Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Friday, May 21, 2010

UAE money supply growth slows to 2.1% at April end

Money supply in the UAE grew 2.1 percent year on year at the end of April, down from a 3.3 percent rise in the previous month, central bank data showed on Wednesday.

M3, the broadest measure of money circulating in the economy and an indicator of future inflation, grew only 1.4 percent in February in the slowest pace since at least 2001 as banks grappled with Dubai's debt restructuring.

It rose to $256.2 billion at the end of April, from $254.5 billion at the end of March, the data showed.
Money circulating in the second largest Arab economy and the world's third largest oil producer had more than doubled in the two years to the end of 2008.

Bank credit grew 2.4 percent year on year to $278.2 billion in April, but edged down marginally from $278.24 billion in March, the data showed.

Provisioning levels for non performing loans rose 4.7 percent month on month to $9.8 billion to reach their highest level since at least December 2008, up from a 2.4 percent rise in March. Learn more United Arab Emirates Court of Cassation Judgements (Arab and Islamic Laws Series, 17)


Source : Reuters

Monday, March 16, 2009

Sudan to expel foreign aid groups

Omar al-Bashir, Sudan's president, has accused foreign aid groups of providing false testimony against him and his government and says he wants them to leave the country within a year.

In a speech to thousands of Sudanese security forces on Monday, al-Bashir said he had ordered Sudanese aid groups to take over the distribution of all relief inside the country.

"We need to clear our country of any spies," he told the crowd at a rally in Khartoum, the Sudanese capital.

"We directed the ministry of humanitarian affairs to Sudanise voluntary work. Within a year, we don't want to see any foreign aid group dealing with a Sudanese citizen," he said.

"If they want to bring relief, let them drop it at airports or seaports. Let the national organisations deal with our citizens."

Aid expulsion

Al-Bashir expelled 13 international aid groups earlier this month after the International Criminal Court (ICC) issued a warrant for his arrest on charges of orchestrating atrocities in Sudan's western Darfur region.

He also shut down three local aid groups, including one of the largest local groups operating in Darfur.

The Sudanese government accused the aid organisations of co-operating with the ICC against al-Bashir, though the aid groups deny working with the court.

Al-Bashir on Monday also accused the aid organisations of using the Darfur conflict to embezzle money from Sudan.

He said humanitarian groups claim to spend billions of dollars in Dafur, but according to Sudanese government calculations, aid groups spend less than $100m every year.

Al-Bashir said the government is ready to match that amount.

'War crimes'

The United Nations says that more than 180 foreign aid workers have left Sudan since Khartoum's order to expel the aid groups.

The ICC charged al-Bashir on March 4 with seven counts of war crimes and crimes against humanity for his involvement in the Darfur conflict, which the UN estimates has killed between 200,000 and 400,000 people.

The Sudanese government puts the death toll at 10,000.

Al-Bashir has dismissed the ICC's charges as a ploy by Western powers and the move has led to angry protests in Khartoum.

Al-Bashir is the first sitting head of state to ever receive an arrest warrant from the ICC.

Source: Al Jazeera and agencies

Saturday, November 1, 2008

Interview by Andrea Bistrich: Karen Armstrong (4)

So why aren't religious people compassionate? What does that say about them? Compassion is not a popular virtue. Many religious people prefer to be right rather than compassionate. They don't want to give up their egos. They want religion to give them a little mild uplift once a week so that they can return to their ordinary selfish lives, unscathed by the demands of their tradition. Religion is hard work; not many people do it well. But are secularists any better? Many secularists would subscribe to the compassionate ideal but are just as selfish as religious people. The failure of religious people to be compassionate doesn't tell us something about religion, but about human nature. Religion is a method: you have to put it into practice to discover its truth. But, unfortunately, not many people do.

Islam and the West

Discussing Western ideas of justice and democracy in the Middle East, British foreign correspondent of The Independent, Robert Fisk, says: "We keep on saying that Arabs ... would like some of our shiny, brittle democracy, that they'd like freedom from the secret police and freedom from the dictators-who we largely put there. But they would also like freedom from us. And they want justice, which is sometimes more important than 'democracy'". Does the West need to realize that Muslims can run a modern state, but it is perhaps not the kind of democracy we want to see?

As Muslim intellectuals made clear, Islam is quite compatible with democracy, but unfortunately democracy has acquired a bad name in many Muslim countries. It seems that the West has said consistently: we believe in freedom and democracy, but you have to be ruled by dictators like the shahs or Saddam Hussein. There seems to have been a double standard. Robert Fisk is right: when I was in Pakistan recently and quoted Mr Bush-"They hate our freedom!"-the whole audience roared with laughter.

