Best Islamic Bank in the Middle East : Dubai Islamic Bank (Euromoney)

Dubai Islamic Bank has the unique distinction of being the world’s first fully-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterise the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.

Since its formation in 1975 as the world’s first full-service Islamic bank, DIB has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally.
Today, Islamic banking is increasingly recognised as a fairer alternative to traditional commercial banking and is consequently attracting many non-Islamic customers – motivated by the system’s inherent commitment to transparency and ethical values.
That’s why Islamic banking now one of the world’s fastest-growing economic sectors, comprising close on 200 institutions responsible for assets estimated at more than $200 billion.

And Dubai Islamic Bank still leads the way, remaining true to its roots as a customer-centred organisation where close personal service and understanding form the basis of all its relationships. Tradition and heritage join with a commitment to flexibility, innovation and modernity, so that customers of every nature are provided with comprehensive solutions to all their financial needs

Whether you are already a customer, or looking for a bank that’s refreshingly different, you will discover why Dubai Islamic Bank is always the first choice for discerning clients who are seeking quality, service, and value for money. Use this website take advantage of our ‘Al Islami On-line Banking’ facility to manage all your finances. You can save time, money, and effort by using Al Islami to handle all your banking requirements quickly and efficiently. Just click the links to register or to log-on.

Islamic banking and finance is now one of the world’s fastest-growing economic sectors that comprise more than 400 institutions with assets under management in excess of US$ 1 trillion (US$1,000 billion).

In this context, the role of Dubai Islamic Bank is even more impressive. Yet, the bank remains true to its roots as a customer-centered organisation where close personal service and understanding form the basis of all its relationships. Tradition and heritage join with a commitment to flexibility, innovation and modernity, so that customers of every nature are provided with comprehensive solutions to all their financial needs.

DIB Awards

* Dubai, June 22, 2008:Dubai Islamic Bank named ‘Best Islamic Bank at Banker Middle East Awards
* Dubai, May 13, 2008:Dubai Islamic Bank named world’s Best Islamic Retail Bank by Global Finance
* Dubai, April 30, 2008:Dubai Islamic Bank awarded “Superbrand” status
* Dubai, February 27, 2008: DIB named UAE’s best Islamic bank
* Dubai, February 3, 2008: Dubai Islamic Bank wins Best Islamic Credit Card Product Award
* Dubai, January 28, 2008: Dubai Islamic Bank receives Best Islamic Bank Award and Best Call Centre Award
* Dubai, December 12, 2007: DIB wins Best Islamic Bank and Best Islamic Wealth Management Firm Awards
* Dubai, October 6, 2007: Dubai Islamic Bank wins Real Estate “Best Investment Management” Bank Award
* Dubai, September 12, 2007: Dubai Islamic Bank wins Middle East e-Banking Award
* Dubai, May 19, 2007: Dubai Islamic Bank wins best Islamic Bank Award from Banker Middle East
* Dubai, March 13, 2007: Dubai Islamic Bank wins Dubai Human Development Award
* Dubai, March 5, 2007: H.H. Dr. Sheikh Sultan Al Qassimi presents Emiratisation award to Dubai Islamic Bank CEO
* Dubai, February 3, 2007: Dubai Islamic Bank wins Euromoney “Best Islamic Bank in the Middle East” award
* Dubai, January 3, 2007: DIB named Best Islamic Finance House in UAE
* Dubai, December 5, 2006: Dubai Islamic Bank wins “Bank of the Year - UAE” Award
* Dubai, June 8, 2006: DIB wins Euromoney’s Best Debt House Award in the UAE
* Dubai, May 17, 2006: Dubai Islamic Bank wins Best Islamic Bank and Product Innovation awards from Banker ME Magazine
* Dubai, March 26, 2006: Dubai Islamic Bank wins Golden Trophy in UAE Web Awards Ceremony
* Dubai, March 21, 2006: Dubai Islamic Bank wins two Sheikh Mohammed Bin Rashid Al Maktoum Islamic Finance Awards
* Dubai, March 5, 2006: DIB awarded top HR award for banking sector
* Dubai, February 13, 2006: Dubai Islamic Bank wins Best Islamic Bank in Middle East at Gulf Wealth Forum
* Dubai, January 27, 2006: Dubai Islamic Bank wins Euromoney’s Best Islamic Bank in Middle East and Best Global Sukuk House Awards
* Dubai, November 27, 2005: GCC Labour and Social Affairs Ministers Council awards Dubai Islamic Bank
* Dubai, August 26, 2005: Dubai Islamic Bank wins Best Consumer Internet Bank Award by Global Finance
* Dubai, June 2, 2005: Dubai Islamic Bank receives JPMorgan Chase 2004 Elite Quality Recognition Award
* Dubai, May 18, 2005: DIB rated one of the top three banks in the Middle East
* Dubai, March 8, 2005: DIB wins top HR award for banking sector
* Dubai, November 1, 2004: UAE ranked top as DIB rated world’s No1 Islamic finance Deals lead manager
* Dubai: July 28, 2004: Dubai Islamic Bank wins J. P. Morgan Chase Quality Recognition Award

Best Sukuk Bank (Global Finance Award 2008) : Kuwait Finance House

Kuwait Finance House (KFH) was established in the State of Kuwait in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of KD 3.133 billion as of 31 December 2006. Assets total KD 6.314 billion and deposits amount to KD 3.730 billion, representing 25% of the total deposits in the Kuwaiti market as per the balance sheet of 2006.

KFH has been highly rated by prestigious international agencies. Standard & Poor's rated KFH A-/A2 for short and long term investments, respectively. Capital Intelligence rated KFH A/A1 for short and long term investments, respectively. Fitch International also rated KFH A, and Moody's rating was Aa3. KFH has been awarded by The Banker magazine as the world's Best Islamic Financial Institution, and for third successive year it has been awarded by EuroMoney magazine as the best bank.

KFH provides a wide range of Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.

Since the 1980's, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed tremendously to achieving the ever-growing profit of KFH, in collaboration with the world's leading companies and banks, such as Citibank, Deutsche Bank JP Morgan, Chase, BNP Parisbas, ABN Amro, HSBC, and Islamic Development Bank (IDB).

KFH has always endeavored to expand its local branch network, covering 42 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.

KFH is proud of its manpower skills. It employs a number of outstanding human resources, and is a pioneer in manpower Kuwaitization, where Kuwaiti manpower exceeded 52%

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.

Interview by Andrea Bistrich: Karen Armstrong (3)

In addition, you have stressed the importance of a "triple vision"-the ability to view the conflict from the perspective of the Islamic, Jewish and Christian communities. Could you explain this view?

The three religions of Abraham -- Judaism, Christianity and Islam -- can and should be viewed as one religious tradition that went in three different directions. I have always tried to see them in this way; none is superior to any of the others. Each has its own particular genius; each its own particular flaws. Jews, Christians and Muslims worship the same God and share the same moral values. In the book A History of God, I tried to show that throughout their history, Jews, Christians and Muslims have asked the same kind of questions about God and have reached remarkably similar solutions-so that there are Jewish and Muslim versions of the incarnation, for example, and very similar notions of prophecy. In The Battle for God, I tried to show how similar the fundamentalist movements are in all three faiths.

Jews, however, have always found it difficult to accept the later faiths of Christianity and Islam; Christianity has always had an uneasy relationship with Judaism, the parent faith, and has seen Islam as a blasphemous imitation of revelation. The Qur'an, however, has a positive view of both Judaism and Christianity and constantly asserts that Muhammad did not come to cancel out the faiths of "the People of the Book": you cannot be a Muslim unless you also revere the prophets Abraham, David, Noah, Moses and Jesus-whom the Muslims regard as prophets-as in fact do many of the New Testament writers. Luke's gospel calls Jesus a prophet from start to finish; the idea that Jesus was divine was a later development, often misunderstood by Christians.

