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  • thabet 1:37 am on January 5, 2011 Permalink
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    India launches its own ‘sharia stock index':

    The Bombay Stock Exchange has launched India’s first index of companies compliant with Islamic law, or shariah, in an effort to bring more of the country’s 175m Muslims into mainstream finance, and to attract investment from foreign shariah-abiding funds.

    Shariah finance has become a trillion-dollar global business, most notably in the Gulf. But in spite of India’s sizeable Muslim population, it has not yet taken off in south Asia. The creators of the new index – called the BSE Tasis Shariah Index and launched on Monday – hope to change that.

    The index is made up of the 50 biggest Indian companies whose operations are deemed to be consistent with shariah – meaning that they don’t derive significant profit from interest payments, or sell products or services such as tobacco, alcohol or weapons, which are considered in the Islamic faith as sinful.

     
    • aziz 10:36 am on January 5, 2011 Permalink | Log in to Reply

      this is actually pretty great. I dont think theres any concensus on what sharia-compliance is, but at least there’s some diversity.

  • aziz 8:25 am on November 25, 2010 Permalink
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    The OIC appears to be actually doing something useful: an Islamic Stock Index. The MASDAQ?

     
  • bingregory 5:57 pm on September 26, 2010 Permalink
    Tags: , islamic finance, ,   

    New York Times: The Female Factor

    …it is multicultural Malaysia where women have made the greatest inroads.

    The roll call of female high achievers in this Southeast Asian nation cuts across almost all aspects of the sector — from bank chief executives and scholars of Shariah, or Islamic law, to regulators like Zeti Akhtar Aziz, the central bank governor, who is widely credited with playing a leading role in transforming Kuala Lumpur into a hub for Islamic banking.

    The only thing missing is numbers on women in western finance. The Wall Street floor looked like a sea of men last time I checked.

     
  • thabet 1:56 am on September 21, 2010 Permalink
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    Senegal, Pakistan and Afghanistan ‘are turning to Islamic banking to spur economic growth by encouraging people to take out loans and open savings accounts’.

     
  • aziz 11:26 am on March 29, 2010 Permalink
    Tags: islamic finance   

    Parvez Ahmed on Islamic Finance at altmuslim.

    We need a better name for it than “Islamic Finance”. What about FinHal?

     
  • thabet 10:24 pm on March 24, 2010 Permalink
    Tags: , islamic finance, ,   

    This report on the supposed benefits of Islamic finance reminds me of this post by Mahmoud El-Gamal.

     
  • johnpi 8:41 pm on October 27, 2009 Permalink
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    First women-only bank opens in Iraq holy city.

    In one of Shi’ite Islam’s holiest cities, a bank has opened a branch only for women, hoping to tap a potentially large market and meet pent-up demand from Muslim women for financial services that meet their needs.

    The manager of the Najaf branch of the private Babel bank is, however, a man. He must make an appointment before making a visit and enter the premises through a back door.

    “Through this bank they (women customers) can unveil and exercise complete freedom in dealing with the employees,” said Mazen Abdul-Razzaq, Babel’s deputy director.

    A study by The Boston Consulting Group, which included Iraq, found that women worldwide were particularly dissatisfied when it came to financial services.

    Iraqi women interviewed at the women-only bank in Najaf say they felt uncomfortable dealing with male bank clerks in regular banks and felt much more relaxed in the new branch.

     
  • thabet 12:55 pm on October 12, 2009 Permalink
    Tags: , , islamic finance, ,   

    Keep your veils, but give us your dinars, riyals and dirhams:

    The French government announced on Wednesday that within the next two weeks it will be pushing through new tax legislation to make it easier for French firms to attract Islamic financing as the country battles the global credit crunch.

    Another tax reform, currently under review by the constitutional council, could allow Islamic “sukuk” bonds to be issued in France and the opening of Islamic retail banking services to French Muslims in 2010.

     
  • thabet 1:33 am on September 15, 2009 Permalink
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    We don’t like your religious symbols, but we want your cash:

    France’s quest to create a new European hub for Islamic finance could soon yield results for wholesale banking and Islamic bonds, but concerns over the image of Islam may put the brakes on retail banking.

    Since launching a drive to develop Sharia-compliant financing and draw Middle Eastern capital to France around two years ago, Paris has made large strides on the legal and fiscal front, with much of the framework already set.

    (Via FaithWorld.)

     
  • buzz 2:06 pm on August 11, 2009 Permalink
    Tags: , , , islamic finance, , Utopian Ideologies   

    I viewed some of the Hizb ut Tahrir America teleconference and videos yesterday.  And I had a few reactions I wanted to share.