Democracy cannot be imposed by armies and tanks and coercion. The modern spirit has two essential ingredients; if these are not present, no matter how many fighter jets, computers or sky scrapers you have, your country is not really "modern".

The first of these is independence. The modernization of Europe from 16th to the 20th century was punctuated by declarations of independence on all fronts: religious, intellectual, political, economic. People demanded freedom to think, invent, and create as they chose.

The second quality is innovation as we modernized in the West: we were always creating something new; there was a dynamism and excitement to the process, even though it was often traumatic.

But in the Muslim world, modernity did not come with independence but with colonial subjugation; and still Muslims are not free, because the Western powers are often controlling their politics behind the scenes to secure the oil supply etc. Instead of independence there has been an unhealthy dependence and loss of freedom. Unless people feel free, any "democracy" is going to be superficial and flawed. And modernity did not come with innovation to the Muslims: because we were so far ahead, they could only copy us. So instead of innovation you have imitation.

We also know in our own lives that it is difficult-even impossible-to be creative when we feel under attack. Muslims often feel on the defensive and that makes it difficult to modernize and democratize creatively-especially when there are troops, tanks and occupying forces on the streets.

Do you see any common ground between Western world and Islam?

This will only be possible if the political issues are resolved. There is great common ground between the ideals of Islam and the modern Western ideal, and many Muslims have long realized this. At the beginning of the twentieth century, almost every single Muslim intellectual was in love with the West and wanted their countries to look just like Britain and France. Some even said that the West was more "Islamic" than the unmodernized Muslim countries, because in their modern economies they were able to come closer to the essential teaching of the Koran, which preaches the importance of social justice and equity. At this time, Muslims recognized the modern, democratic West as deeply congenial. In 1906, Muslim clerics campaigned alongside secularist intellectuals in Iran for representational government and constitutional rule. When they achieved their goal, the grand ayatollah said that the new constitution was the next best thing to the coming of the Shiite Messiah, because it would limit the tyranny of the shah and that was a project worthy of every Muslim. Unfortunately the British then discovered oil in Iran and never let the new parliament function freely. Muslims became disenchanted with the West as a result of Western foreign policy: Suez, Israel/Palestine, Western support of corrupt regimes, and so on.

What is needed from a very practical point of view to bridge the gap? What would you advise our leaders-our politicians and governments?

A revised foreign policy. A solution in Israel/Palestine that gives security to the Israelis and justice and autonomy to the Palestinians. No more support of corrupt, dictatorial regimes. A just solution to the unfolding horror in Iraq, which has been a "wonderful" help to groups like Al-Qaeda, playing right into their hands. No more situations like Abu Ghraib or Guantanamo Bay. Money poured into Afghanistan and Palestine. A solution to Kashmir. No more short-term solutions for cheap oil. In Iraq and in Lebanon last summer we saw that our big armies are no longer viable against guerrilla and terror attacks. Diplomacy is essential. But suspicion of the West is now so entrenched that it may be too late.

