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Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: June 2009
June 30, 2009
DR. ZULKIFLI HASAN
No debt sales, no progress for Islamic finance
By Mohd Johan Lee. Available at:
http://www.guardian.co.uk/business/feedarticle/8573843
The sale of debt to third parties, especially through multiple securitisations, has been blamed for fueling the worst global financial crisis in generations. But some banking experts say the sale of debt is key to developing a liquid secondary Islamic bond market and a deeper, more sophisticated sharia banking system.

The global total of asset-backed securities issued and sold to investors fell by 79 percent to $441 billion in 2008, as overleveraged borrowers, banks and investors exited the market, according to think-tank International Financial Services London.

1. How does Islam view the sale of debt?

2. Does Islam allow the sale of debt between creditors and debtors and why?

3. Does Islam allow the sale of debt to third parties and why?

4. Does a prohibition on the sale of debt obstruct the development of the Islamic finance industry? If yes, how? Are there other ways in which such sales could be structured?
KUALA LUMPUR, June 24 – The sale of debt is, to certain extent, permissible in muamalat (economic transactions). One needs to study relevant practices under the muamalat to understand the do’s and the don’ts regulated by the sharia with regards to such buying and selling of debt. Like the sibling of transfer of debt (hawala al dayn), the straight forward sale of debt in its simplest form is generally permissible. This single-tier debt sale is widely known as bay al-dayn, namely sale of the debt. Such sale involves only the direct sale from the original creditor (the person who has the right to collect the indebtedness) to the purchaser. The only concern in such a single-tier debt sale is the purchaser, or rather to whom the creditor may sell this debt to. Here, two possible scenarios would be drawn. Should the creditor decide to sell the debt to the debtor himself (and thus reverting it back to where it begins), all the four mazhabs (of the Sunni) have agreed in principle that it is permissible. This sale is known as Bay al-Dayn li al Madin.
According to all the schools of religious law, the creditor has the full right to sell his debt to the debtor at any price. Here the practice of willing buyer, willing vendor should be adopted. Yet, some in the Hanbali’s school stress on differentiating between confirmed and non-confirmed debt. While the sale of the former is allowed, the sale of the latter is not permissible due to the uncertainty (gharar) involved in it. On the other hand, the Zahiri’s school is of the view that debt should not be sold. It may only be waived. To them, the debt is an uncertain right because the debtor may ignore or refuse to settle it (in the obvious, modern example of an NPL, non-performing loan, situation). Thus to sell a debt is to perform a sale of uncertainty (Bay al Gharar) and not permissible in Islamic economic transactions.
This discussion on Bay al-Dayn li al Madin should be differentiated from Bay al-Dayn li ghayr al Madin, namely the sale of debt to a third party and subsequently that of Bay al-Duyun (sale of debts), which is also known as Bay al Kali bil Kali. The sale to a third party (Bay al-Dayn li ghayr al Madin) would normally take place when a creditor would like to have instant cash instead of waiting for it to be fully paid up through the passage of time. Here, the creditor would sell it to any third party at a discount price on a cash payment basis. The jurists differ on the legitimacy of this practice.
The Hanafi’s, Shafi’i’s (some), Hanbali’s and Zahiri’s view this sale as not permissible regardless whether the debt is a confirmed or non-confirmed sale. However, some of the Shafi’i’s and Hanbali’s scholars like Ibn al-Qayyim are of the view that this sale is allowed with regards to the confirmed debt. Yet, according to al Shirazi, al Subki and al Nawawi, of Shafi’i’s school, the creditor has the right to sell his dayn subject to 3 conditions namely, the debt must be a spot debt, the debtor must have accepted the sale and the purchase consideration sum must be on spot basis. It is therefore the opinion of many contemporary jurists (especially those in support of debt sale in Malaysia) that such a sale to a third party is permissible so long as certain conditions and requirements are fulfilled.
However, most of the Middle Eastern jurists are of the view that such sale is not permissible due to hadith which states that ‘don’t sell what you don’t possess”. Those in support of the permissibility of such sale is of the view that the needs of the maqasid justifies it. Also, the fact that there is no explicit source of the shariah that prohibits such practice make it permissible under muamalat. The main concerns that led to the prohibition of such bay al dayn are the uncertainty, the risk, the absent of qabadh (control and ownership of the item) and the breaching of the rule of riba. To those who argue for such a sale, the existence of a transparent modern Islamic banking system and the development of the current system as to a remote ownership and control (through scriptless transaction for example) as well as the requirement of spot purchase consideration sum have circumvented earlier issues. Also, to mitigate the gharar issue, Malaysian Islamic bankers with the approval of their shariah advisors have long required certain conditions as to the maturity period of the debt, the payable period of the debt, to name a few.
As with the riba requirement of money in exchange for the same value of money (m1=m1), the sharia advisory council of the Securities Commission of Malaysia has submitted that since what has been sold is not a legal tender, the requirement of m1 for m1 should not be applicable. Thus the fact that the debt is sold at a discounted price is not an issue. It is indeed for the development of Islamic banking and monetary market that the sale of debt on spot be allowed. Without such practice, the creditors and bankers in an Islamic banking system cannot securitise their debts as practiced by the conventional system.
Thus, the permissibility of such debt sales is crucial to ensure the liquidity of the Islamic money market and Islamic banking system. Without such debt sales, the Islamic finance industry can not be developed forward. This is because, without such debt trading, Islamic bankers will be stuck with their debt. As in typical banking practice, a low liquidity ratio would incapacitate the investment (and depository) business.
Best Regards

