My Honest Opinion About Stock Market Mergers with Belgium


On 28 April 2012, I addressed to His Excellency Mr Al Turifi, Chief Executive Officer of the Securities and Commodities Authorities (SCA) of the United Arab Emirates, to keep Belgium out of their stock exhanges for as along as Arab companies will not be allowed on Euronext on equal footing with the Belgian companies.

The letter contains remarks about an Memorandum of Understanding between the SCA and the Financial Services and Markets Authorities of Belgium.   There was question of joint listing, securities, futures contracts, options, etc.   They have removed the MoU from the SCA website.  It reassures me, but I am still alarmed by the proposition.

When I read it the first time, I thought “what joint listings with the Belgian financial market regulator ????  I know what they mean with joint listings.  It means that the Belgian companies only can raise as much money as they want in the Dubai stock exchange, like ‘whites only’ “.

Belgium is the cradle of all the injustices in the world, with her IMF and her World Bank… and they are suggesting “joint listings” to the Arabs ???

There is technically and morally no mutuality possible in matters investments, when you know that whitewashing of crime funds has been the essence of Belgium’s financial system for hundreds of years.  

The letter also means to raise the awareness about questionable business practices in Belgium and it advises to protect the information at the SCA.

The chances are that many years later the United Arab Emirates will regret the deal with Belgium.   The aim of my letter was to force a change before it was too late.

Here are excerpts :

Recommendation (3) in the EU report says “address the structural weaknesses in the financial sector, in particular by finalizing restructuring of the banks in need of an adequately funded and viable business model”.  In Belgium, they don’t want to finalize that restructuring of the banks because the governments, the regions, the communes and the labor unions all have shares in all the banks.  These are the people who are very well served by the big size of the banks (employment).  They will never go for smaller banks, because they will lose voters.

“As a sample success story of the current Belgian banking sector they are suggesting an article about the Bank of China. This represents a Belgian success.  This is not a Chinese success”


“Here is what they will do with what all you are teaching to them, and how they will win :

They will not call it Islamic banking.  They will re-brand the models from our civilization and make it theirs.  They will raise the value of their banks and their government bonds with those models.  They will gain new clients, and savers in particular.  Then they can raise money on the stock markets again.  Their shares will rise because of  “the new banking product” on the market.  With the original models from your civilization they will conduct aggressive publicity.  They will gain the triple A rate, and they will be rewarded by the European authorities for being “so dynamic”.  They will become a reference and they will be awarded prices everywhere, and you get nothing.  Even our own people risk to look up to them, not to you who showed Belgium how to do it.   They will continue to find money and you won’t be able to stop the process from that point onwards, and they will never say “thank you”.  That is my reading of that MoU.

For those who don’t analyze Belgium, the Belgians do come across indeed as “smart”.  With the MoU that the SCA has signed to make them smarter, Belgium will make sure we will always come across as terrorists, and our banks are all “scam”.  Belgium will shine with banking models from the UAE.   With that MoU, it is the SCA who is giving ammunition which Belgium will turn against us at some point.   It truly makes one want to blow them and one-self up.  

It is in this way that our countries have been sidelined in many areas during too many years.  We owe it to ourselves, with our kindness towards them.  It is not a “foreign conspiracy” doing anything in our countries, this is ourselves allowing them to abuse our trust, to copy our civilization, to rework it and to sell it back to us.  If you would stop making them smart, that will help our evolution and their very rapid devolution.”

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