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

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Korean Banking/Finance

About Sean Hayes

Sean Hayes is the first non-Korean employed as a foreign attorney by the Korean Court System (Constitutional Court of Korea) and one of the first non-Koreans to be a full-time regular member of a Korean law faculty. He is rated a Top Attorney by numerous legal rating agencies and is known for his street-smart advice, candor, aggressive & non-conflicted advocacy. Sean has been quoted by The New York Times, The Wall Street Journal, Bloomberg, CNN, Money Today, US Today, The Korea Times, The Korea Herald, France 24, Asia Legal Business and other leading news sources. IPG was, recently, rated a top Dispute Resolution Law Firm and Sean a Top 100 Lawyer for International Law.

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