AS RCVD ---------- Forwarded message ---------- From: Indian Muslims <[email protected]> Date: Mon, Apr 26, 2010 at 4:28 PM Subject: IndianMuslims.in - Blog, News & Views To: [email protected]
IndianMuslims.in - Blog, News & Views <http://indianmuslims.in/> <http://fusion.google.com/add?source=atgs&feedurl=http://feeds.feedburner.com/IndianMuslimsBlog> [image: Link to Indian Muslims] <http://indianmuslims.in/> ------------------------------ Why I Hate The IPL<http://feedproxy.google.com/~r/IndianMuslimsBlog/~3/mYWLC23TqUY/?utm_source=feedburner&utm_medium=email> Posted: 26 Apr 2010 12:47 AM PDT *Dr. Shah Alam Khan*, To qualify as an Indian, it is essential that you love cricket, it is important that you gossip, it is vital to fall in love with pelvic thrusting actors and cajoling actresses on the celluloid screen and it is quintessential that you make money the quick (and sometimes the wrong) way. The saga of Indian Premier League (IPL), the beleaguered cricket league of India, is no exception to these general rules of Indianness. The vulgar display of money, power and beauty is there for all to see. From selfish business tycoons to iconic players, all adorn the masala called IPL. It is surely entertainment at its best. The kind of recipe which made a friend’s eighty-five year old grandma vouch for a team (it’s a different matter that she can’t make out why the two brothers, called “mid off” and “mid on” play for every team!)’. IPL is fun as long as it confines itself to the cricketing field. Last week the game spilled over, flooding our fragile democratic institutions and drowning a lot in its wake. To believe that all what happened in the last couple of weeks is the result of an ego clash between Lalit Modi and Shashi Tharoor would be rather stupid and naïve. In fact are we being made to believe that a shrewd businessman and a newly crowned politician do have an ego? Doesn’t make sense to me. In all its three years of existence, IPL was not about cricket. It was about money. About a lot of money! The unprecedented value of the IPL was too much to be resisted by all – politicians, administrators, business moguls, cine stars. Everyone wanted a piece of this rich pie. But are we really interested in the Tharoors, Pawars, Ambanis and Modis? Corruption in the IPL does not really worry me. From the day of its conception the IPL was not a sanctum sanctorum. “Brand IPL” as it is tried to be labeled by those who believe in the politics and power of “brands” was a hot bed of vested interests. It was an outlet for black money. Yes, they also played cricket to keep the likes of us think that the league represented a sport so close to a billion Indian hearts. The financial aspects of IPL are not only murky but an eye opener for those who thought that India was a poor nation with more than forty percent population living below the poverty line. The total value of IPL, which even Mr Modi cannot predict with surety, is expected to be around 70000 crores. This unaccounted money is available to the richest people of India. No doubt the rich got richer in the IPL. Compare this to a cumulative expenditure of mere Rs. 27.59 crores in the prestigious National Rural Guarantee Scheme of the Government of India for the state of Orissa in 2008-09. The Orissa example is even more glaring as this is the state where hunger deaths are reported on a regular basis. Some may argue and correctly so, that it is foolhardiness to compare a government scheme with a privately owned sporting event which is meant for entertainment. Sure, but this is the best way to show how India entertains and Bharat survives under one roof. The contrast of IPL money and the lack of it in governmental schemes shows the divergence of thought and responsibility which goes in making India a nation of such huge contradictions. It is this thought process which gives birth to Maoists, Naxals and other elements of state defiance. With the muck and shame of IPL written large on the faces of corporate and political class of India, words of our Hon. Home Minister, Shri P Chidambaram sound so hollow, “we shall counter the Maoists with force. They are the gravest internal security threat to our country”. How can we even expect to believe a word of what he says? Maoists, Naxals, Naga Militia. Are any of these a bigger threat to the nation than the financial scamsters of IPL? Shouldn’t the equation be set right now? May be one Maoist for every thug involved in the IPL? How about “neutralising” the threat of Lalit Modi and his brigade before “neutralising” the alleged mastermind of the Dantewada massacre, Ramanna Paparao? IPL even described socialism in its own new way. According to a report released just before the end of IPL2 (2009) by the equity research firm IIFL, Rajasthan Royals, the team representing Jaipur would have made the highest profit of Rs 35.1 crore in the group matches of the second edition of the tournament even when their performance was below par compared to their champion status of 2008. Knight Riders, which finished at the bottom in the league table in South Africa, nevertheless ended up with the third highest profit of Rs 25.8 crore in IPL 2. King’s XI representing Punjab, which also did not make it to the semis, just beat Kolkata to second spot with a profit of Rs 26.1 crore. How interesting is that! Teams doing poorly