ZULKIFLI HASAN

KUALA LUMPUR
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June 25, 2009
DR. ZULKIFLI HASAN
Boardroom Overhaul in the Middle East
By Bradley Hope, © The National 2009. Available at
http://www.zawya.com/story.cfm/sidZAWYA20090624050302/Boardroom%20Overhauls
Under pressure from the economic downturn, companies across the country are shaking up their leadership structures to ensure they are able to survive in the coming months, and are better protected against future shocks. In the past few weeks alone, chief executives at some of the country’s largest property companies have stepped down or been replaced. These include Simon Azzam, the chief executive of Union Properties for 23 years, and Sulaiman al Fahim, the founding chief executive of Hydra Properties, who was replaced as the director general of Dubai’s Department of Finance, has resigned from board positions at Deyaar Development, Dubai Islamic Bank, National Bonds Corporation and Taaleem. No reasons were given publicly for any of these changes, but analysts say that in times of trouble shareholders like to turn to new faces. As companies come to grips with changes in the marketplace, management shifts are likely to increase.
“At the beginning of this slowdown, there was a pause, but we are now seeing signs of a determination to recruit for positions at a very senior level,” says David Johnson, a partner with the executive recruitment firm Whitehead Mann. “There is a growing sophistication now for who they need. In the past, it was ‘I need another five people or another 10 people’.” Companies are particularly focusing on positions such as chief financial officer as they struggle with a pronounced lack of liquidity and difficulties in collecting outstanding payments. “It’s a new world,” says Charles Willson, a recruiter in Dubai. “You’ve got to make income in places you weren’t making income last year. There is a need for people who can drive businesses in different ways.”
Even more profound is the shake-up taking place on the boards of directors of companies as regulators take a harder stance on the way they are set up, Mr Johnson says. Board members are supposed to be a company’s watchdog on behalf of shareholders: they prevent chief executives from making bad decisions, offer guidance as the company develops and approve budgets. “If there’s anything we’ve learned from the global financial crisis, it’s that there was a failure on the level of the boards,” says Nasser Saidi, the chief economist of the Dubai International Financial Centre. “They were not listening to what their risk management committees were telling them.”
Mr Saidi says the role of an independent director is now even more important. “The ability to say ‘no’ is the single most important characteristic of an independent director,” he says. “He needs to be an impartial judge, someone who can face up to the chairman if he doesn’t agree with him. These are crucial times on a global level. Boards need to be much more involved than ever before. “Risk management is a critical factor. We need much more knowledgeable and effective boards than at any other time in history.” Banks are the priority right now, according to Mr Saidi. “Corporate governance of banks is, in my mind, more critical than that of listed companies,” he says. “The bottom line is they are using other people’s money all the time.”
Last week, the Central Bank issued a new set of recommendations for good governance at banks that could lead to major changes at the helm of financial institutions. The guidelines cover a range of topics, from how a board meeting should be run to the need for independence and the importance of attending all meetings. One of the recommendations is drawing the most attention. It says: “There are limits on the number of external appointments you can accept and you should not accept an appointment to be a director of more than one bank.” The idea behind this is straightforward. If a director is devising strategies for two competing organisations, there is a conflict of interest. Also, if a director is overstretched between too many boards, it will be harder to devote due attention.
Several powerful bankers are in direct conflict with this recommendation. Ahmed Humaid al Tayer, for instance, is the chairman of the Emirates National Bank of Dubai and the Commercial Bank of Dubai, along with a number of other chairmanships and senior positions around Dubai.
A representative of his office said Mr al Tayer was still reviewing the new recommendations. The tendency of a smaller group of Emiratis to be on many boards of companies is known as the “superman effect”, says Jassem Busaibe, the chief executive of the property investment firm Arady. “It exists because there is a limited pool of nationals here that senior government officials trust,” he says. “I think it is changing. Only very recently were chief executives being invited to the board as full members. There is an incentive now to maybe have more oversight at the board level.”
Mr Johnson says he is advising several large conglomerates on the best ways to comply with international good governance guidelines. These companies will have to prove they have the necessary checks and balances in place before they can make a public offering of stock or borrow funds from the international capital markets, he says.The Central Bank recommendations follow regulations that were submitted by the Emirates Securities and Commodities Authority that call for independence on the boards of all publicly traded companies, as well as transparency and disclosure of financial records.
“From a corporate governance perspective, this financial crisis is a perfect storm,” says Nick Nadal, the director of the Hawkamah Institute for Corporate Governance in Dubai. “The rulers, from high up, are putting in place the restructuring of many boards across the country. What you are seeing is the bringing in of independent expertise and assessment to see where the company stands and where it should be going.”Mr Nadal says the move to improve corporate governance preceded the crisis, but was coming at a faster pace because of the harsher economic conditions.
Best Regards

