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*How Islamic are Islamic Countries*


Searched & Compiled by :
M Q Syed, MD- EXHICON Group
*www.mqsyed.com*

 

A study by Scheherazade S. Rehman and Hossein Askari of George Washington University, published in the Global Economic Journal (vol. 10, Issue 3) in their researches titled *An Economic Islamicity Index* finds that Western nations apply Islamic principles in economics and business more than the countries known as ‘Islamic’ or ‘Muslim’ by demography or Constitutional declaration. The two researchers picked up 208 nations to rank them on an Islamic Economic Index. They placed Ireland on the first place, followed by Denmark, Luxembourg, Sweden, United Kingdom, New Zealand, Singapore, Finland, Norway and Belgium. Almost the entire European Union (EU) countries, Japan, Korean Republic and even Israel are shown to be more committed to Islamic principles in dealing with economy and business than any Muslim country. Malaysia is the first Muslim country in the list, at the 33rd place in the ranking of 208 nations.Interestingly, India is placed at 97th rank, while Pakistan and Bangladesh, two neighbouring Muslim-majority countries, are placed at the 141 and the 145th rank. The U S occupies 15th place, the Russian Federation and China are placed 45th and 62nd. Some Muslim countries that are better placed in the ranking are Kuwait (42), Kazakhstan (54), Brunei (55), Bahrain (61), UAE (64), Turkey (71), Tunisia (72), Jordan (74), Azerbaijan (80), Oman (82), and Lebanon (87). Saudi Arabia occupies the 91st place. Indonesia, with the world’s largest Muslim population, is ranked 104th.
One should not mistake Economic Islamicity with interest-free banking alone.
The study applies a broad spectrum of Quranic and Islamic principles on ways economy and business is conducted in the countries concerned. It delineates three principal goals of an Islamic economic system:
(a) Achievement of economic justice and achievement of sustained economic growth
(b) Broad-based prosperity and job creation
(c) Adoption of Islamic economic and financial practices.
These three central teachings of Islamic economics have been disaggregated into eleven areas of fundamental economic principles, which are:
1- Economic opportunity and economic freedom
2- Justice in all aspects of economic management i.e., property rights and the sanctity of contracts (Quran 2: 188 and 4: 29)
3- Better treatment of workers, including job creation and equal access to employment
4- Higher education expenditures relative to GDP, including equal access to education.
5- Poverty eradication, aid, and providing basic human needs, no hoarding of wealthy i.e., economic equity and less opulence in consumption.
6- A more even distribution of wealth and income.
7- Better social infrastructure and provision of social services through teaxation and social welfare,
8- Higher savings and investment rates i.e., management of natural and depletable resources
9- Higher moral standard, honesty and trust exhibited in the marketplace and in all economic interactions, i.e. less corruption (with reference to Quran 13: 11, 17: 16)
10- Islamic Financial System i.e, risk-sharing, as opposed to debt contracts, i.e., a supportive financial system and elimination of speculation (with reference to Quran 2: 275, 276)
11- Higher trade/GDP, higher foreign aid/GDP and higher degree of environmental preservation and vigilantly -supervised markets.

*What is an ‘Islamic Country’* ?

The study notes that identifying a country as ‘Islamic’ is a complex exercise as some countries have declared themselves as ‘Islamic Republics’, some have merely declared Islam to be the ‘State Religion’, while others have stated Islam to be the primary religion.

A few others do not take any stand on this issue but are members of the 56-member Organisation of Islamic Conference (OIC) merely because more than 50% of their population is Muslim.

The study attributes the low level of economic development to age-old problems of the developing countries such as failure of governance, inefficient institutions, high level of corruption, etc, which have nothing to do with Islam. The authors conclude that “it is our belief that most self-declared Islamic countries have not adopted economic and financial policies that are in conformity with Islamic teachings”. 




Yes Bank crisis: Despite RBI's assurances, account holders panic as netbanking crashes


The Reserve Bank of India late Thursday evening restricted withdrawal from Yes Bank at Rs 50,000 for the next one month. The restriction will remain in place until April 3, 2020.

In a press release, RBI said that the financial position of Yes Bank has undergone a steady decline due to the bank's inability to raise capital to address potential loan losses and resultant downgrades.

