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Tuesday, 16 June 2009 08:58

Islamic Banking Convenor meets Salman Khursheed, discusses feasibility of Interest free Islamic banking in India

New Delhi: Mr. H Abdur Raqeeb, Convener of National committee on Islamic Banking met with Mr. Salman Khursheed, Minister of state for Minority & Corporate Affairs today and discussed the feasibility of Interest-free Islamic Banking in India.

Mr. Raqeeb, General Secretary of Indian Centre for Islamic Finance (ICIF) said,
"Islamic Banking will be beneficial to the Indian society particularly for Marginalised and the Minorities in terms of microfinance as well as major investment from the Gulf countries for massive infrastructural development like US $ 10 billion in Economic Development Zone in Maharashtra." Exploring the possibility, he urged that if London, Singapore, Tokyo and Hong Kong can become ‘hub and house of Islamic Finance & Banking’ then why not Mumbai and Kochi?

The following reports and documents about the Islamic Banking in India were submitted to Mr. Khursheed:

1. RBI Working Group Report to examine financial instruments used in Islamic Banking.

2. Dr. Raghuram Rajan Committee Report appointed by Planning Commission of India for Financial Sector Reforms –CFSR- submitted to the Prime Minister of India.

3. Lovell’s Document on Islamic Finance Regulations in Non-OIC Jurisdiction - in countries like Britain, Singapore, Japan, Hong Kong, etc.

4. Financial Services Authority (FSA) Report on Islamic Finance in UK: Regulations and Challenges.

5. Feasibility of Islamic Investment Company, KSIDC - Kerala State Industrial development Corporation prepared by Ernst & Young.

6. Journey of Islamic Banking in India ppt. Presentation: Efforts undertaken towards popularising the concept of Islamic Banking among various segments and stakeholders of Indian society.


Mr. Khursheed appreciated the proposal given by Mr. Raqeeb, accompanied by Mr. Mohammed Sadath, Office Executive (ICIF), and ensured them to cooperate in the future programmes related to Interest-free Islamic Banking.


Disappointment continue in Middle East

Mr. Obama failed to understand there was no mistrust between the Islamic world and the United States before Israel was born.

His first speech in Turkey fell short of resolving the Palestinian crisis, thus he failed to manage the expectation of Middle Eastern people.

Now the Cairo speech expresses his personal love for people in the Middle East but it firmly says that the U.S. relationship with Israel is unbreakable.

Here he is misleading the Middle East. He is giving his personal likings and beliefs in favour of people in the Middle East while his foreign policy remains the same, in favour of Israel, as all other U.S. presidents did.

Obama’s rhetoric sounds good; it’s a temporary relief until we find out Israel is demolishing more Palestinian homes and expanding its settlements and outposts.

His Cairo speech will be a new beginning of Middle East scepticism and Mr. Obama will be regarded in Cairo as a man of just rhetoric.

The end result; there will be more hatred, mistrust and extremism. For Iran, that will be a strategic and political gain


Obama's doublespeak on Iran

On the U.S.-Iran relationship, President Obama seems to be talking from both sides of his mouth. From one side we hear promising messages of dialogue and a "new beginning" with Iran; from the other side provocative words that seems to be coming right out of the mouth of his predecessor, George W. Bush.

For example, on the occasion of the Iranian New Year in March, while the President expressed willingness for "engagement that is honest and grounded in mutual respect" he also warned Iran that it cannot "take its rightful place in the community of nations … through terror or arms."

Claims that Iran supports international terrorism or seeks to manufacture nuclear weapons were used by the Bush administration as excuses for not negotiating with Iran. President Obama’s occasional mimicking of those claims (which completely disregards the expert views of both the International Atomic Energy Agency and the National Intelligence Estimate) is likewise bound to serve as a major obstacle in the way of a meaningful conversation with Iran.

In terms of actual policy measures, President Obama and his foreign policy team have not taken any steps to reverse or mitigate the hostile policies their predecessors put into effect against Iran.


Top 5 global IT services vendors

Worldwide IT services revenue totalled $806 billion in 2008, an 8.2 per cent increase from 2007 revenue of $745 billion, according to Gartner Inc.

Thanks to six to eight months of `business as usual' in 2008 and then approximately four months encountering the beginning of the global economic downturn, the IT industry could manage a decent growth.

So, who were the vendors who led the growth chart globally in terms of revenue and marketshare. Here's over to the top 5 IT services vendors of 2008 (as per Gartner estimates).