ZULKIFLI HASAN

KUALA LUMPUR
With Professor Dr. Syed Khalid Rashid at Cape of Good Hope, Cape Town, South Africa.
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June 21, 2009
DR. ZULKIFLI HASAN
TAWARRUQ: A Methodological Issue in Shari`a-Compliant Finance
Despite the International Council of Fiqh Academy, recently declared organised tawarruq impermissible,  Malaysian stock exchange still plan to launch tawarruq based platform to execute commodity murabaha transactions. To enlighten the issue further, it would be very beneficial to refer a workshop on Tawarruq and its methodoligical issues held  at the London School of Economics, February 1, 2007 Available at:
http://ifptest.law.harvard.edu/ifphtml/ifpseminars/WorkshoponTawarruq.pdf
. Only then we may have good understanding on the actual issues of Tawarruq. Enjoy reading!
OVERVIEW

Although various definitions of tawarruq have been offered in Islamic finance literature, it is generally used to describe a transaction in which a financial institution sells a commodity to a customer on deferred payment at cost plus profit, and the customer then sells the commodity on a spot basis to a third party for cash. Critics have questioned whether use of this instrument is even permissible under the sharī`a. Many cite the economic similarities of the transaction to other prohibited transactions and the potentially deleterious effects of tawarruq on society. Nevertheless, its proponents adamantly view the instrument as not only permissible but also helping to advance the growth of Islamic finance. The goals of this workshop were to: (1) identify the issues and areas of concern about tawarruq in order to gain a better understanding of how it is currently used and applied in the market from the view of practitioners, economists, sharī`a
GUIDING QUESTIONS

After a morning session highlighting participants’ views, the following sets of questions were gathered from the various points raised and used as the basis for an informed and guided discussion. However, due to time constraints not all issues were discussed.

1. The role of debt in Islamic finance

a. Criticism of debt: Is debt not linked to the “real” goods/services economy? b. Does debt cause instability?

2. What kind of debt is permissible

a. Tawarruq within consumer debt versus within commercial debt. b. Does it make any difference if one mode is used as against the other from an economics perspective?

3. What should the role of a bank be in tawarruq

a. Should a bank determine whether the need is genuine or is it just to provide product services? b. If not the bank, then who should decide? c. What should be the parameters to make that decision?

4. Tawarruq: its application as an Islamic finance product

a. Is there a tawarruq on which all agree as to its permissibility and advisability? b. Is there a need for it? (i) Does it help convert non-sharī`a practices to Islamic finance? (ii) Due to constraints on some Islamic transactions, does tawarruq help provide for these needs as an alternative? (iii) Does it help meet the immediate needs for hedging and liquidity relief? c. What conditions, if any, should be placed (i) as to contractual terms, (ii) as to its use/purpose, (iii) as to other limits? d. What are macro- and microeconomic consequences of it? Should these dictate that restrictions be placed on it? Or does such logic stifle innovation? e. Can tawarruq evolve to become more widely accepted? f. What alternatives are conceivable for tawarruq where it meets needs?

5. How would participants define intention, form, and substance in Islamic finance

a. Fiqh’s concerns with both form and substance: which one(s) apply with tawarruq? b. Hīlah/makhraj: (i) How is hīlah defined? (ii) How is makhraj defined? (iii) Must either be avoided and to what degree and how? (iv) Is tawarruq either of these two?

