India, China may step towards Islamic finance

 India and China may step towards the Islamic finance in 2014 where more than 200 million Muslim populations are in compatible search of a financial system with their religious beliefs and thoughts. There is no doubt that international financial crisis will not hit the Islamic finance industry but due to the Arab Spring, Islamic finance industry has faced recession in some countries of MENA but there are chances of revival in 2014.

These views were expressed by Islamic Finance expert, Zubair Mughal who is also CEO of Al Huda Centre of Islamic Banking and Economics (CIBE) while commenting on Islamic finance industry in 2014. According to him, Islamic finance will grow with rapid pace in the year 2014 and its volume will pass through $ 2 trillion where Islamic banking keeps 78%, Sukuk 16%, Takaful 1%, Islamic Funds 4% and Islamic Microfinance has 1% share in the Islamic Finance industry.

In the year 2014, Dubai and London will be in competition to be the global hub of Islamic Banking and Finance while Kuala Lumpur will also attempt to be in this contest but the Islamic finance industry can be grown more through synergizing approach and alliance with industry stakeholders rather than setting any competition.

He said that the Islamic finance industry growth will go on double digit in 2014 which will turn the $ 1.6 trillion volume of Islamic finance industry in December 2013 to US $ 2 trillion by the end of 2014 including North African countries (Tunisia, Libya, Morocco, Senegal and Mauritania etc), rising trends of Islamic finance in Europe and UK, also the rising and substantial share of international market of Sukuk shall contribute to it.

He said that Sukuk will grow rapidly in 2014 and Muslim countries including non-Muslim countries e.g UK, China, South Africa and Europe etc will also get benefit from it which will enhance the growth in Islamic finance industry but Takaful Industry is not supposed to have any substantial breakthrough.

It is being hoped that 2014 will prove better period for Islamic Microfinance industry as different international institutions including Islamic Development Bank (IDB) have declared it a potential tool for poverty alleviation around the globe.

He also added that Islamic finance industry may face recession in certain countries including Indonesia while in Nigeria and Tunisia it may face some problems on religious and political grounds. He said that the Islamic finance initiatives in America and Canada including Latin American countries (Brazil, Argentina and others) have been taken and it is hoped that Islamic Funds market will come into existence in these regions by the year 2014.

To a question, Zubair Mughal said that there are multiple opportunities in Association of Southeast Asian Nations (ASEAN) countries to promote Islamic Finance, through which Halal Industry can be flourished rapidly in the region.

He stated that Islamic Finance and Halal Industry are complement to each other. Micro and Small Medium Enterprises (MSME’s) can be energized by utilizing Islamic Finance concept in the region which will be cause to reduce in poverty and ultimate socio-economic prosperity in the ASEAN member Countries. Presenting an analysis on ASEAN countries including Malaysia, Indonesia, Brunei Darussalam, Loa PDR, Myanmar, Singapore, Thailand and Vietnam, he stated that the approximate total population of ASEAN countries is 600 million including the Muslim Population more than 40% (240 million) which is a potential indicator for Islamic Finance growth whereas in Malaysia, Indonesia and Brunei Darussalam already have significant contributions in Islamic Banking, Takaful, Sukuk and Islamic Funds, while Philippines and Thailand are being considered as future potential markets for Islamic Banking and Finance in ASEAN countries.

He explained that Islamic Banking and Finance is the system not a religion which can be utilized by Muslim and Non-Muslims to get absolute benefits from the best services of Islamic Banking and Finance as its best example is the South Africa where Muslim population is less than 2% of the whole population but it has more than 5 Islamic Banks, 13 Islamic Funds and 2 Takaful companies working actively, which are equally famous among Muslims even non-Muslims communities because of their best practices and services.

He said that Philippines is an important country of the region with having 100 million populations, approximately, containing Muslim population by more than 7% which bears it out that there are momentous chances for the promotion of Islamic Finance and, apparently, government of Philippines found active in this concern and it will, definitely, energize Islamic Banking and Takaful in result.
http://www.4-traders.com/news/India-China-may-step-towards-Islamic-finance--17756332/

All India Muslim Law Board welcomes SC verdict on gays

Lucknow/New Delhi: All India Muslim Law Board member Zafaryab Jilani on Wednesday welcomed the Supreme Court verdict on gay sex.

"The Supreme Court has given this verdict to maintain the culture of this country. I don't know the exact text of the judgement though," said Jilani.

"We cannot make law on the basis of some people. It is not only against Muslims community, but also Hindus and Christians. It was an offence and therefore it should continue to be an offence. It is a welcome judgment," he added.

In a major setback for the largely closeted homosexual community in India, the apex court today said gay sex between consenting adults is a criminal offence.

The apex court set aside the Delhi High Court's 2009 judgement that homosexuality should not be treated as a criminal offence, which had been challenged by anti-gay rights activists, social and religious organisations.

The apex court had reserved its order in March last year, after day-to-day hearing in the case lasted an entire month.

The Delhi High Court had in 2009 decriminalised gay sex as provided in Section 377 of the Indian Penal Code (IPC) and had ruled that sex between two consenting adults in private would not be an offence.

Section 377 (unnatural offences) of the IPC makes gay sex a criminal offence entailing punishment up to life term. Senior BJP leader BP Singhal has challenged the high court verdict in the Supreme Court, saying such acts are illegal, immoral and against the ethos of Indian culture.