Unfortunately, however, religious people like to see themselves as having a monopoly on truth; they see that they alone are the one true faith. But this is egotism and has nothing to do with true religion, which is about the abandonment of the ego.

Too often it seems that religious people are not necessarily more compassionate, more tolerant, more peaceful or more spiritual than others. America, for example, is a very religious country, and at the same time it is the most unequal socially and economically. What does this say about the purpose of religion?

The world religions all insist that the one, single test of any type of religiosity is that it must issue in practical compassion. They have nearly all developed a version of the Golden Rule: "Do not do to others what you would not have done to you." This demands that we look into our own hearts, discover what it is that gives us pain and then refuse, under any circumstances, to inflict that pain on anybody else. Compassion demands that we "feel with" the other; that we dethrone ourselves from the centre of our world and put another there. This is the bedrock message of the Qur'an, of the New Testament ("I can have faith that moves mountains," says St. Paul, "but if I lack charity it profits me nothing."). Rabbi Hillel, the older contemporary of Jesus, defined the Golden Rule as the essence of Judaism: everything else, he said, was "commentary." We have exactly the same teaching in Confucianism, Daoism, Hinduism and Buddhism. I have tried to show this in one of my most recent books, The Great Transformation.

The traditions all insist that it is not enough simply to show compassion to your own group. You must have what the Chinese call jian ai, concern for everybody. Or as Jewish law puts it: "Honour the stranger." "Love your enemies," said Jesus: if you simply love your own kind, this is purely self-interest and a form of group egotism. The traditions also insist that it is the daily, hourly practice of compassion -not the adoption of the correct "beliefs" or the correct sexuality- that will bring us into the presence of what is called God, Nirvana, Brahman or the Dao. Religion is thus inseparable from altruism.

Interview by Andrea Bistrich: Karen Armstrong (2)

Could you specify the political reasons that you identified as the chief causes of the growing divide between Muslim and Western societies?

In the Middle East, modernization has been impeded by the Arab/Israeli conflict, which has become symbolic to Christian, Jewish and Muslim fundamentalists and is the bleeding heart of the problem. Unless a just political solution can be found that is satisfactory to everybody¸ there is no hope of peace. There is also the problem of oil, which has made some of these countries the target of Western greed. In the West, in order to preserve our strategic position and cheap oil supply, we have often supported rulers-such as the shahs of Iran, the Saudis and, initially, Saddam Hussein-who have established dictatorial regimes which suppressed any normal opposition. The only place where people felt free to express their distress has been the mosque.

The modern world has been very violent. Between 1914 and 1945, seventy million people died in Europe as a result of war. We should not be surprised that modern religion has become violent too; it often mimics the violence preached by secular politicians. Most of the violence and terror that concerns us in the Muslim world has grown up in regions where warfare, displacement and conflict have been traumatic and have even become chronic: the Middle East, Palestine, Afghanistan, Pakistan, Kashmir.

In regard to the Arab-Israeli-conflict you have said that for Muslims it has become, "a symbol of their impotence in the modern world." What does that really mean?

The Arab-Israeli conflict began, on both sides, as a purely secular conflict about a land. Zionism began as a rebellion against religious Judaism and at the outset most Orthodox rabbis condemned Zionism as a blasphemous secularization of the Land of Israel, one of the most sacred symbols of Judaism. Similarly the ideology of the PLO was secular-many of the Palestinians, of course, are Christian. But unfortunately the conflict was allowed to fester; on both sides the conflict became sacralized and, therefore, far more difficult to sort out.

In most fundamentalist movements, certain issues acquire symbolic value and come to represent everything that is wrong with modernity. In Judaism, the secular state of Israel has inspired every single fundamentalist movement, because it represents so graphically the penetration of the secular ethos into Jewish religious life. Some Jewish fundamentalists are passionately for the state of Israel and see it as sacred and holy; involvement in Israeli politics is a sacred act of tikkun, restoration of the world; making a settlement in the occupied territories is also an act of tikkun and some believe that it will hasten the coming of the Messiah. But the ultra-Orthodox Jews are often against the state of Israel: some see it as an evil abomination (Jews are supposed to wait for the Messiah to restore a religious state in the Holy Land) and others regard it as purely neutral and hold aloof from it as far as they can. Many Jews too see Israel as a phoenix rising out of the ashes of Auschwitz-and have found it a way of coping with the Shoah.

But for many Muslims the plight of the Palestinians represents everything that is wrong with the modern world. The fact that in 1948, 750,000 Palestinians could lose their homes with the apparent approval of the world symbolizes the impotence of Islam in the modern world vis-à-vis the West. The Qur'an teaches that if Muslims live justly and decently, their societies will prosper because they will be in tune with the fundamental laws of the universe. Islam was always a religion of success, going from one triumph to another, but Muslims have been able to make no headway against the secular West and the plight of the Palestinians epitomizes this impotence. Jerusalem is also the third holiest place in the Islamic world, and when Muslims see their sacred shrines on the Haram al-Sharif [the Noble Sanctuary, also known as Temple Mount]-surrounded by the towering Israeli settlements and feel that their holy city is slipping daily from their grasp, this symbolizes their beleaguered identity. However it is important to note that the Palestinians only adopted a religiously articulated ideology relatively late-long after Islamic fundamentalism had become a force in countries such as Egypt or Pakistan. Their resistance movement remained secular in ethos until the first intifada in 1987. And it is also important to note that Hamas, for example, is very different from a movement like al-Qaeda, which has global ambitions. Hamas is a resistance movement; it does not attack Americans or British but concentrates on attacking the occupying power. It is yet another instance of "fundamentalism" as a religious form of nationalism.

The Arab Israeli conflict has also become pivotal to Christian fundamentalists in the United States. The Christian Right believes that unless the Jews are in their land, fulfilling the ancient prophecies, Christ cannot return in glory in the Second Coming. So they are passionate Zionists; but this ideology is also anti-Semitic, because in the Last Days they believe that the Antichrist will massacre the Jews in the Holy Land if they do not accept baptism.

Do you think the West has some responsibility for what is happening in Palestine?

Western people have a responsibility for everybody who is suffering in the world. We are among the richest and most powerful countries and cannot morally or religiously stand by and witness poverty, dispossession or injustice, whether that is happening in Palestine, Kashmir, Chechnya or Africa. But Western people have a particular responsibility for the Arab-Israeli situation. In the Balfour Declaration (1917), Britain approved of a Jewish homeland in Palestine and ignored the aspirations and plight of the native Palestinians. And today the United States supports Israel economically and politically and also tends to ignore the plight of the Palestinians. This is dangerous, because the Palestinians are not going to go away, and unless a solution is found that promises security to the Israelis and gives political independence and security to the dispossessed Palestinians, there is no hope for world peace.

Interview by Andrea Bistrich: Karen Armstrong (1)

Karen Armstrong was a Catholic nun for seven years before leaving her order and going to Oxford. Today, she is amongst the most renowned theologians and has written numerous bestsellers on the great religions and their founders. She is one of the 18 leading group members of the Alliance of Civilizations, an initiative of the former UN General Secretary, Kofi Anan, whose purpose is to fight extremism and further dialogue between the western and Islamic worlds. She talks here to the German journalist, Andrea Bistrich, about politics, religion, extremism and commonalities.

ANDREA BISTRICH: 9/11 has become the symbol of major, insurmountable hostilities between Islam and the West. After the attacks many Americans asked: "Why do they hate us?" And experts in numerous round-table talks debated if Islam is an inherently violent religion. Is this so?

