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Mar 3, 2011

Noted Islamic Bond Expert on Boneheaded Korean Fundamentalist (Evangelical) Christians

John A. Sandwick, an American Banker created one of the first Sukuk funds. He was recently interviewed by the Korea Times.

Mr. Sandwick had some less than kind remarks for these peculiar Christians opposing the Sukuk bill.

Mr. Sandwick noted to the Korea Times that: "Sukuk don’t help terrorists. Zakat is a community tax similar to religious taxes paid all over the world. Sukuk are bond-type securities. How can we be speaking about them in the same sentence? Where is the link?"

He went on to note that it is "so silly that [I] normally would not answer" because zakat is "completely unrelated to the issuance of sukuk.

If governments were to tax these distributions as if they were dividend interest then the entire Sukuk market would be eliminated."

I hope that reason will prevail or these boneheads in Korea will lose a great opportunity and potentially may alienate itself in the Middle East – a market that Korean construction companyies rely.

Korean politicians should learn to ignore the ramblings of these Shamanist quasi-Christian cult leaders and let reason and the mainstream thoughts of the general population prevail.

For another post on Sukuk see: Korean Islamic Bond Tax Bill May be Doomed

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SeanHayes@ipglegal.com