Interview on Investment Funds

Investment Funds and its role to mobilize and invest in the Islamic economy was a recent discussion topic at CNBC Channel


Assessor at Amity University Competition

I have participated as an Assessor in Amity University Open Day Competition: EXPO 2020 Student Aspiration. Well done for the winners 




The Financial Inclusion in MENA

The Managing Director of Tanmia Capital Limited Mr. Bassel Nadim has addressed some recent financial inclusion issues in his talk to CNBC

The argument is that more than 2 billion adults have no bank account making about 35 percent of the global workforce unbankef. The MENA region stands at 22 percent of fianancial inclusion ratio.

The Financial Inclusion ratio stands as a comprehensive indicator to measure financial and ethical finance initiatives.



Recent developments in the Islamic economy

The recent interview of  the Managing Director of Tanmia Capital Limited on CNBC channnel regarding the recent regulatory updates on Islamic economy. Mr. Nadim addressed the importance of developing governing standard for financial products as  a pre-requist for global foot print.

Islamic Banking in USA, Radio Talk Show


My recent talk show with the Voices of Arabs Radio station in USA has addressed key issues surrounding Islamic banking in USA such as:

-       -  The sufficiency of the regulatory frameworks
-        - Legitimacy of conventional banks in offering Sharia compliant products
-        - Islamic banks and customer service


The talk revealed some myths on Islamic banking to help consumer in non-muslim countries. Listen to the program and share your questions with me bassel@tanmiacapital.com

SMP Value proposition in Enhancing the Financial Inclusion of small and Medium Businesses. UAE as a case study


My recent article in the World Bank magazine, Connecting Voices edition 3, addressing a unique proposition in financial inclusion domain which is the role of small and medium practitioners "SMP" in enhancing the access to fund for small and Medium Businesses SMEs

To download the full edition, please check
https://www.scribd.com/doc/240848479/2014-09-CVMENA-MAG-3


Financial Products Development and Revenue Enhancement

Tanmia Capital Limited has conducted a 3-day capacity building session for senior officers at Dubai Police around financial products development and revenue enhancement

The session, which took place in collaboration with the Accounting and Auditing Association in UAE, aimed at transferring knowledge of innovating and identifying new products in alignment with the corporate and market strategies in state-owned enterprises environment. 

The trainees were equipped with tools on how price new products and assisted to recognize the difference between price, fee, cost, charge, fare and tax concepts. The lecturer, Bassel Nadim, has presented 3 frameworks for products development and addressed the special issues in offering e-services through apps.

Contact bassel@tanmiacapital.com for further information.





Tanmia Capital's Nadim wants Shariah board audits and integrated accounting standards

July 2014

I was interviewed by IFIS - a UK based online news portal. The discussion addressed recent issues and trends in Islamic banking such as Sharia supervisory boar
ds, accounting standards and SMEs financing.


Islamic Banking and the Institutional Options Workshop

I have conducted a workshop at ECO Trade and Development Bank in Istanbul regarding the Islamic banking and the institutional options on August 5, 2014. The Bank is regional financial institution with a mandate to promote social and economic growth in the member countries of Turkey, Iran, Pakistan, Afghanistan and Azerbaijan. The Bank's assets exceeded Euro 450 million as of December 31, 2013
The presentation addressed the Islamic banking proposition and how structures such as mudaraba and sukuk can bring value to that ethical financing mode. It also debated the pros and cons of each institutional form and its flexibility accommodate the country regulatory frameowk and to adhere to the sharia requirements. Some cases from the GCC, the UK and the Caribbeans were shared.
I enjoyed discussing the topics with the Bank's senior executives and staff. Thanks for their challenging questions and positive energy.

Egypt sovereign sukuk law still mired in uncertainty

July 2014

I have participated in Zawya's report on the sukuk law in Egypt. Quoting: "In Egypt's case, public debt can be reduced if sukuk issues are used to finance infrastructure projects, which are sukuk friendly because they are backed by a physical asset. The role of the government would then be to manage the sukuk program and oversee and coordinate between investors and the project without burdening the state budget," said Bassel Nadim of Tanmia Capital"






Small and Medium Practitioners Role in Enhancing the Growth of Micro, Small and Medium Enterprises MSMEs


It was my pleasure to speak at the World Bank and IFAC conference in Abu Dhabi in July 2014. My paper addresses issues around SMEs and SMPs proposition. It also explores the structure of the accounting market and provides some global and regional benchmarks. I have used UAE as a case study and introduced for the first time the SME development model. 



