Religious Tolerance Forum Hosted by the King of Saudi Arabia

Saudi Arabia initiated inter-religious meeting at the United Nations this week. King Abdullah called his initiative a "Culture of Peace Summit," to promote tolerance among the world's major religions. Participants who gathered in New York on Wednesday and Thursday called for promoting mutual understanding and tolerance, through dialogue. Among those who attended are leaders from Pakistan, Lebanon, Jordan, Kuwait, Egypt, Britain, Spain and the Philippines, said Enrique Yeves, spokesman for U.N. General Assembly president Miguel D'Escoto Brockmann. President Bush joined the leaders this morning and gave a speech at the U.N General Assembly hall.

Other participants include U.N. Secretary General Ban Li-Moon and the head of the Organization of the Islamic Conference (OIC), the bloc of Muslim nations spearheading a campaign at the U.N. to outlaw the "defamation" of religion.

Critics note that while King Abdullah hosted leaders from different Muslim sects in Saudi Arabia, his other initiatives have taken place outside the kingdom. Any inter-religious meeting inside Saudi Arabia could draw opposition from conservative clerics unhappy with the presence of Christian and, especially, Jewish religious leaders.

The underlining results of this Summit are to make non-Muslims accept Islam and the shari'a law as well as the Islamic banking system without any recognition by Muslims to other faiths. The whole focus of the Summit is to endorse a U.N. Resolution of anti-blasphemy law against Islam around the world.

In 1999, Pakistan and the Organization of the Islamic Conference introduced a measure to the U.N. Human Rights Council to spread shari'a law to the Western world and to intimidate anyone who criticizes Islam.

The measure was amended to include religions other than Islam, and it has passed every year since. In 2005, Yemen successfully brought a similar resolution before the General Assembly. The 192-nation Assembly is set to vote on it again.

Origin of Our Threat And Danger of Their Ideology

The "Word" is their most dangerous and valuable weapon, and their ideology is the largest threat to our world today.

When the "Word" is mentioned in this article we are referring to Logos: "(Greek for 'word'); reason; refers to the internal consistency of the message--the clarity of the claim, "their" logic of its reasons, and the effectiveness of its supporting evidence." The terrorists who attacked our nation; they believed in the unadulterated word of the Quran, and their interpretation of this word has been one of their most powerful weapons. Whatever message/news they spread to their people, the West, and the rest of the world they believe full heartedly to be the will of Allah.

The enemy has attacked us quite often in recent days, but thankfully no soldiers have been killed in these assaults. The victories of the enemy have been political, as they've intended for them to be. They know our media will start writing various articles about their attacks and the "word" they want to spread will do so quickly amongst their people and the world. They pay attention to people's perceptions, both here and in America. They know where to strategically strike, so that when we pull out of their country the "word" will be, "We drove them out. And now they have abandoned you. We defeated them and now we will rule over you again, never to abandon you like they did."

We were not properly prepared to handle an insurgency, and now the problem on our side is that there is a lack of us using true counterinsurgency methods. When we finally started to think outside the box, finally realizing it was going to take more than numbers and technology to defeat this ideology; our eventual attempts at strategy were too much too late. The "Word"; their Word had spread rampantly, and now the enemy believes he has succeeded in having most of the world opposing our war against the Taliban and Al Qaeda. We don't win a war like this based on how many battles we've won, we can only win by changing the enemies' mindset... We've failed though at winning the right hearts and minds... for our word has not prevailed over theirs.

What You Don't Know About Malaysia

Hello there. 'Selamat Datang ke Malaysia'. That means, 'Welcome to Malaysia' in our national language Bahasa Malaysia. It would be impossible to tell you everything about Malaysia in such a short period of time, but I will give you a general idea.

People

One of the things you will find most fascinating about Malaysia is its people and culture. Being a multi-ethnic, multi-cultural and multi-lingual society of 28 million is no easy feat, as race continues to be a hotly debated issue and permeates almost every aspect of Malaysian life.

The Malaysian population consists of 62% Bumiputeras, which includes Malays and the Indigenous peoples, 24% Chinese, 8% Indians, and the rest are other minorities. Or as we say in Malaysia, 'lain-lain' or others. Citizenship in East Malaysia or the states of Sabah and Sarawak are a little different from citizenship in Peninsular Malaysia for immigration purposes. When West Malaysians visit East Malaysia, they are required to bring their MyKad, a biometric smart chip identity card, which must be carried by citizens of Malaysia at all times.

The Malays form the largest community, and they are defined as Muslims in the Constitution of Malaysia- in other words, if you are Malay, you are automatically Muslim. The Malays are the big brothers of politics, dominating the political scene. Their native language is Malay, the national language of the country. They are also sometimes called 'bumiputra', or 'princes of the soil' and are favoured with certain affirmative action policies. This has been a point of discontent with a lot of minorities. Among others, getting a 10% to 25% discount when buying a house and receiving government tenders and scholarships are some of these benefits. How did this come about? I'll tell you more in the economy section.

Humanomics

In the technolized world a productivity increase is often the result of replacing one or more human workers with a machine. In the natural, non technolized world, productivity increases when people find productive work. Which productivity is superior is strictly a matter of viewpoint. In both cases the unemployed and under employed are likely to become a burden to the employed, whether through taxes or other thefts of production.