in terms of cricket will not necessarily fare poor in their financial gains. It looks as if Lalit Modi and his gang of franchises have defined what could be called as “IPL Socialism”. The IPL also represents a loot of public funds, my and your money, which doesn’t even get noticed. Each day & night match of the IPL played under flood lights, consumes electricity enough to run 500 average Indian homes for a month. The provision of subsidised electricity doesn’t make things any different. It is believed that the average electricity bill for a single day and night cricket match of the IPL is more than 15000 US Dollars. For those interested in numbers, this is the government’s expenditure on health for ten adult Indians if they live up to an age of 70 years (at the rate of 21 dollars PPP). Water, a deficient resource in cities like Mumbai and Delhi is used to keep the fields green during the IPL. This, in a country which is now at the top of the childhood malnutrition charts of the globe with lack of clean water being the primary cause of a large number of infant and childhood morbidity and mortality. The money and its earthy use in the IPL is a matter of shame for each Indian. We all love cricket but surely not in a way in which Lalit Modi packed it for us. The very fact that a large part of our society is still deprived of basic daily needs including food should always weigh heavily on our conscience. Why are we as civil society becoming oblivious to the needs of the common Indian? How can we even accept an Agriculture Minister presiding over the functions of the IPL when hundreds of farmers are committing suicide day in and day out? How are we justified in condemning the Maoists when the Indian society gives them an IPL every now and then? If the law of the land does not permit theft, how can it allow this unprecedented day light robbery? The vulgarity of IPL stands defiant. If Mr. Lalit Modi and his band of filchers cannot feel for the poor they should at least respect poverty. *Advertisement*: Why only muslims?<http://indianmuslims.in/why-only-muslims/> * * <http://feeds.feedburner.com/~ff/IndianMuslimsBlog?a=mYWLC23TqUY:Cuftvl22ciw:yIl2AUoC8zA> <http://feeds.feedburner.com/~ff/IndianMuslimsBlog?a=mYWLC23TqUY:Cuftvl22ciw:qj6IDK7rITs> <http://feeds.feedburner.com/~ff/IndianMuslimsBlog?a=mYWLC23TqUY:Cuftvl22ciw:D7DqB2pKExk> Interest-free Microfinance: Best Tool For Poverty Eradication<http://feedproxy.google.com/~r/IndianMuslimsBlog/~3/dGhFpRDaxX0/?utm_source=feedburner&utm_medium=email> Posted: 25 Apr 2010 06:54 PM PDT *By Abdul Aziz V. K,* The interest-free microfinance can be defined as provision of financial services to those people who are denied access to the financial market; opens new perspectives, and empowers people who can pursue projects with their own resources, and who lack assistance, subsidies and dependence. Besides, it provides financial services to those, who are traditionally non bankable, mainly because they lack guarantees against a loss risk. In the spirit of Islam that goes beyond mere profitability, this new financial system aims to maximize social benefits as opposed to profit maximization. This can be done through creation of healthier financial institutions that can provide effective financial services also at grassroots levels. Some authors (Al Harran, 1996) argue that Islamic finance, if inserted in a new paradigm, could be a viable alternative to the socio-economic crisis derived out of interest-based economic system. Both Islamic finance and microfinance seem to be concepts surrounded by a “fashionable aura” in Muslim as well as other developing countries. Banks, financial institutions, MFIs, NGOs are taking keen interest and most of all in the relation between the two, especially when it comes to fighting poverty. Strange enough, even if the interest is high, there are very few examples of actual MFIs operating in the field of Islamic finance and Islamic banks involved in microfinance. Microfinance is a very flexible tool, whose models can be replicated but require to be tailored on the local socio-economic and cultural characteristics; and secondly, the potential demand for tailored microfinance services is still largely unmet. Some surveys proved that there is a high demand for Islamic Micro-financing especially in low and middle income predominantly Muslim societies. At a very basic level, the disbursement of collateral free loans in some cases constitutes an example of how Islamic banking and microfinance share common aims. Thus, the Islamic banking and microcredit programs may complement each other in both ideological and practical terms. Even if they both constitute fairly new trends in the financial environment, the inclusion of Islamic finance and microfinance in the activities of the traditional banking system evolved in a quite similar way. Three main instruments of Islamic finance; mudaraba, musharaka and murabaha, are tools generally used to design successful microfinance program. *Islamic Microfinance is growing rapidly* The Banker (2007) estimated the total assets of Islamic financial products at US$500.5 billion and the Islamic finance industry’s 100 largest banks have posted an annual asset growth rate of 26.7 percent, outpacing the 19.3 percent growth rate of their conventional counterparts. The global Islamic finance