Strengthening small and medium practitioners (SMPs) workshop

Will be speaking at the World Bank and IFAC workshop on Strengthening  small and medium practitioners (SMPs) to promote micro, small and medium businesses enterprises (MSMEs) growth in Abu Dhabi on June 12, 2014





My interview with the Accountant Middle East magazine

May 2014

The Accountants & Auditors Association in the United Arab Emirates (AAA) is set to play a proactive role in both the accounting profession and the financial services sector at large. Strategic initiatives include the adoption and spread of best practice, the development of professional qualifications and the enhancement of a unique professional services offer – and this is just the beginning. CPI’s Paul Godfrey talked with Bassel Nadim, CEO, AAA, about the challenging agenda on the road ahead…
What do you see as the key current priorities for the Accountants & Auditors Association (AAA)?
“I believe there are many, but the overall theme is to conduct initiatives to raise the value proposition that the AAA is bringing to the professional sector, in alignment with the financially-related KPIs of the UAE -providing a secure platform and point of reference for the financial professionals working here. I do not believe we have reached that point yet: there are some key steps we have to take first. For example, my first priority has been to work closely with the AAA’s board to redefine the vision and the structure of the organization, so that it is a robust and much focused entity; the next step is to secure support and -moving forward -the right partnership arrangements will be very important.
“I am giving particular attention to what I would call the ‘operations theatre’ side of things, ensuring that we are in a position to efficiently oversee the entire cycle while providing services to regulators, professionals and members.”
Which industry sectors do you see the work of the AAA as being most relevant to? Is it equally applicable to all?
“The AAA is a federal national entity and it should be scrupulously fair and provide equal services to all. However, I do feel that in many areas of commercial life, smaller accountancy and audit firms are not getting a good level of support, and I think it is part of our role to lobby on their behalf. For example, most banks and investment institutions prefer to deal with big audit firms and may not recognize others’ reports as a certifiable comment on your financial standings. This in effect not only deprives smaller firms (which are of course 90 per cent of the industry) of business, but also from claiming better fees. The AAA is geared to develop smaller practitioners as such, allowing SMEs to get prudent and high quality accountinand professional standing. This, in the end, will have a positive impact on corporate financial inclusion in the country. In line with this goal, the AAA is working with IFAC and the World Bank to organize a traininevent for small and medium practitioners in mid- June 2014.
According to Dubai SME, only 3 per cent of the UAE’s SMEs publish their accounts and less than 38 per cent produce audited accounts at all. What do you feel about these figures?
“While it is of course a regrettable statistic, it is justified in the context that producing financial reports is not compulsory. In many countries, working with a Chartered Accountant is a statutory requirement, and it might be helpful if this was the case here. This kind of requirement would increase confidence in the SME sector generally and address many of the key funding issues as far as risk and investors are concerned. Part of the day to day work of the AAA is to generate this better understanding of the role of the Chartered practitioner and help companies see that more regular and more transparent reporting is simply good business sense.”
We have recently seen the AAA sign a number of important international agreements with key associations. Will there be more of these soon?
“There will be, in so far as this process suits the needs of the AAA. We pride ourselves on some excellent agreements and associations -the extremely important recent MoU with the ACCA is a  classic case in point, and of course, highly relevant to our professional aims and objectives.
What are the practical benefits that the AAA can bring to my business – whether I’m an SME, an Enterprise or a large business?
“We are developing a new level of offer that’s based around three collective benefits for members: content, capacity building and networking.
“The AAA is working with its partners to provide knowledge content to members in the form of magazines, e-zines or through white papers. Plans are being developed to address contemporary issues in the profession. Another unique segment that we pride ourselves on, as a national body, is developing capabilities, enhancing confidence for business owners who have the assurance that members of the team are accredited to a national body -and one with very high standards. This confidence is built either through the development programmes,or through the knowledge that our certificate -the UAE Certified Chartered Accountant -will feed directly into the business. We also provide a wealth of very constructive networking opportunities that allow stronger links with contractors, suppliers and customers, developing the best possible environment for exchange. There is another key factor, too: the presence of our members assures your customers that their work will be performed to the most exacting professional levels, and executed to an international benchmark -setting your business apart from those that are working in isolation and have no clear quality standards.
Do you see the traditional role of family businesses here in the region as being a challenge for the AAA (and indeed for its members working in those firms)
“The situation here with the family business and the accountant will change -indeed, my view is that this situation is starting to change already”.
The AAA is working with its partners to provide knowledge content to members in the form of magazines, e-zines or through white papers.

