May 19, 2009

Islamic banking unclear on conventional arbitration: scholars

MANAMA (May 19 2009): The Islamic finance industry is still searching for a stance on to what extent conventional international law should be accepted in arbitration cases, Islamic scholars said on Monday.

Many Islamic finance products and contracts are being scrutinised in courts for the first time during the current global economic downturn, after the industry got caught up in last year’s global liquidity freeze and now feels its exposure to slumping real estate markets in the Gulf Arab region.

“We have to find a solution, this should be discussed in terms of legal needs and necessities, this hasn’t been discussed by Islamic financial institutions collectively,” Islamic scholar Sheikh Saleh Abdulla al-Haidan said during a conference held in Manama.Read More »Islamic banking unclear on conventional arbitration: scholars

Pakistan’s roll of honour (and dishonour)

Mosharraf Zaidi

In Mardan district, Pakistanis from all corners of Swat converge on a union council called Hathian. In eleven school buildings across Hathian, these thousands of innocent Pakistanis, who we call IDPs, have sought shelter from the violence that has consumed the beautiful places they call home in Swat, Buner and Dir. The lowest estimate of the number of people in Hathian is 8,000. Among them are children, pregnant women, and old folks with all kinds of short- and long-term medical problems. These people left their homes in Swat in a hurry. Most didn’t leave with their American Express card. In fact, most didn’t even have time to take along their identification cards.
Read More »Pakistan’s roll of honour (and dishonour)

Uzbek model of Development

Economics is a complicated discipline. It works in integration. It needs rigorous professionalism and diversified expertise. It stands for socio-economic prosperity and progression. The economic modeling varies from region to region and from country to country. The parameters of economic models show that proper human resource management, financial transparency, accountability, business and people friendly macro-economic policies, rule of the law and above all visionary leadership are must for the speedy economic growth and sustainability. Read More »Uzbek model of Development

Uzbekistan and water sharing

Water is life and which is endangered. Right from the beginning water has been one of the main sources of human civilization. It has been playing important role in human growth, peaceful settlements, agriculture development, and above all energy reservoirs. Around the globe every region is confronting with water reservoirs issues. Central Asia is too has some serious issues regarding the water sharing among all the CIS. In this regard, the government of Uzbekistan is doing its level best to reach a amicable agreement on the water sharing among the CIS. Water is blessing and government of Uzbekistan sincerely wishes that all the CIS should be blessed equally. Uzbekistan has been vocal on the critical issue of water in the region and its raised its genuine concerns on different regional and international forums. Uzbekistan desires that all the issues related to water among the CIS should be settled at regional level so that no outsider may have the geo-political or geo-strategic leverage for manipulation. Read More »Uzbekistan and water sharing