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Sunday, October 12, 2008

[ALOCHONA] The Islamic Republic's Women at the Wheel

The Islamic Republic's Women at the Wheel

 
 
A woman taxi driver waits for a passenger in a women-only taxi service in Tehran on May 4, 2008
 
 
Parvaneh Soltani shifts her car into third gear near notorious Evin Prison and descends from the dusty foothills of the Alborz Mountains into smog-filled Tehran. As she accelerates, the wind teases her polyester hijab, but it stays in place on a recent 90-degree afternoon. She gracefully weaves around people, cars, motorcycles and gender-segregated city buses as if she were navigating a magic carpet rather than a more workaday marvel: a Kia Pride done up in bright, Islamic green and conspicuously marked "Women's Taxi."
 
In this frenetic capital city of 12 million people, women drivers are hardly a rarity; "this is not Saudi Arabia," many defensively point out. But a raft of other restrictions do exist in Iran: Women are not allowed to dance or sing a solo in front of men; and they can't travel abroad without a husband's permission, or file for divorce. But many Iranian women prefer to ride in the women-only taxis, and the resulting demand has enabled Tehran's women taxi drivers to achieve financial emancipation from men.
 
Soltani is one of 700 drivers employed by Women's Wireless Taxi, a private company launched in November 2006. The company's dispatch center receives an average of 2,500 customer orders per day. Each driver is trained for nearly six weeks before she can turn on her meter, type an address into the GPS and start transporting other hijab-clad women. The drivers turn a share of their profits over to the company, but can set their own working schedules as they see fit.
 
Soltani, 35, has cobbled together a routine that is part courier service for the municipality and part taxi service for the 125 "regulars" who call her directly. She manages to take home more than $12,000 a year — almost twice Iran's average annual household income. For Soltani, a divorced mother of two, driving a cab affords her the luxury of not wanting — or needing — to re-marry. She can even pursue her hobby of auto-racing, which has become, thanks to the campaigning of race driver Laleh Seddigh, the first sport since the 1979 revolution in which women can compete directly with men. Says Soltani: "My income is enough for me to lead my life."
 
Few Iranian women can say the same, but their numbers are growing. Iran's unemployment rate among women is 15.4%, and double that for women under 25. Nevertheless, says Roksana Bahramitash, author of the forthcoming book Veiled Employment, self-employment among women is on the rise, in part because they're learning to exploit the gender divide. "Women have been able to turn gender segregation on its head," she says. "They are entering into the labor market, they are educated and they want to have an independent lifestyle."
 
For 30-year-old Zahra Farjami, driving a taxi recast the balance of her household. She earns almost $10,000 a year, considerably more than her husband, she says.
"I cannot say I was very happy [to become the main earner]," she says, but it has fostered a quiet sense of satisfaction. "Men always think that women can't be better than them; I didn't used to think they could either. But once I got this job, I realized that women can earn more than men."
 
Women's employment in Tehran, Bahramitash says, is picking up , and many women are finding a niche in such male-dominated occupationsas driving taxis. "We didn't intend to physically separate the woman, but we wanted to provide this option of a taxi with a female driver," says Mohsen Orouji, male founder of Women's Wireless Taxi. "Women first thought that this was a masculine job and not a feminine job. It's a stereotypical way of thought that is put in place by society."
 
At first, Soltani says the scheme's biggest critics were the city's male taxi drivers. "They treated us like second wives," she says, referring to the legal yet largely outdated practice of polygamy. "At the beginning they made fun of us. They were competitive. Now they are supportive because we work hard."
 
Indeed, Ahmad Hasani, who has worked as a private taxi driver in Tehran for the past 20 years, says he doesn't feel threatened by the women's service. "It's been good for ladies; it's safe," he says. "Compared to men, the women are weaker taxi drivers — slower. But they care about traffic rules." Hasani then cuts off a car and makes it through the changing traffic light with a roguish grin. A bold move, surely. But Soltani would have pulled off with more grace, and without the bat of a mascarad eyelash.
 
 

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[mukto-mona] What does World bank want from us?