I have heard some talk of the need for micro banks to assist the unemployed to become self employed in poor nations. While self employment is anathema to the corporate mindset, corporations are in a good position to gobble up little family operated businesses after they reach some point of profitability. The family business takes its capital gain and invests in some new endeavor.

The natural world will be far better off if typical corporate banking is shut out by making it non competitive and illegal. What is needed for the natural world is non profit, community credit unions, modeled on Islamic banking practices. In fact, it is a biblical and Christian system as well. One that has been hidden from Christians by biblical ignorance and corporate dominance in banking. The technolized world would be far ahead if it adopted these principles leading to full employment, reduced crime and perhaps, honest politics.

In an economy where large numbers of people earn only a few dollars per day, a fifty dollar bankroll is nearly impossible to obtain. This is roughly analogous to a Western minimum wage worker trying to obtain a $50,000 start up loan for a new business. The evidence in micro banking shows a very low incidence of default. Credit is precious when money and paid work is scarce.

The Typology of Financial Scandals

Tulipmania - this is the name coined for the first pyramid investment scheme in history.

In 1634, tulip bulbs were traded in a special exchange in Amsterdam. People used these bulbs as means of exchange and value store. They traded them and speculated in them. The rare black tulip bulbs were as valuable as a big mansion house. The craze lasted four years and it seemed that it would last forever. But this was not to be.

The bubble burst in 1637. In a matter of a few days, the price of tulip bulbs was slashed by 96%!

This specific pyramid investment scheme was somewhat different from the ones which were to follow it in human financial history elsewhere in the world. It had no "organizing committee", no identifiable group of movers and shakers, which controlled and directed it. Also, no explicit promises were ever made concerning the profits which the investors could expect from participating in the scheme - or even that profits were forthcoming to them.

Since then, pyramid schemes have evolved into intricate psychological ploys.

Modern ones have a few characteristics in common:

First, they involve ever growing numbers of people. They mushroom exponentially into proportions that usually threaten the national economy and the very fabric of society. All of them have grave political and social implications.

Hundreds of thousands of investors (in a population of less than 3.5 million souls) were deeply enmeshed in the 1983 banking crisis in Israel.

This was a classic pyramid scheme: the banks offered their own shares for sale, promising investors that the price of the shares will only go up (sometimes by 2% daily). The banks used depositors' money, their capital, their profits and money that they borrowed abroad to keep this impossible and unhealthy promise. Everyone knew what was going on and everyone was involved.

Why Is Iran Still In The Cross-Hairs? Clues From The Project For A New American Century

Despite a National Intelligence Estimate (NIE) last fall finding that Iran is not engaged in a nuclear weapons program, the push for economic and military sanctions continues. On April 17, 2008, U.S. President George Bush and British Prime Minister Gordon Brown said they were working to extend sanctions against Iran's nuclear program because "Iran's leaders cannot be trusted." According to Rep. Ron Paul (R-TX) in a MSNBC news broadcast last December, there is still a "great possibility" of nuclear action against Iran. The target has just shifted from nuclear power plants to the Iranian Revolutionary Guard, which has been declared a terrorist organization. Paul said, "[T]here are still quite a few neoconservatives who want to go after Iran under these unbelievable conditions." The Eisenhower nuclear aircraft carrier strike force has departed for stationing off Iran, joining forces already in place there, and loaded to the brim with strike aircraft, Tomahawk missiles, and even nuclear weapons.

The question is, why? One popular theory holds that the push for war is all about oil; but many countries have oil, and we don't normally invade them to get their assets. Why go to war for Iran's oil when we can just buy it?

Another theory says that the saber-rattling is about defending the dollar. Iran is threatening to open its own oil bourse, and it is already selling most of its oil in non-dollar currencies. Iran has broken the petrodollar stranglehold imposed in the 1970s, when OPEC entered into an agreement with the United States to sell oil only in U.S. dollars. But as William Engdahl pointed out in a March 2006 editorial, Iran is not alone in wanting to drop the dollar as its oil currency; and war with Iran has been in the cards as part of the U.S. Greater Middle East strategy since the 1990s, long before it threatened to open its own oil bourse.

Meeting Customer Needs by Making Microlending Products Sharia Compliant

The Islamic finance industry has experienced tremendous growth and increasing popularity over the years. But while Islamic Finance Industry is regarded as one of the fastest-growing industries in the world, there are still many Islamic customers whose banking needs are not being met. In fact, it is estimated that 72% of people in Muslim-majority countries do not have access to lending products or credit products due to their poverty level.

Islamic institutions, and institutions with Islamic divisions, however, have moved into a position where they can now reach low-income individuals needing Sharia-compliant banking services. One of the most valuable services that an Islamic bank can offer to this type of customer is Sharia-compliant "microfinance" products. These types of products and services are often linked to poor or low-income clients. Consequently, there is a growing demand from the lower-income population for Islamic products, which may be otherwise unavailable to these individuals.