Friday, October 24, 2008

Construct A New Currency

The crisis in Asia and Latin America has been the economy and threaten the stability of developing countries, even the 1997 crisis and 1998 is a threat to the entire world economy. Mid-1997 crisis is also in Indonesia, even Indonesia is a country that suffered the most severe. Economic growth in previous years around 7% per year until the sharp slump - 13.7% and inflation reached 77.6% in 1998, which begins, the occurrence of the exchange rate fluctuation in July 1997. Europe tried to prevent the crisis by creating joint currency, the Euro, which initially lower the value of the U.S. Dollar, Euro, but now the value is higher than U.S. dollar. In 2008, the United States also experienced a crisis that affects the entire world crisis, the United States because of trade with other countries using the currency of dollars the United States.
Learning from Europe, the Middle-East countries and Asia can also make a joint currency, for example, political or Dirham. Dinar is the currency in the Roman era and Dirham is the currency in the Persian era. Trade is the basis of the economy in Arabia before Islam came. Prerequisite for the transaction is the means of payment that can be trusted. Arabia and neighboring areas are under the direct authority of Persia and Rome. Unit of the money is used countries is the Dirham and the dinar. In the transaction of business Arabia in the second type of currency is also accepted. With more strong political both countries, the payment instrument is more trusted in the region that are under the influence of power. Because of that factor, the Persian nation and the nation's Roman is the only trading partner of the Arab people (Sadr, 1989).
Dirham coin and the dinar has the weight and still have the content of silver or gold that remains. However, during the dynasty Umayyah and weighing Abbassiyah dynasty changed, so also in the Persian own. In the period after Islam, the content of silver coins Dirham between different areas of one to the other, but in the early Islamic period has been fixed. At this time the amount of charity gold and silver as mentioned in the book is based on the severity of the holy Dirham and the dinar coin set in the early Islamic period (Kattani, 1975:413). Value of one dinar equal to ten Dirham (Sadr, 1989). But in the Dynasty Fathimiyah namely in the Al-Hakim bin Amrillah dinar price equal to 34 Dirham because many Dirham mixture (Al Maqrizy, 1988:70-80). In dinating the Ottoman period, the official financial system Utsmaniah since 1534 Base on the goods in gold and silver mines, with 1:15 (Imarah, 1993:101). In addition dinar and Dirham, there is money to meet the needs for goods sales slightly cheaper price of one Dirham or part of the Dirham, because the first since up to now people need a tool to exchange other than gold and silver. To meet the needs of the purchase of cheap goods, they print a few of copper in the process of small pieces of money given name (copper cash) (Al Maqrizy, 1988:90). Value of money compared Dirham in the early Islamic period is 1: 48 (Al-Hallaq, 1986:17). Value does not keep the money to increase the copper Dirham in the year 756 H with a ratio of 1: 24 (Al-Sayuthi, 1975:104).
Dinar and Dirham is the currency stable world from the beginning of Islam until now. Inflation in 1400 after years is zero. The price of chicken in the Messenger of Allah s.a.w. 1 Dirham and now is still about 1 Dirham (Vadillo, 1998). Dinar currency is ideal to facilitate and improve international trade and minimize speculation in the paper money that can trigger the Asian currency crisis of 1997. The existence of a fund unity between the countries of East and Central Asia will increase the quantity of trade between the countries in the region and help enhance economic development if the condition of providing money dinar were successful. Currency idea to help minimize the gold dinar currency hagemoni dollars the United States and once again use the dinar as an international currency because the value of paper currency continues to fluctuate sepertimata not have the money value of gold is stable and durable, their value is the value of the metal itself.

Saturday, October 11, 2008

Conditions for the Utilisation of the Property Given on Lease

The utilisation of the property given on lease carries four conditions:
(i) That it should be halal. Hence, leasing out a shop for the sale or storage of Alcoholic drinks, or providing transportation by leasing for it, is void.
(ii) That doing the act or giving that service free of charge should not be obligatory in the eyes of Shariah. Therefore, as a precaution, it is not permissible to receive wages for teaching the rules of halal and haraam, or for the last ritual services to the dead, like washing it, shrouding etc. And as a precaution, money should not be paid in lieu of any services which is deemed futile .
(iii) If the thing which is being leased out can be put to several uses, then the use permissible to the lessee should be specified. For example, if an animal, which can be used for riding or for carrying a load is given on hire, it should be specified at the time of concluding the lease contract, whether the lessee may use it for riding or for carrying a load, or may use it for all other purposes.
(iv) The nature and extent of utilisation should be specified. In the case of hiring a house or a shop, it can be done by fixing the period, and in the case of labour, like that of a tailor, it can be specified that he will sew and stitch a particular dress in a particular fashion.
If the time of commencement of a lease is not fixed, it will be reckoned to have commenced after the recitation of the formula of lease. If, for example, a house is leased out for one year, and it is stipulated that the period of lease will commence one month after the recitation of the formula, the lease contract is in order, even if the house had been leased out to another person at the time of reciting the formula. If the period of lease is not specified, and the lessor says to the lessee: "At any time you stay in the house you will have to pay rent at the rate of $10 per month", the lease contract is not in order.
If the owner of a house says to the lessee: "I have leased out this house to you for £10 per month" or says: "I hereby lease out this house to you for one month on a rent of $10, and as long as you stay in it thereafter the rent will be $10 per month", if the time of the commencement of the period of lease was specified or it was known the lease for the first month will be proper.
If travellers and pilgrims stay in a house not knowing how long they will stay there, and if they settle with the landlord that they will, for example, pay $1 per night as rent, and the landlord also agrees to it, there is no harm in using that house. However, as the period of lease has not been specified, the lease will not be proper except for the first night, and after the first night the landlord can eject them as and when he so wishes