World Bank, the vendor of poverty won't stop before destroy the sovereignty and economy of the so called third world. And our bureaucrat's and politicians just sold their brains to them.
See the link.
Taif
+8801713362925
+8801717819489
Chittagong, Bangladesh.

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Re: [mukto-mona] Prof. Kamal Das

WRT: http://groups.yahoo.com/group/mukto-mona/message/50201

Upanishads are essentially atheistic. We should be grateful to Prince Dara
Shikoh for having translated them, else these would be lost by now. Nirad
C. Chaudhuri had some derogatory comments about them in his rather infamous
book titled 'Hinduism'
Leela can be interpreted as divine play. Radha is the sun-goddess, and the
sky god Krishna playing with her is the so called Krishna-leela
Understanding oneself may be aided by a soul mate, without it only a
self-analytic, call it a sage if you like, can do that. However, self
analysis is not necessarily liberating.
One may notice that anything beginning with 'Ra' is solar. Rab, Radha, Ram,
Ratna etc., obviously derived from the cult of Ra. Even the North Indian
temple design was influenced by the Egyptians. Could the deities and the
religious literatures remain unaffected?


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[mukto-mona] Thanks to our members for their contribution on 'Sharia in UK'

We are passing a very critical time as we knaow that British legal system recently sanctioned rulings of sharia courts with no right of appeal in UK-courts. We appealed from Mukto-Mona to invite Articles on the Institution of Sharia  in the UK.

 

We think the Sharia law, which is considered as 'divine' by many believers, should be open to analysis, research and criticism like any other system of law, practice and belief. We have received several articles from our members upon our 'call for articles'. I would like to thank all of them for those informative, engaging, and fruitful articles on this very important issue. Many of the members showed their immense concern for its imposition of theocracy over democracy, its abuse of human rights, its institutionalized discrimination, its denial of human dignity and individual autonomy, its capital punishment over alternative lifestyle choices etc through the implementation of outdated Sharia.

 

I have kept all the articles in our website:

 

http://www.mukto-mona.com/new_site/mukto-mona/index.htm

 

Any feedback will be highly appreciated.

 

Avijit Roy


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Re: [mukto-mona] SHARIA LAW IN UK

WRT: http://groups.yahoo.com/group/mukto-mona/message/50194

After receiving mortal blows from Copernicus, Galileo, Darwin etc. the
religious schools are trying to unite against growing atheism.
Unfortunately for them, history is not on their side. Bringing in the
sharia might result in the collapse of Christianity along with their new
found friends. One drowning man can not save another from drowning. Not
even God has the power to save these bigots from their ultimate faith. The
Arch Bishop of Canterbury deserves to be burnt at stake.


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Re: [mukto-mona] [Sharia in UK] From Fundametalist Muslim to Secular Humanist

WRT: http://groups.yahoo.com/group/mukto-mona/message/50193

This article should be read by our wise old friend, Dr. Harun-uz-Zaman and
others who find solace in religions.


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[ALOCHONA] Dr Fakhruddin fails to represent Bangladesh at UN session


