10 Great British brands No longer British
July 3, 2010Thomas Cook fails in USD50 million Islamic bond bid
July 13, 2010Assalamualaikum,
Dear readers,
I am very delighted to share with you my recent article in the Global Islamic Finance Magazine (GIFM) July Issue pp66-67. The GIFM is a London-based leading magazine that provides news, knowledge and information on Islamic finance. This article attempts to demystify the mundane assumption or myth about shortage of Shari’ah scholars that available in the market. For full article, click here:
http://content.yudu.com/Library/A1o6ii/ComplimentaryGlobalI/resources/66.htm
“The ink of the scholar is more sacred than the blood of the martyr”
Best Regards
ZULKIFLI HASAN
DURHAM, UK
Cordoba, Spain
0 Comments
In the Name of Allah, the Most Gracious, the Most Merciful
Dear Bro, Assalaamu ‘Alaykum Wa Rahmatullahi Wa Barkatuhu
I have just finished the completion of my business plan for a fully stock halal supermarket ‘Food Basket Supermarket’; which is much needed here on my island (St. Thomas in the Caribbean) but I need financing for this project. Our banks here are base on the interest system and as a practicing Muslim I’m unable to present my business plan for financing with them. I was informed by USDA department that they can co-sign (guarantee) loans up to U.S $25 million. However, my entire supermarket project cost is U.S $26,158,269.53 and if I were to take such a loan from a local bank under their guarantee I would be doing that under interest; which is forbidden in Islam. I have tried the Islamic banks located in the main land (the U.S) but they are community banks rather than national banks and are unable to do business here. Only national banks can operation globally. I have even tried the Islamic bank of Dubai. But their reply was ‘we currently provide the Small Business /Personal Finance facility for resident customers and only inside the UAE’. The director of this bank Sheik Hussein Hamid Hassan has confess many times on his Peace Tv show ‘market change; that if a Muslim comes forward with a viable project they will not turn it down however, a much needed halal supermarket is a viable project but I was turned down. I considered this hypocritical on their behalf and all other Muslims banking system for failing to loan sharia compliant loans to Muslims who wish to fall and operate under Allah’s law rather than oppose his law by getting involve in Interest. If this is the current state of the Islamic banking system then I fail to realize how will Muslims benefit from it that are not living in an Islamic country but wants to comply with sharia? I think there is much works to be done on this matter as the Golden Age dawn unto us.