By providing Sharia-compliant products, banks have the opportunity to reach the growing market, create a wide and loyal customer base and be seen as a positive force in the community. But in order to meet the needs of these customers, there are certain steps that banks must take to ensure that the microlending products they offer follow the concepts of Sharia, and are compliant with bank regulations as well as Islamic banking policies. To accomplish this, banks must focus on training.

Implementation of Sharia Compliance

One of the easiest Sharia-compliant structures that can be used to create specific microfinancing products includes the Murabahah (cost-plus financing) and Musharakah (partnership).

Allah Economics

Some things are definitely meant not to be, like the Prophet Mohammed teaching capitalism to the West.

One great confusion in the otherwise already greatly confused societies of Islam is the combination and interaction of spiritual and temporal powers. Unlike the West where Church and State are separate, independent and each sovereign, Islam unites State and Religion together with less than auspicious results. Because State and Religion are one and only, for centuries Muslims have developed ways to integrate religious beliefs with the external economic realities of the nations they lived in. This has had varying degrees of compatibility with the empires and customs they encountered. For example, commerce has adapted to "al-urf", the custom. But to adapt merchantism is one thing, to build a national financial structure with which to supervise and monitor all economic aspects of a country is quite another. The West has done it, sure ... after two-thousand years of history, trial and errors. How can Islam even remotely hope to do it in twenty years.

Since the mid 80's Muslim bankers and religious leaders have tried to develop ways to integrate Islamic Law on usage of money with modern concepts of ethical investing. By carbon-copying western financial systems and adapting them to the religious tenets of the Qu'ran, the idea was to reinvent the wheel. But the result is a hybrid of Capitalism mixed with Socialism and sprinkled with a heavy dose of politicism so characteristic of Islamic leaders - a kind of Frankenstein with a wicked soul, so to speak. Unfortunately this notion of Islamic economics and finance bound by religious tenets is a dysfunction of economic realities and an inhibition on the development of the regions of the world where Islam is most influential, and where traditional Islamic Law remains a factor in the Middle East ongoing economic disappointments. The weakness of the region's private economic sectors and its human capital deficiency stand among the lasting consequences of the application of traditional Islamic Law to commerce and finance.

Who Owns Nigeria - Christians or Muslims?

Nigeria, a country blessed by the Almighty God, is made up so many parts. All of these parts are associated with one form of religion or the other. However, there are two prominent religions that are practiced by the larger population of the country - Christianity and Islam. For obvious reasons, these religions have been struggling to maintain a leadership position or superiority over the others.

The government at the centre has always been watching the religious drama as it unfolds on daily basis. Most leaders have often been tempted to take sides with the ugly development thereby soiling their hands in the murky waters of religious extremism. In places, where the Christians are in majority, Muslims cry foul, alleging marginalization and same thing happens in places where the Muslims are in majority. In such areas, introducing oneself as a member of one religion where the other is in majority is to say the least, creating animosity.

In situations as bad as this, the central government is expected to remain neutral and unbiased arbitrator in matters of this nature. A perfect example is the seizure of all the Christian (Mission) schools by the Federal Republic of Nigeria years back. It should be noted that, the Federal Government of Nigeria acted in line with true "federalism", the nature of these schools notwithstanding. Nationals who do not subscribe to the Christian religion will be free to acquire Western Education without engendering religious jealousy. Though, without apology, the Federal Government of Nigeria, it should be noted, acted in the interest of national unity to create an environment where Muslims and Christians will feel free in a plural society, attend the same school, and interact socially, without being maligned.

Prince Karim Aga Khan - A True Leader of Islam

11th July 2007 marks a landmark in the history of the Ismaili Muslim community, as this day marks the completion of the 50th year of Imamate of the leader of the Ismaili Muslim community, Prince Karim Aga Khan 1V. He is the current (49th) Imam of the Shia Imami Ismaili Muslims. His contribution in the field of education, medicine, architecture, social work, institution building, relief work, etc., is spectacular. He always tried to bring the positive image of Islam in front of others. His attractive personality has influenced many Muslim brothers to work for the welfare of the people. He is the direct descendant of Sir Aga Khan 111, whose contribution for the establishment of Pakistan can never be forgotten.

Prince Karim Aga Khan, the Aga Khan IV is the eldest son of Prince Aly Salman Khan and his wife, Princess Tajudowlah. He was born in Geneva, Switzerland on December 13, 1936. His brother name is Prince Amyn, and sister name is Princess Yasmin Aga Khan. The Aga Khan spent his childhood in Nairobi, Kenya, where his early education was done by private tutoring. The Aga Khan later attended the Institute le Rosey in Switzerland. He graduated from Harvard University in 1959 with a BA Honors Degree in Islamic history. As a modern leader of Islam, he always tried to emphasize to improve the lives of the Muslims.

Following the death of his grandfather, Sultan Muhammad Shah Aga Khan, Prince Karim, at the age of 20, became the 49th Imam of the Shia Ismaili Muslims on 11 July 1957.

Why Islamic People Do Not Believe In the Holocaust

There is a way to clarify our understanding of the conflict in the Middle East and the polarization of Islamic people with Israel. It requires that we take a longer view of the events that have generated the conflict and the interests that fuel it today. This is not a futile exercise. It leads to the realization that the conflict can be resolved and that the resolution shall bring great benefit to all the world.