FARAKKA ISSUE IGNORED
Dr Fakhruddin fails to represent Bangladesh at UN session
Moinuddin Naser in New York
Despite UNISDR's call for global action to prevent flood in view of the recent flood in Bangladesh, India and Nepal in particular and flood problem in general, Dr.Fakhruddin Ahmed, Chief Adviser to the Caretaker Government, failed to mention about Bangladesh's situation in his speech at the General Assembly. He also did not say anything about Bangladesh's drought problem either. But neighbouring Nepal's Prime Minister Pushpa Kamal Dahal Prachanda urged upon the international community to intervene in this regard and protect the Himalayan glacier in order to mitigate flood problems.
   The call came from the International Strategy for Disaster Reduction (ISDR), a United Nations agency.
   On the other hand, Indian Prime Minister Dr Monmohan Singh only spoke about the issue of drought, but did not say a word about regional cooperation. Singh detailed about investment in new technologies and new production regimes for rain-fed and dry land agriculture and explore cost-effective desalination technologies, to use saline water of the sea for agricultural purpose.
   Coincidently, the statement of the UN agency, and the speeches by the Chief Adviser of Bangladesh, Prime Ministers of Nepal and India were delivered on the same day, September 26, 2008.
   The United Nations International Strategy for Disaster Reduction (ISDR) in a statement, issued from Geneva, pointed out that 200 million people worldwide living in coastal flood zones and urged all states to take measures to prevent flooding from turning into a disaster.
   The ISDR Secretariat in Geneva in its statement said, the devastation caused by floods was evident recently in Bangladesh, Nepal and India, where thousands of villages were submerged as rivers burst their banks.
   In the statement the ISDR chief Salvano Briceno said, "Flooding is already on the rise due to increasing populations living in flood plains, and climate change will make floods more frequent and severe, with a particular impact on deltas. The recent floods... are glimpses of a future that we need to start adapting to now."
   The statement also mentioned that successful flood control systems have been implemented across several countries such as Viet Nam, which has used mangrove reforestation to considerably reduce the impact of flooding on coastal populations.
   Meanwhile, China has spent around $3 billion in flood control efforts between 1960 and 2000, helping to avert an estimated $12 billion in losses.
   Cost-effective methods to prevent flooding from turning into disaster include risk assessments, evacuation plans, education and not building in flood-prone areas, all of which would require community participation.
   
   Total ignorance
   The UN agency has categorically denounced the building of structure in the flood-prone area. But surprisingly Chief Adviser Fakhruddin seemed totally ignorant about the important issue and did not mention anything about the adverse impact of Farakka Barrage both in drought and flood. Now the question is whether there was no need of regional cooperation to mitigate the effect of flood in the region while Bangladesh as the delta and lowest riparian is the worst affected area.
   The officials in the United Nations, who are from Bangladesh, often said that the mission and Bangladesh government's officers are engaged in lobbying for job in the United States, rather than serving the interest of the country as the Indians do in the United Nation and has in the process been able to create a very strong lobby for themselves. So the Bangladesh diplomats don't try to make India hostile, and remain silent on issues involving India, which never favoured regional cooperation to mitigate the water-related problems in Bangladesh, India and Nepal.
   However Nepal's new Prime Minister Puspa Dahal Prachanda when stating about the flood problem in this region stated that for Nepal, the melting of glaciers and shifting weather patterns are threatening the life and ecosystem undermining the sustainability of agriculture and extreme climate-induced disasters such as frequent floods and landslides. He said: "The Himalayan range provides life supporting water downstream for more than a billion people. The Mt Everest is the roof of the world, and the Himalayan range need to be protected and utilised to contribute to the humanity as a whole. So I strongly appeal to the international community to extend all necessary support and cooperation to protect and promote its pristine environment. We need to create a regime of common but differentiated responsibilities, in which the developed countries will lift the burden of adaptation in the vulnerable countries, such as the least developed countries and small islands."
   
   Regional cooperation negated
   About drought Indian Prime Minister Monmohan Singh mentioned in his speech in a different way, which has totally negated the issue of regional cooperation, including the sharing of waters of common basins. He recognised that water might be the cause of many conflicts during the current century but said, "We must reflect how to use this scarce resource efficiently. We need to invest in new technologies and new production regimes for rain-fed and dry-land agriculture and explore cost-effective desalination technologies."
   But for Bangladesh it is important to realise the due and traditional share of water of common basins for which we need regional and international cooperation. But Dr Fakhruddin has totally omitted that subject. Rather he only referred to the issue of climate change as the means of flooding of Bangladesh.
   He said, "Bangladesh is particularly vulnerable to climate change given that we are a low lying delta in one of the highest rainfall areas of the world. There is growing concern that an irreversible climatic shift will displace tens of millions of our people. By some estimates, a one meter sea-level rise would submerge about one-third of the total area in Bangladesh. Given our population and its vulnerabilities, this would result in the greatest humanitarian crisis in history." Though the issue is controversial and the article which was reported in the daily Independent of London, it was challenged by the source of the article in NASA (National Aeronautics and Space Administration), Dr Fakhruddin Ahmed is still continuing that kind pf propaganda, which is a very palatable issue for the anti-Bangladesh campaign in the international arena.
   Bangladesh mission's failure
   Nepalese Prime Minister Pushpa Kamal Dahal in his statement thanked the Secretary General of the United Nations for smooth transfer of UN Regional Centre for Peace Disarmament in Asia and the Pacific from New York to Kathmondhu. The centre was established in 1987 and Nepal's permanent mission to the United Nations signed the agreement and a related Memorandum of Understandings (MOU) on July 21, 2007.
   Regrettably the Permanent Representative of Bangladesh mission in UN had no initiative to seek the relocation of that important centre to Bangladesh, whereas for many reasons Bangladesh could be the most suitable location for such a centre.
   