KAREN ARMSTRONG: Certainly not. There is far more violence in the Bible than in the Qur'an; the idea that Islam imposed itself by the sword is a Western fiction, fabricated during the time of the Crusades when, in fact, it was Western Christians who were fighting brutal holy wars against Islam. The Qur'an forbids aggressive warfare and permits war only in self-defence; the moment the enemy sues for peace, the Qur'an insists that Muslims must lay down their arms and accept whatever terms are offered, even if they are disadvantageous. Later, Muslim law forbade Muslims to attack a country where Muslims were permitted to practice their faith freely; the killing of civilians was prohibited, as were the destruction of property and the use of fire in warfare.

The sense of polarization has been sharpened by recent controversies — the Danish cartoons of the Prophet Muhammad, over the Pope's remarks about Islam, over whether face-veils hinder integration. All these things have set relations between Islam and the West on edge. Harvard-Professor Samuel Huntington introduced the theory of a "clash of civilizations" we are witnessing today. Does such a fundamental incompatibility between the "Christian West" and the "Muslim World" indeed exist?

The divisions in our world are not the result of religion or of culture, but are politically based. There is an imbalance of power in the world, and the powerless are beginning to challenge the hegemony of the Great Powers, declaring their independence of them-often using religious language to do so. A lot of what we call "fundamentalism" can often be seen as a religious form of nationalism, an assertion of identity. The old 19th-century European nationalist ideal has become tarnished and has always been foreign to the Middle East. In the Muslim world people are redefining themselves according to their religion in an attempt to return to their roots after the great colonialist disruption.

What has made Fundamentalism, seemingly, so predominant today?

The militant piety that we call "fundamentalism" erupted in every single major world faith in the course of the twentieth century. There is fundamentalist Buddhism, Christianity, Judaism, Sikhism, Hinduism and Confucianism, as well as fundamentalist Islam. Of the three monotheistic religions-Judaism, Christianity and Islam-Islam was the last to develop a fundamentalist strain during the 1960s.

Fundamentalism represents a revolt against secular modern society, which separates religion and politics. Wherever a Western secularist government is established, a religious counterculturalist protest movement rises up alongside it in conscious rejection. Fundamentalists want to bring God/religion from the sidelines to which they have been relegated in modern culture and back to centre stage. All fundamentalism is rooted in a profound fear of annihilation: whether Jewish, Christian or Muslim, fundamentalists are convinced that secular or liberal society wants to wipe them out. This is not paranoia: Jewish fundamentalism took two major strides forward, one after the Nazi Holocaust, the second after the Yom Kippur War of 1973. In some parts of the Middle East, secularism was established so rapidly and aggressively that it was experienced as a lethal assault.

The fact that fundamentalism is also a phenomenon in politics was stressed only recently by former US president Jimmy Carter when he voiced his concerns over the increasing merging of religion and state in the Bush administration, and the element of fundamentalism in the White House. Carter sees that traits of religious fundamentalists are also applicable to neo-conservatives. There seems to be a major controversy between, on the one hand, so called hard-liners or conservatives and, on the other, the progressives. Is this a typical phenomenon of today's world?

The United States is not alone in this. Yes, there is a new intolerance and aggression in Europe too as well as in Muslim countries and the Middle East. Culture is always-and has always been-contested. There are always people who have a different view of their country and are ready to fight for it. American Christian fundamentalists are not in favour of democracy; and it is true that many of the Neo-Cons, many of whom incline towards this fundamentalism, have very hard-line, limited views. These are dangerous and difficult times and when people are frightened they tend to retreat into ideological ghettos and build new barriers against the "other". Democracy is really what religious people call "a state of grace." It is an ideal that is rarely achieved, that has constantly to be reaffirmed, lest it be lost. And it is very difficult to fulfil. We are all-Americans and Europeans-falling short of the democratic ideal during the so called "war against terror."

General Electric

The world admired company in writing that the company is admired the world based on a survey of Fortune magazine since 1997 up to 2008 to 10,000, including 500 companies from the Fortune global top and the companies that have a minimum income of 8 billion U.S. dollars. The nine criteria used to assess a company admired the world consists of quality management, quality of products and services, innovation, long-term investment value, echo financial, human resources management, the responsibility to the community and environment, wise use company assets and the ability to enter global markets .
The company ranked second in 2008 admired the world's version of Fortune magazine, is General Electric. General Electric, which has merusahaan develop, produce and market the products of various plants, transmission, distribution, control and the empowerment of electricity since the company was formed in 1892. Founder of the company is Thomas Alfa Edison. Products from these companies include household appliances, lighting, industrial automation, medical equipment, technology and sparasi Bioscience, equipment control and distribution of electricity, engine, generator, fuel and nuclear energy, jet engine commercial and military equipments, chemical and empowerment water, equipment and security systems and engineering materials, such as plastic and Silicon. Business run include Infrastructure, Industrial, health care, NBC Universal, Commercial Finance and Consumer Finance. The Company operates in North America, Europe, Asia and South America. At the end of 2006, General Electric has 163.4 billion dollars in income the United States and has nearly 316,000 employees and who is sekitar161.000 employees in the United States. In 2008, is led by Jeffrey R. Immelt as CEO / Chairman of the Board / Director

Ashrawi says Obama's policies indicate he wants to engage the Palestinians

Hanan Ashrawi, the prominent Palestinian politician, is cautiously optimistic about the impact Barack Obama, the US president-elect, and his administration will have on the Palestinian-Israeli peace process.

Al Jazeera attended a breakfast round-table with Ashrawi while she was visiting Doha, the capital of Qatar.

Below are her responses to the questions that were put to her.

Question: With the new US administration coming in and Hillary Clinton being appointed as US secretary of state, in your view are we likely to see a similar stance from her towards the Middle East peace process as there was under Bill Clinton's administration?

Hanan Ashrawi: First of all, we must not personalise issues. I don't think it is a matter of individuals. It's a matter, first of all, of the team as a whole and their policies. Obama's policies certainly indicate that he wants to engage. He doesn't want to postpone things until the end as [Bill] Clinton and Bush did. And secondly, he's marking a departure from the Bush administration, which was disastrous for everybody.

Now having said that, I must caution against any type of unrealistic optimism. There are constants in Amercian policy - such as the strategic alliance between the US and Israel - that are not going to be changed by individuals.

Individuals change their own positions and their own policies to serve their own interests and their own careers. Hillary Clinton was outspoken about Palestinian rights when she was First Lady, but when she ran for office in the Senate for New York she did a 180 degree turn and became not just totally supportive of Israel, but of the extreme right in Israel and hostile to Palestinians.

Later on, as she ran for the Democratic party's nomination, she gave a speech to Aipac [the Israeli lobby in the US] that could have been written by [Benjamin] Netanyahu [leader of the conservative Likud party]. Then afterwards she said that she's committed to peace and a two state solution.

The question is how is the whole team going to shape American foreign policy - what are the constants and what are their values? How do they define what is in Israeli interests?

This is a team that included Jim Jones [Barack Obama's nominee for national security adviser] who knows the realities on the ground; and Hillary Clinton who also is aware of what's happening; and Barack Obama who doesn't need to be educated and who expressed a willingness to engage. What type of engagement, we shall see.

We have to engage also -as Palestinians and Arabs - the new administration in a serious dialogue; a serious discourse about the mistakes of the past; about what is required and about the sense of urgency now that has to dominate. You cannot put the Palestinian question on the back burner. You cannot leave a political vacuum. You have to move rapidly and you have to set limits and constraints on Israeli behaviour.

Q: The Arab peace initiative was re-proposed in 2007, what do you think it will take for that initiative to be successful?

A: I think it takes a political will on the part of the Arabs who adopted this initiative to translate it into a workable process. If it remains just verbal and an initiative that moves from one document to the other and does not see concrete steps on the ground, then it's not going to be anything except one more initiative and one more document.

It should be seen for what it is - a unique historical opportunity for a solution. If they don't see it as such - if they waste it - then everybody is going to pay the price. The Palestinians foremost. So, the Arab initiative needs to be the blueprint. It's a simple one and sometimes there is virtue in simplicity.

