here are almost 2 billion Muslims worldwide, a statistic that cannot be overlooked even in the banking industry. However, Muslims have very strict laws governing financial transactions. Islamic banking must adhere to the laws of Sharia to be true Islamic banking centers.
The Sharia Law of Islamic Banking
Sharia law is the law of Islam. The rules concerning financial transactions are known as Fiqh al-Muamalat. The most prominent of these laws are the laws concerning the charging of interest or fees on loans or usury fees. This is known as Riba. Islamic banking laws also forbid investing in financial unknowns, such as trading in futures, and in businesses that participate in ventures that are against Islamic principles.
Islamic Banking Principles for Interest
To comply with the laws concerning interest, Islamic banks often require a large down payment on property or goods being purchased. They may also require collateral equal to the value of the transaction. Instead of granting “loans” in the conventional way, a bank will purchase the goods or property from the seller and enter into an agreement with the buyer to sell it to them at a higher price. Since this is an exchange of goods, not money, the banks are allowed to enter into this transaction and make a profit. This is known as Murabaha (cost plus) and is how all property is purchased through a Sharia compliant bank. Islamic banks do not issue mortgages.
These transactions can fall under specific categories and practices. Safe Keeping (Wadiah) is where the customer transfers funds to the bank to hold (Keep) until their debt is repaid. During that time the bank is allowed to invest those funds to generate a profit for the bank. The bank may also charge a service fee for keeping the account safe during this period. The bank is allowed to give a gift (Hibah) on the account in the form of a monetary payment at the end of the term if it wishes. The bank, however, must have all deposited monies readily available should the debt be repaid and the deposit claimed.
Banking Partnerships for Business
Mudharabah (profit sharing) is a partnership that is formed between an entrepreneur and a bank to start a business. The Bank will supply all the money necessary to start the business and as the business operates it will receive a set amount of the profit until the initial debt is repaid. The bank will also receive as a bonus, an additional percentage of the profits until the loan is paid. Musharakah (joint venture) runs on the same principal except there are more than one business partner when the business is created.
Governing Boards of Islamic Banks
Each banking institution employs a special governing board that makes sure that all Sharia laws are complied with within the institution. This board will review all practices and investments prior to a transaction being finalized. They are also responsible for reviewing any potential investments the bank may make to ensure they comply with investment rules.
While many of these practices may seem strange to western bankers, Islamic banking has taken its hold in the Middle East. Deposits into Islamic banking institutions have been growing between 25 and 40% a year since 1975. Currently it is estimated that almost 200 billion dollars a day transacts in Islamic banks world-wide.
Thursday, August 18, 2011
ISLAMIC BANKING
here are almost 2 billion Muslims worldwide, a statistic that cannot be overlooked even in the banking industry. However, Muslims have very strict laws governing financial transactions. Islamic banking must adhere to the laws of Sharia to be true Islamic banking centers.
The Sharia Law of Islamic Banking
Sharia law is the law of Islam. The rules concerning financial transactions are known as Fiqh al-Muamalat. The most prominent of these laws are the laws concerning the charging of interest or fees on loans or usury fees. This is known as Riba. Islamic banking laws also forbid investing in financial unknowns, such as trading in futures, and in businesses that participate in ventures that are against Islamic principles.
Islamic Banking Principles for Interest
To comply with the laws concerning interest, Islamic banks often require a large down payment on property or goods being purchased. They may also require collateral equal to the value of the transaction. Instead of granting “loans” in the conventional way, a bank will purchase the goods or property from the seller and enter into an agreement with the buyer to sell it to them at a higher price. Since this is an exchange of goods, not money, the banks are allowed to enter into this transaction and make a profit. This is known as Murabaha (cost plus) and is how all property is purchased through a Sharia compliant bank. Islamic banks do not issue mortgages.
These transactions can fall under specific categories and practices. Safe Keeping (Wadiah) is where the customer transfers funds to the bank to hold (Keep) until their debt is repaid. During that time the bank is allowed to invest those funds to generate a profit for the bank. The bank may also charge a service fee for keeping the account safe during this period. The bank is allowed to give a gift (Hibah) on the account in the form of a monetary payment at the end of the term if it wishes. The bank, however, must have all deposited monies readily available should the debt be repaid and the deposit claimed.
Banking Partnerships for Business
Mudharabah (profit sharing) is a partnership that is formed between an entrepreneur and a bank to start a business. The Bank will supply all the money necessary to start the business and as the business operates it will receive a set amount of the profit until the initial debt is repaid. The bank will also receive as a bonus, an additional percentage of the profits until the loan is paid. Musharakah (joint venture) runs on the same principal except there are more than one business partner when the business is created.
Governing Boards of Islamic Banks
Each banking institution employs a special governing board that makes sure that all Sharia laws are complied with within the institution. This board will review all practices and investments prior to a transaction being finalized. They are also responsible for reviewing any potential investments the bank may make to ensure they comply with investment rules.