   Singh ignores Dhaka
   Last but not least, though the government of Dr Fakhruddin is totally sensitive to say anything about India, Indian Prime Minister Dr. Monmohan Singh in his speech though welcomed return of democracy in Pakistan and expressed commitment to resolve all outstanding issues between the two countries including Jammu and Kashmir through peaceful dialogue, and also welcomed the coming to power of democratically elected governments in Nepal and in Bhutan, he did not mention a single word praising the Bangladesh Government's initiative of ongoing political reforms and arrangement of election, as if India did not quite like the arrangement.
 

অদক্ষতা, অযোগ্যতা আর তাবেদারীর মাধ্যমে দেশের হাজার হাজার কোটি টাকা ক্ষতি করার জন্য ওদের আর হেলপারদের বিরুদ্ধে মামলা ,আর ওরা গ্রেফতার হবে কবে?

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[mukto-mona] Robert Dunn Memorial Tribute_Nov 16

Dear Friends,

You are cordially invited to join us in honoring, Robert Dunn,
the late founder of Poet to Poet and the Asbestos Arts Group.

THE ROBERT DUNN MEMORIAL TRIBUTE
Sunday, November 16, 2008, 4:30 pm
ATN Bangla TV Studio
37-17 57th Street
Woodside, NY 11377
Phone: (718) 505 1100
(Direction: By Train: No. 7 train to 61st Street & V and R train to 65th Street Station.
By Car: BQE exit Broadway, Stay on Broadway down to 56th Street,
make a left on 56th Street, Left on 35th Ave, Left on 57th Street.)

We will read from his poetry,
discuss the valuable memory we have of him,
and offer music in remembrance of his legacy.

Special refreshments will be served at the end.

This program is organized by
Shabdaguchha, Cross-Cultural Communications,
and Leigh Harrison.

Please come to remember a real rarity:
 "a poet who was more for others than he was for himself"



Sincerely,
 
Hassanal Abdullah
Stanley H. Barkan
Leigh Harrison



[mukto-mona] Trouble in Paradise

Dear All,
 
Even it looks like that the financial crises problem origins at USA but its effect will felt every corner in the world.  Lets see if I can explain how this problem has accumulated for more than 20 years.
 
Most of the countries in the world have invested, lend money to USA to use it.  In return of this cheap money inflow, they have got great access to their products in USA.  USA customers were happy to use this cheap money and spend it like free fall.  This has created a bubble in home prices (Cost of a house price shoot up to 4 times some areas).  People in USA have become addicted to cheap money and easy credit access where they should not have in the first place where they can not afford it.
 
Second problem is that USA is no longer in leader for new technologies and in competition like before.  Their manufacturing industries have evaporated last 8 years.  Few of US policies made worst for not letting new students to study in USA if they were not from Europe and India.  So revenue of USA has dropped in every areas you can think about it.
 
Third problem is that USA consumes more product than they manufacture, like importing more than they can export.  In this case China & India have beaten them badly.
 
By looking at this financial crises,  I predict that this financial slump will stay between 6-8 years unless some miracles happen.  USA is not in good condition like 1930's or 1980's where USA has greater advantage in new technologies and were very few competitors compare to China and India.
 
Iraq war cost USA more than $700 Billion and more than $2 Trillion dollar benefit for injured soldiers.  This will be a great burden for USA form the years to come.
 
Forth problem is that foreign countries won't lend cheap money to USA like before which can bring down the standards of living in USA.
 
Our children future in USA might be in trouble by looking at all the indication that I can see.  So the bottom line is that it does not matter which prism you use to see USA future,  it looks bleak and scary.
 