Former SBI CFO Prashant Kumar will be the administrator during this period. An RBI statement said the regulator was doing so in 'public interest.'

"This has been done to quickly restore depositors' confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation," the RBI release stated.

While the RBI has told Yes Bank customers not to worry, the ground reality is quite different

Yogesh Pawar, a freelance journalist, told Free Press Journal that his primary account is with Yes Bank. Pawar's mother is terminally ill, and his father is 87 years old. "I have to worry about medical bills. I have Rs 76,000 in the bank, and I'm trying to figure out a way to withdraw Rs 50,000," he told Free Press Journal, adding that it's difficult to physically visit a bank as he has to take care of his mother.

A Yes Bank user, who didn't want to be named, said she has a salaried account with the bank. She lamented that despite having less than Rs 20,000 in the bank, she is unable to withdraw it online. "I have friends who also have accounts with Yes Bank and we're worried about the money. I will have to physically visit the bank to see what can be done now," she said.

She added that she like many of her friends pay rent in a city like Mumbai, and while she has transferred her money into another bank account, others are not quite lucky.

Currently, the RBI has said that while the withdrawal cap is Rs 50,000, there are a few exceptions to the rule. You can withdraw up to Rs 5 lakh in case of a medical emergency, higher education, for marriage, and other unforeseen emergencies. However, given the situation of existing customers, it's doubtful how much they will be able to take out of the bank.




'Modi government, stop hurting Muslims': Maha CID website hacked by Legion on behalf of 'Imam Mahdi'


On Friday, the website of the Maharashtra CID was hacked by a group calling themselves Legion who claimed to be doing it as retribution for the Delhi riots which left 53 dead.

The website said it was ‘hacked by Legion’, and the hackers wrote: “In India, families of Muslims killed by Hindu mobs. Hundreds of Muslims lost their relatives and the Modi government is to blame for a rise in anti-Muslim rhetoric in India. The riots which erupted on the day US President Trump arrived in India for a visit, lasted three days, killing more than 45 people, mostly Muslim, and injuring at least 150 others.”

There was a picture of a lone horseman with a flag with the message: "The government of Imam Mahdi."

It further 'warned' the police and government of India to 'stop hurting Muslims'.

 
 

Who is Imam Tahidi?

Al Mahdi, known as Imam Mahdi, according to many Islamic traditions, is the one who will appear before the Day of Judgement to rule the already chaotic world and rid it of evil.

He is mentioned in various teachings and hadith's of Propet Muhammad and according to Shia's, some verses from the Quran interpret to Mahdi's appearance. He will appear with Prophet Isa (Jesus) to defeat Dajjal (the false messiah).

Al-Mahdi is a figure of great importance for Twelver Shias who believe he is the descendant of Prophet Muhammad himself.

Though that is not popular among Sunni Muslims, both believe it is Al-Mahdi who appear to rule the world before Day of Judgement.

Twelver Shias believe Al-Mahdi was born on the 15th Sha'ban 879 CE/ 255 AH.After his father 11th Imam Hasan-al-Askari's death, to prevent Imamat's extinction, Al-Mahdi was believed to be in 'Occultation' - hiding.

His first 'Occultation' lasted from 873–941 CE. And his second 'Occultation' will last till he appears before the Day of Judgement as a leader of Muslims around the world.

 
 

Delhi Death Toll Update

Officials on Thursday put the death toll in northeast Delhi's communal violence at 44.

However, an official with Delhi Health Minister's office said 53 people were killed in the riots but did not give any break-up.

The figure of 53 was given when clarity was yet to emerge on whether three bodies at the Lok Nayak Jai Prakash Narayan (LNJP) hospital and five at the Ram Manohar Lohia hospital were related to the communal violence or not.

"The death toll stands at 44. We are still waiting for figures from the police," North East Delhi District Magistrate Shashi Kaushal said.

The police also confirmed that the death toll stood at 44.

"The death toll in the northeast Delhi violence stands at 44," Additional PRO, Delhi Police, Anil Mittal said.

More than 200 people were injured in northeast Delhi's communal violence last month.

