IslamicFinance.de

The Islamic Development Bank (IDB) will allocate a 144 million euro loan for wastewater projects in the Iranian southern Fars province. For that purpose, the IDB and the Fars province's Water and Wastewater Company have signed a memorandum of understanding on the issue. The company will implement wastewater projects in the Darab, Fasa, Sepidan, Abadeh, Neiriz and Firouzabad cities of the province using the IDB`s loan. The IDB has already allocated some 800 million euros of loans in total for Iran's water and wastewater projects, in Mashhad city, Qom and Kashan, and Tehran among others. The IDB has paid more than 3 billion euros to Iran for implementing its projects so far, of which 70 percent were spent on dam building and water and wastewater projects of the energy ministry.

While 40% of its population has been classified as at food risk by World Food Bank for two consecutive years (2012-2013), Yemen is also home to many billionaires’ businessmen, a reality which had many activists ponder over the principles of social responsibility and social ethic. Hayel Saeed Anam multi-national corporation, for example, is by far one of Yemen’s most visible local benefactors with a series of working social, educational and sports programs. Moreover, Hamid al-Ahmar, a billionaire entrepreneur with significant political influence, runs charitable programs, mainly directed to orphans and the most vulnerable (distribution of food, medicine and other necessities). While it would be wrong to deny that Yemen’ super-rich have indeed given back to the lesser fortunate, one could hope that its billionaires would somehow step in where the central government has failed.

This exclusive interview with Sanusi Lamido Sanusi took place after SaharaReporters followed the ousted CBN governor from the airport to a residence in Lagos shortly after his arrival from Niamey in Niger Republic following his ouster from office by President Goodluck Jonathan.

For many years we see in the media experts believing in inflation and even hyper inflation. However, in the same time we face proponents warning against deflation. So far we all noticed.

Only a about a week ago I read an article by Myret Zaki clarifying that unfortunately inflation and deflation co-exists.

Myret Zaki's thesis is that we face inflation on financial markets, and deflation in the real economy (in French):

http://www.bilan.ch/myret-zaki/redaction-bilan/inflation-et-deflation-co...

In my view there is a general major shift in the price matrix and I still try to figure the magnitude and implications thereof. It is a bit irritating as at University we learned about neutrality of money:

http://en.wikipedia.org/wiki/Neutrality_of_money

This means any extra supply will increase prices equally, 5 % more money, all prices going up 5 %. Pretty plausible at first hand. However, it seems it does not work in reality any more (or never did).

The combined wealth of the world's richest 85 people is now equivalent to that owned by half of the world's population according to a new report from Oxfam titled "Working for the Few". The global aid and development organization detailed the extent of global economic inequality created by the rapidly increasing wealth of the richest. According to the report, 210 people have become billionaires in the past year, joining a select group of 1,426 individuals with a combined net worth of $5.4 trillion. This massive concentration of economic resources in the hands of fewer people presents a significant threat to inclusive political and economic systems. Oxfam is calling on the global political and business leaders attending the World Economic Forum in Davos to take steps to turn around the rapidly exacerbating inequality.

In the two Jordan camps for Syrian refugees, the Norwegian Refugee Council (NRC) is running an education programme with the help of Unicef and supported by Jordan’s education ministry. The camp schools have a Jordanian curriculum. The teachers are both Jordanian and Syrian, drawing on qualified camp residents to teach in the classrooms. NRC also runs a Youth Training Centre. It provides students life skills and leadership training to ensure they acquire traits that can be useful, both in the camp and upon their return to Syria. As winter sets in, relief agencies are concerned with stepping up a winterisation programme. Heaters and blankets are needed while old tents are being replaced with new trailers. Also needed are food, non-food items and medical care.

The decline in education for Syrian children has been the sharpest and most rapid in the history of the region, according to the paper “Education Interrupted” published today. Since 2011 nearly 3 million children from Syria have been forced to quit their education as fighting has destroyed classrooms, left children too terrified to go to school, or seen families flee the country. Progress achieved over decades has been reversed in under three years. At best, children are getting sporadic education. At worst, they drop out of schools and are forced to work to support their families. The paper details some of the factors that have contributed to the rapid emptying of classrooms.

