­ment for some­thing they didn’t do, the ratio­nale is that Allah could and would have pre­vented it if that had been his will. This fatal­istic and deter­min­istic approach allows Shari’a rulers to get away with vir­tu­ally any thing that enters their head.

To the average western mind, Shari’a is no more than a medieval, bar­baric code that somehow sur­vived to the 21st cen­tury. It flies in the face of western law, phi­los­ophy, lib­erty and freedom. How­ever, it is the vehicle used to call for the com­plete destruc­tion of the west and in par­tic­ular the United States of America, which then will be replaced by Shari’a dictatorships.

How the banking rocket took off

At the behest of cor­po­rate trade moguls, numerous Free Trade Zones (FTZ’s) were cre­ated throughout the Islamic world that were full of wind­fall conditions.

For instance, the Dubai Inter­na­tional Finan­cial Centre (DIFC), is a 110 acre free trade zone that was founded in 2004 in Dubai, UAE. According to the DIFC web­site, par­tic­i­pants will enjoy “zero tax rate on income and profits, 100 per cent for­eign own­er­ship, no restric­tions on for­eign exchange or capital/profit repa­tri­a­tion, oper­a­tional sup­port and busi­ness con­ti­nuity facilities.”

Not sur­pris­ingly, Morgan Stanley’s appli­ca­tion was one of the first approved by the Dubai Finan­cial Ser­vices Authority to operate within the DIFC.

The director-general of the DIFC Authority, Dr. Omar Bin Sulaiman, wel­comed Morgan Stanley by stating,

“This is a tes­ti­mony to our status as an inter­na­tional finan­cial centre of repute. Morgan Stanley is a highly reputed organ­i­sa­tion and to have them here at the DIFC is a vin­di­ca­tion of our strategy to create a world-class finan­cial hub for the region. The oppor­tu­nity avail­able within the region, along with the state-of-the-art infra­struc­ture and the inter­na­tional reg­u­la­tory frame­work of the DIFC, pro­vides the ideal plat­form for insti­tu­tions such as Morgan Stanley to grow their busi­ness.” [Emphasis added]

DIFC and sim­ilar Free Trade Zones are a banker’s nir­vana into which global bankers have rushed head­long to estab­lish regional finan­cial centers.

And the payoff? A chance to enter and then dom­i­nate the Islamic banking industry. Such banking has over $1.5 tril­lion on the table today, and is growing at a steady and explo­sive rate of over 15% per year.

Good old western know-how

Under­standing that Islamic banking is a very recent phe­nom­enon is under­scored by the fact that its largest and most pres­ti­gious inter­na­tional con­fer­ence, World Islamic Banking Con­fer­ence (WIBC) has met for a mere 14 years. The most recent meeting just con­cluded in Bahrain and attracted over 1,000 banking del­e­gates from 35 countries.

Two years ago, the 12th annual WIBC (2005) con­fer­ence kicked off with the “Governor’s Table” ses­sion titled “Reg­u­lation & Busi­ness: Cre­ating a Frame­work for Islamic Banking & Finance to Thrive.” Panel member and speaker number two was Dr. David Mullins, CEO of Vega Asset Man­age­ment in New York.

Who is Mullins? He is in the white-hot core of inter­na­tional banking. Mullins was Vice Chairman and Gov­ernor of the Board of Gov­er­nors of the Fed­eral Reserve System under Greenspan during George H.W. Bush’s pres­i­dency. As gov­ernor, he rep­re­sented the Fed at meet­ings of the G-10 Gov­er­nors, the Inter­na­tional Mon­e­tary Fund, the Orga­ni­za­tion for Eco­nomic Coop­er­a­tion and Devel­op­ment, and the Bank for Inter­na­tional Set­tle­ments. Prior to that, he was the Assis­tant Sec­re­tary for Domestic Finance at the U.S. Depart­ment of the Treasury.

The next topic at the Governor’s Table was “Industry in Tran­si­tion: Trends & Inno­va­tions for Islamic Finan­cial Insti­tu­tions in an Increas­ingly Com­pet­i­tive Global Market,” where sev­eral speakers included Dr. Samuel L. Hayes III, Jacob Schiff Pro­fessor of Invest­ment Banking Emer­itus at Har­vard Busi­ness School. According to Hayes,

“The growing accep­tance among Mus­lims of Halal sav­ings and invest­ment prod­ucts over the past decade has been impres­sive. Con­se­quently, a number of con­ven­tional Western finan­cial insti­tu­tions have eagerly moved into this market as the array of invest­ment vehi­cles has broadened.”