As the reputation and influence of bodies such as the AAA becomes more widespread, we will give people more confidence in building a productive career within family businesses, where increasingly -even with the smaller family concerns -the role of the accountant is being seen as fundamental to stability and growth.
How do you see the role of the AAA evolving here in the UAE within the next five years?
“We will be increasingly connected with larger business issues such as Corporate Governance and Best Practice, and be a key driver of change for SMEs, Enterprise firms and larger corporates. I believe we will move from being a forum of technical accounting to a more modern space of risk management, due diligence and the like. This will mean that our members have very powerful business tools at their disposal and are fully equipped to fulfil the increasingly broad leadership role that we see today’s senior accountants and CFOs being required to fulfil.”
Are you actively lobbying for the greater availability of Arabic-based accountancy and audit qualifications?
“Absolutely. We have to enable Arabic practitioners to earn the same universally-recognized qualifications and provide high quality Arabic-based services to their clients. The Arabic qualification should provide you with something exactly equal to the English-based module -not simply a certificate at diploma level. This is very basic: we should never prevent non-English-speaking professionals from getting qualified to the best standards.
“One example of creating this fairer opportunity is that we have recently launched the qualification‘ UAE Certified Chartered Accountant’. This is fully internationally recognized, and enables you to hold ACCA -in this respect; it is almost unique, because in other cases, regional certificates are not internationally recognized. It is a core example of our working towards total parity and equality between the regional scene and the key international benchmarks. It’s a first vital step -and good indicator of where we see the profession headed.”

source:
http://www.accountancyme.com/uncategorized/future-directions-the-repositioning-strategy-of-aaa/ 

Accounting and Auditing in Islamic Banking and Economy Conference

It was my honor to co-lead The Accountants and Auditors Association (AAA) 4th International Conference for Accounting, Auditing & Governance themed around accounting and auditing in Islamic banking and economy, held in Burj Khalifa , Dubai, March 2014.I would like to thank the Chairman of the AAA Mr. Saif ben Abed Al-Muhairi for his utmost support and co-leadership for this world-class conference.

The drive to position Dubai as the capital of Islamic economy got a notch higher today as the UAE government reaffirmed its determination to deploy all the necessary apparatuses to achieve this goal. Seen as a huge boost for Dubai’s ambitions to be the capital of the global Islamic economy, the conference has brought together over 500 delegates, ranging from government officers, decision makers, professors of administrative economic colleges, accountants, auditors, to researchers in the field of accounting & auditing, employees in the banking sector and stock markets analysts. 

final

Please enjoy yourself with video snapshots from this 2-day event.http://www.accountancyme.com/aaa4/

Ethical Finance


عقدت مجموعة عمل من الخبراء والاختصاصيين الدوليين دائرة مستديرة في البرلمان الاسكتلندي للتباحث في التمويل الأخلاقي وتبادل وجهات النظر عن التمويل الاسلامي كتجربة ناجحة في هذا النوع من التمويل ولاسيما مع اهتمام لندن في أن تكون مركز لاصدار الصكوك الاسلامية و جذب جزء من الاستمارات المتوافقة مع الشريعة. 

وفي معرض حديثي عن هذا الموضوع مع قناة قلت أن التمويل الاخلاقي يتفق مع التمويل الاسلامي باهدافهم كموضوع التنمية وعدم تعريض المستثمرين لمخاطر مالية كبيرة، غير انهم مختلفين من ناحية الصيغة الشرعية

تابع المقابلة

GCC Islamic banking status


Regulated Islamic banking services across the GCC region goes bank to 1975, Oman is about to open the room for Islamic banking in the country. The following provides a recent overview of the GCC Islamic assets and where each country stands. 

Bassel Nadim writes:



Can Islamic banks acquire loans or Islamic financing contracts?

I was recently hosted by CNBC TV to address some critical issues in lending and re-financing from both traditional and Islamic banking perspectives. UAE, Oman and KSA regulations were compared

The discussion shed lights on the motives of banks to acquire some banks else clients and the sharia considerations beyond early settlements charges. It also debated the the structure of Islamic finance transactions and how it is critical to separate profit from principal, hence the concept of factoring or re-financing is not an easy trip in Islamic banking.