While many of these practices may seem strange to western bankers, Islamic banking has taken its hold in the Middle East. Deposits into Islamic banking institutions have been growing between 25 and 40% a year since 1975. Currently it is estimated that almost 200 billion dollars a day transacts in Islamic banks world-wide.
The Sharia Law of Islamic Banking
Sharia law is the law of Islam. The rules concerning financial transactions are known as Fiqh al-Muamalat. The most prominent of these laws are the laws concerning the charging of interest or fees on loans or usury fees. This is known as Riba. Islamic banking laws also forbid investing in financial unknowns, such as trading in futures, and in businesses that participate in ventures that are against Islamic principles.
Islamic Banking Principles for Interest
To comply with the laws concerning interest, Islamic banks often require a large down payment on property or goods being purchased. They may also require collateral equal to the value of the transaction. Instead of granting “loans” in the conventional way, a bank will purchase the goods or property from the seller and enter into an agreement with the buyer to sell it to them at a higher price. Since this is an exchange of goods, not money, the banks are allowed to enter into this transaction and make a profit. This is known as Murabaha (cost plus) and is how all property is purchased through a Sharia compliant bank. Islamic banks do not issue mortgages.
These transactions can fall under specific categories and practices. Safe Keeping (Wadiah) is where the customer transfers funds to the bank to hold (Keep) until their debt is repaid. During that time the bank is allowed to invest those funds to generate a profit for the bank. The bank may also charge a service fee for keeping the account safe during this period. The bank is allowed to give a gift (Hibah) on the account in the form of a monetary payment at the end of the term if it wishes. The bank, however, must have all deposited monies readily available should the debt be repaid and the deposit claimed.
Banking Partnerships for Business
Mudharabah (profit sharing) is a partnership that is formed between an entrepreneur and a bank to start a business. The Bank will supply all the money necessary to start the business and as the business operates it will receive a set amount of the profit until the initial debt is repaid. The bank will also receive as a bonus, an additional percentage of the profits until the loan is paid. Musharakah (joint venture) runs on the same principal except there are more than one business partner when the business is created.
Governing Boards of Islamic Banks
Each banking institution employs a special governing board that makes sure that all Sharia laws are complied with within the institution. This board will review all practices and investments prior to a transaction being finalized. They are also responsible for reviewing any potential investments the bank may make to ensure they comply with investment rules.
While many of these practices may seem strange to western bankers, Islamic banking has taken its hold in the Middle East. Deposits into Islamic banking institutions have been growing between 25 and 40% a year since 1975. Currently it is estimated that almost 200 billion dollars a day transacts in Islamic banks world-wide.
Ramadhan
Ramadan includes fasting which is the third pillar of all the five pillars of Islam. This means that the fasting during Ramadan is one of the five most basic beliefs or acts that a Muslim is supposed to do. Fasting in Islam is considered to be a means of practicing self-control. It is also considered to be a way of experiencing what hunger is all about, sympathizing with the poor and the needy, and thanking god for everything you have received in life.
An important part of Ramadan festival is offering gifts in the form of Zakat which means giving away one’s wealth to charity. The Zakat is one of the essential pillars of Islam. The concept of Zakat is to purify one’s wealth by giving a part of it to people who aren’t blessed by god.
Importance of Ramadan to Muslims
Ramadan is the time for offering intense prayers to god. During this month, Muslims try to read the Quran, the holy scripture of Islam, as much as possible. They may also visit the mosque to listen to the recitation of the Quran.
The last 10 days of Ramadan are special because during this time, the Muslims indulge in intense prayers with the belief that they’ll get closer to god because of their good deeds, sacrifices, and devotion.
According to Quran, the 27th night of the month of Ramadan, known as the Lailat ul-Qadr or the Night of Power, is actually considered to be auspicious than any other night. So, the Muslims spend almost this entire night in prayers.
Some common beliefs of the Muslims regarding Ramadan are listed below.
The Muslims believe that fasting will enable them to feel for those who get very little to eat daily.
The Muslims feel that through Ramadan prayers, they’ll connect better with their inner selves, strengthen their faith and get closer to god who has created them.
They think that Ramadan teaches them how to appreciate god for every single happiness and achievement they’ve had in their lives.
The Muslims believe that self-control during Ramadan will teach them good manners and good speech.
They believe that charity during this festive occasion will actually make them more generous and develop a sense of goodwill in them.
The Muslims feel that family gatherings during Ramadan will help strengthen their bonding with their friends and family members.
Importance of Fasting in Ramadan
The concept of fasting is not to starve but to take oneself to a spiritual level where one fully devotes himself to god. It has been proved that during fasting, the body develops immunity and gets rid of the toxins that have earlier accumulated.
Fasting during Ramadan helps the Muslims develop the spirit of sacrifice due to which they refrain from all natural desires on this earth. Although they may not think about the poor and downtrodden in everyday life, yet during fasting, they’ll learn to think about the less fortunate. Fasting also helps them get rid of overindulgence in life.