Let us then, begin at the beginning.

Germany was defeated in the First World War. Its cities were ravaged. Its lands were poisoned. Its people were sick, exhausted and impoverished.

The victors, the Allies---France, England, and Russia--looted the manufacturing and industrial resources, tore up the railroad lines and stripped the countryside of agricultural products. The German mark was near worthless in trade. The government was unstable and between 1918 and 1932, there were only ineffective governments which failed to restore social or political order to rebuild the country

The Great Depression caused world wide economic failures. Unemployment in the US and developed nations ran 25% or more.

In Germany, it was far worse. By 1932, Germany's unemployment rate was 70%. Social chaos and mass rioting was the result of starvation, soaring crime, and failure of the basic infrastructure for food, water, sewage and medical care. Disease was rampant as people were dying in the streets and left to rot.

In 1932, it was estimated that within five years, forty percent of the population would be dead.

Kabul Bank: How Afghanistan's Future was Jeopardized

Sadly, there are no limits to how much careless Afghan leaders are willing to gamble with their country's fate for personal gain.

The recent takeover of Kabul Bank to avert total meltdown of the country's financial system is just the latest proof that this government, corrupt to the very core, is a bigger threat to Afghan stability than the Taliban, the opium trade, and the West's failing war put together. Perhaps it should come as no surprise, then, that less than a third of Afghans cast a vote in the recent parliamentary elections.

Worse yet, there are no signs of contrition or real willingness to change a course that could easily lead to not only a failed bank, but to a failed state, civil war and bloodshed. And, from many Afghan authorities, it's more of the same: denial.

The story of Kabul Bank begins in 2004 with the cautious optimism of a country at war. Back then this Islamic financial entity had the formidable task of becoming the backbone of a non-existent economy. That is, to give Afghans a safe place to save their money, to encourage an entrepreneurial middle class, and to help finance the long road toward stability, while undermining the Taliban's hold on the country's economy.

On the surface, privately owned Kabul Bank seemed to be doing just that. At the end of 2009, it was Afghanistan's largest private bank in terms of business volume, branches, customers and employees, with assets of slightly more than $1 billion and liabilities of $991 million. It had correspondent agreements with banks in eight countries, including Saudi Arabia, controlled about 40 percent of the country's financial system and, until recently, held around $1.3 billion in deposits.

The Bank Robbers

9/11 was a heist; just as if the nine hijackers had walked into the largest financial institution in the world armed with Boing 747's, prepared to die for their cause. But the cause was not terrorism, because frankly, and no one would argue, terrorism is not a cause. It is a symptom, like a sneeze to the common cold.

No-the cause was bald-faced robbery. Those nine men, recruited by high-powered international gangsters were pawns in the high stakes game of stealing the US economy in broad daylight right from under our noses.

They were aided and abetted by the newly and illegally installed President of the United States. It never had a chance of being otherwise. The world watched in amazement that November of 2000 when any and all contenders for the highest job in the land were summarily brushed aside to favor the most incompetent, inarticulate former drunk and drug-addict George Walker Bush; a man whose incompetence and disregard for other's interest and indeed human life had a proven track record.

As Governor of Texas George Bush oversaw the execution of death row inmates by a percentage of over two to one over any gubernatorial administration of that State before or since; so he was prepared, and indeed well rehearsed, learned and practiced in the mass killing of innocent civilians.

Given the Bush family's association with the bin Laden clan, it is not hard to imagine that a deal was put in place to present Osama bin Laden as the alleged terrorist mastermind when the fact was he was nothing of the sort. In this light it is easy to understand why no member of the bin Laden has ever been in danger of arrest or prosecution and why Osama bin Laden himself is free to come and go, apparently seeking medical treatment, and produce well staged videos and internet broadcasts. Could a wanted criminal, a terrorist and murderer, ever be allowed to act with such open impunity if the former President Bush were not a business associate and family friend of bin Laden's billionaire clan? It is equally unlikely that such a lethal scheme could have been conceived outside of their intimate circle.

Islamic Securitization Economic Risk Factors in Shari'ah View

ISLAMIC SECURITIZATION NEEDS MORE THOUGHT

Securitization is a process that has been heavily used by institutions offering Islamic financial services (IIFSs) in substantial volumes for many years, largely for the purposes of cash equivalence and tradability. In other words, Sukukization is process for an immediate liquidation, direct access to capital market, creation of secondary market, and risk segmentation - often referred to simply as sukuk.

The overall process will be arranged or 'securitized' by an SPV (Special Purpose Vehicle) structured by an IIFS. The pronouncement of Sheik Taqi Usmani (2008) declaring the bulk of the Sukuk issued in the market defied Islamic norms has stirred strong emotions. For some, it seemed to be rather hasty, not well-thought out and opposed to the needs of the Islamic capital market. In the view of others, however, it was no less than a very welcome and long overdue breath of fresh air for the industry. Some critics, who questioned the validity of the Sheikh Usmani pronouncement, argued that the personal view goes against the ruling of the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) on the permissibility of sukuk as laid down under its Shari'ah Standard 13 ( Resolution to the Fiqh Academy on Securitization).