Q: What will the Israeli elections in February mean for the peace process?

A: It's the right-wing that's on the ascendence. It's the more hardline policies that are emerging now. Very clearly Tzipi Livni [the leader of the Kadima party] is tempering her own previous public declarations about peace. Creating new red lines. The refugees - of course she's always been dead set against the right of return. Talking about peace 'in the future', talking about Jerusalem in more hardline terms. She is competing on a hardline basis.

And she is criticising Ehud Olmert [the Israeli prime minister, who stepped down as Kadima leader] for making conciliatory statements. As he is in a lame duck situation, and as he is leaving, he's trying to break a few taboos and talk about sharing Jerusalem and returning the land and saying that 'if he had time' and 'if he had stayed' then he would have done all these things.

But right now the Israeli public is moving to the right.

There are all sorts of issues - not just the Palestinian issue. The weakness of Kadima, corruption. There are domestic issues, the economy and so on. So they will make another mistake again by electing [Benjamin] Netanyahu, [leader of the Labour party]. Well, of course, you can never be certain about Israeli politics, the only thing that is certain is its unpredictability.

Q: Hamas has said it won't recognise the legitimacy of Mahmoud Abbas as Palestinian president after January 9th. What kind of scenarios do you see unfolding in the new year?

A: I think there's lots of talk. If they don't recognise the legitimacy of the presidency - the same way they don't recognise the legitimacy of the PLO [Palestine Liberation Organisation] - this will further enhance the division.

I think we should have a more constructive positive attitude. We should work together and go to a serious dialogue, a substantive dialogue, on the causes of this rift with seriousness of intent, goodwill and co-operation to resolve not only as a matter of show but as a matter of undoing a lot of the damage that was done.

Q: So how can that divide between Palestinians in Gaza and the West Bank be bridged?

I think there's a problem because there's a power struggle. The sharing of the spoils of power.

We have to repair the Palestinian democracy and we have to create a system where differences can be resolved in a democratic, pluralistic, inclusive system. Not by divisions and not by talking power but by understanding that Palestinian democracy means that we have peaceful means to resolve our differences.

We need to have a critical dialogue. I like the Egyptian initiative [to reconcile Hamas and Fatah], and before it the Yemeni initiative. It's important the Arabs play a constructive role and really embrace the Palestinians and move to help us resolve our differences.

We've always said we need to unite the West Bank and Gaza - not geographically, except through the corridor - but unite them institutionally, unite them administratively, unite them legally and politically through a common political system.

Of course we are one people, but if the division remains we are in danger of having a serious risk that will create two separate systems that in the future will become irreconcilable. Right now they are reconcilable and we must work on that.

Q: Can we count on you running in any upcoming election?

A: No. I've decided I'm not running. What you can count on me doing is supporting young women, young leaders, the new generation to run for office.

We need the young. People my age should know how to step aside and how to provide a system of support and solidarity for the new leaders. We have a disastrous situation of a leadership that doesn't know the meaning of a graceful exit, but I see lots of hope in the younger generation.
Source : Al Jazeera

Best Islamic Financial Institution in United Kingdom (Global Finance 2008): HSBC Amanah

HSBC Amanah is the global Islamic banking division of the HSBC Group, and was established in 1998 with the aim of making HSBC the leading provider of Islamic banking worldwide. With more than a hundred professionals serving the Middle East, Asia Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic banking team of any international bank.
The HSBC Group is one of the largest banking and financial services organisations in the world. With operations in twenty OIC member states, no international bank is more widely represented in the Muslim world than HSBC. Nor has any made a greater investment in Islamic banking. Headquartered in London, the Groups international network comprises about 10,000 offices with almost 110 million customers in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With a rich history of community banking and a commitment to meet the particular needs of our diverse customers, we are the world's local bank.
HSBC Amanah has won the Euromoney 2005 awards for Best Islamic Wholesale Bank and Best for Private Banking Services.
HSBC has a rich tradition of community banking, and HSBC Amanah was established to serve the particular financial needs of Muslim communities. Our mission statement and corporate values reflect this vision.
HSBC Amanah considers Shariah compliance of its business operations as its most important & strategic priority. This is reflected in its Corporate Values, "In developing our products and services, we are committed to the highest Shariah standards in the Islamic banking industry." In addition to Global Shariah Advisory Board and Regional Shariah Committees, HSBC Amanah employs a team of qualified professionals to ensure that the guidance and advice received from the Shariah Committees is implemented in letter and spirit.
HSBC Amanah brings together the largest team of any international Islamic financial services provider. We are widely recognised as a market leader in terms of global reach, innovative products and services and our investment in industry building initiatives. With more than 100 people in eight countries, the HSBC Amanah family continues to grow.

HSBC Amanah has won the following awards:
Euromoney awards, Best International Provider of Islamic Financial Services (2004), Best International Sukuk House (2004, Best Islamic Wholesale Bank (2005), Best for Private Banking Services (2005)

Award-winning transactions:
Emirates ECA-backed financing 2001, (Euromoney, Jane´s Transport Finance, Institutional Investor, Airfinance Journal), Government of Malaysia Global Sukuk - 2002,(Euromoney, Institutional Investor, Asiamoney, FinanceAsia), Emirates IV, with Islamic Development Bank - 2003, (Jane´s Transport Finance)

The Contribution Revolution: Letting Volunteers Build Your Business

Many internet superstars owe much of their success to the active and passive contributions made by countless people from outside their organizations. Think, most obviously, of Facebook profiles, eBay goods, YouTube videos, Wikipedia entries, and, less obviously, of the aggregated buying behavior underlying Amazon recommendations and the donated use of personal-computer resources underpinning Skype’s internet-based phone network.
Facebook is a social networking website launched on February 4, 2004. The free-access website is privately owned and operated by Facebook, Inc. Users can join networks organized by city, workplace, school, and region to connect and interact with other people. People can also add friends and send them messages, and update their personal profile to notify friends about themselves. The website's name refers to the paper facebooks depicting members of a campus community that some US colleges and preparatory schools give to incoming students, faculty, and staff as a way to get to know other people on campus. Mark Zuckerberg founded Facebook while he was a student at Harvard University. Website membership was initially limited to Harvard students, but was expanded to other colleges in the Ivy League. It later expanded further to include any university student, then high school students, and, finally, to anyone aged 13 and over. The website currently has more than 120 million active users worldwide.
eBay Inc. is an American Internet company that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell goods and services worldwide. In addition to its original U.S. website, eBay has established localized websites in thirty other countries. eBay Inc. also owns PayPal, Skype,StubHub, Kijiji,and other businesses.The online auction website was founded in San Jose, California, on September 3, 1995, by French-born Iranian computer programmer Pierre Omidyar as AuctionWeb,part of a larger personal site that included, among other things, Omidyar's own tongue-in-cheek tribute to the Ebola virus.In 1997, the company received approximately $5 million in funding from the venture capital firm Benchmark Capital.
YouTube, LLC is a video sharing website where users can upload, view and share video clips. YouTube was created in February 2005 by three former PayPal employees.In November 2006, YouTube was bought by Google Inc. for 1.65 billion dollars, and is now operated as a subsidiary of Google. The company is based in San Bruno, California, and uses Adobe Flash Video technology to display a wide variety of user-generated video content, including movie clips, TV clips and music videos, as well as amateur content such as video blogging and short original videos. Most of the content on YouTube has been uploaded by members of the public, although media organizations including CBS and the BBC offer some of their material via the site.YouTube was founded by Chad Hurley, Steve Chen and Jawed Karim, who were all early employees of PayPal.Hurley studied design at Indiana University of Pennsylvania, while Chen and Karim studied computer science together at the University of Illinois at Urbana-Champaign.
Amazon.com, Inc.is an American electronic commerce (e-commerce) company in Seattle, Washington. It is America's largest online retailer, with nearly three times the internet sales revenue of runner up Staples, Inc.Jeff Bezos founded Amazon.com, Inc. in 1994, and launched it online in 1995. Amazon.com started as an on-line bookstore, but soon diversified to product lines of VHS, DVD, music CDs, MP3 format, computer software, video games, electronics, apparel, furniture, food, toys, etc. Amazon has established separate websites in Canada, the United Kingdom, Germany, France, China and Japan. It also provides global shipping to certain countries for some of its products (Wikipedia).
Cook, the founder of Intuit (maker of financial software products such as Quicken and TurboTax), challenges traditional companies to tap this emerging source of value by actively creating what he calls user contribution systems.
The user can be a customer, employee, sales prospect—or someone with no previous connection to the company at all. The contribution can be actively offered work, expertise, or information, as well as passive or even unknowing contributions, such as behavioral data that are gathered automatically as a by-product of a transaction or an activity. The system is the method, usually internet based, by which contributions are aggregated and made useful to others. Such a system creates value for a business as a consequence of the value it delivers to customers.
In this article, Cook describes the personal journey that led him to see the tremendous value in user contributions. He creates a taxonomy of the systems that can capture user contributions and shows the variety of ways in which companies from Honda to Procter & Gamble to Hyatt Hotels are leveraging them. And, drawing on his successes and failures in trying to put them to work at Intuit, he offers advice on how business leaders can catalyze action to create user contribution systems in their own organizations.