Fasting in Ramadan enables a Muslim to train his body and soul so as to develop self-restraint. It helps shape up the personality of a Muslim who is expected not to commit wrong during the remaining part of the year. Fasting is not just physical but the Muslims actually commit their body and soul to the spirit of fasting. They restrain every part of their body. For example, they restrain their tongue from backbiting or gossiping. They don’t touch anything that doesn’t belong to them. Their eyes don’t see anything that’s unlawful. The Muslims also avoid listening to obscene words during the Ramadan.
During Ramadan, the Muslims re-evaluate their lives under the principles of Islam. They are expected to make peace with their dear ones even though the latter may have wronged them. The Muslims are expected to purify their minds during the month of Ramadan. Not only should they purify their thoughts, but also their words and actions.
An important part of Ramadan festival is offering gifts in the form of Zakat which means giving away one’s wealth to charity. The Zakat is one of the essential pillars of Islam. The concept of Zakat is to purify one’s wealth by giving a part of it to people who aren’t blessed by god.
Importance of Ramadan to Muslims
Ramadan is the time for offering intense prayers to god. During this month, Muslims try to read the Quran, the holy scripture of Islam, as much as possible. They may also visit the mosque to listen to the recitation of the Quran.
The last 10 days of Ramadan are special because during this time, the Muslims indulge in intense prayers with the belief that they’ll get closer to god because of their good deeds, sacrifices, and devotion.
According to Quran, the 27th night of the month of Ramadan, known as the Lailat ul-Qadr or the Night of Power, is actually considered to be auspicious than any other night. So, the Muslims spend almost this entire night in prayers.
Some common beliefs of the Muslims regarding Ramadan are listed below.
The Muslims believe that fasting will enable them to feel for those who get very little to eat daily.
The Muslims feel that through Ramadan prayers, they’ll connect better with their inner selves, strengthen their faith and get closer to god who has created them.
They think that Ramadan teaches them how to appreciate god for every single happiness and achievement they’ve had in their lives.
The Muslims believe that self-control during Ramadan will teach them good manners and good speech.
They believe that charity during this festive occasion will actually make them more generous and develop a sense of goodwill in them.
The Muslims feel that family gatherings during Ramadan will help strengthen their bonding with their friends and family members.
Importance of Fasting in Ramadan
The concept of fasting is not to starve but to take oneself to a spiritual level where one fully devotes himself to god. It has been proved that during fasting, the body develops immunity and gets rid of the toxins that have earlier accumulated.
Fasting during Ramadan helps the Muslims develop the spirit of sacrifice due to which they refrain from all natural desires on this earth. Although they may not think about the poor and downtrodden in everyday life, yet during fasting, they’ll learn to think about the less fortunate. Fasting also helps them get rid of overindulgence in life.
Fasting in Ramadan enables a Muslim to train his body and soul so as to develop self-restraint. It helps shape up the personality of a Muslim who is expected not to commit wrong during the remaining part of the year. Fasting is not just physical but the Muslims actually commit their body and soul to the spirit of fasting. They restrain every part of their body. For example, they restrain their tongue from backbiting or gossiping. They don’t touch anything that doesn’t belong to them. Their eyes don’t see anything that’s unlawful. The Muslims also avoid listening to obscene words during the Ramadan.
During Ramadan, the Muslims re-evaluate their lives under the principles of Islam. They are expected to make peace with their dear ones even though the latter may have wronged them. The Muslims are expected to purify their minds during the month of Ramadan. Not only should they purify their thoughts, but also their words and actions.
Ramadhan
Ramadan includes fasting which is the third pillar of all the five pillars of Islam. This means that the fasting during Ramadan is one of the five most basic beliefs or acts that a Muslim is supposed to do. Fasting in Islam is considered to be a means of practicing self-control. It is also considered to be a way of experiencing what hunger is all about, sympathizing with the poor and the needy, and thanking god for everything you have received in life.
An important part of Ramadan festival is offering gifts in the form of Zakat which means giving away one’s wealth to charity. The Zakat is one of the essential pillars of Islam. The concept of Zakat is to purify one’s wealth by giving a part of it to people who aren’t blessed by god.
Importance of Ramadan to Muslims
Ramadan is the time for offering intense prayers to god. During this month, Muslims try to read the Quran, the holy scripture of Islam, as much as possible. They may also visit the mosque to listen to the recitation of the Quran.
The last 10 days of Ramadan are special because during this time, the Muslims indulge in intense prayers with the belief that they’ll get closer to god because of their good deeds, sacrifices, and devotion.
According to Quran, the 27th night of the month of Ramadan, known as the Lailat ul-Qadr or the Night of Power, is actually considered to be auspicious than any other night. So, the Muslims spend almost this entire night in prayers.
Some common beliefs of the Muslims regarding Ramadan are listed below.
The Muslims believe that fasting will enable them to feel for those who get very little to eat daily.