The view expressed in this article is that rather than contradicting each other, AAOIFI's Shari'ah Standard 13 on securitization and sukuk real application which is objected by well respected Shari'ah scholars whom are calling for real Sukukization; are actually both in agreement with each other, even though it may not have been explicitly stated.

Addressing the Need For Women's Banking Services in the Muslim World

Throughout the Muslim world, banks and financial institutions have experienced a significant rise in their number of female customers in recent years. The number of banks and investment companies created specifically for women has skyrocketed across the Middle East. Estimated to control around $246 billion of the region's wealth (projected to hit $383 billion by 2011) , women in the Middle East are regarded today by international banks as financial powerhouses.

The recent rise in this market can be attributed to the increasing role of Muslim women in the workplace. Responsible for controlling household and family finances for decades, women have also experienced new empowerment and freedom in how they spend their money. With new opportunities for education on the rise and more and more women entering the workforce, women have become crucial target customers to the financial industry. Banks can tap into this growing market by providing banking services to their growing number of female customers and by training their sales and customer service personnel to better sell and service this important customer segment.

The Role of Women in the Muslim World
It is not a new concept for Muslim women to be in control of the family finances, but now they are empowered to step out of the home, cash in hand. They have money to spend and invest and they are looking for the same opportunities made available to men. A 2007 study by the International Finance Corporation, an arm of the World Bank, found that a third of women-owned enterprises in the United Arab Emirates generated over $100,000 a year, compared to only 13% of American women-owned firms.

Women on the Home Front

How Important is Iran to the West and Why Iranians Support the Islamic Republic?

Iran, meaning the land of Arians, is the 18th largest country in the world, with nearly 80 million population, with impressive advancements in science and technology since the 1979 Revolution and establishment of the Islamic Republic. It ranks 8th in arms production in the world, with 11 million trained paramilitary on reserve. It is a country of special geostrategic significance due to its central location in the Middle East and between Europe and Asia. Iran is bordered on the east by Afghanistan and Pakistan, on the south by the Persian Gulf and the Gulf of Oman, on the west by Iraq, northwest by Turkey, on the north by Russia and Kazakhstan, Iran also holds an important position in international energy security and world economy because of its huge reserves of oil and natural gas. Thus, it is utmost important particularly to governments in Europe and United States to understand the Iranian mind and system of government if they desire to have good relations with it.

One of the essential problems toward understanding the nature of the Revolutionary Islamic Republic of Iran is the lack of knowledge of the concept "Islamic Republic." The result has been a serious misunderstanding of governing principles, political structure, decision making process, the system of operation, and the bases for foreign relations. For proper understanding of this concept, one has to pay attention first to the structure of Islamic religion and then within this context consider the meaning of the republic and ensuing form of government.

Decouple the West Bank and Gaza Strip?

The latest round of violence between Hamas and Fatah signal the need for diplomats to consider decoupling the West Bank and Gaza Strip. With Hamas battling Fatah for control of the Gaza Strip, the Palestinian territories could well be on the way toward splitting into a largely secular West Bank and Islamist Gaza Strip. Even if a temporary truce is reached between the two warring parties, and the shelf-life of such truces has proved short, the fundamental ideological differences that divide the two Palestinian territories will persist. Such differing worldviews will have a potentially major impact on the larger Israeli-Palestinian dispute.

From their starkly contrasting vantage points, the West Bank's leaders will continue to view their dispute with Israel as a political matter. The Gaza Strip's Islamists will see the dispute in terms of religious obligation. The West Bank's leaders will seek political settlement to bring about a better future. The Gaza Strip's leaders will seek only total victory. Consequently, negotiations with the West Bank's leaders would be the "art of the possible," while any talks with the Gaza Strip's leadership would be the "art of the impossible." Given this reality, international and regional diplomats should seriously examine treating the historic Israel-Palestinian dispute, not as a single matter subject to a grand, if not idealistic, final settlement at some time in the future, but as two separate disputes: one between Israel and the West Bank, and the other between Israel and the Gaza Strip. Then, the diplomatic process could proceed on a more realistic path that focuses on achieving progress where it is possible, while limiting the spread of violence from areas where progress is not feasible.

Even if the latest round of fighting wanes, the disparate political dynamics that govern the West Bank and Gaza Strip have already created a de facto two-entity reality. Furthermore, no matter the outcome of the latest round of Hamas-Fatah combat, the ideological differences that separate the two areas are likely to grow with the passage of time. In turn, the de facto two-entity reality will only harden, making diplomacy that ignores this reality even more futile.

Why Are We Worried About the Islamic State? Did I Miss Something?

• The war-drums are beating. Hysteria is spreading across the nation and reaching fever pitch! Al Baghdadi and his hordes of masked men are on their way to kill us all! Nobody is safe! First Syria, then Iraq, next... Australia? Poor James Foley is the sign of things to come. Soon white men everywhere will be losing their heads!

I must have missed something! Last time I checked the 'Islamic State' was not actually a state and the army of the non-state state barely warranted the title army.