With inputs from agencies

 
 
 



RBI imposes moratorium on Yes Bank; withdrawals capped at Rs 50,000


New Delhi: The Reserve Bank of India has imposed a moratorium on the floundering Mumbai-headquartered Yes Bank, which was once a darling of investors, and capped withdrawals at Rs 50,000.

Such is the deterioration in the private lender’s financial position that the RBI has also superseded with immediate effect the Yes Bank board for a 30-day period.

Former SBI CFO Prashant Kumar will be the administrator during this period. An RBI statement said the regulator was doing so in ‘‘public interest.’’

"This has been done to quickly restore depositors' confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation," the RBI release stated.

 
 

The desperate gambit has come six months after the regulator tinkered in a similar fashion with the city-based cooperative lender PMC Bank.

The RBI, sources said, had no option but to intervene and impose a moratorium in view of the Yes Bank’s inability to address the potential losses on account of bad debts.

The intervention came in the backdrop of speculation about a bail out, which will be propped by public sector lender SBI and some other financial institutions. Insiders, however, said the bailout would be for all intents and purposes funded by the tax payer.

A research report by Macquarie Capital on Thursday pointed out that the SBI and other public sector banks need not pay more than Re 1 for Yes Bank share.

Macquarie pointed out that the private lender’s net worth is zero and there is a lack of clarity on the bank's deposit franchise due to the solvency issues.

Nonetheless, YES Bank's stock rose 26 per cent to Rs 37 per share following the development which increased the cost of buying a majority stake in the bank to Rs 1,900 crore, if done at the current market price. SBI's shares had fallen nearly 4 per cent after the news but recovered and were later trading 3 per cent higher at Rs 293.

In a day of rapid developments, which also included a board meeting of the SBI, there were reports that LIC has been asked to team up with the public sector bank for the stake buy. Together, their holding has been pegged at 49 per cent.

LIC already owns 8 per cent of the crisis-hit bank.

Significantly, a few weeks ago, amid speculations of a government bailout, SBI Chairman Rajnish Kumar had said the troubled bank will "not be allowed to fail".

The writing was on the wall for the private lender ever since the new chief executive, Ravneet Gill, took charge last March and revealed massive stress in the loan book. The bank had to make provisioning for the stress and was also forced to go slow on fresh loans.

Yes Bank has been also struggling to raise USD 2 billion in equity for the last few months. Many proposals came up for discussions, but none fructified.

Such a bailout, if it happens, will be significant because it will be the first time in many years that a state-run entity has rescued a private sector universal bank.

Following the 2008 financial crisis, there was a huge outcry in the developed markets like the US over public money being used to bail out erring private entities.

Sources said the Union government has cleared a plan for the SBI-led consortium to acquire a controlling stake in the Yes Bank.

There was a discussion on the issue at SBI's board meet in Mumbai on Thursday, but it was not immediately clear if any decision had been taken.

Action is likely to shift to the national capital from here on, because picking up a stake in any bank may require changes in the State Bank of India Act as well, sources said.

This will also be the second time after IDBI Bank that LIC will be playing the role of a knight in shining armour.

Terming it as a "quasi sovereign bailout", J P Morgan said, "We believe forced bailout investors will want the bank to be acquired at near zero value to account for risks associated with the stress book and likely loss of deposits."

Yes Bank's share price has declined by over 80 per cent from a peak of Rs 400 since the removal of its co-founder and chief executive Rana Kapoor by the RBI on corporate governance concerns following two consecutive years of bad asset under-reporting to the tune of over Rs 10,000 crore.

Kapoor holds only 900 shares of the bank now, after defaulting on a loan against pledged shares and the lenders revoking the securities in September last year.

Over 62 per cent of the Yes Bank book is high-value corporate loans, and some of its bets on infrastructure, energy, non-banks and media space have backfired for the lender, leading Ravneet Gill to flag the potential stress of Rs 10,000 crore.

MAIN INPUT PTI

 
 
 



Lucknow administration puts up hoardings with names of people involved in anti-CAA protests


The Lucknow district administration has started the process to shame as many as 57 people, identified for being allegedly involved in violence during the anti-CAA protest, by putting up hoardings with their names and addresses.

