The essay below by Seneca III is the first in a series of follow-ups to his recent piece on “The End Times of Albion”.
Will the Green Flag of Islam and the Black Flag of Jihad Soon Fly Over Downing Street?
The End Times of Albion, Part 2
by Seneca III
The recent furor over the immigration status of some of the Windrush generation and the subsequent humiliating resignation of Home Secretary Amber Rudd has thrown up a disturbing scenario with the appointment of Sajid Javid as the replacement Home Secretary.
Sajid Javid is a one-time significant player in the 2008 global financial collapse where, as a senior investment banker, he was at the heart of the credit trading business and was responsible for structuring an emerging-market synthetic CDO as well (allegedly) as junk mortgages that incurred millions of dollars’ worth of losses for investors. He is extremely intelligent, well-educated, financially astute, presentable, experienced in public office and a real master of the four pillars of Islamic deception — taqiyya, tamriya, maruna and kitman.
Unlike the wretched, semi-literate, affirmative-actioned, linguistically challenged and grandstanding Sadiq Khan whose only talent is an ability to take a modern, culturally advanced metropolis and turn it into a third world hell-hole, he is not an also-ran when it comes to a Muslim power grab but a real and present danger to the UK.
Note his over-exaggerated ‘Power Stance’ as adopted by so many of the arrogant scum we have elected to govern us:
Thus, in brief, consider this: Jeremy Corbyn, whether he remains leader or otherwise, has shown us where the rancid soul of the modern Labour Party abides, and it is not a pretty sight. Theresa May likewise for the Conservative party, as the Brexit debacle has so painfully demonstrated. Consequently, both having alienated a significant percentage of their faithful, neither party has much hope of forming a majority government. Hence Corbyn and May have a very limited time left before their desperate apparatchiks will be done with them and look elsewhere in order to keep their collective Gadarene snouts deep in the public trough. This begs the question as to who will replace both of them, either soon or, perhaps, the second time around after another failed ‘Buggins’ turn’ hopeful has been summarily ejected from the hot seat.
With that thought in mind I must admit that I have no idea as to who is standing hopefully in the Labour Party wings awaiting the moment of their political sanctification; nor do I care. That Party, for which my working-class parents voted most of their lives until it became so unrepresentative of their hopes and dreams that they simply walked away in tears, left me with a consummate anger and, other than during the Blair-Brown interregnum , I have paid little attention to them beyond a nodding acknowledgement of their most frequently headlined outrages.
However, the Conservative Party is another matter entirely. I became a Tory voter and even a card-carrying member and remained so until 1990 when the Party committed regicide and shattered my dreams, as those of my parents had been shattered before me, but I have been keeping a close eye on them ever since whilst carrying two suitcases filled with despair; I have watched them circle around the drain and then commit ethno-cultural treason on a near biblical scale… all of which brings me back to Sajid Javid, who now appears on their horizon as the newly-anointed one. There can be little doubt that as a Muslim, Javid will be appointed in the expectation that he will garner the majority vote of the now huge and electorally corrupt Muslim demographic in the UK, as Cameron so yearned for in 2014…
David Cameron has said he wants to see a British Asian Prime Minister in his lifetime. Mr. Cameron made the remarks at an awards dinner in central London where Sajid Javid, the Culture secretary who is widely tipped as his successor, topped a power list of the most influential Asians in the UK.
Mr Cameron told the GG2 Leadership Awards: “Let us think big about what Britons of all backgrounds can achieve. “When I hear ‘sir’, ‘your honour’ or ‘right honourable’, I want them to be followed by a British Asian name.” To cheers he added: “One day I want to hear that title ‘Prime Minister’ followed by a British Asian name.”
Earlier Mr Cameron had described Mr Javid, who was in the audience, as “brilliant” during his 10 minute speech, which celebrates achievement among Britain’s Asian community.” — Daily Telegraph, 05 November2014
…and then step into Downing Street where — metaphorically speaking in the beginning at least — will fly the green flag of Islam alongside the black flag of Jihad?
Interlude — The Sukuk scam
2nd July 2014 — London Stock Exchange today welcomes the listing of the UK Government’s first Islamic bond, or Sukuk. The listing is the first for a country outside the Islamic world and raised £200m on orders totalling more than £2billion. To mark the occasion, Government Ministers Sajid Javid MP — Secretary of State for Culture Media and Sport and Minister for Equalities! (note that this Ministry had nothing to do with government finances or the markets beyond the use of its own budget), and Andrea Leadsom MP, Economic Secretary to the Treasury opened trading in a special Market Open Ceremony at London Stock Exchange this morning.
“We’re delighted to welcome the UK Government ministers to open our markets this morning. The fact that the UK is the first country in the Western world to launch a Sukuk bond, and the exceptional demand for the bond highlights London’s standing as the world’s leading international financial centre. It also shows that confirms the UK as a key destination for foreign, Shariah-compliant financial products and institutions.”
The UK sovereign Sukuk will have a maturity of 5 years and use the Al-Ijara structure, the most common structure for sovereign Sukuk. The Sukuk will be underpinned by rental income from three central government office properties, which will remain in government ownership during the lifetime of the Sukuk.