I don't mean to minimise the terrible acts of carnage that have taken place and I am thankful indeed that I'm not living in Northern Iraq at the moment but, looking at the big picture, Al Baghdadi and his crew are no more than a large band of mercenaries, drawn together from around the world through misguided religious zeal along with the usual lust for power and money. They have been funded by foreign investors and have managed to secure for themselves are large cache of arms and supplies. But they are a weed without roots! They are not a country with an ongoing flow of resources. They have no industry behind them, no government, no international trade agreements, and hence no future! They are a weed without roots. When the external funding dries up so will they! Like a weed scorched by the sun they will wither and blow away.

Oh, but have I forgotten that they've been enriching themselves by robbing banks and taking over oil fields?

Not at all! What difference does that make?

I appreciate that if me and a few mates rob a bank and run off with a fistful of money we can go to the next town and start spending that money, but if me and a few thousand mates completely empty a bank it's not that simple. I can't imagine that piles of stolen bank notes are going to going to be honoured by international bankers and if they've stolen thousands of ingots of gold who are they going to trade them with? Your gold is worth nothing unless you have someone to trade it with!

Reflections on The Islamic Legitimacy of the Muslim Uprisings

As revolutions and uprisings sweep the Middle East from Tunisia, Egypt, Libya, Yemen and elsewhere most Muslims everywhere are energized by a wave of hopeful change in a region that has suffered far too long under the stultifying rule of "presidents for life." However, some Muslims are more hesitant and view the waves of protests as unsanctioned rebellions against legitimate rulers.

To begin to analyze the current situation in the Middle East and North Africa, each of the movements in the various affected countries would have to be assessed on a case by case basis. Conditions in each country are unique and therefore any blanket statement would likely not only be inaccurate, but also irresponsible. What follows are some considerations that would have to be part of any meaningful discussion of the Islamic legitimacy of the various movements that can potentially reshape the political map of the Middle East.

First of all, we have to bear in mind that classical treatises and writings dealing with Muslim political theory will not give us the entire answer to the question of the Islamic legitimacy of the ongoing uprisings in the Muslim world. This is so because those writings occurred in a sociopolitical environment that differs totally from the current one. Especially significant in this regard is the advent of the modern nation-state and its associated concepts of state sovereignty, legitimacy, allegiance, citizenship, the social contract and the national interest. Each of these concepts, in the modern setting, differs from its premodern conceptual counterpart, or was unknown in the premodern world. Hence, the writings of premodern Muslim scholars, no matter how brilliant, cannot give us full insight into the social, political and cultural issues that Muslims are currently dealing with.

Al-Syed Tahir Alauddin - A Model of Islamic Spiritualism

islam is a divine movement of peace. The ultimate objective of Islam is to create an atmosphere of justice and kindness at all levels of life, both individual as well as collective. The Holy Prophet Muhammad (peace and blessing of Allah be upon him) is prophet of mercy for whole universe. He is last messenger of Allah. The chain of prophets has completed on his advent. He is prophet for mankind till Day of Judgment. The Prophet Muhammad (peace and blessing of Allah be upon him) left a glorious book (Al-Quran), a prophetic commentary on Quran (Hadith), a noble family (Ahle Bait), and a group of excellent companions (Sahaba) for the guidance of mankind. These are permanent sources of light for mankind. A living saint or scholar is inevitably linked with these sources of light. The prime motive of saints/scholars is to complete the prophetic mission, both intellectually as well as practically. They work at all levels of human struggle; travel on all places of earth, and exists in all moments of time. Earth is always adorned with these noble personalities. The stability, growth, and development of Muslims depend, chiefly, on their persistent efforts towards propagation / glorification of Islam. They are linked with each other, directly or indirectly. They arrive and provide guidance to humanity and Muslims on all aspects of human struggle, now and then.

SIGNIFICANCE OF SPIRITUAL SET-UP & OUR SHEIKH

CRUSADER Vs. CALIPHATE...Bush Doctrine: Destroy the Heretics of Islam

THE GREEN CURTAIN

From the Pillars of Hercules in the Atlantic to the Indonesia Archipelago in the Pacific, a vile and putrid Green Curtain threatens its descent to enshroud and enslave a vast swath of earth’s inhabitants. An Islamic Empire, the resurrection of the Moslem Caliphate, envelopes “with greater economic and military and political power . . . able to advance their stated agenda: to develop weapons of mass destruction . . . destroy Israel . . . intimidate Europe . . . assault the American people . . . and blackmail our government into isolation.” (Remarks by President Bush before the National Endowment for Democracy on the War on Terror, October, 2005).

“We will confront this mortal danger to all humanity . . . We will not tire, or rest . . . we will see freedom’s victory . . . we must stop them . . . we will never back down, never give in, and never accept anything less than complete victory . . . there is no peace without victory . . . we will keep our nerve and we will win that victory!

“The militants believe that controlling one country will rally the Muslim masses, enabling them to overthrow all moderate governments in the region, and establish a radical Islamic empire that spans from Spain to Indonesia . . . they are fanatical and extreme . . . utterly committed . . . As Zarqawi has vowed, ‘We will either achieve victory over the human race or we will pass to the eternal life’ . . . we must stop them before their crimes can multiply!” (Excerpts from Bush’s speech.)