The closed-door CEO Strategy Ses­sion was cen­tered around the McK­insey Com­pet­i­tive­ness Report, devel­oped in con­junc­tion with the WIBC by the very elite McK­insey & Com­pany based in New York.

In fact, McK­insey & Com­pany was listed as a “Strategic Part­ner” of the WIBC, along­side of global accounting firm Ernst & Young and the con­sum­mate global invest­ment banker, Goldman Sachs. (Remember that in 2005, Sec­re­tary of the Trea­sury Henry Paulson was CEO and Chairman of Goldman Sachs.)

Another key speaker was Dr. Robert Kaplan, Baker Foun­da­tion Pro­fessor at the Har­vard Busi­ness School and acclaimed author of many man­age­ment books like Bal­anced Score­card and Strategy Maps. In a pre-conference press release, Kaplan stated

“I look for­ward to pre­senting to Islamic banking leaders the latest ideas on strategy exe­cu­tion that delivers per­for­mance break­throughs. I will present how suc­cessful orga­ni­za­tions have built strategy maps around a common value proposi­tion, com­mu­ni­cated to and moti­vated the work­force, and installed a new Office of Strategy Man­age­ment to sus­tain strategy execution.”

More recently, on December 6, 2007, the gen­eral man­ager of the Bank for Inter­na­tional Set­tle­ments, Mal­colm Knight, addressed the Islamic Finan­cial Ser­vices Board Forum in Frank­furt, Germany:

“Clearly, there is expanding demand for these prod­ucts, and a closely asso­ci­ated desire on the part of banks, including non-Islamic banks, to pro­vide Islamic finan­cial ser­vices… The broad­ening appeal of Islamic finance is also evi­dent in the move by large inter­na­tional banks and other pri­vate sector finan­cial insti­tu­tions to pro­vide Islamic finan­cial services.”

Mullins, Hayes, Kaplan, McK­insey, Goldman Sachs, Ernst & Young, Bank for Inter­na­tional Set­tle­ments? Do you see the pattern?

The west is giving away the know-how, with gusto, to enable Shari’a banking and guar­antee its suc­cess throughout the world. And to what ends?

For one, Britain’s PM Gordon Brown has point­edly stated that he intends to make London the Islamic finance cap­ital of the world. Fur­ther, he pledged that in 2008 the British gov­ern­ment will issue its own “sukuk”, or Shari’a com­pliant bonds. Yes, gov­ern­ment debt issued as Shari’a compliant.

At the June 13, 2006 Islamic Finance Trade Con­fer­ence in London, Brown revealed,

“Today British banks are pio­neering Islamic banking – London now has more banks sup­plying ser­vices under Islamic prin­ci­ples than any other Western finan­cial centre.”

Brown’s state­ments can only be taken as a chal­lenge by the New York banking estab­lish­ment to beat him to the finish line. It doesn’t matter who wins this race because the result will be the same: Shari’a banking is quickly encir­cling the globe and forcing a de facto accep­tance of Shari’a law.

Con­clu­sion

Inter­na­tional bankers have long ago proven them­selves to be com­pletely amoral when it comes to money. They bankrolled the Bol­shevik Rev­o­lu­tion in 1918 just as blithely as they bankrolled Hitler in the 1930’s. For­tu­nately for us, nei­ther suc­ceeded in con­quering the world.

With Islam, odds of its suc­ceeding are rad­i­cally dif­ferent. To start with, there are already 1.6 bil­lion Mus­lims in the world, and it is the fastest growing reli­gion in his­tory. Sec­ondly, the spread of Islam is richly financed by the oil that is extracted from mid-eastern coun­tries. Thirdly, Islam has already infil­trated most of the west, espe­cially in Europe.

And now, Islam has behind it the com­bined sup­port and encour­age­ment of the entire global banking community.

The unholy alliance between Islam and global banking may be the final leg on the age-old quest for global dom­i­na­tion. Don’t be sur­prised at the silence of the global elite the next time you hear Islamist mobs chant “Death to Amer­ica” – their goals are now intertwined.

Bib­li­og­raphy:

Sharia’s Trojan Horse
Islamic Finance or Financing Islamism? (.pdf file)
Islamic Eco­nomics: What Does it Mean?
Fed­eral Reserve speech to Islamic Finan­cial Ser­vices Industry Sem­inar
Fed speech on Reg­u­la­tion and Super­vi­sion of Islamic Banking
Islamic banking rises on oil wealth, drawing non-Muslims
How the West Came to Run Islamic Banks
12th Annual World Islamic Banking Con­fer­ence
Uni­ver­sity Islamic Finan­cial
Islam and Mammon, Timur Kuran