Source : Harvard Business Review

Practice of Finance: Islamic Finance at MIT Sloan School of Management

The MIT Sloan School of Management, based in Cambridge, Massachusetts, is one of the world’s leading business schools — conducting cutting-edge research and providing management education to top students from more than 60 countries. The School is part of MIT’s rich intellectual tradition of education and research.

MIT Sloan began in 1914 as engineering administration curriculum in the MIT Department of Economics and Statistics. The scope and depth of this educational focus have grown steadily in response to advances in the theory and practice of management to today’s broad-based management school.

A program offering a master’s degree in management was established in 1925. The world’s first university-based executive education program — the MIT Sloan Fellows — was created in 1931 under the sponsorship of Alfred P. Sloan, Jr., an 1895 MIT graduate who was then chairman of General Motors. A MIT Sloan Foundation grant established the MIT School of Industrial Management in 1952 with a charge of educating the “ideal manager.”

MIT Sloan School of Management teach subjects of Islamic Finance.
Description: Islamic financial institutions have in recent years experienced spectacular growth (+25 percent in 2006, +37 percent in 2007). Islamic financial assets now exceed 1 trillion dollars and what was once a small niche has gone mainstream. Indeed, most major Western financial institutions are involved in one way or another in Islamic finance. The first part of the course introduces the basic principles underlying the industry (the prohibitions of riba, gharar, etc.) and discusses its recent evolution. The second part focuses on the main Islamic products: murabaha, mudaraba, musharaka, ijara, sukuk, takaful, etc. and explains how Islamic deals are structured. The third part discusses the challenges — competitive, regulatory, political, religious, etc. — faced by Islamic institutions and considers the impact of the current financial meltdown on their future evolution.

Development of a Strategy

In Webter's New World Dictionary, the definition of the strategy is the science of planning, and the determination of the direction of military operations, large scale. Strategy is how to propel the team to the most advantageous position before the actual battle with the enemy. Multidevisional big business, usually have a three-level strategy, namely the corporate strategy, business strategy and functional strategy. Corporate strategy describes the overall direction of the company about the company's general attitude towards the growth and management of various business and product lines to achieve a balance portfolio of products and services.
Corporate strategy consists of a single business corporate strategy, and a multi-business corporate strategy. A single corporate business strategy is a corporate strategy, a growth-oriented and industry that will be the place to compete. Meanwhile, a multi-business corporate strategy not only in growth-oriented and industry, that will be the place to compete, but also the management of its business units to achieve synergy.
Business strategy, or competitive strategy, usually developed in the level of division and the emphasis on the improvement of the position of competing products or services companies in specific industries or market segments served by the division. Although many kinds of strategies that are available. Michael Porter has been summarizing strategy into three general types that provide a good beginning for strategic thinking: overall cost leadership, differentiation, and focus.
According to Hamel and Prahalad in his book Competing for the Future, the future competition is a competition will come to dominate and create the opportunities that arise. Creating the future is more than just capture the opportunities that we have set previously. Our objective is not only imitate the products, processes and methods of our competitors, but how to create opportunities for the future and take advantage of these opportunities.
W. Chan Kim and Renee Mauborgne said that the Red Ocean Strategy is no longer effective to create growth and profits in the future. They are proposing a new strategy called the Blue Ocean Strategy. Blue Ocean Strategy, considers that compete is to create market space that is not their. The market is very widely as "blue ocean".
While the strategy is on the third level of functional strategies. The strategy emphasizes the functional, especially in the optimization of resources productivity, for example, marketing strategy, financial strategy, human resource strategy, operating strategy and the strategy of research and development.

New Sharia products in Asia sought

The booming Islamic finance industry has yet to rub off on wealthy Asians who say there are far too few Sharia products to invest in, the private banking arm of Malaysia's second largest lender said yesterday.
Sharia investing is a key pillar in the Middle East and has caught the interest of non-traditional centres such as London and Singapore, but rich Asians are still cool on it.
Asia is a big potential market for the $1 trillion Islamic finance sector, with the Asia-Pacific home to 28 per cent of the world's high-net-worth-individuals, who are defined as those with investible assets of more than $1 million.
Even in Malaysia, which has the world's largest Sharia bond market, wealthy individuals have limited interest in Islamic assets.
"The appetite is still quite small because they continue to nibble," said CIMB Private Banking co-head Carolyn Leng.
The bank says it is Malaysia's top private banking firm with assets of 4.4 billion ringgit ($1.23bn). The bank expects to increase this to about 7bn ringgit by 2010, Leng said.
"Offering of Islamic products are not that great here, what you have is probably what the market (outside) has as well. Product innovation is key, we need to be a lot more creative."
Structured products and Islamic bonds are the main sharia products that wealthy Malaysians put their money into, Leng said.
In contrast to Asia, Middle East investors have a wider choice of Islamic offerings as banks tap their global resources to structure innovative products, Leng said.
"There are a lot of derivatives-based kind of products. The way they structure some options into their products is interesting because it's done in such a way that it's a profit-sharing method," she said.
Islamic banking products can be bought and sold by all investors, regardless of individual religious belief, and is premised on the notion of ethical investing.
Islamic banks have been barely bruised by the global financial crisis, although falling property and commodity prices and slowing economies are starting to affect the sector.
Source : Gulf Daily News

Best International Islamic Bank : HSBC Amanah (Euromoney)

HSBC Amanah is the global Islamic banking division of the HSBC Group, and was established in 1998 with the aim of making HSBC the leading provider of Islamic banking worldwide. With more than a hundred professionals serving the Middle East, Asia Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic banking team of any international bank.
HSBC has a rich tradition of community banking, and HSBC Amanah was established to serve the particular financial needs of Muslim communities. Our mission statement and corporate values reflect this vision.
The HSBC Amanah mission statement:
HSBC Amanah is committed to improving the lives of our customers worldwide by providing them with the highest quality Islamic banking solutions.