    (More …)

     
    • Shams al-Nahar 2:49 pm on August 11, 2009 Permalink | Log in to Reply

      Wallah, there is actually a whole family of thought about these things…..it is part of Third Culture social theory.
      Here is a book.

      We already live under shariah law in the US…..shariah law is just the encoding of local religio-social mores and taboos into legislation and jurisprudence…..for example….the prohibition against same sex marriage in California is shariah law.

      • Buzz Kill 3:23 pm on August 11, 2009 Permalink | Log in to Reply

        Third Culture in the Edge.org way or the Multi-Cultural, Global Ethics way?

        I am aware that the US lives under a Law like Shariah. However, it was framed to separate Church and State which is what has helped the US become a pleasant social environment to live and work for most people.

        I am also aware that the United States is also vulnerable to its own laws and mores. Capitalism is failing hard and deregulation and the long parade of scammers have worked the system in a way that is very unfair to its citizens and the world.

        The USA also needs to evolve. But it is also natural for empires to fall. Happened to Islam and it will probably happen to the USA. I think America will be a more pleasant place to live when we pass the baton to rule the planet on to the next empire.

        • Shams al-Nahar 3:31 pm on August 11, 2009 Permalink | Log in to Reply

          The Brockman book from the Snow book….I guess that is what Edge went on.

        • Shams al-Nahar 3:38 pm on August 11, 2009 Permalink | Log in to Reply

          Consider COIN…Kilcullen is a Third Culture scientist articulating social network theory as mil strat….
          Islamic finance is an evolved strategy for mediating survial of the greediest.
          A good EGT person could spec it.

          • Shams al-Nahar 3:46 pm on August 11, 2009 Permalink | Log in to Reply

            Evolutionary Games Theory

          • Buzz Kill 4:16 pm on August 11, 2009 Permalink | Log in to Reply

            The problem with the American culture game is there is no cohesiveness. There is nothing to bind it together. People understand and sympathize with Bernard Madoff insanity alot better than I thought they would. The outrage was muted IMO.

            This has been ramping up for more than 30 years. The WWII generation were the last Americans I think who sensed a deep social responsibility. Since Nixon, it has been an individualist affair. Grab all you can while you can. The short-sighted strategy has completely exposed its weakness and now would be a good time to modify the game.

            The wisdom of Islam (or any religious wisdom which accurately portrays a connection and interdependence) can address this short-coming of American culture. It works slowly and will take decades to sink in.

            Meanwhile, I think these Muslim orgs see their greatness in the past and want to recapture a lost era. The greatness is in the Qur’an and not in lost empires and vast caliphates. That is pure telenovela.

            So the selfish gene doesn’t really survive until the altruism ethics is permanently embedded.

            • razib, murtad fitri 5:20 pm on August 11, 2009 Permalink

              buzz kill, you do know that the polling data shows a strong shift toward social democratic orientation among the under 35, right?

            • Shams al-Nahar 7:51 pm on August 11, 2009 Permalink

              Sillie buzzkill……there is no altruism in nature.

            • Buzz Kill 9:49 pm on August 11, 2009 Permalink

              Shams

              Richard Dawkins:

              From THE SELFISH GENE: THIRTY YEARS ON
              Thursday 16 March 2006
              The Old Theatre (Old Building, LSE, Houghton Street, London WC2A 2AE)

              I want to say a little bit, which I actually also said in the new preface to the 30th anniversary edition, so I won’t spend long on it — about the title The Selfish Gene. I don’t think it’s a great title. I’m quite pleased with some of my other titles, but I don’t think this is one of my best. It can — it has — given rise to misunderstanding.

              The best way to explain it is by correctly locating the emphasis. If you emphasize “selfish,” then you will think the book is about selfishness. But it isn’t, it’s mostly about altruism. The correct word of the title to stress is “gene,” and that’s not because I ever thought that genes are deterministic in the sense that is politically objectionable to some people; it’s because of a debate within Darwinism.

              The central debate within Darwinism concerns the unit that is actually selected, the kind of thing which becomes more or less numerous in a pool of such entities. That unit will become, more or less by definition, selfish, in this sense. Altruism would then be favored at other levels. So if natural selection chooses between species, then you could write a book called The Selfish Species, and we would then expect individual organisms to behave for the good of the species. That isn’t the way it is — it is in fact the selfish gene, which means that we expect, and see, individual organisms behaving for the good of their genes, which may mean altruistic behavior at the level of the individual organism. And that’s quite largely what the book is about.

              I can see how the title The Selfish Gene could be misunderstood, especially by those philosophers, not here present, who prefer to read a book by title only, omitting the rather extensive footnote which is the book itself.

              Alternative titles could well have been The Immortal Gene, The Altruistic Vehicle, or indeed The Cooperative Gene. The book could equally well have been called The Cooperative Gene, and it would scarcely have needed to be changed at all.