6. Economics and fiqh

a. What is the status of economic theories in Islamic finance? b. Relation of macro- and microeconomics in Islamic product development? c. Relation between contract, institution, government, economy and society?

d. Turning to economic models, do economists in Islamic finance have a model that they could agree on?

e. Would the proposed model be agreed to by other economists?

7. Participation of non-ulama voices

a. Lay persons: in the market, education required versus government role. b. Siyasa shar`iyya. c. Specialists, in particular, economists

8. Role of sharī`a committees

a. Should sharī`a committees analyze issues from both a micro and a macro perspective with the aid of relevant experts? b. Is Islamic finance to support economic goals or rather something else? c. What role should sharī`a scholars play in determining policy as well as law?
Summary of Dr. Mohammed Elgari’s position paper

Contrary to twentieth century Islamic economic thought, Dr. Elgari believes that it is possible to fit an Islamic banking institution into an existing modern economic system, and this includes tawarruq. Tawarruq, he argued, does not violate the established principles of the sharī`a; rather, tawarruq is permissible. A number of historical precedents were cited as evidence. Attempts to compare Islamic financial institutions with their conventional counterparts in terms of efficiency, he warned, is counterproductive since the majority of Muslim consumers will still avoid the conventional forms due to reasons of faith. As the intention of those who use tawarruq is to refrain from ribā transactions, not to engage in them, sharī`a scholars largely agree that tawarruq cannot be considered a hīlah, or an artifice. A hīlah is present only if the intention of the parties involved is to secure the prohibited transaction by using a permissible arrangement as a conduit. Given the abundance and choice of interest-bearing transactions currently available, there is no need for anyone to resort to deceit in order to engage in a lender-borrower transaction. Given the current advances in Islamic finance, he argued that tawarruq is actually a positive solution for a banking system that has adopted the sharī`a as the guiding principle for its contracts and procedures. Though he did agree that in itself it is not ideal, the proliferation of tawarruq transactions in an economy will probably have a positive overall macroeconomic outcome.
Summary of Professor M. Nejatullah Siddiqi’s position paper

Adopting a macroeconomic point of view, Professor Siddiqi argued that the impact of tawarruq, a debt product, on the economy was far more harmful than beneficial. For that reason, he contends tawarruq should unequivocally be banned. Tawarruq creates new debts and moreover debts far larger than the cash received. Tawarruq moves the economy from the asset market toward the money (debt) market, where the underlying signaling and equilibrating mechanisms are no longer linked to the real market. Debt creation does not increase the net wealth of a society because every addition to social wealth is cancelled by a similar amount of wealth owed in the future. Therefore, the compulsion for economic growth is created by the need to repay these larger amounts of debt owed. Debt proliferation also leads to gambling-like speculation and greater instability in the economy. Furthermore, debt leads to inequality in the distribution of income and

wealth and inefficiencies in the allocation of resources, raises anxiety levels, and causes destruction of the environment. Though he acknowledged there are certain short-term benefits to it for the individual, the harmful effects on the society overall are far greater.
Role of debt in Islamic finance.

The discussion session at first developed from Professor Siddiqi’s points mentioned above. It revolved around how the institutionalization of modern-day debt and its application relates to the historical precedents commonly cited by scholars. Economists contend that due to financial and social advances, the two are diametrically different. Hence, any link between the two is tenuous. Sharī`a scholars argued that the two were compatible and the precedents still relevant. Further questions evolved as to whether the acceptance and usage of debt-based products like tawarruq are changing the paradigm of Islamic finance from a development form of banking to a more debt-based banking system, mimicking that of conventional financial products. It was further feared that Islamic ideals of stability, efficiency, and economic equality would be jeopardized by the purported negative effects of debt products like tawarruq. However, arguments linking debt markets to inherent instability need further in-depth empirical evidence. Furthermore, participants demonstrated little unanimity as to what alternative products or models would successfully fill that debt gap.
The issue of form versus substance in relation to tawarruq

As with the previous workshop, the topic of form versus substance played a major role, this time in the debate pertaining to tawarruq, its application and its alternatives. In the context of this discussion, some sharī`a scholars raised the Islamic Finance Project point that though tawarruq was mentioned only in the Hanbali school of thought, its substance under other names is found in all schools of thought. Moreover, some pointed out that practice of it could be found throughout history, including within Arabia (such as in Najd). Discussion on intention and the maslaha behind the prohibition of interest, in the context of tawarruq, were also critically addressed. Questions further developed as to who should be the ones to judge as to the masalih and the maqasid in the matter of tawarruq. Nevertheless, it was put forth that there is a need to minimize the intellectual tension between formalism and essentialism, as between the approaches that

sharī`a scholars and economists take to the subject of Islamic finance.
Advisability of tawarruq