More than $38 billion has been raised through 54 Islamic Sukuk issues — including four this year — in London, which is also home to six Islamic banks. — The London Stock Exchange, 2nd July 2014.
The Chancellor of the Exchequer George Osborne (Cameron’s Bullingdon Buddy) followed up with:
Today’s issuance of Britain’s first sovereign Sukuk delivers on the government’s commitment to become the western hub of Islamic finance and is part of our long term economic plan to make Britain the undisputed centre of the global financial system.
We have seen very strong demand for the Sukuk, resulting in a price that delivers good value for money for the taxpayer. I hope that the success of this government issuance will encourage further private sector issuances of Sukuk in the UK.
By issuing sovereign Sukuk, the government has demonstrated that it is possible to create a successful British base for Islamic finance.
Britain’s sovereign Sukuk uses the Al-Ijara structure, the most common structure for sovereign Sukuk, with rental payments on property providing the income for investors. The Sukuk is underpinned by three central government properties. Today’s issue will settle on 2 July 2019, and will be listed on the London Stock Exchange.
First, a question to which I cannot find an answer: “Is 100 Parliament St, Westminster, London SW1A 2BQ, home of the Department for Digital, Culture, Media & Sport, one of these three government properties?
Secondly, and very roughly, here is how this scam works and to whose benefit:
|1.||Public properties, government owned but paid for from public taxes, some of them centuries ago, and without any capital debt against them, are effectively sold at a substantial price and these monies go to the Treasury. One function this serves, temporarily, is to appear to reduce the national debt, thus giving the Chancellor of the day and the political party to which he belongs an aura of efficiency and fiscal rectitude to parade at the next General Election.|
|2.||However, when Islam and the British establishment are in it together you can bet that there will be no benefit for taxpaying Joe Citizen, and likely as not a bill will be incurred that he or his children will have to foot, and this is how it has shaped up.|
|3.||First, the British Government sells these properties to an investor or a trustee functioning on behalf of a consortium of investors (predominantly Muslim) and then becomes the lessee by leasing them back and paying a sum of money from the public purse to the lessor (an Islamic bank or other Islamic financial institution) in increments over a fixed number years. That money, collectively far in excess of what the government received for the sale, is paid out of current annual tax income and effectively the taxpayer is paying for rightful ownership of that property at least twice plus some and then some more, as the government effectively kicks the tax can further down the road. The lessor, of course, makes a handsome profit and that money disappears overseas without being taxed at source in the UK.|
|4.||But that is not all. There are other provisions, such as the lessee’s having to pay for maintenance and insurance of the property and taxes on assets, plus a potential real backbreaker such as I quote here:
“Upon: An event of default or at maturity (at the option of Trustee under the Purchase Undertaking); or the exercise of an optional call (if applicable to the sukuk) or the occurrence of a tax event (both at the option of Originator under the Sale Undertaking), Trustee will sell, and Originator will buy-back, the Assets at the applicable Exercise Price, which will be equal to the Principal Amount plus any accrued but unpaid Periodic Distribution Amounts owing to the Investors.” — Shari’a Standard No. 9 (Ijarah and Ijarah Muntahia Bittamleek)
|5.||To this cynical old mind there seems to be a lot of room here for a certain amount of, shall we say, financial jiggery-pokery beyond the government’s usual hidden machinations, but I am by no means an expert in financial matters. If there is anyone out there who is I would welcome being corrected if anything in this short analysis is incorrect, and for that reason a full description of how Al-Ijara Sukuk works can be found as an annex to this monologue — straight from the devil’s mouth, so to speak.
It is important to understand and remember that Sajid Javid is the man who, without having any ministerial remit in the area of government finances, organised and introduced the sale of toxic, Sharia-compliant Sukuk Bonds backed up by UK government mortgages on the London Stock Exchange when no other non-Muslim country in the world would touch them with a barge pole.
Methinks Sajid has an agenda and an ambition more far-reaching and dangerous than it appears to be on the surface. Having achieved one of the highest offices of State, does he intend to stop there?
No, and there’s a damn sight more to this appointment than just the future of Brexit, and by that I mean the future of the whole of the UK or, as I put it in the partially paraphrased Edmund Burke quotation immediately below…
…”A stable homogenous culture is a partnership in all science and all art, a partnership in every virtue and in all perfection. As the ends of such a partnership cannot be obtained in many generations, it becomes a partnership not only between those who are living, but between those who are living, those who are dead and those who are to be born.”
That is logical, and I would suggest that…
…what is happening now is a betrayal of the dead who gave us such a firm foundation to destroy at our affluent leisure and a condemnation of those yet to be born who will spend their short, brutal lives in the chains we are permitting primitive alien cultures to forge for them. We are the damned if we continue in this vein, and history will record us as such.
That is perspective.
Sajid Javid could be the UK’s Obama in the making.
That is prognosis.
Victory belongs to the ruthless. Losers cease to exist.
That is fact.
To survive, be utterly ruthless.
