Re: [IslamCity] ARAB CENTRAL BANKS BEGIN DUMPING WORTHLESS U.S. DOLLARS
The best course for those who hold dollars should be also to invest in industries in Indonesia, Bangladesh, Malaysia which are democratic countries. The future of the Muslim lies in coming together and uniting in a united states of muslim countries.It is sound also to invest in South Africa. A neutral and just country not tied to the oppressive regimes of East or West.[EMAIL PROTECTED] wrote: Arab central banks move assets out of dollarBy Philip Thornton, Economics CorrespondentIndependent UK14 March 2006http://news.independent.co.uk/business/news/article351127.eceMiddle Eastern anger over the decision by the US to block a Dubaicompany from buying
five of its ports hit the dollar yesterday as anumber of central banks said they were considering switching reservesinto euros.The United Arab Emirates, which includes Dubai, said it was looking tomove one-tenth of its dollar reserves into euros, while the governorof the Saudi Arabian central bank condemned the US move as"discrimination".Separately, Syria responded to US sanctions against two of its banksby confirming plans to use euros instead of dollars for its externaltransactions.The remarks combined to knock the dollar, which fell against the euro,pound and yen yesterday as analysts warned other central banks mightfollow suit.Last week the US caused dismay after political opposition to thetakeover of PO by Dubai Ports World forced DPW to agree to transferPO's US port management business to a "US entity" .The governor of the UAE central bank, Sultan Nasser al-Suweidi, saidthe bank
was looking to convert 10 per cent of its reserves, whichstand at $23bn (£13.5bn), from dollars to euros. "They arecontravening their own principles," he said. "Investors are going totake this into consideration [and] will look at investmentopportunities through new binoculars."Hamad Saud al-Sayyari, the governor of the Saudi Arabian monetaryauthority, said: "Is it protection or discrimination? Is it okay forUS companies to buy everywhere but it is not okay for other companiesto buy the US?"Syria has switched the state's foreign currency transactions to eurosfrom dollars, the head of the state-owned Commercial Bank of Syria,Duraid Durgham, said.Last week the White House told US financial institutions to terminateall correspondent accounts involving the Commercial Bank of Syriabecause of money-laundering concerns. Mohammad al-Hussein, Syria'sfinance minister, said: "Syria affirms that this decision and
itstiming are fundamentally political."The euro rose a quarter of one percentage point against the dollar toa one-week high of $1.1945, although it retreated in later trading.Monica Fan, at RBC Capital Markets, said: "The issue is whether wewill see similar attitudes taken by other Middle Eastern banks. It isa question of momentum."http://news.independent.co.uk/business/news/article351127.ece
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(Holy Quran-16:125)
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The prophet (peace and blessings of Allah be upon him) said: By Allah, if Allah guides one person by you, it is better for you than the best types of camels. [al-Bukhaaree, Muslim]
The prophet (peace and blessings of Allah be upon him) also said, Whoever calls to guidance will have a reward similar to the reward of the one who follows him, without the reward of either of them being lessened at all.
[Muslim, Ahmad, Aboo Daawood, an-Nasaa'ee, at-Tirmidhee, Ibn Maajah]
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[IslamCity] ARAB CENTRAL BANKS BEGIN DUMPING WORTHLESS U.S. DOLLARS
Arab central banks move assets out of dollar
By Philip Thornton, Economics Correspondent
Independent UK
14 March 2006
http://news.independent.co.uk/business/news/article351127.ece
Middle Eastern anger over the decision by the US to block a Dubai
company from buying five of its ports hit the dollar yesterday as a
number of central banks said they were considering switching reserves
into euros.
The United Arab Emirates, which includes Dubai, said it was looking to
move one-tenth of its dollar reserves into euros, while the governor
of the Saudi Arabian central bank condemned the US move as
discrimination.
Separately, Syria responded to US sanctions against two of its banks
by confirming plans to use euros instead of dollars for its external
transactions.
The remarks combined to knock the dollar, which fell against the euro,
pound and yen yesterday as analysts warned other central banks might
follow suit.
Last week the US caused dismay after political opposition to the
takeover of PO by Dubai Ports World forced DPW to agree to transfer
PO's US port management business to a US entity .
The governor of the UAE central bank, Sultan Nasser al-Suweidi, said
the bank was looking to convert 10 per cent of its reserves, which
stand at $23bn (£13.5bn), from dollars to euros. They are
contravening their own principles, he said. Investors are going to
take this into consideration [and] will look at investment
opportunities through new binoculars.
Hamad Saud al-Sayyari, the governor of the Saudi Arabian monetary
authority, said: Is it protection or discrimination? Is it okay for
US companies to buy everywhere but it is not okay for other companies
to buy the US?
Syria has switched the state's foreign currency transactions to euros
from dollars, the head of the state-owned Commercial Bank of Syria,
Duraid Durgham, said.
Last week the White House told US financial institutions to terminate
all correspondent accounts involving the Commercial Bank of Syria
because of money-laundering concerns. Mohammad al-Hussein, Syria's
finance minister, said: Syria affirms that this decision and its
timing are fundamentally political.
The euro rose a quarter of one percentage point against the dollar to
a one-week high of $1.1945, although it retreated in later trading.
Monica Fan, at RBC Capital Markets, said: The issue is whether we
will see similar attitudes taken by other Middle Eastern banks. It is
a question of momentum.
http://news.independent.co.uk/business/news/article351127.ece
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***
{Invite (mankind, O Muhammad ) to the Way of your Lord (i.e. Islam) with wisdom
(i.e. with the Divine Inspiration and the Qur'an) and fair preaching, and argue
with them in a way that is better. Truly, your Lord knows best who has gone
astray from His Path, and He is the Best Aware of those who are guided.}
(Holy Quran-16:125)
{And who is better in speech than he who [says: My Lord is Allah (believes in
His Oneness), and then stands straight (acts upon His Order), and] invites
(men) to Allah's (Islamic Monotheism), and does righteous deeds, and says: I
am one of the Muslims.} (Holy Quran-41:33)
The prophet (peace and blessings of Allah be upon him) said: By Allah, if
Allah guides one person by you, it is better for you than the best types of
camels. [al-Bukhaaree, Muslim]
The prophet (peace and blessings of Allah be upon him) also said, Whoever
calls to guidance will have a reward similar to the reward of the one who
follows him, without the reward of either of them being lessened at all.
[Muslim, Ahmad, Aboo Daawood, an-Nasaa'ee, at-Tirmidhee, Ibn Maajah]
--
All views expressed herein belong to the individuals concerned and do not in
any way reflect the official views of IslamCity unless sanctioned or approved
otherwise.
If your mailbox clogged with mails from IslamCity, you may wish to get a daily
digest of emails by logging-on to http://www.yahoogroups.com to change your
mail delivery settings or email the moderators at [EMAIL PROTECTED] with the
title change to daily digest.
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