Religious organisations like All India Muslim Personal Law Board, Utkal Christian Council and Apostolic Churches Alliance too have challenged the judgement.

Hindu terrorists attack Aam Aadmi Party's office

 Aam Aadmi Party's office in Kaushambi attacked by workers of the 'Hindu Raksha Dal'. A group of 30 to 40 people attacked the party office in Kaushambi.

Armed miscreants carrying bricks and lathis ransacked AAP's office in Kaushambi in Ghaziabad and tried to attack party volunteers on Wednesday.

Carrying the banner of an outfit called Hindu Raksha Dal, around 35 people reached the party's office around 11.05 am raising slogans against party leader Prashant Bhushan for seeking a referendum on the army's presence in Kashmir during an interview with Aaj Tak on Sunday.

Bhushan's comment had drawn ire of several right wing outfits, including the Bharatiya Janata Party.

The attackers even tried to break open a door in the party office when the volunteers locked themselves inside a room to doge them. The miscreants ransacked the ground floor and left.

"We managed to take away the volunteers. No one was injured. Only office property has been damaged," said an AAP leader who was present in the office during the attack.

He said the attackers were carrying the banner of Hindu Raksha Dal.

"We have video footage of the attackers. AAP seeks immediate action against them," the leader said.

The attackers carried flags, banners, lathis and began hurling bricks and abuses at the AAP volunteers, many of them women.

"Had I been a second late, I would have been hurt. They had come to fight," said a woman volunteer of the AAP.

"Had we not locked the gate on time, many women would have been hurt since the attackers were throwing bricks," said another volunteer.

Police have reached the spot.

"The party never endorsed Bhushan's comments. Despite that, goons were sent to attack the AAP office. One party has been encouraging these groups. These are all inspired by the BJP. It is if they are the custodians of Hinduism. This is fake nationalism," said AAP leader Kumar Vishwas.

History books never gave space for Muslim scholars

Kozhikode: The history of Muslim leaders, who sacrificed their life for the country's freedom were "tarnished by people with vested interests", Union Minister of Minority Affairs K Rahman Khan said on Tuesday.

Speaking at the closing ceremony of the "Kerala Muslim History Conference" here, he said, "Our history textbooks never gave space for the Muslim scholars, who chose martyrdom in the freedom struggle of 1857."

The minister also emphasised the need for the reviving and compilation of the glorious history of Muslims and their rich heritage.

T Arifali, Ameer, Jamat-e-Islami Kerala, presided the function.

The three-day Conference discussed various matters pertaining to Muslims including on topics like "Muslim Society: Culture and Arts", "Muslim Renaissance Movements and its Analysis" and "Muslim society and its critical engagements".
http://zeenews.india.com/news/nation/history-books-never-gave-space-for-muslim-scholars_899192.html

Muslims want Cong to pass communal violence bill

 NEW DELHI: Muslim leaders urged Congress to pass the communal violence bill, putting a tough poser to the party that has failed to promulgate the legislation promised in its election manifesto.

The strong pitch for the legislation, with Muzaffarnagar riots as the reason, came at an interaction organized by Congress with civil society working among minorities to elicit their views on issues to be included in the 2014 manifesto. It was a bit of an irony since the bill was a key poll promise of Congress in 2009 though the UPA has failed to promulgate it.

 Rahul Gandhi, it is learnt, did not give his opinion on the vexed legislation though he cited AICC general secretary Mohan Prakash as saying that "there are two views on the bill".

The Union Cabinet cleared the bill recently at the fag end of UPA-2's tenure but failed to bring it in the winter session of Parliament. BJP and some regional parties are strongly opposed to the bill.

The community's urgency on the legislation which seeks to hold authorities accountable for communal riots is linked to Muzaffarnagar riots in western UP that left 50,000 Muslims in relief camps. The clashes between Jats and Muslims were raised at the manifesto meeting with participants pointing to the futility of making other promises if lives of people were under threat.

Along with it was raised the issue of arrest of "innocent" Muslim youth in terror cases and the need to fast-track their cases.

When a young participant mentioned "first security, then development", Rahul retorted, "no, both can go hand in hand".

It is not a happy situation for Congress that the legislation it has failed to pass in Parliament is the uppermost concern of the Muslim community, its core support base.

While security was mentioned repeatedly as a concern during the meeting, Rahul agreed that people were worried. Referring to his visit to relief camps in Muzaffarnagar on Sunday, he said when he took an 8-year-old boy aside and asked him what he felt, the boy replied, "I am very scared." Rahul said nobody in any state or belonging to any religion needs to be scared in India.

That Muzaffarnagar dominated the manifesto session may further nudge the Congress to raise the pitch on riots, sure to rile the ruling Samajwadi Party in UP since such focus puts its "secularism" under the scanner. A day after Rahul's visit, SP chief Mulayam Singh Yadav said the Congress was misleading Muslims in relief camps.

Muslim leaders also demanded that dalit converts to Islam be recognized as SCs and the 4.5% minority quota be rescued from Supreme Court which has stayed it. The gathering demanded that 15-point programme for Muslims be made mandatory for states since they were reluctant to implement the Sachar panel schemes.

The gathering also sought a system to rein in the "communal attitude" of the administration which did not allow implementation of welfare schemes.
http://articles.timesofindia.indiatimes.com/2013-12-24/india/45539097_1_muzaffarnagar-riots-relief-camps-communal-violence-bill