industry is rapidly growing. In the past 30 years, the industry has witnessed the development of over 500 Sharia-compliant institutions, whose reach now spans 75 countries (KPMG 2006). These institutions include 292 banks (fully Islamic institutions and those institutions with Islamic subsidiaries), 115 Islamic investment banks and finance companies, and 118 insurance companies. Despite its origins in the Middle-East, the Sharia-compliant banking has proved popular with Muslims in other countries as well, leading to the development of new Islamic banks across North Africa and Asia. Of the total global Islamic finance market, 36 percent is located in the Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE), 35 percent in non-GCC Southwest Asia and North Africa, and 23 percent in Asia (primarily Malaysia, Brunei, and Pakistan) (The Banker 2007). Over time, Islamic financial services also have expanded well beyond the Muslim world and are offered not only by Islamic banks, but also by Islamic subsidiaries of international financial institutions. Islamic financial services are currently provided in countries such as India, China, Japan, Germany, Switzerland, Luxembourg, the United Kingdom, the United States, and Canada. The United Kingdom, which currently ranks tenth in The Banker’s listing of “Top 15 Countries by Sharia-compliant Assets” (2007), has recently announced its aim to make London a global center for financial markets in the Muslim world. *Government Promotion of Islamic Microfinance* In the case of larger Islamic banking industry, government regulations can play a significant role in the expansion of the Sharia-compliant microfinance. Indonesia today provides a supportive regulatory framework and has licensed 35 new Islamic rural banks in the past five years. The State Bank of Pakistan, which already has a legal and regulatory framework in place for conventional MFIs, also developed guidelines in 2007 for the rapid expansion of Islamic microfinance. Although there is ample evidence of demand for Islamic microfinance products, it however requires that low-income clients are comfortable that the products offered are authentically Islamic. Critics of Islamic finance products suggest that the pricing of some products offered as Sharia-compliant too closely parallels the pricing of conventional products. For example, some institutions offer murabaha where interest appears to be disguised as a cost markup or administration fee. Islamic finance sometimes suffers from the perception that it is simply a “rebranding” of conventional finance and not truly reflective of Islamic principles. Consequently, low-income populations, who often rely on local religious leaders to address questions of religion, must be convinced of the authenticity of Islamic financial products if Islamic microfinance is to reach its full potential. Greater efforts should be explored to (i) increase collaboration between financial experts and Sharia experts on product authenticity, (ii) encourage exchange of experiences among religious leaders (particularly those serving poor populations at the local level) relating to Sharia compliance of microfinance products, and (iii) educate low-income populations, in collaboration with local religious leaders, on how financial products comply with Islamic law. Throughout the Muslim world, microfinance (Islamic or otherwise) is still seen as a philanthropic activity rather than a business enterprise. Consequently, in the context of Islamic microfinance, there is a growing tendency to view zakat (funds donated pursuant to the Muslim obligation to pay alms) as a source of funding. Indeed, given the underlying principle of Islamic finance to promote the welfare of the community, zakat funds appear ideally suited to support Islamic microfinance. However, a heavy reliance on charity is not necessarily the best model for the development of a large and sustainable sector, and more reliable, commercially motivated streams of funding should be explored. ————————————————– Mr. Abdul Aziz Valiyaveetil is an Indian national currently working as the Director of Al Hayat Int’l School, Jeddah. He has got vast experience in Conventional Banking (Federal Bank, India), for around 15 years and Islamic Banking (Al Rajhi Bank, Islamic Banking and Int’l Banking division, Head Office, Riyadh) for more than 10 years. His contact mail: [email protected] *Advertisement*: Prejudiced, Aren’t They?<http://indianmuslims.in/prejudiced-arent-they/> * * <http://feeds.feedburner.com/~ff/IndianMuslimsBlog?a=dGhFpRDaxX0:WkWponDoY48:yIl2AUoC8zA> <http://feeds.feedburner.com/~ff/IndianMuslimsBlog?a=dGhFpRDaxX0:WkWponDoY48:qj6IDK7rITs> <http://feeds.feedburner.com/~ff/IndianMuslimsBlog?a=dGhFpRDaxX0:WkWponDoY48:D7DqB2pKExk> You are subscribed to email updates from Indian Muslims<http://indianmuslims.in/> To stop receiving these emails, you may unsubscribe now<http://feedburner.google.com/fb/a/mailunsubscribe?k=zzuF58oRFAdcv3sq6JOfDMU6WpQ> . Email delivery powered by Google Google Inc., 20 West Kinzie, Chicago IL USA 60610 -- Muhammad Rasheed PB No.313, AUH, UAE + 97150 4755674 + 9712 6100950 -- Nor can Goodness and Evil be equal. Repel (evil) with what is better; then the enmity between him and you will become as if it were your friend and intimate! 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