I like to urge everybody to have plan B in their financial solvency.  We may have to adopt lower standards of life in future.  This is the compromise we have to take either we like it or not.
 
God Bless America and her people.
 
Regards,
M. M. Chowdhury (Mithu), USA
 
 
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Re: [mukto-mona] Nationalism and Politics.

WRT: http://groups.yahoo.com/group/mukto-mona/message/50187

Right on as usual, Akbar-Bhai. This election is a farce. How could people support all these corrupt leaders is beyond my comprehension. Even party supporters should not support them. Once you are indicted on a corruption charge, that should be the end of
your political career, even you are not convicted yet. That's what usually happens in an educated and
informed society.These leaders should not lead a party. But, that cannot happen in Bangladesh, because cronies follow their leaders like the lead-sheep in the herd. They have no backbone and no integrity. Look at Ershad, he is still the leader, even though he is internationally known as the Richest President of the Poorest Country.

I know why it is like this in Bangladesh. Most of the party-cronies are there only to make a buck. It is better for them if the leader is corrupt. There is no one to stop you when you try to make a buck. These corrupt leaders have corrupted everyone. No one cares about the country that was liberated through the sacrifice of 3 million lives, just about 36 years ago. This is so sad.

Jiten Roy


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[mukto-mona] Six Muslims including a two year old boy burnt alive in Adilabad, India




Six Muslims including a two year old boy burnt alive in Adilabad

By Khabrein.Info Correspondent,


http://www.khabrein.info/index.php?option=com_content&task=view&id=17561&Itemid=88


Hyderabad, Oct 12, 2008: Six members of a Muslim family including a two year old toddler were burnt alive by a rampaging Hindu mob in Adilabad district in Andhra Pradesh. The gruesome incident took place merely two days after a mob attacked Muslim neighborhoods in nearby Bhainsa town.

The violence seems to have spread to a large area in Adilabad district of Andhra Pradesh.

The state seems to be the new target of the communal forces who have failed to make any inroads in the state for the last more than a decade. Despite all their efforts they have not been able to either increase their number in the Andhra Pradesh assembly or their representation in Parliament from the state.


Despite all their efforts they failed to either attract any major political faction in the state including Tilangana Rashtriya Samiti or the film star turned politician Chiranjivee.

This seems to have made them desperate.

Rioters who had earlier killed four people in nearby Bhainsa town Friday swooped down on the village and burnt several houses.

The six people of a single family were burnt alive by menacing Hindu mob that had attacked Muslim families in Vatoli village in Andhra Pradesh's Adilabad district.

Despite the curfew in place since Friday how arsonists who roamed freely on roads across villages were able to torch the houses and set innocent people on fire is a mystery that police can answer better.

District Collector Ahmed Nadeem told a news agency about Friday violence that three of the dead couldn't be recognised and all the bodies had been sent for autopsy.

Nadeem, who has ordered a magisterial inquiry into the incident, said five of the dead were from Hyderabad and were visiting their parents' home in the village for Dussehra festival.

Andhra Pradesh Home Minister K Jana Reddy held a meeting with senior officials in Hyderabad and would visit Bhainsa.

Taking a serious note of the incident, Chief Minister Y.S. Rajasekhara Reddy asked district police to be on high alert and prevent the spread of violence.

Asaduddin Owaisi, the president of Majlis-e-Ittehadul Muslimeen and an MP said, "Despite our repeated please and appeals the government has failed to provide protection to the Muslims who live in remote areas and who have a very less population in those places".

Owaisi went on to say, "If the YSR government does not fulfill its duty of providing protection, we will be forced to give call to our cadre to come out and protect the people".



http://www.hindustantimes.com/StoryPage/Print.aspx?Id=dfeb8dd9-4361-49d8-a55d-380b94538f01

The communal riots in Andhra Pradesh's Adilabad district took a turn for the worse Sunday as six members of a family, including a two-year-old child,  were burnt alive in their house, prompting the state government to announce a Central Bureau of Investigation (CBI) probe into the incident.