That is advice.
— Seneca III, wondering how long we have left as a culture on a glorious spring morning in Middle England on this 9th day of May 2018.
Annex: Overview of Al-Ijara Sukuk
Issuer SPV issues sukuk, which represent an undivided ownership interest in an underlying asset or transaction. They also represent a right against Issuer SPV to payment of the Periodic Distribution Amount and the Dissolution Amount.
The Investors subscribe for sukuk and pay the proceeds to Issuer SPV (the “Principal Amount”). Issuer SPV declares a trust over the proceeds (and any assets acquired using the proceeds — see paragraph 3 below) and thereby acts as Trustee on behalf of the Investors.
Originator enters into a sale and purchase arrangement with Trustee, pursuant to which Originator agrees to sell, and Trustee agrees to purchase, certain assets (the “Assets”) from Originator.
Trustee pays the purchase price to Originator as consideration for its purchase of the Assets in an amount equal to the Principal Amount.
Trustee leases the Assets back to Originator under a lease arrangement (ijara) for a term that reflects the maturity of the sukuk.
Originator (as Lessee) makes Rental payments at regular intervals to Trustee (as Lessor). The amount of each Rental is equal to the Periodic Distribution Amount payable under the sukuk at that time. This amount may be calculated by reference to a fixed rate or variable rate (e.g. LIBOR or EIBOR) depending on the denomination of sukuk issued and subject to mutual agreement of the parties in advance.
Issuer SPV pays each Periodic Distribution Amount to the Investors using the Rental it has received from Originator.
an event of default or at maturity (at the option of Trustee under the Purchase Undertaking); or
the exercise of an optional call (if applicable to the sukuk) or the occurrence of a tax event (both at the option of Originator under the Sale Undertaking),
Trustee will sell, and Originator will buy-back, the Assets at the applicable Exercise Price, which will be equal to the Principal Amount plus any accrued but unpaid Periodic Distribution Amounts owing to the Investors.
Payment of Exercise Price by Originator (as Obligor).
Issuer SPV pays the Dissolution Amount to the Investors using the Exercise Price it has received from Originator.
Trustee and Originator will enter into a service agency agreement whereby Trustee will appoint Originator as its Servicing Agent to carry out certain of its obligations under the lease arrangement, namely the obligation to undertake any major maintenance, insurance (or takaful) and payment of taxes in connection with the Assets. To the extent that Originator (as Servicing Agent) claims any costs and expenses for performing these obligations (the “Servicing Costs”) the Rental for the subsequent lease period under the lease arrangement will be increased by an equivalent amount (a “Supplemental Rental”). This Supplemental Rental due from Originator (as Lessee) will be set off against the obligation of Trustee to pay the Servicing Costs.
Key Features of the Underlying Structure
Set out below is a summary of the basic requirements that should be considered when using ijara as the underlying structure for the issuance of sukuk:
The consideration (Rentals) must be at an agreed rate and for an agreed period;
The subject of the ijara must have a valuable use (i.e. things without a usufruct cannot be leased);
The ownership of the asset(s) must remain with the Trustee and only the usufruct right may be transferred to the originator (therefore anything which can be consumed cannot be leased by way of an ijara);
As ownership of the asset(s) must remain with the Trustee, the liabilities arising from the ownership must also rest with the Trustee (as owner) — an asset remains the risk of the Trustee throughout the lease period (in the sense that any harm or loss caused by the factors beyond the control of the Originator is borne by the Trustee);
Any liabilities relating to the use of the asset(s), however, rest with the Originator (as lessee);
The Originator (as lessee) cannot use an asset for any purpose other than the purpose specified in the ijara (or lease) agreement (if no purpose is specified, the Originator can use such asset for the purpose it would be used for in the normal course of its business);
The asset(s) must be clearly identified in the ijara (and identifiable in practice);
Rental must be determined at the time of contract for the whole period of the ijara. Although it is possible to split the term of the ijara into smaller rental periods where different amounts of rent may be calculated for each such rental period, the amount of rental must be fixed at the start of each such rental period and Shari’a will consider each rental period as a separate lease;
If an asset has totally lost the function for which it was leased, and no repair is possible, the ijara shall terminate on the day on which such loss (a “Total Loss”) has been caused. If there has been a Total Loss, the Trustee may have the right/ability to substitute or replace the affected asset — although, in reality, it would only look to do so if the Originator (as service agent) is able to use the insurance (or takaful) or any other total loss proceeds to procure substitute or replacement assets;
If a Total Loss is caused by the misuse or negligence of the Originator, the Originator will be liable to compensate the Trustee for depreciation in the value of the affected asset, as it was immediately before such Total Loss; and
In the event that an asset has only suffered partial loss or damage, the ijara will continue to survive with respect to that asset.
The above requirements are based on the principles set out in Accounting and Auditing Organization for Islamic Financial Institutions (the “AAOIFI”) Shari’a Standard No. 9 (Ijarah and Ijarah Muntahia Bittamleek) and other established principles relating to Ijara. — S III.
For links to previous essays by Seneca III, see the Seneca III Archives.