The Muslims feel that through Ramadan prayers, they’ll connect better with their inner selves, strengthen their faith and get closer to god who has created them.
They think that Ramadan teaches them how to appreciate god for every single happiness and achievement they’ve had in their lives.
The Muslims believe that self-control during Ramadan will teach them good manners and good speech.
They believe that charity during this festive occasion will actually make them more generous and develop a sense of goodwill in them.
The Muslims feel that family gatherings during Ramadan will help strengthen their bonding with their friends and family members.
Importance of Fasting in Ramadan
The concept of fasting is not to starve but to take oneself to a spiritual level where one fully devotes himself to god. It has been proved that during fasting, the body develops immunity and gets rid of the toxins that have earlier accumulated.
Fasting during Ramadan helps the Muslims develop the spirit of sacrifice due to which they refrain from all natural desires on this earth. Although they may not think about the poor and downtrodden in everyday life, yet during fasting, they’ll learn to think about the less fortunate. Fasting also helps them get rid of overindulgence in life.
Fasting in Ramadan enables a Muslim to train his body and soul so as to develop self-restraint. It helps shape up the personality of a Muslim who is expected not to commit wrong during the remaining part of the year. Fasting is not just physical but the Muslims actually commit their body and soul to the spirit of fasting. They restrain every part of their body. For example, they restrain their tongue from backbiting or gossiping. They don’t touch anything that doesn’t belong to them. Their eyes don’t see anything that’s unlawful. The Muslims also avoid listening to obscene words during the Ramadan.
During Ramadan, the Muslims re-evaluate their lives under the principles of Islam. They are expected to make peace with their dear ones even though the latter may have wronged them. The Muslims are expected to purify their minds during the month of Ramadan. Not only should they purify their thoughts, but also their words and actions.
An important part of Ramadan festival is offering gifts in the form of Zakat which means giving away one’s wealth to charity. The Zakat is one of the essential pillars of Islam. The concept of Zakat is to purify one’s wealth by giving a part of it to people who aren’t blessed by god.
Importance of Ramadan to Muslims
Ramadan is the time for offering intense prayers to god. During this month, Muslims try to read the Quran, the holy scripture of Islam, as much as possible. They may also visit the mosque to listen to the recitation of the Quran.
The last 10 days of Ramadan are special because during this time, the Muslims indulge in intense prayers with the belief that they’ll get closer to god because of their good deeds, sacrifices, and devotion.
According to Quran, the 27th night of the month of Ramadan, known as the Lailat ul-Qadr or the Night of Power, is actually considered to be auspicious than any other night. So, the Muslims spend almost this entire night in prayers.
Some common beliefs of the Muslims regarding Ramadan are listed below.
The Muslims believe that fasting will enable them to feel for those who get very little to eat daily.
The Muslims feel that through Ramadan prayers, they’ll connect better with their inner selves, strengthen their faith and get closer to god who has created them.
They think that Ramadan teaches them how to appreciate god for every single happiness and achievement they’ve had in their lives.
The Muslims believe that self-control during Ramadan will teach them good manners and good speech.
They believe that charity during this festive occasion will actually make them more generous and develop a sense of goodwill in them.
The Muslims feel that family gatherings during Ramadan will help strengthen their bonding with their friends and family members.
Importance of Fasting in Ramadan
The concept of fasting is not to starve but to take oneself to a spiritual level where one fully devotes himself to god. It has been proved that during fasting, the body develops immunity and gets rid of the toxins that have earlier accumulated.
Fasting during Ramadan helps the Muslims develop the spirit of sacrifice due to which they refrain from all natural desires on this earth. Although they may not think about the poor and downtrodden in everyday life, yet during fasting, they’ll learn to think about the less fortunate. Fasting also helps them get rid of overindulgence in life.
Fasting in Ramadan enables a Muslim to train his body and soul so as to develop self-restraint. It helps shape up the personality of a Muslim who is expected not to commit wrong during the remaining part of the year. Fasting is not just physical but the Muslims actually commit their body and soul to the spirit of fasting. They restrain every part of their body. For example, they restrain their tongue from backbiting or gossiping. They don’t touch anything that doesn’t belong to them. Their eyes don’t see anything that’s unlawful. The Muslims also avoid listening to obscene words during the Ramadan.
During Ramadan, the Muslims re-evaluate their lives under the principles of Islam. They are expected to make peace with their dear ones even though the latter may have wronged them. The Muslims are expected to purify their minds during the month of Ramadan. Not only should they purify their thoughts, but also their words and actions.
Thursday, August 11, 2011
Quebec city
Sure of its charms and just a touch haughty, Québec City’s gracious yet simple style continues to delight its visitors, year after year. The city has everything it takes to please: an enchanting setting on the St. Lawrence, a priceless architectural heritage, a rich and colourful past and, above all, a warm heart bubbling over with the special joie de vivre that has characterized it for four centuries.