A group of unidentified people torched the house, killing all its six inmates, including three children and a woman, police said. The attack took place at Vatoli village, 10 km from Bhainsa town, where four people were killed in communal violence Friday.


The police said the incident occurred around 3 a.m. The inmates, who were fast asleep, were caught in flames and could not escape as the rioters had locked the house from outside before setting it afire.


The victims have been identified as Mahmood Khan, a tailor, his wife Safia Begum, their daughter Rizwana and three children Naoman, Arsalan, and Tuba Falak. Falak was only two-years old.


Fearing attacks by rioters, about 30 families from Vatoli village had shifted to Bhainsa after Friday's violence. However, two families including that of Khan stayed back, the villagers said.


The attackers also torched two shops in the village.


The incident triggered fresh tension in Bhainsa, about 275 km from here, which had witnessed clashes between members of two communities in which four people were killed Friday. The riots broke out during the immersion of Durga idols.

Indefinite curfew continued Sunday in Bhanisa. Tension also prevailed in Nirmal and Adilabad towns and police have imposed prohibitory orders.


Meanwhile, Home Minister K. Jana Reddy, who rushed to Vatoli village along with state police chief S.S.P. Yadav, visited the scene of the ghastly crime. He said a CBI probe would be conducted into the incidents in Bhanisa and Vatoli.


Assured more security, he said personnel of Rapid Action Force (RAF) would be deployed in the area.


Hyderabad MP and Majlis-e-Ittehadul Muslimeen (MIM) president Asaduddin Owaisi, who had rushed to the village earlier in the day, strongly protested against the incident.

There was a heated argument between the home minister and Owaisi, who alleged that the incident occurred because of the abject failure of the police in providing security to the minority community in remote villages.
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Re: [mukto-mona] Nationalism and Politics.

WRT: http://groups.yahoo.com/group/mukto-mona/message/50187

It was Shaikh Mujibur Rahman who attended the O. I. C. conference at Lahore
long before Pakistan, K. S. A., and other Islamic countries recognized the
independence of Bangladesh. It became a matter of time to drop secularism,
which was imposed by Mrs. Gandhi along with socialism as a precondition to
support the liberation war of Bangladesh.

Pakistan was created for more than one reasons. According to Wali Khan(vide
Facts are Facts), the reason was to surround the Soviet Union with an
Islamic belt; A. J. Moore says, in his book,"Escape from the Empire" that
the main reason was to appease the Islamic World after the creation of the
Zionic State, Israel, in the heart of the Arab land; and if one cares to
heed to my opinion, the main reason was to use it as a beating stick to
India since U. K. had left a lot of Industrial Estate in it's former colony.

The result was bound to be disastrous. Pakistan had to maintain a
disproportionate defence budget and an oversized army to ensure it. To
legitimize it's existence it had to insist on Islamic identity with mushroom
growth of madrasahs. In 1947, undivided India had 2500 of them. Now
Bangladesh alone has over sixty thousands. If even one percent of the
madrasah students wish to bring back the 'lost glory' of the Islamic
countries, we might have an unlimited supply of Jehadis.


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[ALOCHONA] Islamic Finance


Dear all:

I have personal experience in Islamic finance for decades. From that experience, I can say that Islamic finance is not inexpensive, it does not always pay more dividends and is not always less risky. My involvement is in home financing, savings and banking. However, they are all interest free. I will follow this course of action not because of more profit and less risk but the desire to follow the teaching of the Quran.

So far I have not regretted my decision and am reasonably satisfied with the performance of the Shariah compliant financial enterprises.

The following is an interesting reading as we all are deeply affected by the recent economic turmoil.

Aziz Huq
10/12/08


Islamic Finance appeal growing in face of credit crisis
 
By: Umesh Desai
International Herald Tribune* -

The global credit crisis presents the $1 trillion Islamic finance industry with an opportunity to expand its appeal beyond Muslim investors, as a haven from speculative excess.

The message may have particular resonance in the West after the crumbling of the U.S. mortgage market left banks holding hundreds of billions of dollars of nearly worthless credit instruments tied to home loans by a web of complex structures.