            • Buzz Kill 9:53 pm on August 11, 2009 Permalink

              Razib

              No, I did not realize that. There seems to be a generational shift of attitudes as the baby boom set move into retirement and gen x and post gen x (kids) move into the work place and positions of influence in the world.

              I thought it was too early to say anything definitely except the kind of stuff that real marketing intelligence finds out:
              What kind of products they’ll buy and what their spending habits are.

              A source would be great.

            • Shams al-Nahar 11:38 pm on August 11, 2009 Permalink

              pfft….it is what Sir Richard himself said.
              He meant..there is no altruism outside of the immediate genetic kin, the shared genome.
              His example was the songbird that warned the flock, and sacrificed itself for the greater DNA.
              there is no species wide altruism in homo sapiens sapiens.
              only altruism for genetic or memetic kin.

            • Buzz Kill 11:42 pm on August 11, 2009 Permalink

              Is Allah altruistic?

            • Shams al-Nahar 9:31 am on August 12, 2009 Permalink

              Hmm….what Sir Richard meant is that genes can be altruistic, that is genes look out for other genes ….so the appearance of altruism in nature is false, like the songbird that gives his life to warn the flock preserves a greater quantity of related DNA than just his own…Sir Richard thinks of genes, the smallest discrete unit of inheritance, as ….almost swarms of symbiotes carried by individual vectors.

              Altruism means putting the welfare of “others”=peers above ones own? But the Divine Beloved has no peers……the Real Most High is peerless.
              Allah is the compassionate, the caring.
              But we are not peer to Allah.
              ;)

            • Buzz 12:12 pm on August 12, 2009 Permalink

              So we were not created in Allah’s image?

              What a blow! I thought I came from good stock.

            • Buzz Kill 2:54 pm on August 12, 2009 Permalink

              Don’t place barriers between Friends.
              I refuge to Allah from all that is not Allah

              Altruism

            • Shams al-Nahar 5:35 pm on August 12, 2009 Permalink

              wallah, u ax meh is Allah altruistic, not if I had I’thar.
              as for the Turing heresy….

              Major Motoko Kusanagi: Who can gaze into the mirror without becoming evil? A mirror does not reflect evil, but creates it.

            • Buzz Kill 6:30 pm on August 12, 2009 Permalink

              u ax meh is Allah altruistic

              Yeah, I see your point.
              Don’t know the answer to that one.
              Allah is Most Gracious and Most Merciful
              and it is really all about Allah.
              Me Me Me.

              Hmmm. Head wringer.

        • Shams al-Nahar 3:45 pm on August 11, 2009 Permalink | Log in to Reply

          But we don’t have separation of church and state.
          GW killed more Americans in Iraq with that Gog/Magog lunacy than UBL did in the Twin Towers. And spent a trillion dollars doing it.

    • Shams al-Nahar 2:52 pm on August 11, 2009 Permalink | Log in to Reply

      I imagine Hizb ut Tahir would favor islamic shariah law to replace American shariah law, tho.
      ;)

    • thabet 11:40 pm on August 11, 2009 Permalink | Log in to Reply

      Why are people taking HT seriously?

      • Buzz Kill 11:59 pm on August 11, 2009 Permalink | Log in to Reply

        They are a typical muslim organization. Not that different from CAIR or ISNA or others.

      • Buzz Kill 12:01 am on August 12, 2009 Permalink | Log in to Reply

        That is not what I really want to get into. It is more about general Muslim orgs looking back, not forward. Hizb ut Tahrir was just a catalyst for the discussion.

        • thabet 12:06 am on August 12, 2009 Permalink | Log in to Reply

          It is more about general Muslim orgs looking back, not forward. Hizb ut Tahrir was just a catalyst for the discussion.

          OK, fair enough.

          But I think there is a significant part of any sort of Islam that will always “look back” to the time of the Prophet.

          • Buzz Kill 12:08 am on August 12, 2009 Permalink | Log in to Reply

            Which is fine so long as they figure WWPMD in this decade rather than what would we do in the 7th Century.

            Anybody that buys a miswak from a muslim store is a bit of a knucklehead.

            • Buzz Kill 12:10 am on August 12, 2009 Permalink

              No shit, I saw a box of shrinkwrapped miswaks for $2.95 each. I am SURE the Prophet, being here today, would say, “What the hell, knucklehead? Why aren’t you using a toothbrush or a waterpick?”

            • Buzz Kill 12:11 am on August 12, 2009 Permalink

              There are a lot of miswaks we need to leave back in history.

            • thabet 12:16 am on August 12, 2009 Permalink

              There are a lot of miswaks we need to leave back in history.

              Heh, I like this.