Though many agreed that tawarruq’s permissibility from a sharī`a point of view was not in dispute, most agreed that its advisability as to its scope of usage and its application should be revisited. Many argued that its usage was linked, in the case of individuals, to the immediate dire need for cash where sharī`a-compliant alternatives were lacking. Some viewed tawarruq as allowed only in cases of dire necessity, whereas others viewed it less restrictively. The discussion led the participants to ask whether a distinction should be made between tawarruq for commercial consumption versus individual consumption. With the notable exceptions of a few economists who still felt tawarruq should not be permitted under any circumstances, most felt that tawarruq practiced at the individual level is acceptable. Most also agreed that it was acceptable if it would help convert conventional banks into sharī`a-compliant ones.
Restrictions to tawarruq

Many felt that tawarruq practiced at the institutional systemic level is more of a problem. Some felt that placing restrictive conditions on its use, like that linking it to “real” goods and services transactions, are necessary. Some sharī`a scholars argued against having different sets of rules according to levels of wealth. Other sharī`a scholars feared that placing restrictions or prohibitions on its use would inadvertently prohibit something that is permitted and that leads to something “good,” hence violating a major principle of Islam. Many felt strongly that government and regulatory policies placing limits on its usage would be best.
Banks’ roles

Islamic financial institutions’ responsibilities and duties were discussed within the context of selling tawarruq. One participant proposed that institutional consumers be required to use alternatives first before use of tawarruq is considered, and that for individual consumers, a more flexible, bespoke approach to each customer should be adopted, based on what is genuinely needed or desirable for them. It was unclear whether the burden of regulating tawarruq and informing customers of the risks should lie with the financial institutions that sell it, or rather with government and regulatory bodies. The role of banks in educating the public on tawarruq and the problems of debt was also raised. However, participants highlighted that though banks are able to help educate the public on the product itself, they could not take up the responsibility to provide guidance on sharī`a matters.
Viable alternatives to tawarruq

Alternative products cited were qard hasan, ijara, salam, istisna’, service ijara, bay’ al-inah, commodity murabaha, and even non-Islamic conventional loans. The participants examined and debated the merits of each product, though no consensus emerged and no alternative working models were proposed. Some continued to argue for banning tawarruq, while others argued that restricting it would stifle innovation and development of Islamic finance. It was nevertheless agreed that Islamic finance including tawarruq suffered from a perception and misrepresentation problem.
Degree of consensus

Despite all the points made, at the conclusion of the workshop, participants’ views remained largely divergent. Most agreed that though tawarruq is not ideal, it is on the other hand not haram. Most also agreed that tawarruq should have some form of policy parameters. Some continue to believe that tawarruq presents risks to the Islamic banking paradigm while others felt that tawarruq has helped to expand and

further Islamic finance, citing the example of Saudi Arabia’s growth in this area. Almost everyone agreed that the objection to tawarruq was more to its advisability rather than its permissibility. Further research is needed on the role of debt, its risks, and the extent to which it is causing a negative paradigm shift for Islamic finance as a whole. Differences remain as to whether different rules apply to individual consumers compared to commercial players. All participants agreed that there was a need for enhancing the discussions between sharī`a advisers and economists and offered several solutions and proposals: (1) continued work on a journal on the fiqh of Islamic finance; (2) further research into the role of debt as well as on how to implement ideal Islamic economic models; (3) increased empirical data from all independent sources; and (4) holding future workshops, including sessions with the London School of Economics, to discuss related issues and specific products and instruments, with the goal of achieving unified recommendations or decisions.
Best Regards