HSBC Amanah´s corporate values:
In developing our products and services, we are committed to the highest Shariah standards in the Islamic banking industry. We constantly strive to address the needs and concerns of our customers. Our teamwork with HSBC colleagues around the world harnesses the knowledge and resources of HSBC Group for the benefit of our customers. We are an organisation that demands and rewards excellence. We maintain high ethical standards in our business relationships and invest in the future of our communities.
HSBC Amanah considers Shariah compliance of its business operations as its most important & strategic priority. This is reflected in its Corporate Values, "In developing our products and services, we are committed to the highest Shariah standards in the Islamic banking industry." In addition to Global Shariah Advisory Board and Regional Shariah Committees, HSBC Amanah employs a team of qualified professionals to ensure that the guidance and advice received from the Shariah Committees is implemented in letter and spirit.
HSBC Amanah Global Shariah Advisory Board
The Global Shariah Advisory Board (GSAB) advises HSBC Amanah on research activities intended for further development of the Islamic finance industry. GSAB comprises of representative scholars from all Regional Shariah Committees (RSC) of HSBC Amanah in addition to other Shariah scholars of international standing. The presence of renowned scholars from various geographies at GSAB will provide an opportunity to achieve further harmonization of Shariah standards and practices of Islamic Finance Industry. The following independent Shariah scholars are currently members of GSAB.
Sheikh Justice (Retd.) Muhammad Taqi Usmani (Pakistan, Sheikh Hussain Hamid Hassan (Egypt), Dr. Muhammad Achmad Sahal Mahfudh (Indonesia), Dr. Mohammed Daud Bakar (Malaysia), Sheikh Dr. Mohamed Ali Elgari (Saudi Arabia), Sheikh Nizam Yaquby (Bahrain),and Dr. Mohammad Akram Laldin (Malaysia)
HSBC Amanah operations are closely supervised by four Regional Shariah Committees (RSCs) in addition to a Central Shariah Committee (CSC). The CSC supervises HSBC Amanah businesses as well as operations in UAE, Qatar, UK, USA and Bangladesh. The CSC comprises of following well-known scholars: Sheikh Nizam Yaquby, Sheikh Dr. Mohamed Ali Elgari and Sheikh Dr. Muhammad Imran Ashraf Usmani.

HSBC Amanah operations in Saudi Arabia, Malaysia, Indonesia and Singapore are supervised by following independent RSCs.
HSBC Amanah has won the Euromoney 2005 awards for Best Islamic Wholesale Bank and Best for Private Banking Services.
HSBC Amanah has won the following awards:
Euromoney awards : Best International Provider of Islamic Financial Services (2004), Best International Sukuk House (2004), Best Islamic Wholesale Bank (2005), Best for Private Banking Services (2005).
Award-winning transactions : Emirates ECA-backed financing 2001, (Euromoney, Jane´s Transport Finance, Institutional Investor, Airfinance Journal), Government of Malaysia Global Sukuk - 2002,(Euromoney, Institutional Investor, Asiamoney, FinanceAsia), Emirates IV, with Islamic Development Bank - 2003 and (Jane´s Transport Finance)

Do Muslims Want Democracy and Theocracy?

According, John L. Esposito and Dalia Mogahed, cutting across diverse Muslim countries, social classes, and gender differences, answers to our questions reveal a complex and surprising reality. Substantial majorities in nearly all nations surveyed (95% in Burkina Faso, 94% in Egypt, 93% in Iran, and 90% in Indonesia) say that if drafting a constitution for a new country, they would guarantee freedom of speech, defined as "allowing all citizens to express their opinion on the political, social, and economic issues of the day."
However, while acknowledging and admiring many aspects of Western democracy, those surveyed do not favor wholesale adoption of Western models of democracy. Many appear to want their own democratic model that incorporates Sharia -- and not one that is simply dependent on Western values. Actually, few respondents associate "adopting Western values" with Muslim political and economic progress. Abuses in the name of Sharia have not led to wholesale rejection of it.
In our data, the emphasis that those in substantially Muslim countries give to a new model of government -- one that is democratic yet embraces religious values -- helps to explain why majorities in most countries, with the exception of a handful of nations, want Sharia as at least "a" source of legislation.
• In only a few countries did a majority say that Sharia should have no role in society; yet in most countries, only a minority want Sharia as "the only source" of law. In Jordan, Egypt, Pakistan, Afghanistan, and Bangladesh, majorities want Sharia as the "only source" of legislation.
• Most surprising is the absence of systemic differences in many countries between males and females in their support for Sharia as the only source of legislation. For example, in Jordan, 54% of men and 55% of women want Sharia as the only source of legislation. In Egypt, the percentages are 70% of men and 62% of women; in Iran, 12% of men and 14% of women; and in Indonesia, 14% of men and 14% of women.
Ironically, we don't have to look far from home to find a significant number of people who want religion as a source of law. In the United States, a 2006 Gallup Poll indicates that a majority of Americans want the Bible as a source of legislation.
• Forty-six percent of Americans say that the Bible should be "a" source, and 9% believe it should be the "only" source of legislation.
• Perhaps even more surprising, 42% of Americans want religious leaders to have a direct role in writing a constitution, while 55% want them to play no role at all. These numbers are almost identical to those in Iran.

Sale of Gold and Silver Against Gold and Silver

If gold is sold against gold, and silver is sold against silver, whether it is in the form of coins or otherwise, if the weight of one of them is more than that of the other, the transaction is haraam and void. If gold is sold against silver, or silver is sold against gold, the transaction is valid, and it is not necessary that their weight be equal, but if it is sold on credit or stipulated time, the transaction will be void.
If gold or silver is sold against gold or silver, it is necessary for the seller and the buyer that before they separated from each other, they should deliver the commodity, and its exchange to each other. And if even a part of the thing about which agreement has been made, is not delivered to the person concerned, the transaction becomes void.
If either the seller or the buyer delivers the stock in full as agreed, but the other person delivers only a part of his stock, and they separate from each other, the transaction with regard to the part exchanged will be valid, but the person who has not received the entire stock can cancel the transaction.
If silver dust from a mine is sold against pure silver, and gold dust from a mine is sold against pure gold, the transaction is void, unless one is sure that the quality of silver dust is equal to the quantity of pure silver. However, there is no harm in selling silver dust against gold, or gold dust against silver, as mentioned earlier.

Persons Who Have No Right of Disposal or Discretion Over Their Own Property

A child who has not reached the age of puberty, (bulugh), has no right of discretion over the property he holds or owns, even if he is able to discern and is mature, and the permission of his/her guardian does not apply in this case. However, in those cases where a Na-baligh is allowed to make a transaction, like when buying or selling things of small worth as mentioned in rule 2090, or his testament for his relatives and kinsmen, as will be explained in rule 2706, the right can be exercised. A girl becomes baligha upon completion of her nine lunar years, and a boy is baligh when stiff pubic hair grow, or when he discharges semen, or upon completion of fifteen lunar years.
Growing of stiff hair on the face and above the lips may be considered as signs of bulugh, but their growth on chest and under the armpits, and the voice becoming harsh etc. are not the signs of one's reaching the age of puberty, except that one may become sure of having reached the age of puberty due to these changes.
An insane person has no right of disposal over his property. Similarly, a bankrupt (i.e. a person who has been prohibited by the Mujtahid to dispose of or have discretion on his property because of the demands of his creditors) cannot dispose his property without the permission of the creditors. And a feeble-minded person (Safih) who squanders his property for useless purposes, has no right of disposal or discretion over his property.
If a person is sane at one time and insane at another, the right of discretion exercised by him during his lunacy will not be considered valid.
A dying man in his terminal illness can spend his own wealth on himself, on the members of his family, his guests and on other things as much as he likes, provided that, it is not considered to be extravagance on his part. Also, he can sell his property at its proper value, or hire it. But if he gives away his property as gift, or sells it at a lower price than usual, it will be valid if the property gifted or sold cheap is equal to or less than 1/3 of his estate. And if it is more, it will be valid only if the heirs allow, and if they do not, then whatever he spent in excess of 1/3 of his estate will be considered void.