            • Buzz Kill 12:18 am on August 12, 2009 Permalink

              Forgot to mention: my personal opinion is that the backwards looking is so ingrained in the mind of the individuals and culture throughout the middle east, that to survive, Islam will have to adopt converts in the West.

              It will become so ridiculous and intolerable in the older countries that people will either kill each other or abandon it completely.

              Exhibit A

            • thabet 12:20 am on August 12, 2009 Permalink

              Which is fine so long as they figure WWPMD in this decade rather than what would we do in the 7th Century.

              This is not a new question. The tension between what is temporal, to be ignored or abandoned based on circumstances, and what is trans-historical, or universal, goes to heart of all traditions.

            • razib, murtad fitri 12:23 am on August 12, 2009 Permalink

              Forgot to mention: my personal opinion is that the backwards looking is so ingrained in the mind of the individuals and culture throughout the middle east, that to survive, Islam will have to adopt converts in the West.

              LOL. dude, if you weren’t a mus yourself this would open to you all sorts of “critique.” mighty-whitey-come-to-save-islam :-) though i think this might actually be more fair than not. the buddhist engagement with the west starting in the 19th century seems to have resulted in increased vigor of eastern buddhism through back-migration of new ideas (the historical chain of influence on therevada revivalism in sri lanka via post-theosophist white converts is of particular interest to me).

            • Buzz Kill 12:24 am on August 12, 2009 Permalink

              It is particularly virulent with Islam.

            • Buzz Kill 12:30 am on August 12, 2009 Permalink

              Razib

              It is not racial superiority, it is human nature. Islam is the spiritual and cultural grand prize to civilization from the Middle East. Look how they are treating it. Look how they respect it. Clearly, it is and has been in a state of decline for a long time.

              Look at the United States and democracy. It is the grand prize to civilization from a young country which is barely more than 200 years old and already we have f-d it up and allowed corruption in so deep, we’ll never be able to clean it up.

              In dunya, things run from a state of higher order to lower order as a general rule – entropy?

            • thabet 12:36 am on August 12, 2009 Permalink

              Don’t place humans on a pedestal and you won’t be disappointed. We’re all flawed.

            • Buzz Kill 1:02 am on August 12, 2009 Permalink

              Ha! I could say the same to you about dozens of your posts.

              I won’t if you won’t.

              Actually, I think this whole thread has been about not being idealistic. Not attempting to reach a prior perceived perfection.

              Human beings are not fatally flawed, we are a mixture of purity and impurity pulling at each other. Tension builds, something has to give one way or the other.

              That’s all. It can be beautiful. Plenty of examples.

            • thabet 1:33 am on August 12, 2009 Permalink

              I learnt the hard way not to do that :-)

            • Shams al-Nahar 9:41 am on August 12, 2009 Permalink

              In dunya, things run from a state of higher order to lower order as a general rule – entropy?

              The Second Law of Thermodynamics.

              Once when I was small my New York grandmother took me to the UN building….there was a vast gorgeous persian carpet hanging on the wall. The legend is the famous craftsman that wove it put in a deliberate flaw, because perfect beauty is perfectly boring.
              We are imperfectly beautiful.

              And….al-Islam is a process, brother Buzz.
              bi la kayfa

            • thabet 1:11 am on August 13, 2009 Permalink

              LOL. dude, if you weren’t a mus yourself this would open to you all sorts of “critique.” mighty-whitey-come-to-save-islam

              Similar sentiments have been expressed by others, including reformist/modernist intellectuals who believed the West was freer to allow more ‘creative’ thinking.

    • Mu'adh 9:16 pm on August 12, 2009 Permalink | Log in to Reply

      Buzz kill, please observe some basic respect for the prophet. ur assertion that you are “SURE” that he would do such and such is based on little more than your own sensitivities. secondly, the language you ascribe to the hypothetical statement of the prophet is disgusting.

      • Buzz Kill 9:33 pm on August 12, 2009 Permalink | Log in to Reply

        Sorry you were offended.
        I meant no disrespect towards Prophet Muhammad (which I am *SURE* you know).
        In any case, I could have worded it differently.

    • Shams al-Nahar 9:23 pm on August 12, 2009 Permalink | Log in to Reply

      Salaams brother mu’adh
      Why is that language disgusting?

      • Shams al-Nahar 9:28 pm on August 12, 2009 Permalink | Log in to Reply

        I mean…when I think about the Prophet I feel heartmelt.
        He loved the people so much……he wanted the people to have health…why wouldn’t he have wanted the people to have the best dental care?

        • Buzz Kill 9:55 pm on August 12, 2009 Permalink | Log in to Reply

          lol. You’re the best Shams.
          I think Mu’adh objected to the casual and careless way I portrayed the Holy Prophet (s). And he is right.
          Thank you Brother for your kind nasiha.

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