ما دهاك؟

محاولة شعرية صوفية  بعنوان ما دهاك؟


تدبّر تدبّر، بخلقه تأمّل


إليه تقرب، عليه توكّل


و ما دهاك إذ تألمت يوماً من عسره، قلبك تململ!


و إذا جاءك درهمٌ من رزقه، عقلك تبدّل


و ما حسبك من علمه من شيءِ، قدره تقبّل


و انته عما نهى عن فعله و في مضيّك تعقّل


أظننت أن كل من طفق الدمع من عينه لوجه تهلل!


ليس كل من خلع النعلين على الباب تبتّل


باسل نديم

In a search of Islamic banking


While Islamic banking assets are mainly based in the GCC and Malaysia, interested people are mapped in different locations globally. Where are those interested people in Islamic banking located? 

Bassel Nadim reports:




Islamic banking top 10 list
Google data revealed that Pakistan and Nigeria are the most interested in Islamic banking as measured by search hits. Among others, India, UK, Germany and USA are also in the top 10 list indicates curiosity from around the globe in Islamic banking.  Countries with large Muslim community such as Saudi Arabia and Indonesia have missed the list.




Islamic banking search hits 2005 - 2012
The highest search hits registered in July 2011 impacted by the news of 15% Islamic banking market share in Pakistan. On the other hand, August 2006 and June 2004 recorded the lowest.

It seems appealing to support the proposition that the more the unique the concept to the prevailing culture, the higher number of search hits it provokes and the less the impact the community size.

Bassel Naidm @ CNBC



I was hosted by CNBC Arabia to talk about Sharia compliant trade financing as an area for global banks to play.


Watch the interview and share your comments. 





Bassel Nadim @ France24 TV

I was hosted by France24 TV to talk about the recent business developments between Russia and United Arab Emirates





Bassel

Talking to GulfNews about Syrians in UAE

Dubai: From the start of the Syrian crisis, people have been concerned for their relatives living in the war-torn country.

With the quickly deteriorating situation and growing possibility of a US-led attack, the level of worry among Syrians has multiplied manifold. Gulf News spoke to UAE-based Syrians, who said they want nothing more than their families’ safety.
Zekrayat Mustafa wants her family to be safe but they are not ready to leave Halab, Syria - the only home they’ve known.
In a recent phone call to her sister, Zekrayat was upset to hear about the dangerous situation the family was facing just to purchase food.
ekrayat said: “My sister told me she insisted on buying cucumbers and tomatoes even though there was gunfire in front of her. People were being shot at right beside her but she wanted to buy food for the family.
“I’m more nervous and worried than they are whenever I speak to them. They are living life normally in Halab because they’ve adjusted to the chaos around them. I want them to leave but they are determined to stay.”
Diab Rahmeh is another Syrian expatriate who is hoping that his family will join him in the UAE. His mother is refusing to leave her home near Homs and his sister, who is seven months away from her university graduation, doesn’t want to leave her mother behind.
Rahmeh said: “Eventually I want to bring them both here because their safety is more important to me than anything. People in Syria are scared of the chaos that may ensue if the recent news of US involvement is true. I know many people who want to leave, but they can’t. Others are not interested in leaving.”
Bassel Nadim, who has the majority of his family and relatives in Damascus, Syria, would like them to relocate to a safer location, but complications such as obtaining visas and transport obstacles make the decision difficult.
He said: “Before the recent developments, my family was not planning to leave Syria. Now they are a little more concerned and constantly worried. Even if people want to leave, there are limited options. Also, some people there are still driven by the hope that things will calm down and get back to normal.”
Ala’a Mohammad had a similar view. He would like to ensure his family’s safety but getting visas for them to leave Syria is next to impossible. Additionally, his family is reluctant to leave their home.
He said: “No one likes to stay in danger, but my parents have a very strong connection to Syria.”
Mohammad added that regardless of what his family wants, in the end he will make sure they are safe.

Visiting Trinidad & Tobago

I have spent some time in Trinidad & Tobago working with the Agricultural Development Bank on the strategic options to introduce Islamic banking into the country.