A total of 100 hoardings are being put up at all major crossings in the city with names and addresses of 57 persons who have been identified so far for being allegedly involved in the violence that broke out during anti-CAA protests in the state capital in December last year.

 
 

These persons are from Hasanganj, Hazratganj, Kaiserbagh and Thakurganj police station areas of the state capital. The administration has already issued recovery notices to these people for damaging public property worth Rs 1.55 crore. Lucknow District Magistrate Abhishek Prakash said that in case of failure to pay the recovery amount, the properties of the accused would be confiscated.

The administration has issued recovery notices to these people for damaging public property worth Rs 1.55 crore. Lucknow District Magistrate Abhishek Prakash said that in case of failure to pay the recovery amount, the properties of the accused would be confiscated (kurki). The administration has assessed the total damage worth Rs 1,55,62,537.




Yes Bank crisis: Sensex plummets by 1,000 points, trying day for markets


Mumbai: Equity benchmark indices tumbled during early hours on Friday after another overnight steep fall on Wall Street with banking stocks seen coming under pressure after the Reserve Bank of India (RBI) placed Yes Bank under a moratorium and took over its board.

At 10:15 am, the BSE S&P Sensex was down by 1,036 points or 2.69 per cent to 37,435 while the Nifty 50 dived by 306 points or 2.72 per cent at 10,963.

All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 5 per cent, private bank by 4.5 per cent, metal by 4.2 per cent and realty by 3.8 per cent.

Among stocks, Yes Bank crashed by 29.89 per cent to Rs 25.80 per share after the RBI said it is superseding the board of troubled private sector lender with immediate effect.

 
 

Former State Bank of India Chief Financial Officer Prashant Kumar has been appointed the administrator. Yes Bank has been grappling with mounting bad loans and has been struggling to raise fresh capital.IndusInd Bank too dropped by 10.9 per cent at Rs 10.91 per share.

Public sector State Bank of India dipped by 5.9 per cent after clarifying that no negotiations related to an investment in Yes Bank had taken place.

The other prominent losers were metal majors Tata Steel, JSW Steel and Hindalco besides Tata Motors, Bajaj Finance and Bharti Infratel.

Meanwhile, Asian shares and US stock futures fell after another Wall Street rout as disruptions to global business from coronavirus beyond China worsened.

MSCI's broadest index of Asia Pacific shares outside Japan was down by 1.3 per cent while Japan's Nikkei stock index slid by 2.29 per cent.

The spread of a new coronavirus accelerated in Europe, Britain and North America, prompting investors to re-assess the risks amid volatility in financial markets.

 
 
 



Trinity of social disharmony, economic slowdown, coronavirus rupturing soul of India: Manmohan Singh


Former Prime Minister of India Dr Manmohan Singh on Friday wrote a column, expressing concern that the trinity of social disharmony, economic slowdown, and a global health epidemic could rupture the soul of India.

In a column written in The Hindu, Singh said that while the first two factors i.e. social disharmony and economic slowdown are self-inflicted, the coronavirus epidemic comes as an external shock. “I deeply worry that this potent combination of risks may not only rupture the soul of India but also diminish our global standing as an economic and democratic power in the world,” Singh wrote in the column.

Notably, the national capital has witnessed extreme violence over the past few weeks. The death toll in the north east Delhi riots went up to 49 people, which included a head constable in the Delhi police.

Criticising the Centre for not keeping checks, Manmohan Singh also added that “the fire of social tensions is rapidly spreading across the nation and threatens to char the soul of our nation. It can only be extinguished by the same people that lit it.”

The former prime minister also spoke of India’s economic spiral, saying that from being a global showcase of a model of economic development, India today is a strife-ridden majoritarian state that is in economic despair.

“Social harmony, the bedrock of economic development, is now under peril. No amount of tweaking of tax rates, showering of corporate incentives or goading will propel Indian or foreign businesses to invest, when the risk of eruption of sudden violence in one’s neighbourhood looms large. Lack of investment means lack of jobs and incomes, which, in turn, means lack of consumption and demand in the economy. A lack of demand will only further suppress private investments. This is the vicious cycle that our economy is stuck in,” Singh added.