Colonial city, contemporary capital
PhotoIt was here at the base of this natural fortress dubbed the “Gibraltar of America” by Charles Dickens that Samuel de Champlain first established a fur-trading post in 1608. As religious and political institutions sprang up within the fortifications, merchants and craftsmen set up shop alongside the river. A coveted prize that was subject to repeated assault, Québec City eventually fell to the British in 1759, and New France became a subject of the English crown.
Québec City (pop. 622,000), the cradle of French civilization in North America, is today a busy seaport, an important service and research centre, a cultural hot spot and, of course, the capital of Québec. Here you’ll find the art of living unsurpassed—and the pleasures of the table high on the list of priorities. Splendid public gardens and close proximity to the great outdoors add to a superb quality of life which does the locals proud.
A World Heritage Site
Sainte-Anne-de-Beaupré, QuébecHistoric Québec was named a UNESCO World Heritage Site in 1985. From the top of its imposing ramparts down to the mighty St. Lawrence, Québec City, the only fortified city north of Mexico, is your invitation to plunge into a colourful pageant of history.
Near St. John’s Gate—one of four in the city walls—Artillery Park features many historic buildings, including an impressive redoubt dating from the French Regime. Many fascinating museums lie tucked away behind the venerable façades of the old town, including the Musée de l’Amérique française, housed within the centuries-old walls of the Seminary, and the Musée des Ursulines. The Notre-Dame-de-Québec basilica boasts a superb art collection, while its crypt houses the remains of four governors of New France.
Lower Town
PhotoTake the funicular and drop into the Lower Town, whose origins hearken back to the first days of the colony. Place-Royale and the adjacent Petit-Champlain quarter abound with activity, despite their advanced age, with an interpretation centre, art and craft boutiques, and many restaurants and bistros. The Musée de la civilisation presents various themed exhibitions with a fully up-to-the-minute interactive approach. Stroll along the Old Port or, in summer, hop aboard a refreshing cruise on the river.
... and Upper Town
PhotoIf you decide to climb back up toward the Citadelle dominating the city, you’ll pass by the immortal Château Frontenac with its medieval-looking gables and turrets. From there, stroll along the Dufferin Terrace boardwalk for a sublime vista of the river. If you keep going, you’ll come to the Plains of Abraham, also known as Battlefields Park. This vast green space was the site of the fateful clash in 1759 between the French and British armies, one of the most significant military events in North American history. The site also houses the Musée national des Beaux-Arts du Québec, with its remarkable collection of Québec art and steady stream of major international exhibitions.
The newly revamped Parc Aquarium is a must for families visiting Québec. And facing Île d’Orleans, the Sainte-Anne-de-Beaupré shrine near Mont Sainte-Anne has welcomed pilgrims since the mid‑17th century.
Non-stop celebration
PhotoIn this city redolent with history, Québecers long ago mastered the art of living well and having fun, whatever the weather. In summer, the capital swings to the beat of the Québec City Summer Festival and the New France Festival as its streets, parks and concert halls overflow with music and performance. And, since feeling festive here knows no seasonal bounds, come February, Québec City explodes into action once more with the famed Carnaval, the largest winter festival of its kind in the world.
Colonial city, contemporary capital
PhotoIt was here at the base of this natural fortress dubbed the “Gibraltar of America” by Charles Dickens that Samuel de Champlain first established a fur-trading post in 1608. As religious and political institutions sprang up within the fortifications, merchants and craftsmen set up shop alongside the river. A coveted prize that was subject to repeated assault, Québec City eventually fell to the British in 1759, and New France became a subject of the English crown.
Québec City (pop. 622,000), the cradle of French civilization in North America, is today a busy seaport, an important service and research centre, a cultural hot spot and, of course, the capital of Québec. Here you’ll find the art of living unsurpassed—and the pleasures of the table high on the list of priorities. Splendid public gardens and close proximity to the great outdoors add to a superb quality of life which does the locals proud.
A World Heritage Site
Sainte-Anne-de-Beaupré, QuébecHistoric Québec was named a UNESCO World Heritage Site in 1985. From the top of its imposing ramparts down to the mighty St. Lawrence, Québec City, the only fortified city north of Mexico, is your invitation to plunge into a colourful pageant of history.
Near St. John’s Gate—one of four in the city walls—Artillery Park features many historic buildings, including an impressive redoubt dating from the French Regime. Many fascinating museums lie tucked away behind the venerable façades of the old town, including the Musée de l’Amérique française, housed within the centuries-old walls of the Seminary, and the Musée des Ursulines. The Notre-Dame-de-Québec basilica boasts a superb art collection, while its crypt houses the remains of four governors of New France.
Lower Town
PhotoTake the funicular and drop into the Lower Town, whose origins hearken back to the first days of the colony. Place-Royale and the adjacent Petit-Champlain quarter abound with activity, despite their advanced age, with an interpretation centre, art and craft boutiques, and many restaurants and bistros. The Musée de la civilisation presents various themed exhibitions with a fully up-to-the-minute interactive approach. Stroll along the Old Port or, in summer, hop aboard a refreshing cruise on the river.