ZULKIFLI HASAN

KUALA LUMPUR
Madrid, Spain
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June 19, 2009
DR. ZULKIFLI HASAN
Does Islamic finance need for an “Islamic Goldman Sachs”?
Originally taken from “Godly but ambitious” featured out in the Economist (Available at:
http://www.economist.com/people/displaystory.cfm?story_id=13856281
).
MOST practitioners of Islamic finance pride themselves on their modesty. But not Adnan Yousif, the chairman of the Union of Arab Banks, a regional club for financial firms. He has recently struck a tone more reminiscent of greed-is-good Wall Street, with a grand plan to build the biggest Islamic bank yet seen, spanning the world and providing Muslim countries with new financial services their people have barely heard of. “People never thought big here, never thought globally,” he says.
Mr Yousif’s ambitions date to the founding of modern Islamic finance. During the 1970s oil boom the Gulf’s Muslim elite needed to put their new-found wealth somewhere, and American government bonds seemed the safest option. Yet Islam prohibits the charging of interest. So some sheikhs bought bonds but let their Western banks keep the interest, in the casual manner of a customer leaving change on a restaurant table. To Mr Yousif, then a young banker at American Express in his native Bahrain, this made no sense. At a time when Muslim countries had imposed an oil embargo over America’s support for Israel why, he wondered, refuse the Americans oil but give them billions of dollars?
The embargo faltered and ever more money flowed to the Gulf, prompting Muslim scholars to seek ways to cleanse finance of interest payments. Practical men like Mr Yousif paid attention. In 1980 he moved to Arab Banking Corporation, a Bahraini bank, and set up an Islamic-finance division. It was little more than a few desks in a bare room where white-robed bankers created investments that generated profits in forms other than interest. The bank’s bosses thought it would be, at best, a niche business with little chance of competing against Western-style finance.
But over the next two decades Islamic banking prospered, driven by a revival of faith following the Iranian revolution in 1979. By the turn of the century there were more than 200 Islamic banks and Mr Yousif was leading from the front. He turned his bank’s Islamic-finance division into a stand-alone institution, then became chief executive of Bahrain Islamic Bank in 2002. Two years later, now head of the Al Baraka Group, another Bahraini bank, he oversaw its initial public offering (IPO), the largest thus far by an Islamic bank. Along the way, interest-avoidance schemes became ever more sophisticated. Today $700 billion of global assets are said to comply with sharia law. Even so, traditional finance houses rather than Islamic institutions continue to handle most Gulf oil money and other Muslim wealth.
In private, some Gulf bankers speak of the need for an “Islamic Goldman Sachs”. That is what Mr Yousif is now attempting to create—a sharia-compliant investment bank with global reach and ready access to capital. It will be called Istikhlaf, Arabic for “doing God’s work”. Others in the industry have welcomed the move. “Islamic banking cannot be taken seriously until we have some global Islamic banks,” says Simon Eedle, managing director of Islamic banking at Calyon, a French investment bank. “They don’t have to be present everywhere in the world, but they need to be in the top 100.”
Mr Yousif says he has raised $3.5 billion from Gulf investors and is seeking the same again by the end of the year. In addition he plans a $3 billion IPO in Dubai and Bahrain. The oil price is down from last year’s peak, but there is plenty of cash in the region looking for a home. So far, though, most of what Mr Yousif has collected comes from other banks rather than private investors. He and his backers, including Sheikh Saleh Kamel, the force behind the Al Baraka Group, delayed the launch of Istikhlaf last year after turbulence in the financial markets. They also dropped talk of raising up to $100 billion—at least for now.
Even with a more modest capital base of $10 billion, Istikhlaf will stand a reasonable chance of picking up lucrative finance deals. The region’s ubiquitous infrastructure projects need beefy backers. Most Islamic banks have so far been absent from this field because of their small size. Deals instead went to sharia-compliant units of multinationals like Deutsche Bank, HSBC and Citigroup. These will now face stronger local competition.
Mr Yousif’s ambitions do not end there. He plans to create a team of venture-capital researchers to sift through innovators’ ideas and provide the good ones with a cradle-to-IPO service. Many people do this successfully in Silicon Valley, but potential investors in his bank may wonder how easy it will be to transplant that sort of high-technology entrepreneurship to the Gulf.

You say sukuk, I say heresy
More worrying still, the rules for Islamic finance are not uniform around the world. A Kuwaiti Muslim cannot buy a Malaysian sukuk (sharia-compliant bond) because of differing definitions of what constitutes usury. Indeed, a respected Islamic jurist recently denounced most sukuk as godless. Nor are banking licences granted easily in most Muslim countries. That is why big Islamic banks are so weak. Often they are little more than loose collections of subsidiaries. They also lack home-grown talent: most senior staff are poached from multinationals.
There are worries, too, about Istikhlaf’s lack of a Saudi presence or partner. There have been rumours of a merger with Saudi Investment Bank, although Mr Yousif has denied this. Such a deal would be a big help. Saudi Arabia is one of the main growth areas for Islamic banking. It has the largest oil reserves and the most valuable project-finance deals. It is no coincidence therefore that the biggest Islamic bank to date, Al Rajhi, is Saudi. But if anyone can snatch the lead from the Saudis it is Mr Yousif. Never afraid of breaking the mould, he confesses to admiring Alan Greenspan, a man (of Jewish origins) better known as a disciple of Ayn Rand, the prophet of rugged capitalism, than as a scholar of holy scripture. Mr Yousif has read the former Fed chairman’s memoirs “three or four times”, he says. With luck he will heed Mr Greenspan’s warnings about irrational exuberance.
Best Regards