The Islamic Development Bank (IDB) celebrated its 40th anniversary with a reception for consuls general organized with the Ministry of Foreign Affairs, Makkah region, at the bank's headquarters in Jeddah on Wednesday. IDB President Ahmed Muhammad Ali said this was the start of planning for the next 10 years after consulting member states and Muslim communities in nonmember countries. The bank's board of governors would discuss the program of action at its next meeting in June. Ali said the bank prioritizes projects in the least developed member countries, and projects in education. IDB’s commitment to help boost economic growth is evident from the rise in total financing from $8.3 billion in 2011 to $9.8 billion in 2012, an 18.4 percent increase.

Donors at the launch of the Global Fund's Fourth Replenishment pledged US$12.0 billion for the next three years, the largest amount ever committed to fight against AIDS, tuberculosis and malaria. The contributions announced today include funding from 25 countries, as well as the European Commission, private foundations, corporations and faith-based organizations. Besides several countries, the Bill & Melinda Gates Foundation is committing up to US$500 million to the Global Fund for the 2014-2016 period. Securing fresh resources for the next three years will help the Global Fund move closer with its partners toward a tipping point in controlling these epidemics, turning what scientists call high-transmission epidemics into low-level endemics and making them manageable health challenges instead of global emergencies.

As part of its ongoing commitment to support Saudi sports, Bank AlJazira is geared up to kick off its new sports marketing campaign “support with passion,” which will be launched on Dec. 1. Through this campaign, Bank AlJazira will reveal the new set of club-themed credit cards that will carry colors and logos of 7 Saudi football clubs which have the widest fan base. This credit card will give the fans of Saudi football clubs a practical tool to express their passion and support for the club they admire in a unique way. The new campaign from Bank AlJazira will feature Al-Fateh, Al-Shabab, Al-Nasr, Al-Ahli, Al-Ettifaq, Al-Ittihad and Al-Wehda clubs. Fans now can browse various sets of designs for each card, with the opportunity to get incentives rewards and attractive awards in addition to star-related and club-official items.

After Super Typhoon Haiyan hit the Philippines, the United Nations World Food Programme (WFP) deployed logistics pipelines to transport emergency food products and other crucial relief items to the affected areas. Providing food is a major component of the emergency relief effort in the worst-hit areas. WFP has to date dispatched high energy biscuits and rice to three million people in Tacloban, Ormoc and Guiuan. In other areas, where power is on and markets open, WFP will support recovery with ‘Food for Assets’ programmes or cash transfers. Donations are welcome to fund the programmes. Find WFP's latest situation report attached; you can also learn more about WFP’s emergency response in the Philippines on the website wfp.org.

Noor Islamic Bank (Noor) announced a waiver on all remittance charges for clients wishing to send money to relatives in the Philippines, in the wake of the Super Typhoon Haiyan. In addition, the Islamic bank has said that any of its corporate clients wishing to donate funds to the Philippines relief effort will have the processing charges waived. The decision to waive remittance and processing charges will remain in place until December 31, 2013. Individuals and organisations must have a Noor bank account to take advantage of the zero charges.

Global Donors Forum 2014
“CELEBRATING PHILANTHROPY IN EMERGING ECONOMIES”
Gaylord National Resort and Convention Center
April 13-16, 2014

CALL FOR PRESENTATIONS
Deadline: December 10, 2013
Dramatic shifts in the political and economic landscape of many low and middle income countries in recent years have resulted in the emergence of a new class of wealthy individuals. This has led to a rapid growth in private and family foundations in many emerging economies. But the benefits of economic liberalization have not always resulted in an equal distribution of wealth, and income disparities have only been exacerbated by the global economic crisis. This surge in social and economic inequality pleads the need and purpose of philanthropy, both individual and institutional, to be re-examined.

