Tuesday, April 4, 2017

ANZ's same sex marriage campaign on a collision course with its Islamic credentials, and with its biggest private banking client Najib Razak's 1MDB theft

by Ganesh Sahathevan

From the ANZ website

Islamic Finance

ANZ has been involved in Islamic finance since the early 1980s. When banking in Pakistan was converted to a non-interest based Islamic system, ANZ played a leading role in the transition and was heavily involved in the development of the Islamic finance documentation utilised by all the banks. In 1987, ANZ successfully launched "First Grindlays Modaraba", an Islamic leasing company in Pakistan. This listed entity attracted substantial investments from the Middle East and Europe, and quickly established itself as one of the most successful lessors in Pakistan. ANZ was the first large conventional bank to establish a wholly Islamic entity within its group.

ANZ's Global Islamic Finance unit was established in London in 1989 to undertake cross-border Islamic financing. Since its inception, the team has arranged and structured transactions well in excess of US$2 billion. We have an established reputation in arranging and structuring Islamic financing and has developed an expertise in structuring transactions according to Islamic financier's Sharia (Islamic law) requirements.

From a 2011 newspaper report:

Malaysian Islamic connection for ANZ bank
MALAYSIA'S rapidly growing AmBank Group, almost 24 per cent owned by ANZ, plans to exploit the global connections of its major investor for its next phase of growth.
ANZ has invested almost $900 million in the mid-tier Malaysian bank, its single largest investment in Asia.
Ashok Ramamurthy, AmBank's deputy group managing director and chief financial officer, said the first six months were "tough" but the relationship was now going well. "We've demonstrated we can deliver," he said.
Mr Ramamurthy said AmBank was being positioned to be "Malaysia's preferred banking group with international connectivity", as it linked into the ANZ global network to tap into cross-border financing.
He said AmBank was one of the most active in Islamic banking, which had been growing at around 20 per cent annually in recent years. It was one of the top three issuers of Islam Shariah bonds, and also operated a 20bn ringgit Islamic fund. Islamic banking, albeit from a low base, had grown four times faster than conventional banking.
AmBank was well positioned to provide a bridge for ANZ into the fast-growing Islamic banking world, Mr Ramamurthy said.

From a more recent report, where AMBank/ANZ's Islamic banking services gained prominence:

Malaysians now know that Prime Minister Datuk Seri Najib Razak had two bank accounts at AmIslamic Bank, confirmed by the special government task force probing into The Wall Street Journal’s allegations that some US$700 million (RM2.67 billion) was channelled into these personal accounts.

Recalling that Najib has consequently claimed that the money was really a donation from King Abdullah to further the Islamic faith, it is hard to see how ANZ is going to explain this to someone who is probably its largest  private 
Islamic banking client,,who also happens to be the Minister for Finance Malaysia,who oversees their operations in that country:

The hypocrisy of the marriage equality “acceptance” ring is unbelievable. (Pic: Supplied)

Sixteen companies, including Qantas, Google, ANZ, Fairfax Media, Foxtel, eBay, and ARN, have signed on to the Airbnb “Until We All belong” campaign, designed to build pressure on Federal MPs to push a vote through parliament, rather than keeping an election promise to hold a plebiscite.


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