Archive for March 19th, 2009

ISLAMIC BANKING: VTB mulls Russian debut on sukuk market – Reuters

March 19, 2009

ISLAMIC BANKING: VTB mulls Russian debut on sukuk market – Reuters

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THE ‘BRAHMINS’ IN UPA FINANCE MINISTRY AND RBI ARE DRAGGING THEIR FEET OVER ISLAMIC BANKING AND FINANCE, SOLELY ON COMMUNAL GROUNDS. 

 

THEY ARBITARILY DENY THE OPPORTUNITIES OF SHARIA BANKING TO 150 MILLION INDIAN MUSLIM CITIZENS OF INDIA WITHOUT PROVIDING THEM ANY ALTERNATIVE FINANACIAL AVENUES FOR THEIR ISLAMIC FINANCIAL NEEDS. IN AS MUCH AS INDIAN CONSTITUTION FULLY GUARANTEES RELGIOUS FREEDOM, INDIAN GOVERMENT HAS UNCONSTITUTIONALLY WITHHELD ANY MOVE ON INTEREST FREE BANKING, ESPECIALLY TO CATER TO THE RELIGIOUS DUTIES ENJOINED ON MUSLIMS BY THEIR RELIGION. THIS IS A VERY SERIOUS AND ONGOING DENIAL OF INDIAN MUSLIMS’ RELIGIOUS FREEDOM RIGHTS.

 

IT SHOULD BE AN EYE-OPENER TO THESE COMMUNAL ‘BRAHMINS’ THAT EVEN RUSSIA HAS TAKEN STEPS TO OPEN NEGOTIATIONS WITH ISLAMIC BANKS WITH A VIEW TO INTRODUCE SHARIA PRODUCTS. 

Ghulam Muhammed, Mumbai

 

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLI53843420090318

 

VTB mulls Russian debut on sukuk market

Wed Mar 18, 2009 10:00am EDT 

MOSCOW, March 18 (Reuters) – Russia’s second largest bank VTB (VTBR.MM) may become the country’s first issuer of sukuk or Islamic bonds and is considering a deal worth several million dollars, VTB’s investment banking head said on Wednesday.

Russian companies need to be more creative about raising capital as usual sources of funding have dried up in the global credit crunch and around $100 billion of foreign corporate debt payments are due this year. “We are looking at the possibility of entering this market (Islamic finance) — both for us and for our clients,” VTB Capital head Yuri Solovyov told journalists, adding that an issue from VTB could be worth several million dollars.

He declined to name which other Russian companies had expressed interest in such financing.

Globally, $14.9 billion worth of sukuk were issued last year, less than half 2007’s issuance, according to Standard & Poor’s.

To comply with Islam’s ban on interest, sukuk are structured as profit-sharing or rental agreements, and returns are derived from underlying physical assets such as commodities or real estate. Investment, pork, alcohol, gambling and pornography is banned.

To date there have been no Russian issuers of sukuk.

VTB Capital and Liquidity Management House, a subsidiary of Kuwait Finance House (KFIN.KW), on Wednesday signed a protocol of intention aimed at cooperating in the development of Islamic finance in Russia and other former Soviet countries. (Reporting by Oksana Kobzeva, writing by Toni Vorobyova; Editing by David Cowell)

 

© Thomson Reuters 2009 All rights reserved


SOME OBSERVATIONS ON ELECTIONEERING TOWARDS 2009 INDIAN PARLIAMENTARY ELECTIONS – By Ghulam Muhammed

March 19, 2009

Thursday, March 19, 2009

 

SOME OBSERVATIONS ON ELECTIONEERING TOWARDS 2009 INDIAN PARLIAMENTARY ELECTIONS

 

1.The two main ‘Brahminical’ political parties, Congress and BJP are in serious trouble as regional and potential Third Front partners, are increasingly going independent and are loath to give space for the two national parties to attain their high count of seats, to be able to lead any coalition; be that UPA or NDA.

 

2. The new attraction of electing a Prime Minister, not from the two main parties, is giving a new boost and new shine to leaders of different regional parties.

 

3. The old cartelization of Indian politics, monopolised by high-caste leadership, is giving way to a new set of players from the lower strata of Indian polity.

 

4. Muslims, once the backbone of all political parties, once committed, have started their own ‘outfits’ (term preferred by TOI, that probably refuses to legitimize their efforts by calling them political parties)  and adopting Congress/Mayawati formula of inclusion of all weaker sections of voters, and giving tickets to non-Muslims and campaigning for them.

 

5. Muslim political activities are focused on state level efforts to put up candidates for Lok Sabha. The usual harangues and conclaves of Muslim leaders are missing, as tactical voting has gone regional and national politics are on the backburner.

 

6. Communal riots and communal politics has been decisively put away by both ‘Brahminical’ parties, as they have fully realised the counter productiveness and aftereffects of the bloodshed and the glare of world attention on Indian elections. The way Varun Gandhi has evoked alarmed reaction from practically all quarters of the political spectrum goes to prove that the days of ‘communal riots’ as boosting the prospect of communal voting successes, are numbered.

 

7. The menacing shadow of turmoil in Pakistan and the palpating danger of Taliban terror reacting to any more Gujarats in India, is weighing heavily on the two Brahminical political group’s strategies to whip up frenzies of the communal nature as a convenient short cut to garner landslide victories.

 

8. Left parties appear to be prepared to junk their ideological baggage and lead the Third Front, through consensus politics.

 

9. Indian politics is poised for a paradigm shift and change is in the air.

 

 

Ghulam Muhammed, Mumbai

ghulammuhammed3@gmail.com

www.ghulammuhammed.wordpress.com

 

 

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