While conventional banks worldwide are nursing losses of more than $400 billion from the credit crisis, Islamic banks are virtually unscathed. And they are playing up the contrast to scalded shareholders, bondholders and borrowers and fearful depositors.

"It's very much a return to old-fashioned conservative lending," said David Testa, chief executive of Gatehouse Bank, which began operations in April as the fifth Islamic bank in Britain.

"The current global market condition has given Islamic finance a great opportunity to show what it can do - help to fill the liquidity gap," he said.

Investors traumatized by the credit crisis could seek comfort from the stricter rules imposed on lending by Islamic law, which bans some of the structures and financing methods that quickly unraveled during the U.S. mortgage crisis.

Testa said that Islamic finance practices were more fiscally conservative, with direct participation by investors in plans that do not involve parking assets in off-balance-sheet vehicles.

Islamic finance is based on Shariah, or Islamic law. It requires that gains be derived from ethical and socially responsible investments and discourages interest-based banking and investments in sectors like pork, gambling and pornography.

The Asian Development Bank estimates that Islamic assets globally have a combined value of about $1 trillion, with annual growth of 10 percent to 15 percent a year. Al-Rajhi Bank of Saudi Arabia and Kuwait Finance House are the two biggest Islamic banks in the Gulf region. In Malaysia, the largest Islamic lender is Maybank Islamic, a subsidiary of Malayan Banking.

The jump in popularity of Islamic finance is drawing the interest of companies outside the Middle East.

City Developments, one of the largest developers in Southeast Asia, said last week that it could issue Islamic debt and sell hotels to enhance its ability to make acquisitions.

The Islamic finance industry, which was nearly nonexistent 30 years ago, has certain distinguishing features that make it less risky, analysts say.

Islamic bonds, or sukuk, replace coupons with payments backed by the performance of tangible assets. Islamic law prohibits the payment of interest and requires transactions to be linked to assets, thus deterring the kind of complexities prevalent in conventional financing operations.

Debashis Dey, the Dubai-based head of capital markets at the law firm Clifford Chance, said that although the Islamic finance industry was adapting conventional products to make them compliant with Shariah, it was a long way from sophisticated products like collateralized debt obligations.

But while Islamic products are coming into favor, analysts say market commentators and intermediaries may be too zealous in promoting the merits of Islamic finance as a safe product.

Mohamed Damak of Standard & Poor's cited the case of the boom in real estate financing in the Gulf mainly by Islamic banks in the past three years, amid soaring property prices.

"A correction of the real estate sector would impact Islamic banks involved in this business line. Islamic finance is not immune from risk," he said.

Even as experts are weighing the degree of insularity that Islamic financing provides, there are differences in the way accounts are prepared and in how Shariah law is interpreted.

Banks in Britain differ in their accounting operations from banks in Bahrain, for example, which in turn differ from banks in Malaysia and Indonesia.

Dey, at Clifford Chance, said the lack of standardization posed a hurdle to growth, but others said that a cookie-cutter approach was not desirable and that regional differences would remain.

"Complete standardization may not happen - there will always be variants," said Raj Maiden, managing director at Five Pillars in Singapore, who added that it was more important to tailor products according to the needs of each market.

While the debate rages on whether Islamic finance provides a safer bet or is merely a potential source of irrational exuberance, most agree the industry should make the most of the attention it is now receiving.

"If Islamic banks step up to the mark, then they will gain traction," said Testa, of Gatehouse.

 
Source: International Herald Tribune

 




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RE: [mukto-mona] Prof. Kamal Das

WRT: http://groups.yahoo.com/group/mukto-mona/message/50183


The aroma of India's
spiritual and philosophical qualities was known to the far flung lands on earth
during the antiquity. Perhaps this was the reason why Romaine Rolland once said;
Only a sage can understand India.
Although Krishna was also a deity in ancient Egypt
and Greece but
the Indian romantic mysticism has bestowed its best on Krishna.
The beautiful premise that, ekoker shathey ditiar milon na holey leela hoi na, aar
leela na holey atmoupalabdhi hoi na, aar atmoupalabdhi na holey mukti hoi na. I
could not translate this into English because it will not carry the real
meaning. This unique brew of philosophical spiritualism is a pure Indian
product.