No longer is society looking outside their communities and national borders for change. Whereas once, Aid was the only option, now regional philanthropy is increasingly positioning itself as the “game changer”. This sliding dichotomy from Aid to philanthropy has already begun and nowhere is it more pronounced than in the “Emerging Economies”

The Dubai government plans to establish a centre that will develop standards for corporate governance based on Islamic values, guiding companies in both financial and non-financial activities. The centre is to be opened in the second quarter of next year. The standards will not be compulsory for firms but the centre will issue sharia-compliance certificates to companies and banks meeting them. The standards will cover issues such as corporate transparency and disclosure. However, certificates will not be issued for individual products.

Bangladesh has become a role model of financial inclusion for the Islamic financial world, said Mohammad Abdul Mannan, managing director (MD) of Islami Bank Bangladesh Ltd (IBBL). He came up with the observation while addressing the first ever ADB conference on Islamic finance for Asia held at the ADB Headquarters in the Philippines on 4-5 November.

The Ethical Finance and Innovation Challenge and Awards, sponsored by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, have attracted over 100 entries. The awards, which address issues of ethics in finance and innovation in Islamic banking and offer prizes of up to $100,000, drew interest from individuals and institutions in 55 countries, with interest highest in the UAE, Pakistan, Malaysia, the United Kingdom and the United States. Winners will be announced in late November at the Global Islamic Economy Summit in Dubai. The Award rewards ideas or initiatives in financial services that deliver a sustainable positive impact on society or the environment. A Lifetime Achievement Award will be granted to an individual who has made a significant contribution and impact in the ethical practice of financial services.

Dear Reader,

IslamicFinance.de is still edited by myself, Michael Saleh Gassner. In the same time the website became part of the family's publishing house, Al Kitab.

Myself I moved to Geneva for professional reasons, working as Islamic private banker. IslamicFinance.de remains to be a private passion.

Best regards,

Michael Gassner

Bank AlJazira was granted the Ideal Institution in Support of Social and Developmental Action Award at a special ceremony held during the 30th meeting of GCC Council of Ministers of Social Affairs, organized recently in Bahrain. Nabil bin Dawood Al-Hoshan, CEO of Bank AlJazira, received the award from Bahraini Minister of Social Development Fatima bin Mohammed Al-Balooshi. The award comes after the bank was nominated by the Saudi Ministry of Labor and Social Affairs, in recognition of its efforts and programs in social responsibility.

The Indonesian banking and property mogul Dato Sri Tahir has donated 75 million US dollars towards programs for Indonesia's most needy. Ten million are for family planning, and 65 million for The Global Fund to fight AIDS, Tuberculosis and Malaria. The billionaire's gift is the largest donation the Fund has ever received from an individual in a developing country. Besides, Bill Gates through the Bill and Melinda Gates Foundation is also donating 65 million dollars to the Global Fund. The money will be used for prevention activities against HIV and AIDS. Moreover, the Fund has distributed 8.8 million bednets for malaria and supports detection and treatment of TB. Although philanthropy for social welfare isn't too familiar in Indonesia, wealthy individuals in Asia will be encouraged to give more generously if they see their contribution is being put to good use.

16th October 13 - 8:00am to 17th October 2013 - 12:00pm
Hosted by the Fung Inst. & Silatech, this conference is the first chance for top thought leaders from the Middle East, Silicon Valley, the Venture Capital community & the academic community to spur innovation, create jobs & encourage entrepreneurship throughout the middle east.

The conference is being generously supported by a donation from Silatech, a Qatar based foundation focused on expanding economic opportunity and jobs in the Middle East. This leading institution is partnering with UC Berkeley to bring in some of the world's top experts in Middle Eastern Entrepreneurship, Innovation, Islamic Finance, Crowdfunding and Accelerators, to discuss the opportunities in the region to develop a thriving culture of entrepreneurship and innovation. This conference will bring together top experts from the region, scholars and venture capitalists and innovators from Silicon Valley to explore how we can work together to create economic opportunity through entrepreneurship in the Middle East.

For more information, please contact Richard Swart: rswart@berkeley.edu