I was interviewed by Guardian newspaper about this topic. Among other thoughts, I have stressed that an Islamic bank is first a bank, then a Sharia compliant firm. A prudent Islamic bank shall confirm adherence to regulations and risk management rules as well as Sharia.


Enjoy reading the report here and let me know what do you think about an Islamic banking in the Caribbean.

Bassel 

تأبط مسدساً

تحكي رواية "جوني تأبطً مسدساً" للكاتب الأمريكي دلتون ترمبو عن الجندي الذي داس على لغم أرضي فبتر قدماه و قطع يداه وفقأ عيناه و جدع أنفه و مزق طبلة الأذن و حطم حباله الصوتية و الصق شفتاه من شظاياه. لقد أضحى الجندي جذعاً يحيى على الآلات المرتبطة به.

يستحضر الجندي آلاف الذكريات من ماضيه و مما قال له أباه، لكن عبثاً يحاول أن يخرج من أسر وظلمة جسده له، ويضيق به المكان بينما ذكرياته تهطل وتتسع أبداً. يرسل الجندي، جوني، إشارات رتيبة غريبة من خلال تشنجات جذعه، تقلصات طويلة وقصيرة يفهمها أحد الممرضين ويحلها شفرتها..إنها إشارات مورس: ا ق ت ل و ن ي... اقتلوني

إليكم مشهداً من خارج القصة تماماً، ربما يبدو أقل قتامة لكنه في جوهره أكثر تعقيداً. يعرض المشهد الجندي نفسه لكن بلسان سليم يحدث الناس والصدى عن ذكرياته و عن أحلامه ، يولّد من عقله العالم الذي يريد و الظلال التي يريد ويقول ما يريد. أجندينا رجل عقلاني و !ّ!شفاف؟! و إلى متى نسمع أحلامه و هواجسه وهرطقاته

iBassel

Finally, I managed to develop my own app – iBassel. I got inspired by iPhone apps and decided to move a step ahead from a mere downloader to active “Appler” or at least a knowledgeable apps user. Again, I am trying to emphasize that iPhone is a post mobile era and it is not a new mobile brand, start the literacy now.

If you are keen to peruse such an “enlightment” then the starting step is obtaining Apple IOS Developer ID from Apple website (costs US$ 99). Subsequent to having a million-dollar app idea, you need to carry out all the back office work. Whether you are using Mac, web-based Mac applications or Mac-in-cloud you need to have a developer account at the host server, then logging into your Apple Developer account to produce an App ID for your proposed app, and then create Certificate Signing Request CSR. Upon that, follow the instruction to issue Push Production Certificate and complete the Distribution Provisional Certificate. Your app is “legally” developed by now, yet you need to build/upload it on Appstore, if it passes the AQI test, otherwise, you may distribute it on ad-hoc basis to other ifreinds. It sounds like chemistry, so the best thing to do is to visit Apple iOS Library for more details and trouble shootings. Stick to using ready template and forms before option to iOS SDK and deploying OS XCoca.

My first app is simple as I aim to acquaint myself to the aforementioned process. Direct your browser to  http://appma.kr/o2wecH  and pay a visit to iBassel. The app has 4 tabs that bring some of my recent writings to imates’ finger prints, in addition to Ask me function which allows you to raise any question or submit a feedback.  Oops, I need to update my app feeder site, and keep goods apps up.

iBassel (Bassel Nadim)

I published it originally on Computer Sight  

Mobile Shadows

Last month was my 10 year anniversary of holding a mobile! I think my kids would feel shy to that date.  

I rented the first mobile, Semins, prior to my leave for the UK and paid US$ 120 for 2 weeks rent. I had enjoyed the functions particularly the caller ID which was not available on land lines. It did not take that much time to buy my first mobile, Nokia 3310, which comes with VodaPhone US$ 24-monthly plan including 120 minute free.

A year later, the device had been dropped in the toilet, accidently. I ceased this opportunity to claim the insurance policy to realise that peril was excluded.. To stay connected, I went to London East End and managed to buy a cheap second phone for US$ 15. I don’t recall the mobile brand, it was ugly and big machine with weak battery. All in all, I did not enjoy my experience with VodaFone, I was unable to switch my plan to a convenient one and also it was expensive to update my address, which I changed several times, as I need to go through a paid and loud call center.

