US studying features of Islamic banking

[Shammu]

US studying features of Islamic banking
Md. Rasooldeen | Arab News —
Sunday 26 October 2008

RIYADH: The US government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis, Robert M. Kimmitt, US deputy secretary of the Treasury, said at a press conference held at the US Embassy here yesterday.

Kimmitt, who is on an official visit to the Kingdom, also held discussions with Finance Minister Ibrahim Al-Assaf. Today, he is scheduled to meet Saudi Arabian Monetary Agency (SAMA) Gov. Hamad Al-Sayari, Saudi Arabian General Investment Authority (SAGIA) Gov. Amr Al-Dabbagh, Prince Alwaleed bin Talal, chairman of the Kingdom Holding Company, and Saudi investors and bankers. He said that the agenda for the G-20 summit to be held in Washington on Nov. 15, has to be carefully prepared since important topics are to be discussed in just one day. “I am not sure that Islamic banking will also be itemized in the agenda, but it is a subject that is often dwelt in the public and private sectors,” he noted. He said that experts in the US Treasury Department are currently learning the important features of Islamic banking.

However, he added that his country is focusing on activities of various governments and central banks in tackling the economic issues. He pointed out that the member countries in the G-20 also includes Islamic countries such as Indonesia and Turkey, besides the Kingdom which has been a member for the past 10 years. Representatives from these countries could present their experiences of Islamic banking in the light of the prevailing situation.

He hoped the G-20 summit will provide an effective platform for the member countries to exchange their views on the current economic problem and lay out a plan for the countries to draw out their respective national plans to ease the situation.

Commenting on his meeting with Al-Assaf, Kimmitt said the items that could be included in the agenda were also discussed. “The geographical representation from member countries would provide a broader view of the crisis and would also benefit the non-member countries through their experiments,” he added.

The G-20 summit, said Kimmitt, was proposed by Europeans which was readily accepted by President George W. Bush, who is seeking a common response to the global crisis.

Spelling out the purpose of his visit to Saudi Arabia, Kimmitt said that he has been associating with the Kingdom for more than two decades, but this is a significant visit since he was coming to the Kingdom at a time when there is a threat to the global financial market. “It’s an opportunity for me to present the US perspective ... and hear from the Saudi leadership on the current situation in the Kingdom and in the region,” he said, adding that even at a time of crisis, US wants to stress its commitment to tell the countries in the region of the US open investment policies.

Pointing out that a good number of American investors are coming to the Kingdom, Kimmitt said the US government expects reciprocation in the same manner. The deputy secretary is slated to visit the United Arab Emirates, Qatar, Kuwait and Iraq where he would meet the leadership and investors on similar lines.

US studying features of Islamic banking

[Shammu]

Global financial debacle: Islam has the answer
Posted: 2008/10/27
From: MNN

Some twenty percent of US population has more debt than assets today and this debt amounts to some 6 trillion dollars, Shoib-bin-Mukhtar, an Islamic Scholar from Al-Azhar University said at a conference on global financial debacle in Kashmiri capital Srinagar.

Al-Azhar scholar was here to deliver a speech on "Global Financial Debacle: An Eye-Opener Towards Framing Islamic Economic Order" in the Kashmir University.

He said some twenty percent of US population is trapped in deep debt and it was more than the assets they hold today. He informed that this debt amounted to some six trillion dollars.

Mukhtar said that the "Islamic economic system has been a success for thousands of years and it is for sure going to benefit the present world as well".

"Solutions to all problems are embedded in Islam, he said adding, "We should not narrow down the concept of Islamic economics to Islamic banking or finance but Islamic economics is a much broader concept and it surely has the potential to be an alternative to capitalistic economic system".

Registrar Kashmir University Prof Syed Fayaz presided over the function which was attended by a galaxy of scholars, students and teachers of the University.

Earlier introducing the topic the head of the department, commerce, Professor Khursheed Ahmad said that capitalistic economic system is in deep crisis at present due to current credit crunch which has given rise to a debate the world over.

Professor Khursheed said that there is a need towards having a look towards the Islamic economic order as well as an alternative for the capitalistic economic system.

Calling the Islamic system as most ideal one, Professor Khurseed said that there is need to educate people about this system which he said preaches socio-economic justice as well.

Global financial debacle: Islam has the answer

[Shammu]

"The essential difference between the Islamic economic system and the capitalist system", he continued "is that in Islam wealth belongs to God - the individual being only its manager. It is a means, not a goal. In capitalism, it is the reverse: money belongs to the individual, and is a goal in and of itself. In America especially, money is worshipped like God."

Why is it then that Saudi has a handful of exorbitantly wealthy princes while the rest of the country lives in abject poverty, oh wise ones??

I won't bow to any islamic, satanic laws and regulations.