... and Upper Town
PhotoIf you decide to climb back up toward the Citadelle dominating the city, you’ll pass by the immortal Château Frontenac with its medieval-looking gables and turrets. From there, stroll along the Dufferin Terrace boardwalk for a sublime vista of the river. If you keep going, you’ll come to the Plains of Abraham, also known as Battlefields Park. This vast green space was the site of the fateful clash in 1759 between the French and British armies, one of the most significant military events in North American history. The site also houses the Musée national des Beaux-Arts du Québec, with its remarkable collection of Québec art and steady stream of major international exhibitions.
The newly revamped Parc Aquarium is a must for families visiting Québec. And facing Île d’Orleans, the Sainte-Anne-de-Beaupré shrine near Mont Sainte-Anne has welcomed pilgrims since the mid‑17th century.
Non-stop celebration
PhotoIn this city redolent with history, Québecers long ago mastered the art of living well and having fun, whatever the weather. In summer, the capital swings to the beat of the Québec City Summer Festival and the New France Festival as its streets, parks and concert halls overflow with music and performance. And, since feeling festive here knows no seasonal bounds, come February, Québec City explodes into action once more with the famed Carnaval, the largest winter festival of its kind in the world.
Americas Debt ...U.S.A on a downfall
America’s collective debt, also called the national debt or the public debt, represents the money that the U.S. government owes to the owners of debt instruments that are issued by the U.S. treasury. There are several types of debt instruments issued by the U.S. Department of the Treasury. All of these items are collectively called treasuries.
America has always had debt. Since the 18th century, the country has carried a load of debt that has fluctuated with the political and social climate of the day. In 1860, America’s debt was $65 million. The Civil War brought about a major spike in the debt. World War I and World War II also brought about major rises in the debt. The latest American debt numbers have put it at its steepest numbers since the debt level spiked during World War II.
America’s debt, as owed to foreign nations, has been rising steadily over the years. The gross debt in trillions of U.S. dollars was about $10 trillion in 1940. In 1950, it had risen to about $18 trillion. After falling for a few decades, it began rising again in the late 1980s. In 2009, America’s debt was again up to $18 trillion. It is projected to continue to rise over the next few years. By 2011 it is projected to be about $20 trillion. The projected amount of American debt in the next few years equals 100 percent of the U.S. GDP.
Foreign Held Treasury Securities in U.S. Dollars
China holds $798.9 billion in American debt. Japan holds $746.5 billion in U.S. debt. The U.K. holds $230.7 billion of the U.S. debt. Brazil holds $156.2 billion in U.S. debt. Hong Kong has $142.0 billion of the American debt. Russia has $122.5 billion of American debt. Luxemburg holds $90.8 billion of the American debt. Taiwan has $78.7 billion of America’s debt. Switzerland owns $71.5 billion of America’s debt. Germany holds $52.8 billion in American debt.
South Korea has $42.2 billion of the U.S. debt. Canada has $40.8 billion in American debt. Ireland has $38.3 billion in U.S. debt. France has $36.2 billion in U.S. debt. Singapore has $35.2 billion of the U.S. debt. India owns $32.9 billion of the American debt. Turkey owns $30.4 billion of the U.S. debt. Thailand holds $30.1 billion in U.S. debt. Norway holds $24.9 billion in American debt. Mexico holds $20.7 billion of U.S. debt
Friday, July 29, 2011
Most Misunderstood Religion
The majority of the modern "educated" people are today faced with a religious crisis.
Is religion really a fact of life? It might have been one in the past, but does it still remain
so in the world of today when science has changed the whole course of life, and when
there is no place in it for anything save science and what scientific facts approve of? Does
religion represent a genuine need of humanity? Or is it something wholly dependent upon
the temperamental constitution of an individual so that one may not believe in it as there
is no difference between the two states of belief and unbelief '?
Talking about Islam they betray a similar state of intellectual crisis when the
missionaries of Islam tell them that Islam is not a mere creed, nor does it represent simply
an edification of souls, or a refinement and training of human virtues but is rather a
harmonious whole that also includes a just economic system, a well-balanced social
organization, codes of civil, criminal as well as international law, & philosophical
outlook upon life along with a system of physical instruction, all of these flowing from
the same fundamental creed of Islam and its moral and spiritual temperament. When they
hear all this, these "educated" people are greatly perplexed, for they supposed that Islam
had since long ceased to exist as it has become outmoded and had exhausted all its
usefulness. That is why they are surprised when they hear devout Muslims saying that
Islam does not belong to a remote past, it is not obsolete or antiquated but is a living and
flourishing system of life even at the present moment, as it holds within itself such
elements of life as no other system known to humanity does including socialism as well
as communism or any other system.