([http://www.whitehouse.gov/news/releases/2005/10/20051006-3.html])

THE WAR AGAINST HUMANITY

The Other Face of Islam

The Ahmadiyyah movement (Ahmadi) is a sect in Islam which was founded towards the end of the 19th century in Punjab, India, and spread from there to different countries. Most members of the sect are centered in South-East Asia: India, Pakistan and Indonesia, and it numbers 15 Million believers.

The members of the sect preach enlightenment, peace, and brotherhood between nations and love of others. The Ahmadiyyah way opposes religious coercion, and therefore does not support spreading Islam through Jihad, "Holy War". They prefer placatory persuasion. The sect is named for its founder, Mirza Ghulam Ahmad of Qadian (1835-1908), who, at the age of 40, announced that Allah has entrusted him with the task of renewing the Muslim religion and bringing justice and integrity to the world.

The Principles of the Ahmadiyyah obligate its believers to be loyal to their country of residence. A believer of the sect can not defy the laws of his country, so he can live in peace in this world. Muhammad Sharif, head of the Ahmadiyyah in Israel, explains: "As a citizen I am bound to obey Allah, the Prophet and those who lead the country even if I do not approve of the leader". The Ahmadiyyah are forbidden from joining demonstrations, even ones on behalf of peace.

Faced with the traditional Islamic belief, that Muhammad is the Final Prophet, the Ahmadis maintain that even following his death prophecy still remained, and it was transferred to the founder of the sect and his students. The Ahmadiyyah sees itself as a global religion that is supposed to include not only Muslims, but also Christians, Jews and Hindis.

What Is Mudaraba in Islamic Finance and Banking?

Types of Mudaraba: There are two types of Mudaraba, and they are mentioned below:

(1). Al Mudaraba Al-Muqayadah:

Rab'ul-Maal may specify a particular business or a particular place for the Mudaarib, in which case he will invest the money in that particular business or place. This is called Al Mudaraba Al-Muqayadah (restricted Mudaraba).

(2). Al Mudaraba Al Mutlaqah:

However if Rab'ul-Maal gives full freedom to Mudaarib to undertake whatever business he deems fit, this is called Al Mudaraba Al Mutlaqah (unrestricted Mudaraba). However Mudaarib cannot, without the consent of Rab'ul-Maal, lend money to anyone. Mudaarib is authorized to do anything, which is normally done in the course of business. However if they want to have an extraordinary work, which is beyond the normal routine of the traders, he cannot do so without express permission from Rab'ul-Maal. He is also not authorized to:

a) keep another Mudaarib or a partner

b) mix his own investment in that particular Modarabah without the consent of Rab-ul Maal.

Conditions of Offer & Acceptance are applicable to both. A Rab'ul-Maal can contract Mudaraba with more than one person through a single transaction. It means that he can offer his money to 'A' and 'B' both so that each one of them can act for him as Mudaarib and the capital of the Mudaraba shall be utilized by both of them jointly, and the share of the Mudaarib.

Difference between Musharaka and Mudaraba

Hawala, or The Bank That Never Was

I. OVERVIEW

In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic). It is based on a short term, discountable, negotiable, promissory note (or bill of exchange) called "Hundi". While not limited to Moslems, it has come to be identified with "Islamic Banking".

Islamic Law (Sharia'a) regulates commerce and finance in the Fiqh Al Mua'malat, (transactions amongst people). Modern Islamic banks are overseen by the Shari'a Supervisory Board of Islamic Banks and Institutions ("The Shari'a Committee").

The Shi'a "Islamic Laws according to the Fatawa of Ayatullah al Uzama Syed Ali al-Husaini Seestani" has this to say about Hawala banking:

"2298. If a debtor directs his creditor to collect his debt from the third person, and the creditor accepts the arrangement, the third person will, on completion of all the conditions to be explained later, become the debtor. Thereafter, the creditor cannot demand his debt from the first debtor."

The prophet Muhammad (a cross border trader of goods and commodities by profession) encouraged the free movement of goods and the development of markets. Numerous Moslem scholars railed against hoarding and harmful speculation (market cornering and manipulation known as "Gharar"). Moslems were the first to use promissory notes and assignment, or transfer of debts via bills of exchange ("Hawala"). Among modern banking instruments, only floating and, therefore, uncertain, interest payments ("Riba" and "Jahala"), futures contracts, and forfeiting are frowned upon. But agile Moslem traders easily and often circumvent these religious restrictions by creating "synthetic Murabaha (contracts)" identical to Western forward and futures contracts. Actually, the only allowed transfer or trading of debts (as distinct from the underlying commodities or goods) is under the Hawala.

Poverty Alleviation: An Aim Of Islamic Economics

Poverty is treated as WMD (weapon of mass destruction) of modern world. Eradication of it bears very importance. The economic systems like capitalism and communism have presented number of instruments for the alleviation of the poverty from the world. But, these extreme ideologies failed to satisfy the need of the people. Private ownership of property, laissez-faire policy of capitalism and class war, dialectical materialism, state ownership of property of communism didn't touch the real cause of poverty. This situation necessitates seeking the possibilities of Islamic economics in alleviating poverty. The aim of poverty alleviation can be attained, in an Islamic Economic system through reducing the inequality. It never means attaining equality but equity and justice in the income and wealth distribution. Islam eliminates the absolute inequality which arises from unequal distribution of income, but relative inequality emerges from equitable distribution of income and wealth.