Earlier in the week, Singh had said the slogan of 'Bharat Mata Ki Jai' was being misused to construct a "militant and purely emotional" idea of India that excludes millions of residents and citizens.

Seizing on Singh's remarks, Prime Minister Narendra Modi said in the closed-door meeting that similar controversies were created over singing 'Vande Mataram' during the freedom struggle. "It is unfortunate and sad that 70 years after independence, raising a slogan like 'Bharat Mata Ki Jai' is being depicted as a crime... It is unfortunate that a person who held the post of prime minister is saying so," Modi said, adding that every patriot will be pained at this.

Singh also spoke of the economic implication of the coronavirus scare, saying that the global slowdown will impact India as well. “In such an integrated global economy, the COVID-19 crisis can further slow India’s GDP growth by half to one percentage point, other things being constant. India’s economic growth was already tepid, and this external health shock is bound to make things much worse,” he said.

 
 
 



Madhya Pradesh: Game of chess to go on till Rajya Sabha elections


BHOPAL: Ten legislators’ crossing over to the BJP and their return to the Congress seem to have links with the election of three RS seats in the state.

Ex-minister Narottam Mishra said people should see what happens till RS elections.

According to the number of legislators in the House, the Congress is set to win two seats and the BJP one.

BJP, however, wants to win two seats, so the party has begun Operation Lotus.

Legislators may have returned to the Congress fold after the political drama, but the game of chess between the BJP and Congress will continue till the RS elections are over.

Both parties have to select candidates for the RS polls by March 13, and polling will be held on March 26.

If the BJP announces two candidates for RS seats, it will pull out all the stops to topple the Nath-led government.

Nevertheless, the Congress may also try to woo some of the BJP MLAs. The party has already begun to take action against some BJP leaders.

Similarly, the Congress is bracing to pay the BJP in the same coin.

Consequently, both the parties are sparing no efforts to woo each other’s legislators.

Sources said some of the BJP legislators were also in contact with the Congress.

Likewise, some Congress MLAs are in touch with the BJP. MP is going to see a major political upheaval in coming days.

FPJ




Amid coronavirus fear in Hyderabad, Sania Mirza raises awareness


Hyderabad: Amidst the ongoing concerns related to coronavirus, India’s tennis sensation Sania Mirza raised awareness about the issue and asked the people to do what is required when the symptoms arise.
We need to take precautions: Sania Mirza
“As you know the coronavirus is spreading fast, it originated in China and as per the UN, it has spread around the world, we need to take precautions, there are few symptoms like coughing and fever, if you feel you have the symptoms, you should immediately consult a doctor,” Mirza said in a video.

“There is a helpline (104) and you can call on that. You should look to wash your hands regularly, if you have the symptoms, then keep yourself in isolation for 14 days,” she added.
Shuttler PV Sindhu also raised awareness about the issue and said that people in the country should immediately call the helpline if they feel they are having the symptoms of coronavirus.

On Wednesday, the Union Health Minister Dr Harsh Vardhan said that there are 28 confirmed cases of coronavirus in the country so far.

Deaths across the globe
Globally, deaths due to Covid-19 have crossed 3,000. The deadly virus, that originated in China late last year, continues to spread around the world and has infected more than 90,000 people.
AGENCY 




Muslims quench thirst of Hindu devotees


Coimbatore: As a symbol of communal harmony, functionaries of Athar Jamath Mosque here on Wednesday distributed water bottles to the Hindu devotees thronging the annual chariot-pulling celebrations of Koniamman, the presiding deity of Coimbatore.
Celebrations
The celebrations began from the temple in the heart of the city and saw thousands of devotees from different parts of the region taking part.
As the devotees came from faraway places, the functionaries of Athar Jamaat Mosque erected a special pandal for distributing the water bottles to the thirsty devotees.

Water bottles distributed
They distributed over 10,000 water bottles to the devotees, as the city started getting hot with the mercury going up.

Traffic had to be diverted for smooth pulling of the chariot.
Meanwhile, a group of Muslims made arrangements for food to the devotees near Selvapuram, thus cementing the brotherly bond between two communities.

SOURCE: PTI

 





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