ZULKIFLI HASAN

KUALA LUMPUR, MALAYSIA
With Sheikh Amin Fateh Amer at his office, Dubai, UAE.
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June 15, 2009
DR. ZULKIFLI HASAN
Arab nations ’need to revert to gold dinar’
By Anwar Elshamy (
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=297072&version=1&template_id=48&parent_id=28
)
A financial expert has called for abolishing the current paper money system and returning to gold currencies instead, saying it was the only way out of the current financial crisis. Dr Mohamed Syafii Antonio, a member of the Islamic Banking Committee at the Central Bank of Indonesia, said the current paper money system had opened the door for the fraudulent acts that have brought down giant financial institutions on Wall Street.

“By the power of gold we can stabilise the currency. After the crisis, we have to ask ourselves, what went wrong? We have to returning to the gold system where currencies were made of gold and tighten monitoring of the system,” Dr Antonio said. “Today, you own money, but it is not real money, it is paper. Money should be pegged to some commodity like gold. Otherwise it is not real money,” he added.
He also urged Muslim countries to return to the “Islamic Gold Dinar” as a single currency, while pointing out that the paper money currencies adopted by Muslim countries were just products of the colonial era.

“Muslims were using the gold dinar in business transactions since the days of Prophet Muhammad until Western powers invaded the Muslim world. “I hope that every single Muslim country adopts a dinar made of gold again to avoid the problems triggered by paper money which is a product of the capitalism,” he reiterated. He also stressed that currencies across the world should be pegged to gold to stabilise economy.

“Today, a country can print a billion worth of its paper money and nobody will be the wiser. And the more a country prints, the higher the inflation,” he added.
The expert, who was giving a lecture on Shariah-compliant finance that was held at the Qatar Charity and organised by the Indonesian Community association, also said that this was not the first time that the world was hit by a financial crisis. “Financial crises have erupted 32 times since the beginning of the 20th century. Among others, there was one that affected the world in 1907, one during World War One and again during World War Two, during the Great Depression of the 1930s, one during the 50s in Russia, the 60s in Germany, 70s in Mexico, Argentina, and Brazil, in 1998 in Southeast Asia, and now in the US.” On how Muslims can reduce the impact of the financial crisis, the expert urged Muslims to break away from capitalistic values.

“Muslims should do away with many of the values promoted by the capitalist system. They should invest in Islamic instruments like suquk and go for Islamic insurance and deal in Islamic banking.  “It is the greed of capitalism on Wall Street that brought down the financial institutions there.” Dr Antonio added.
Best Regards

ZULKIFLI HASAN
Durham University Law Library
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Gratë në Islam

Imran N Hosein www.imranhosein.com

Revolucioni Feminist dhe Epoka e Fundit

Kurani e ka ndërlidhur krijimin e mashkullit the të femrës me atë të 'natës' dhe 'ditës',
duke lënë të kuptohet se ata plotësojnë njëri-tjetrin "... si dy gjysmat binjake të një
tërësie." Megjithatë, ata ndryshojnë në mënyrën funksionale; do të thotë se një
marrëdhënie e suksesshme dhe në harmoni mes mashkullit dhe femrës, kërkon që 'dita'
(d.m.th burri) duhet të funksionojë si 'ditë' dhe nuk përpiqen të bëhet "natën", dhe
ngjashëm "nata" (d.m.th., gruaja), duhet të funksionojë si ' natë "(e cila mbulon dhe
fsheh) dhe nuk përpiqet të bëhet" ditë '.  Profeti Muhamed (salallahu alei wa 'salam)
urdhëroi, ".  .  kur një vajzë arrin moshën e pubertetit nuk duhet të shihet trupi i saj,
përveç kësaj dhe kësaj (ai vuri në dukje fytyrën dhe duart). "Kështu që gratë myslimane e
kanë mbuluar gjithmonë veten me Hijab-duke mbuluar krahët, këmbët, barkun, kokën,
flokët, etj, me rroba të lirshme .

 Pasi që gratë kanë një funksion themelor për rritjen e fëmijëve duke i mbajtur dhe rritur
fëmijët,  ishte e nevojshme që ato të lirohen nga detyrimi për të fituar jetesën e tyre.
Kështu që Kurani i ka detyruar burrat për ti furnizuar si dhe për ti ruajtur dhe mbrojtur
ato dhe nga ana tjetër, e ka detyruar gruan që t’i bindet burrit ose kujdestarit të saj.
Burrat dhe gratë duhet të martohen me emrin e bekuar të Allahut, dhe të jetojnë në
përputhje me udhëzimet e Tij.  Pastaj, Kurani thotë: "... Allahu vendosë dashuri dhe
mirësi mes zemrave të tyre dhe " si rrjedhojë ata përjetojnë Sukun, d.m.th, paqe, kënaqësi
dhe qetësi.

