Showing posts with label Economic. Show all posts
Showing posts with label Economic. Show all posts

Saturday, January 24, 2009

Obama urges action on Gaza borders


Barack Obama, the US president, has called on Israel to open its borders with Gaza to humanitarian aid and commerce in his first public remarks on the crisis there since becoming president.

Obama, who said he was deeply concerned about the loss of life in Gaza, also reiterated the US view that Israel had a right to defend itself from Palestinian rocket attacks.

"Now we must extend a hand of opportunity to those who seek peace, as part of a lasting ceasefire, Gaza's border crossings should be open to allow the flow of aid and commerce," Obama said.

The US leader was speaking at the state department as he named George Mitchell, former peace negotiator in Northern Ireland, as US special envoy for the Middle East.

Obama also reiterated the US backing for international demands made of the Hamas movement - that it recognise Israel, end violence and agree to recognise previous peace agreements with Israel.

He said the US would support efforts to end weapons smuggling across the Gaza border from Egypt.

However, he called for a complete withdrawal of Israeli forces from Gaza following its offensive, and said the US would provide humanitarian and economic assistance to the millions of Palestinians living in the Gaza Strip.

Osama Hamdan, a Hamas spokesman, told Al Jazeera Obama's remarks seemed to show that the US viewed the situation through "Israeli eyes".

Veteran negotiator
Mitchell, 75, acknowledged there were "many reasons to be sceptical" about the prospects for peace between Israelis and Palestinians.

"The key is the mutual commitment of the parties, and the active participation of the United States government," he said.

He is best known for helping to broker Northern Ireland's historic Good Friday agreement in 1998 which ended decades of bloody conflict.

In 2000, he also presided over a committee investigating the ongoing violence of the Middle East conflict, which recommended Palestinians do more to stop attacks on Israel and an end to Israeli settlement building on occupied land.

Obama also named Richard Holbrooke, a former UN ambassador, as his special envoy to Afghanistan and Pakistan.

Source: Aljazeera and Agencies

Obama stimulus plan 'on target'


Barack Obama, the US president, has said a new $825bn economic stimulus plan is "on target" to be approved by the middle of February.

"We are experiencing an unprecedented economic crisis that has to be dealt with, and dealt with rapidly," Obama said as he met leaders from both major US parties at the White House on Friday.

Obama also said that he had been receiving bad news about the state of the economy during his new in-depth daily economic briefing, which he instituted after taking office on Tuesday.

"Frankly the news has not been good - each day brings, I think, a greater focus on the problems that we are having, not only in terms of job loss but also in terms of some of the instabilities in the financial system."
Obama has been hoping to secure a large bipartisan majority for the stimulus package in congress to register a major political success in the symbolic first 100 days of his administration.

But some Republicans have doubts over the size and focus of the package.

"I recognise that there are still some differences around the table and between the administration and members of congress about particular details on the plan," Obama said.

Accountability questions

Obama also warned that the second half of a $700bn bailout of financial firms being debated in congress must ensure more accountability than that implemented by the Bush administration.

He mentioned recent press reports which said some Wall Street executives at companies that had received public bailout money had recently upgraded offices and private bathrooms.

He said politicians must "put in place the kinds of reform elements, oversight, transparency, accountability, that's going to be required in order for the American people to have confidence in what we're doing".

Obama was flanked as he spoke by Nancy Pelosi, the speaker of the House of Representatives, John Boehner, the senior Republican in the House, Harry Reid, the Senate Democratic leader and Mitch McConnell, his Republican counterpart.

Obama's comments came a day after Timothy Geithner, the US Treasury secretary-designate, vowed to reform the US financial system to make it stronger and more able to withstand world market turmoil.
Source: Agencies

Tuesday, December 30, 2008

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

Wednesday, December 24, 2008

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.

Sunday, December 14, 2008

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.