At this their surprise exceeds limits, they can no more contain themselves, so they
scream at these preachers of Gods words: Do you tell us all this about the religion that
approves of slavery, feudalism and capitalism-the system which holds that woman is only
a half-man and imprisons her within her household; which prescribes such punishments
as stoning to death, mutilation and whipping; which lets its people live on charity; which
splits them up into different classes, some exploiting the other; a system which provides
no security of decent living to the toiling people; and a system which is such and such,
how is it possible that such a system should even hold its own today, let alone its survival
in the future? Not to speak of its triumph and contending successfully, how can such a
system even hold out in the ruthless ideological struggle going on at present among
different modern socio-economic systems?
Before proceeding further let us, however, pause awhile and see as to who these
"educated" skeptics are? Whence does their skepticism originate? Is this attitude of mind
a result of their own free thinking or are they merely parroting the words of other, without
even so much as understanding them?
The fact is that the skepticism exhibited by these gentlemen is not at all a result of
their own independent thinking, nor did it originate in their own minds as such. For its
true source we win have to go back a little over the history of modern times.
The Middle Ages witnessed crusades between Europe and the world of Islam. Furious
battles were fought between the two after which followed a period that saw a suspension
of hostilities between the two camps but their hostility towards each other never ended as
is well borne out by what Lord Allenby said in clear terms on the occasion of the British
occupation of Jerusalem in World War I: "Now have the crusades come to an end!'
We must also keep in mind that during the last two centuries European imperialism
remained in conflict with the Islamic Orient.
The British stepped into Egypt in 1882 following Taufiq's treachery. They hatched a
plot with him for the military occupation of Egypt in order to thwart the popular
revolution under the leadership of Orabi. Thereafter the British policy of necessity
revolved around one basic aim: strengthening their hold more and more on the Islamic
world and safeguarding their interests from being swept away by the true Islamic spirit of
the Orient. We would in this respect like to refer to what the British Prime Minister of the
Victorian age, Mr. Gladstone said in the House of Commons. Holding up the Holy Qur'an
in his hands he told the members of the House: "So long as the Egyptians have got this
book with them, we will never be able to enjoy quiet or peace in that land".
Naturally the policy pursued by the British was one of deriding Islamic laws and
principles, of exiling the sense of their sanctity from Muslims' hearts, and of painting
Islam in the blackest of colors so as to make them look down upon it and in due course of
time to discard it totally. They did all this in order to tighten up their imperialistic grip on
this country.
The educational policy they adopted in Egypt was such as left the students quite
ignorant about the reality of Islam, except that it was a religion embracing worships,
prayers, praising and glorifying God, and pursuing mystic practices; that the Qur'an was a
book read in order to invoke God's blessings and that Islam was a theoretical invitation to
pursue the noblest and most generous of moral precepts. Students were never told
anything about Islam as a socio-economic system of government or as a constitution, or
as a basis of internal and external policy, or as a system of education, or as a way of life
and a watcher over life. What they were taught instead was the doubts cast against Islam
by the orientalists and other European crusaders in order to make the Muslims forsake
their religion and succumb easily to the evil machinations of imperialism.
They were taught; that the only genuine social system in existence was that which
Europe possessed, the only true economic system was one that was conceived by the
European philosophers, the right and most appropriate form of constitutional government
was what the Europeans, thanks to their various experiments, evolved. They were taught
that the rights of man were first taken cognizance of by the French Revolution, that
democracy was fostered and made popular by the English people, and that it was the
Roman Empire that provided any basis of civilization. In short, the British depicted
Europe as a rebellious but mighty giant with none to stand in its way or check its progress
whereas they presented the East as a dwarfish underling with no standing of its own save
that of subordination to Europe and complete dependence upon it for its social and
cultural outlook.
This political policy at last took effect. Among the Egyptians there sprang up
generations who were shorn of any thought of their individuality or independent cultural
existence. They were completely enthralled by Europe; they worshipped it most
devotedly; they could neither see with their own eyes nor were they any more left capable
of thinking for themselves; they would see just what the Europeans wanted them to see;
and they thought what they wished them to think.
The "educated" intelligentsia of today represents as such the culminating point of
what the imperialists with their political maneuvers achieved in-this country.
These poor people know nothing about Islam but doubt. About Islam they have no
information save what they received through their European masters. That is why they
are seen shouting like them advocating the separation of religion from the state and of
science from Islam.
But in their ignorance they pass by the fact that the religion that Europe shook off was
one quite different from what the advocates of Islamic ideology call upon people to
adopt; and that the particular circumstances that prevailed in Europe at the time and made
it turn its back upon religion were confined to that region of the world only. Nothing of
the sort ever happened in the Islamic orient; nor is there any likelihood of its ever
happening there. Thus when they call upon their countrymen to discard Islam or declare
that Islam should have no say in the management of social, political and economic affairs
of community and life, they are merely expressing and parroting the imported thoughts of
their masters.