Individual Obligations, Rights and Self-Interests

In Islam man is charged with certain obligations toward his Creator, nature, himself and other human beings, all of which are outlined by the shari’ah. When these obligations are fulfilled, certain rights and freedoms, which are also delineated by the shari’ah, are gained. Limitations which are imposed by the shari'ah on the rights and freedom of the individual are in the direction of removing certain negative possibilities from the human life. The obligations, rights and limitations defined by the shari'ah must be observed if the individual and the system are to have an Islamic identity.
Within the framework of the shari’ah, and as a result of the Islamic concept of justice, the individual has the right to pursue his economic interests. Pursuing one's economic interests, within the framework of the shari’ah , is first an obligation and a duty, then a right which no one can abrogate. So long as the individual has the ability, the right of pursuing his economic interests is, concomitantly, extended to him. What is, however, significant is the fact that i f power and ability to pursue one's economic interests is lacking, the responsibility is no longer incumbent upon the person, while his rights are still preserved. II The right to economic benefits is never negated as a result of the lack of the ability of the individual to undertake his duty of pursuing his economic interests. The potential right remains even if a person is unable to actualize it. Conversely, if the person is able but does not perform his obligations, then his rights are abrogated.
According Khan and Mirakhor, In Islam, contrary to popular opinion, self-interest is not negated. Islam, in fact, considers it as a primary factor in its incentive/motivation system; a necessity in any organized society if the individual is to find it utility maximizing to follow behavioural rules prescribed by the system. Provided that self-interest is defined to cover spiritual and temporal, or temporary and eternal, all rules in the shari'ah carry with them their own justification in terms of individual self-interest. It is for his own benefit, material and spiritual, in this world and for his ultimate salvation in the next that the individual is invited to follow the rules of the shari’ah. This is made amply clear by the Qur'an in which all injunctions are generally coupled by the assertion that compliance with them with by the individual is for his own benefit.13 Often the incentive and the rewards, both here and in the hereafter, for compliance and th e retributions for non-compliance are enumerated. It is in pursuit of self-interest that individual obligations and rights as well as the limits to these rights are specified by the shari’ah.

Conditions Regarding the Property Given on Lease

The property which is given on lease, should fulfil certain conditions:
(i) It should be specific. Hence, if a person says to another: "I have given you one of my houses on lease", it is not in order.
(ii) The person taking the property on lease should see it, or the lessor should give its particulars in a manner which gives full information about it.
(iii) It should be possible to deliver it. Hence, leasing out a horse which has run away, and the hirer can not possess it, will be void. However, if the hirer can manage to get it, the lease will be valid.
(iv) Utilisation of the property should not be by way of its destruction or consumption. Hence, it is not correct to give bread, fruits and other edibles on lease for the purpose of eating.
(v) It should be possible to utilise the property for the purpose for which it is given on lease. Hence, it is not correct to give a piece of land on lease for farming, when it does not get sufficient rain water, and is also not irrigated by canal water.
(vi) The thing which a person gives on lease should be his own property, and if he gives the property of another person on lease, it will be correct only if its owner agrees to it.
It is permissible to give a tree on lease for utilising its fruit, although fruit may not have appeared on it yet. The same rule applies if an animal is given on lease for its milk.
A woman can be hired for her milk, and it is not necessary for her to obtain her husband's permission. However, if her husband's right suffers owing to her giving milk (to the child of another person), she cannot take up the job without his permission

THE FAMOUS MARKET PRE-ISLAMIC : OKAZ

In pre-Islamic times, Taif was home to the most famous of annual fairs anywhere on the Arabian peninsula. The Suq Okaz took place on what is now a rolling desert plain north of Taif. This fair occurred during the first 20 days of Dhu Al-Qadah, the eleventh month of the year. During Dhu Al-Qadah, Dhu Al-Hajjah and Muharram — respectively the eleventh, twelfth and first months of the year — as well as Rajab, the seventh month of the year — all warfare and raiding was banned. This allowed the residents and merchants of the region the necessary security to travel. Traders brought goods via camel and donkey to the Suq Okaz. Bedouin crafts such as rugs, camel-hair tents, sheepskins, pottery, tools, jewelry, perfumes, produce and spices were sold. Included in this colorful spectacle of the souq were poets and singers who came to participate in contests of their talents. According to Saudi archaeologists who have studied the area, it is believed that the Suq Okaz lasted until sometime around 760 AD.
OKAZ is the most famous ancient market in the Arabian Peninsula. It got its name from what Arabs used to do there — they bragged about their own achievements and ancestors. The market is first recorded in 500 B.C. The Quraish, a famous Arab tribe to which the Prophet Muhammad (pbuh) belonged came up with the idea of having a place where Arabs could gather and be united against any enemies. They selected the location at Okaz, between the two famous cities of Makkah and Taif. The place is called Al-Athdia, and the market began when pilgrims arrived in Makkah and went on for four months. The Arabs had specified those particular months during which they agreed that they would not use weapons or initiate wars. To them, this was a good idea since it would guarantee a safe environment for trading and other activities.
In comparison to modern malls, the Okaz market did not only offer goods for sale. Visitors had many things to do besides shopping. They challenged each other to see who could make the best Arabic poems; they boasted the achievements of their tribes and they also attempted to settle inter-tribal disputes and disagreements. Since the market offered so many cultural activities it helped to preserve and protect the Arabic language, helped to produce fine poems and encouraged talented poets to produce more.
The Prophet Muhammad (pbuh) visited the market for seven seasons and he attempted to tell the Arabs about Islam. Subsequently, people stopped going there and in fact, it was not known for sure exactly where the market was. King Faisal ibn Abdul Aziz ordered specialists and scientists to identify the location by looking back at ancient records and historical documents. The location of Okaz was finally located — near Taif in a place known as Al-Athdia.
After 1300 years the market is going back to operate again this year. It is witnessing a revival as the Governor of Makkah, Prince Khalid Al-Faisal, the son of King Faisal, has officially opened it and the government has planned a number of activities there. The events will last for 7 days and will include the sale of different goods and materials, both traditional and modern. There are also old Arabic poems written in gold and posted for visitors to see, along with an songs sung by famous Arab singers.
The market includes a special area for selling traditional food and has a location for children’s activities. Men can enjoy cultural events taking place in different tents, while women can also enjoy activities in a tent assigned to them. There are also handicrafts and perfumes made from the famous flowers of Taif. The tents where the activities take place bear the names of the most famous Arab poets during the pre-Islamic and Islamic periods. Among the names is Al-Nabiga Al-Dubiani who used to judge the poems presented in Okaz, Hassan ibn Thabit who used his poetic talents to protect Islam and praise it, and Al-Khansa, a Muslim woman poet who was well known for her fine elegies.

Conditions for Contract by Advance Payment

Purchase by advance payment means that a buyer pays the price of a commodity, and takes its possession later. Hence, the transaction will be in order, if, for example, the buyer says: "I am paying this amount so that I may take possession of such and such commodity after six months", and the seller says, "I agree", or the seller accepts the money and says: "I have sold such and such thing and will deliver it after six months".
If a person sells, on advance payment basis, coins which are of gold and silver, and takes gold or silver coins in exchange for them, the transaction is void. But, if he sells a commodity or money which is not of gold and silver, and takes another commodity, or gold or silver money in exchange, the transaction is in order if it conforms with the seventh condition of the rule which follows. And the recommended precaution is that one should take money and not other commodity in exchange for the commodity sold.
There are seven conditions of advance payment contract:
(i) The characteristic, due to which the price of a commodity may vary, should be specified. However, it is not necessary to be very precise, it will be sufficient if it can be said that its particulars are known.
(ii) Before the buyer and the seller separate from each other, the buyer should hand over full amount to the seller, or if the seller is indebted by way of cash to the buyer for an equivalent amount, the buyer can adjust it against the price of the commodity, if the seller agrees to it. And if the buyer pays certain percentage of the price of that commodity to the seller, the transaction will no doubt be valid equal to that percentage, but the seller can rescind the transaction.
(iii) The time-limit should be stipulated exactly. If the seller says that he would deliver the commodity when the crop is harvested, the transaction is void, because, in this case, the period has not been specified exactly.
(iv) A time should be fixed for the delivery of the commodity when the seller is able to deliver it, regardless of whether the commodity is scarce or not.
(v) The place of delivery should be specified. However, if that place becomes known from their conversation, it is not necessary that its name should be mentioned.
(vi) The weight or measure of the commodity should be specified. And there is no harm in selling through advance payment contract, a commodity which is usually bought and sold by sight. However, for such a deal, one must be careful that the difference in the quality of individual items of the commodity must be negligibly small, like in the cases of walnuts and eggs.
(vii) If the commodity sold belongs to the category which is sold by way of weight and measure, then it must not be exchanged for the same commodity. In fact, as an obligatory precaution, it must not be exchanged for any other commodity which is sold by weight and measure. And if the commodity sold is the one which is sold by counting, then as a precaution, it is not permissible to exchange it for the same commodity in increased number.