First part of this article has given a small introduction to both conventional economics and Islamic economics. Then it provides a picture of poverty of current world and Islamic perspective of poverty. Then Islamic economics instruments to alleviate poverty such as zakat, sadaqa, qard hasan, ganima, khums, fay, jizya, mudaraba, musharaka, prohibition of interest, abolition of extravaganza, prohibition of speculation and hoarding have been mentioned in briefly. Influence of Islamic economic instruments on marginal propensity to consume, multiplier, price investment and production have been dealt with.

The books and articles I referred for this article are Dr. Dr.Sabahuddin Azmi's Islamic Economics, S. M. Hasanuzzaman's Economic function of an Islamic state (The early experience), Towards understanding the economic system of Islam written by Dr.P Ibrahim and Introduction to the economic system by Moulavi.M.V.Saleem.

Introduction

Mortgages and Loans: Islamic Finance Avoids Interest.

Two million Muslims in the UK face an ethical dilemma if they want a mortgage or a loan. Conventional mortgages and loans all require the payment of interest and "riba" as interest is called under Islamic law, is forbidden by the Koran.

British financial institutions are increasingly catering for Muslims' specialist needs through a number of alternative arrangements that respects the teachings of the Koran. Here are just two of them:

Ijara with diminishing Musharaka - the mortgage alternative.

Ijara with diminishing Musharaka is an Islamic alternative to a conventional UK mortgage and has been adopted by several British banks and building societies.

In essence, Musharaka means partnership. Under this Islamic financial concept, the bank buys the house and legally becomes its owner. Then throughout the pre-agreed period, say 25 years, a monthly payment is made. Each monthly payment includes a charge for rent and a charge that buys a small proportion of the house itself. It's form of variable shared equity plan with the proportion of the house being owned by the purchaser, steadily increasing as payments are made. Once the final payment has been made, the house is owned outright. Ijara

Here you tell the bank or financial institution what you want, for example a car, and they buy it. In return for a monthly payment that covers the cost of the bank's capital, the bank then allows you to use the asset for an agreed period. In reality, it's a form of leasing

Islamic finance is not widely available in the UK - so where can find it? Here are three suggestions:

Over the last few years Lloyds TSB has introduced Islamic products to 33 of its branches. Their spokesperson says, "It's important for our customers to see that we are following the right procedures. We have a panel of four Islamic scholars who over-see the products. They offer guidance on Islamic law and audit the products".

The Islamic Economic System

Interest-free Islamic economic system is partially followed and partially not followed in Muslim countries around the world. The only country, which has followed this system completely in every minute detail is Malaysia. So the application methods in this post are mostly those implemented in Malaysia following the Interest-free Islamic Economic system.

The main feature of the Islamic economic system is that it is Interest-Free. As the Qur'an says in Sura al-Baqara Chapter 2 Verses 278 & 279, "O ye who believe! fear Allah and give up what remains of your demand for usury if ye are indeed believers. If ye do it not take notice of war from Allah and his Apostle: but if ye turn back ye shall have your capital sums; do not deal unjustly and ye shall not be dealt with unjustly."

Qur'an condemn all evil deeds, but never has the Qur'an warned of a war against God Almighty and His Messenger except in the case of taking Interest and Usury.

There are several evils of the interest based economy, the reason why Islam has prohibited it.

For example, if a person takes a loan from a bank and says the cost price of a certain article is 10 dollars and he wants to a profit of one dollar. So the selling price would include the 10 dollars cost price one dollar profit and one dollar interest and the selling price would be 12 dollars. The selling price would go up because of interest and when the selling price goes up the demand comes down and when the demand comes down the supply comes down and as supply comes down production comes down causing labour problem and unemployment.

There is Social Injustice.

Islamic Banking - An Overview

"O You believe! Fear Allah and give up that remains of your demand for usury (interest), if you are indeed believers." -The Quran

INTRODUCTION:

All religions have their own sets of Divine values and norms with regard to human behavior at large, the economic behavior being a part of it. They all call on human beings to observe and implement religious guidance both individually and collectively for the well being of the nation.

The basic principles of Islamic Banking originate in the axioms of justice and harmony with reality and the human nature. The concept of Islamic Banking is evolved on the basis of Shariah principles. One might wonder whether Islamic Banking & Finance is an alternative approach to modern banking.

The most important development in modern banking is the art of mobilizing funds for investment. It happened to be that the method of both collecting and using of funds was based in the West on the interest paid and charged. In contrast Islamic Banking is a system that provides financing and attracts savings on the basis of profit and Loss sharing. The Central feature of Islamic Banking is that no interest would be charged or paid and the returns would be in the form of profits from trade in which the money lent or borrowed is invested. For Muslims this system of Profit or Loss sharing coincides with their prohibition of interest, and helps in mobilizing unused funds for investment and creating new job opportunities. As for non-Muslims, the Islamic Banking system doesn't contradict their faith, while it provides the society with alternative ideas for venture capital and other tools of investment.

EVOLUTION