 Por Profeti Muhamed (salallahu alei wa 'salam) paralajmëroi se në mesin e shenjave të
ditës së fundit është Mesia Dexhall ( i pavërtetë) ose Anti-Krishti. “...Njerëzit e fundit që
do e përcjellin atë do të jenë gratë”, dhe magjia e tij mbi gratë do të jetë e tillë sa që “një
burrë do të duhet të kthehet në shtëpi e t’i lidhën (i.e. t’i ndaloj me forcë) gruan, motrën
dhe vajzën e tij për t’i mbrojtur ato nga joshja e Dexhallit. Kjo profeci tregon se gratë dot
të mashtrohen dhe do të mahniten nga diçka që do ua kthej botën e tyre me kokë poshtë.
Do të duket të jetë pozitive, ndërsa realiteti do të ishte shkatërrues. Vërtetë, ajo do të jetë
si pasojë e së sulmit Dexhallit sa që 'nata' do të përpiqet të bëhet "ditë '.

 Profeti profetizoi 1400 vjet më parë se gratë do të "... vishet si burrat".  Kjo tashmë
manifestohet në revolucionin modern feminist.  Ai gjithashtu profetizoi se, "... gratë do të
vishen por prapë se prapë do të jenë të zhveshura", duke treguar se revolucioni feminist
do të mbjellë farën e një revolucion seksual që do të kulmojë me njerëz që do të kryejnë
"... marrëdhënie seksuale në publik si gomarët." Një njeri duhet të jetë absolutisht i verbër
për të mos dalluar se kjo profeci sot është përmbushur.  'Karnavali Trinidad, për
shembull, është i dominuar nga femrat, shumica prej të cilëve tani janë vendosur në krye
të paradës së lakuriqësisë së tyre në një shfaqje publike të vërtet pagane prej mishi dhe
tejet vulgare. Dhe shumë duhet të ketë të cilat morën pjesë në panair dje, por që sot ia
kthyen shpinën me neveri!

http://www.imranhosein.com/

 Përgjigja më e mirë laike për këtë shkatërrim pa arsye të çdo vlere të shenjtë që lidhë
gjinitë së bashku, është një shpërndarje publike e prezervativëve.  Implikimi i plotësimit
dramatikë dhe ogurzi të këtyre profecive është se një shoqëri që e poshtëroi kësisoj
vetveten do t’ia sjellë shkatërrimin vetvetes.  As qeveria e as opozita nuk e kanë idenë se
si ta parandalojnë një fund të tillë të turpshëm.

 "Dielli lind nga Perëndimi", e cila është një shenjë e madhe e ditës së fundit, duket se
përfaqëson qytetërimin modern perëndimore 'me kokë poshtë' një botë në të cilën, mes
shumë gjërave tjera, gratë braktisin përgjegjësinë e tyre primare për rritjen e fëmijëve në
mënyrë që të vishen si burrat dhe dalin për të punuar me orar të plotë sikur se bëjnë
burrat.  Çerdhet e fëmijëve bëhen nëna e re.  Fëmija nuk harron kurrë, dhe kurrë nuk fal
këtë shpërfillje.  Dhe kështu fëmijët rebelohen dhe bëhen të pakontrolluar, madje edhe
për policinë.  Por ata gjithashtu ia paguajnë hakun prindërve të tyre në të njëjtën mënyrë,
duke i vendosur ata në moshën e tyre të vjetër, në shtëpitë e pleqve që janë me të vërtetë
vend mbeturinash për qeniet njerëzore.  Vërtet, revolucioni feminist i qytetërimin modern
perëndimorë ka arritur ta kthej ‘natën’ në ‘ditë’ me pasoja të tmerrshme për shoqërinë.
Por, me një buzëqeshje mashtruese, sa që lindja e rrejshme e diellit nga perëndimi i thotë
asaj," Ju keni bërë një rrugë të gjatë (keni arritur shumë) e dashur . "

Përktheu
Kastriot Gashi


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This web page is specifically aimed at providing travel tips, advice and information for my weblog readers based on my travelling experience all over the world. I attach several documents pertaining to my travelling details and schedule that may be useful for the readers to get some ideas for planning their own trips.
Tour De Andalusia

http://benjamincafe.blogspot.com/2009/05/muscat-from-dusk-till-dawn.html
http://www.youtube.com/watch?v=ytq73XHxAHM’&gt
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