THE ANCIENT BAHRAIN

During the emergence of Islam in the sixth century (until early in the sixteenth century) Bahrain referred to the wider historical region of Bahrain stretching on the Persian Gulf coast from Basrah to the Strait of Hormuz. This was Iqlīm al-Baḥrayn, i.e. the Province of Bahrain, and the Arab-Iranian inhabitants of the province were descendants of the Arab tribe Bani Abd al-Qais. This larger Bahrain comprised three regions: Hajar (present day Al-Hasa in Saudi Arabia), Al-Khatt (present day Al-Qatif in Saudi Arabia) and Awal (present day Bahrain). The name Awal remained in use, probably, for eight centuries. Awal was derived from the name of an idol that used to be worshipped before Islam by the inhabitants of the islands. The centre of the Awal cult was Muharraq.

Bahrainis were amongst the first to embrace Islam. Mohammed ruled Bahrain through one of his representatives, Al-Ala'a Al-Hadhrami. Bahraini embraced Islam in 629 (the seventh year of hijra). Al Khamis Mosque, founded in 692, was one of the earliest mosques built in Bahrain, in the era of Umayyad caliph Umar II.

The expansion of Islam did not affect Bahrain's reliance on trade, and its prosperity continued to be dependent on markets in Mesopotamia. After Baghdad emerged as the seat of the caliph in 750 and the main centre of Islamic civilization, Bahrain greatly benefited from the city's increased demand for foreign goods especially from China and South Asia.

Bahrain became a principal centre of knowledge for hundreds of years stretching from the early days of Islam in the sixth century to the eighteenth century. Philosophers of Bahrain were highly esteemed, such as the 13th Century mystic, Sheikh Maitham Al-Bahrani (died in 1299). (The mosque of Sheikh Maitham together with his tomb can be visited in the outskirts of the capital, Manama, near the district of Mahooz).

Buyyid dynasty of Iran, reunited much of the country including Bahrain, after controlling Abbasid caliphs at Baghdad, and remained part of Iranian realm until 1522 when Portuguese invaded the Island and overthrown the Governor called Jaboor. In 1602 at the time of soaring power of Safavid dynasty, Iranian forces defeated Portuguese in ports and islands of Hormoz and expelled them from Bahrain and reunited the islands with the mainland once again.[5]

During this period Bahrain was administered by the tribes of Iranian origin of “Havāleh” in Zebāreh In northern of Qatar Peninsula, when Zebareh was herself under the rule of Government of Fars. Towards the end of Safavid periods though Zebareh Government was ruled namely by Iran, but mostly it was an obstinate and inattentive Government to the centre.

The Economic Situation of the Arabian Peninsula

Since most of the Arabian Peninsula consists of vast desert land, its inhabitants did not work in agriculture, except in the extreme borders on the peninsula – particularly in Yemen, in the south, and Syria, to the north – and in the odd scattered oases found in central Arabia. Without much vegetation in Arabia, it was sheep and camels that made for the livelihood of both desert and city dwellers. Tribes would go from place to place with their herds, looking for pastureland.
As for industry and manufacturing, Arab were far, far behind other nations; they practically refused to work in those fields, instead allowing foreigners and slaves to do their work for them. Even when they wanted to rebuild the kaba, they sought the help of an Egyptian, who had survived the sinking of his see vessel in Jeddah, and who then settled in Mecca.
It is true that, without farming and manufacturing, Arabs were, compared to other people, at an economic disadvantage; but they did compensate in another regard: They were an advanced trading nation, by dint of their strategically sound location between Africa and eastern Asia.
It was primarily the city dwellers of the Arabian Peninsula who engaged in trade, and most successful among them were the people of the Quraish. The Quraish differed from others tribes in that they were the inhabitants of Mecca, which was considered to be holy by all Arabs; as such, they were able to travel safely all over Arabia, for no tribe dared attacked the dwellers of the inviolable city of Mecca. Other tribes did not fare as well; their trading caravans were constantly being subjected to high way robbery by individuals and other tribes that made a living through attacking and robbing passing caravans. God reminded the Quraish of this particular blessing in the Noble Quran:
"Have they not seen that we have made Mecca a sanctuary secure, and that men are being snatched away from all around them? Then do they believe in falsehood, and deny the graces of God?" {Quran 29:67}
The Quraish dispatched two very larger trading caravans on a yearly basis; one went in the winter to Yemen, and the other when in the summer to Syria. They went in safely, while other tribes while other tribes where constantly being attached and robbed. Throughout every year, the Quraish sent many lesser caravans to the various market places of Arabia (and perhaps even else where). God said:
"It is a great grace and protection from God, for the taming of the Quraish, and with all those God's grace and protection for their taming, we cause the (Quraish's) caravans to set forth safe in winter (to the south) and in summer (to the north), so let them worship God the Lord of this house (the Kaba in Mecca) He who has fed them against hunger and has made them safe from fear." {Quran 106: 1-4}
The caravans carried all kinds of merchandise that was available in the Arabian Peninsula – such as perfume, incense, spices, dates, ivory, beads, skins, silk garments and weapons. Some merchandise was produced in the Peninsula, but some was important from abroad. The trading caravans would carry such items to Syria and elsewhere, and would then return with full loads of wheat, grains, raisins, oils, and clothing.
The Yemenis were also known for trading, for their economic activities were conducted on land and by sea; they traveled to the shores of Africa, India, Indonesia, Sumatra, and the islands of the Arabian Peninsula. Once the inhabitants of Yemen become Muslims, they used their previous travel experience and knowledge to help spread Islam to the above mentioned lands. Prior to the advent of Islam, Usury was practiced on a wide spread scale, perhaps having come to the Arabs from the Jews. In some cases, interest rates reached as high as one-hundred percent.
Ukaadh, Majinnah, and Dhul-Majaaz were the names of the most famous market places of the Arabian Peninsula. Some historians relate that Arabs would congregate at Ukaadh at the beginning of Thul-Qaidah; after 20 days passed, they would go to Majinnah. And when they saw the birth of the new moon for Thul-Hijjah, they would go to Dhul-Majaaz, where they would stay for 8 days. Then they would go to Arafa for the pilgrimage. And neither in Arafa nor during the days of Mina did the conduct any business – not until the advent of Islam, for God permitted them to do business during these days.
"There is no sin on you if you seek the bounty of your lord (during pilgrimage by trading etc.). Then when you leave Arafa, remember God (by glorifying his praises, i.e., prayers and invocations, etc.) at the Mashar-il-haram (Muzdalifah). And remember him as he has guided you, and verily, you were, before, of those who were astray." {Quran 2:198}
These centers of trade remained open during the early days of Islam, but eventually closed down. During their hay day, Ukaadh, Majinnah, and Dhul-Majaaz were not merely marketplaces; they were also centers of poetry and public speaking. Great poets and speakers gathered and competed against one another in their respective arts; thus they were centers that greatly served the advancement of poetry and the Arabic language.