I moved to Dubai and bought Sagem for US$ 48 and subscribed to Etisalat Wasel service for US$ 45. The device has a funny shape like a turtle but was too far better than the “machine!”. I carried that mobile for almost a year until I bought a secondhand mobile from Kuwait, Sony Ericson, the body and the screen were in blue- the colour of love as Lisa Ekdahl sings. Few months later, I bought another Sonny Ericson powered by infrared and blue tooth functions - the state of the art technology at that time. The set comes with music composition feature which I used to compose 3 pieces of music: Glasgow, Rush and nightmare… great tunes. I kept the previous “blue” device for roaming purposes, it was the first time I hold 2 mobiles in a time, was a sign of luxury. 

Days passed by and I became more and more fascinated by Sony Ericson in terms of functions, design and price. Yet, I decided to move to the so called “business mobile” and opted for i-mate. It was an woeful experience so I quickly sold it to a shop in Sharjah and bought Sony Ericson K610i which was high tech handy mobile with many great functions especially live blogging. Check my personal website to see how many live bloggings I uploaded. Unfortunately, the mobile screen cracked and found myself in a position to give it up. The K610i device is too close to my heart and a precious item in my collectables. In addition to its great tech, it has attended my wedding ceremony and also endured the early bits of my son, Rades.

I decided to find a good gadget that supports my work needs, Nokia E61i was a good choice due to its wide screen, keyboard and office-enabling applications. I had also activated a supplementary mobile, LG, a new set that I got for US$ 50 with a sim card!

Accessing emails and browsing internet via mobile is a big addiction. I obtained a Blackberry which dramatically improved the way I communicate with people. The supernova change is when  I recently  bought iPhone. In contrary to BlackBerry, iPhone changes the entire communication style. I would argue saying that iPhone is a post-mobile era and it is not just a new mobile brand as all. I am completely inspired by Apple apps and currently pursuing some self-teaching classes in iOS development. My first app is coming soon.
Mobile phones is an integral part of everyday life and in my memories too.

Credit
Thanks to all friends for their patience and technical testimony on mobile as I am not easy to get convinced when it comes to buying a mobile. Special thanks to Wael Ch, Anas Q, Jeeb Mc, Azem F, Assad S, Mazen K, Mouhaned A Hiba H, Shadi S and Obaida R

My article was also published on  Bizcovering 

Bassel Nadim 

Insurance and Takaful in the MENA Region

I believe that strategy knowledge in the insurance industry is not well addressed and structured. The sector is dominated by day-to-day selling mentality to meet the demand for compulsory insurance- mainly car insurance. There are little postgraduate programs for insurance studies and textbooks in the region are not as diversified as other banking and corporate finance books.

To participate in filling this gap, I am developing a website with passion to bring value to students and industry practitioners. Your contribution is also appreciated. Visit it http://www.insurance-mena.com/

الملّاح

الملّاح


آهات الإعياء

و تناثر الأصداء

ملأت الأجواء


ترنيمة الضياء

في الصبح و المساء

أرض تدور

باءت تبور


هيهات يا ملّاح

الكأس و الأقداح

و رقصة الأتراح

عش مرتاح

في القبر القديم

و أنسه اللئيم

اليوم و الأيام

و رحلة الأحلام

و سطوة الآلام

في الليل و الصباح

حفلة الصياح


هيهات يا ملاح


باسل نديم
نُشرت أيضاً على موقع الساخر

Shisha-free dinning out


Did you fed up dinning out while shisha smoke kills your leisure? A list of some shisah-free restaurants in Dubai is ready. Send yours too:

- Bob's. Amercian food. Jumeirah Beach Residence.
- Al Hallab. Lebanese cuisine. Dubai, Garhoud 04 282 3388
- Coco's. International cuisine in Dubai Shiekh Zayed Road 04 332 6333
- Oregano. Italian restaurant.Dubai Emaar Business Park 04 360-7700

العبور


العبور

أنّى العبور
بين الحجور
ترنيمةٌ بلا ذكرى
دفترٌ بلا سطور
****
خوف الظلام
ظلام الخوف
ألملم ظلالي
قوةٌ تبور
****
وطنٌ يثور
نفسٌ تفور
و عملاقٌ رهيبٌ
بات يغور
****
جلمودٌ فاه
ذئبٌ تاه
شظايا و أصداء
أرضٌ تمور
****
هتاف الزوايا
و زوايا الهتافات
بريق المآقي
 و أمنيات الكائنات
في الشوارع، على الشرفات
إسطورة  و حكايا
تهمل السرايا
توقف الرحايا و لعبة المنايا
تكسر المسلّمات
تديح بالصمت
تخرج عن الّلات
****
إنه آت


