March, 2009

• 9 March

  SUKUK – Some Basic Facts

  Sukuk is a form of Shari’ah-compliant securitization which is gaining wide acceptance not only in Muslim states, but also in largely non-Muslim countries where it is seen as a very promising instrument to mobilize funds for economic development by government or public-related institutions. Sukuk could be said to have evolved due to the needs of Islamic Banks and Financial institutions …

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• 9 March

  Going against the Grain Capitalism in the wake of a New Order By Roshan Madawela –

  Harsh words against the development of Shari’ah compliant financing has not faded despite the deeply ingrained flaws in the world’s dominant capitalist system which is coming apart at the seams like a cricket ball that has been knocked around for too many sixes.  Nevertheless, politically motivated censure of the Shari’ah financing sector goes on and on.  Predictably, much of the …

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• 9 March

  The Nature of Paper Money – Some history and observations, by A.L.M. Abdul Gafoor – Appropriate Technology Foundation Groningen, The Netherlands

  Gold and money From time immemorial gold was money.  Valuable goods were priced in terms of gold: this product is worth so many ounces of gold.  But assessing the fineness of the metal and weighing it each time a transaction took place was a tedious and wasteful exercise.  This led to the invention of the gold coin.  Mints which produced …

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• 9 March

  THE GREENBACK – AS GOOD AS GOLD ?, by Roshan Madawela Editor – Research Intelligence Unit.

  The world’s monopoly currency is still on the slide as the US’s trade partners watch and attempt to navigate a strategy that will safeguard their own economies. The evidence suggests that more and more Central Banks are diversifying their reserves away from the greenback. Perhaps this turn of events will offer a chance for world trade to revert back to …

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• 9 March

  The Subtle Nature of Riba, – by MOHAMMED ROBBANI – INSIF The Institute of Islamic Finance London

  It is a common practice to equate the English word ‘Interest’ with the ancient Arabic word ‘Riba’. However, this simple correlation disregards the subtle nature of Riba… THE TERMS ‘INTEREST’ AND ‘RIBA’ ARE NOT ENTIRELY SYNONYMOUS The meaning & definition of Interest appropriate for our purposes is the one in common use, which happens to be a “surcharge on the …

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• 9 March

  Financial Offences in Islam – by Muhammad Ibn Wazir

  Islam has laid down a number of laws governing human conduct to ensure the wellbeing of society. A good part of these rules are of a financial nature, governing financial transactions and prohibiting certain undesirable practices such as usury, hoarding and bribery which militate against economic justice and fairplay. Needless to say, Islam envisages a just economic order where all …

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• 3 March

  Slumdogs and Revolution

  The film Slumdog Millionaire after already having won several international awards has gone on to win no less than eight Oscars. No film, it appears, has ever provoked so sensational an international response as this one. What on earth is all this about? The question arises because on the surface it seems to be no more than an average rags-to-riches …

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