The Upanishads have long interested students of philosophy
in the West. The English philosopher Hume translated some of them into English
in the eighteenth century. Later he travelled to America
where he taught Sanskrit to Thomas Jefferson and together they studied the
Upanishads in their original form. Almost all the prominent western
philosophers, especially Max Muller were absorbed by the beauty of the Upanishads.

Akbar Hussain


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[mukto-mona] Shahriar Kabir's documentary screening all across USA

Shahriar Kabir's new documentary WAR CRIMES 1971 will be screened across the United States from October 18 through November 1. This documentary is

 

A quest for the truth about the holocaust committed in the name of Islam during the Liberation War of

Bangladesh in 1971.

 

Shariar Kabir will be visiting the United States beginning October 18 through November 1, 2008 to attend various screening across five cities.

 

Please go to the link http://www.shompritiforum.org/ for information and for organizing an event in your town.

 

Here goes an excerpt from the Daily Star:

 

Daily Star, September 25, 2008 writes:

"Sundari Dasi was only months old at that time, when people found her suckling from her dead mother's breast. Her mother was brutally raped by the Pakistani military and their Bengali collaborators during the Liberation War. This incident stirred the village Chuknagar of Khulna district, where one of the large-scale genocides of 1971 occurred. Now in her late 30s, Sundari Dasi wants the trial of the war criminals. Lutfar Rahman was a school student when some influential people of this village forced him to join the 'Razaka Bahini'--to benefit from the political situation and secure "a blissful afterlife," as the put it. He went into training and was part of several crimes against humanity. Rahman was punished with a year of imprisonment after independence. He knows what the 'Razakar Bahini' did at that time and says, "I was almost a child then and even I was punished, then why should the other war criminals go unpunished?" The above two cases are featured in Juddhaporadh 71, a documentary by renowned litterateur and working President of 'Ghatak Dalal Nirmul Committee' Shahriar Kabir. The documentary takes on the task of defining what 'war crimes' mean and the dreadful acts against humanity that the war criminals committing during 1971. Through the eyes of three your who set out to search for the truth, the documentary works on a vast canvas—including facts, interviews with eminent personalities and war victims, rare footage, documents and more."

 


 ABM Nasir, Ph.D.
Associate Professor of Economics
School of Business
North Carolina Central Univeristy
Durham, NC 27707.
Phone: (919) 530-7372
Fax: (919) 530-6163
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Sign the Petition : Release the Arrested University Teachers Immediately : An Appeal to the Caretaker Government of Bangladesh

http://www.mukto-mona.com/human_rights/university_teachers_arrest.htm

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Daily Star publishes an interview with Mukto-Mona
http://www.mukto-mona.com/news/daily_star/daily_star_MM.pdf

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MM site is blocked in Islamic countries such as UAE. Members of those theocratic states, kindly use any proxy (such as http://proxy.org/) to access mukto-mona.

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Mukto-Mona Celebrates 5th Anniversary
http://www.mukto-mona.com/Special_Event_/5_yrs_anniv/index.htm

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Mukto-Mona Celebrates Earth Day:
http://www.mukto-mona.com/Special_Event_/Earth_day2006/index.htm

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Kansat Uprising : A Special Page from Mukto-Mona 
http://www.mukto-mona.com/human_rights/kansat2006/members/


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MM Project : Grand assembly of local freedom fighters at Raumari
http://www.mukto-mona.com/project/Roumari/freedom_fighters_union300306.htm

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German Bangla Radio Interviews Mukto-Mona Members:
http://www.mukto-mona.com/Special_Event_/Darwin_day/german_radio/


Mukto-Mona Celebrates Darwin Day:

http://www.mukto-mona.com/Special_Event_/Darwin_day/index.htm

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Some FAQ's about Mukto-Mona:

http://www.mukto-mona.com/new_site/mukto-mona/faq_mm.htm

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VISIT MUKTO-MONA WEB-SITE : http://www.mukto-mona.com/

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"I disapprove of what you say, but I will defend to the death your right to say it".
               -Beatrice Hall [pseudonym: S.G. Tallentyre], 190




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