باسل نديم
نُشرت أيضاً على موقع الساخر

مسابقة ناشيونال جوغرافيك أبوظبي



السوق في دلالته السريالية مرادف لمغوى الضوء و مغرى الأشياء. السوق في هذه الصورة مضاد لذاك، فهو صامت و حقيقي
 
باسل نديم

Islamic Banking Myth Revealed

Global Islamic banking industry is estimated at US$ 1 trillion and projected to get doubled in the coming 5 years. Islamic banking is more than non-interest bearing financing, it is an ethical asset-based financial system.
The Islamic banking is an industry of itself governed by set of rules and standards issued by world-class organizations such as the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI and International Financial Reporting Standard -  IFSB. There are key features that recognize the Islamic banking from the conventional banking.
No-interest bearing financing
The taking of interest is strictly prohibited in Islam. This does not mean that capital is costless in Islamic finance, but that returns or profits should be linked to a value creating investment in a good or service.
No uncertainty
Uncertainty or “Gharar” is defined as ambiguity in a contractual relationship where the end result can only be zero-sum game, i.e. one party profiting at the expense of another.
Moral investment
Financing or investing in projects that are harmful to people (alcohol or tobacco) or immoral under Islam is prohibited.
Asset-based financial system
The function of money in Islamic banking is to facilitate trade and as a measure of value to goods and services. Unlike conventional financial institutions, money is not considered a tradable commodity in itself.
The prohibition on taking interest has made Islamic financial institutions and finance an asset-based system. Main Islamic banking products i.e. Murabaha, Istisna’a and Ijara involve investment in real assets or services resulting from those assets, and due to prohibitions on Gharar, risk in these transactions is usually shared between the parties. Islamic banks can provide finance using one of more of the following asset-based forms:
Murabaha
Most of Islamic banking transactions are under this form. In Murabaha transactions, the Islamic bank purchases the product  to the request of a client, and re-sells the product to the client on a deferred payment basis. The bank purchases the product from the vendor, and sells the product to the customer at a marked up price (P+X), on a deferred payment basis. The period covering the deferred payment is effectively the financing period. The title to the product is transferred to the customer at the time of purchase, but the customer usually provides a collateral to the company during the financing period

Ijarah
The Islamic bank purchases the product and then leases it to the buyer with a profit margin. The customer makes periodic (typically monthly) rental payments to the Islamic bank. The title to the property remains in the finance company’s name
Istisna’a is primarily a deferred delivery sale contract. It can be used for financing the construction of a product.  With Istisna’a, the parties meet to agree on the specifications of the construction and the price. The Islamic bank then appoints the contractor to complete the project. The customer only commences repayment only once the project is completed. Repayments can be made at a fixed or a flexible profit rate
Musharakah
The asset is bought by the Islamic bank and resold to the customer in the form of an equity partnership. The customer buys an initial share and with each installment this share increases to eventually reach 100 percent ownership. Profits and losses, if they are part of the operation, are shared between the parties as in any equity agreement
Mudaraba
 An agreement between a Islamic bank and a third party whereby one party would provide a certain amount of funds, which the other party (Mudarib) would then invest in a specific enterprise or activity against a specific share in the profit. The Mudarib would bear the loss in case of default, negligence or violation of any of the terms and conditions of the Mudaraba
Wakala
An agreement whereby the Company provides a certain sum of money to an agent, who invests it according to specific conditions in return for a certain fee (a lump sum of money or a percentage of the amount invested). The agent is obliged to return the invested amount in case of default, negligence or violation of any of the terms and conditions of the Wakala
Written by: Bassel Nadim

Monetary regulation and financial liberalisation

Can a government make money out of financial repression? Can regulating the banking sector be attained while liberalising the economy? What is Basel Convention role? Where the World Bank stands? This paper addresses the puzzling questions of monetary liberalization in developing countries. 
Read my first published e-book on monetary regulation and financial liberalisation.

Author          Bassel Nadim
ISBN           978-1-257-92033-4
Copyright     Standard Copyright License
Published     July 18, 2011
Language     English
Pages            22    
Price             $5.24
File Format   PDF
File Size       180.2 kB