Europe was the scene of a conflict between religion and science, because the church
there had arbitrarily embraced certain theories and dogmas (inheriting them from Greece)
and insisted that they were sacred and a gospel truth. So when the theoretical and the
empirical science demonstrated the error and fallacy of these theories, the people there
had no other course but to believe in science and disbelieve in the church as well as in the
religion these churchmen stood for. The war between religion and science gained in
intensity and the enthusiasm to get free from the dominance of these religious men
increased as the church in Europe conferred upon itself divine power and proceeded to
enforce it in a most tyrannical manner. Thus for the people there religion came to signify
an abominable ghoul that harassed them in their working no less than in their sleeping
hours. It exacted from men costly extortion and reduced them to an abject state of
subordination to the churchmen, besides calling upon them to swallow nonsense and
superstitions in the name of God. The torturing of scientists and burning them alive
because they said, for instance, that the earth was round, was the ugliest of crimes that
made it a sacred duty of every sensible, free-thinking and conscientious individual there
to come forward and help the forces that sought to destroy this abominable ghoul or at
least put it in chains so as not to let it ever again harass and oppress the people besides
harming the cause of religion by misrepresenting it and making others feel as if religion
contained nothing but falsehood and untruth.
But what about us, we who live in the Islamic East? Why should we separate science
from religion or hold that the two are at variance and war with each other? Is there even a
single scientific fact which has been found to contradict Islam and its basic creed? Were
scientists ever subjected to persecution in the domain of Islam? The whole history of
Islam is before us. It testifies that there have been great doctors, astronomers,
mathematicians, physicists as well as chemists but never were they persecuted for their
views. There is no trace of any conflict between science and their religious beliefs to be
found in the minds of these great Muslim scientists. Nor did there exist any hostilities
between them and the ruling authorities such as might have led to their suffering or
burning alive.
What is it then that makes these "educated" people plead for separation of religion
from science, for attacking Islam and finding faults with it without any understanding or
knowledge of it? Their feverish crying is nothing but a symptom of the poison that had
been administered to them by the imperialists, of course, without their knowing it.
This class of the "educated" elite was not at all in my mind when I wrote this book.
They would never return to what is right until their masters in the West also do turn
towards it after despairing of their Godless materialistic civilization and recognize that it
can bring them no salvation, and so return to a system of life that is at once spiritual as
well as practical-a system embracing belief no less than life at once and at the same time.
I had rather another class before me in writing this book-the sincere and enlightened
youth, who earnestly wish to find out the reality, the truth, but the doubts and lies spread
about Islam by the deceitful imperialistic powers leave them helpless to see the light, or
the answer to these lies, and so they are left groping about in darkness, for the slaves of
imperialism and the devils of communism would not let them march out to the right paththe
path to freedom, honor and sublimity. It is to this enlightened and sincere group of
young men that I present this book and hope that it may please God to help me dispel
doubts about Islam from their minds.
Is religion really a fact of life? It might have been one in the past, but does it still remain
so in the world of today when science has changed the whole course of life, and when
there is no place in it for anything save science and what scientific facts approve of? Does
religion represent a genuine need of humanity? Or is it something wholly dependent upon
the temperamental constitution of an individual so that one may not believe in it as there
is no difference between the two states of belief and unbelief '?
Talking about Islam they betray a similar state of intellectual crisis when the
missionaries of Islam tell them that Islam is not a mere creed, nor does it represent simply
an edification of souls, or a refinement and training of human virtues but is rather a
harmonious whole that also includes a just economic system, a well-balanced social
organization, codes of civil, criminal as well as international law, & philosophical
outlook upon life along with a system of physical instruction, all of these flowing from
the same fundamental creed of Islam and its moral and spiritual temperament. When they
hear all this, these "educated" people are greatly perplexed, for they supposed that Islam
had since long ceased to exist as it has become outmoded and had exhausted all its
usefulness. That is why they are surprised when they hear devout Muslims saying that
Islam does not belong to a remote past, it is not obsolete or antiquated but is a living and
flourishing system of life even at the present moment, as it holds within itself such
elements of life as no other system known to humanity does including socialism as well
as communism or any other system.
At this their surprise exceeds limits, they can no more contain themselves, so they
scream at these preachers of Gods words: Do you tell us all this about the religion that
approves of slavery, feudalism and capitalism-the system which holds that woman is only
a half-man and imprisons her within her household; which prescribes such punishments
as stoning to death, mutilation and whipping; which lets its people live on charity; which
splits them up into different classes, some exploiting the other; a system which provides
no security of decent living to the toiling people; and a system which is such and such,
how is it possible that such a system should even hold its own today, let alone its survival
in the future? Not to speak of its triumph and contending successfully, how can such a
system even hold out in the ruthless ideological struggle going on at present among
different modern socio-economic systems?
Before proceeding further let us, however, pause awhile and see as to who these
"educated" skeptics are? Whence does their skepticism originate? Is this attitude of mind
a result of their own free thinking or are they merely parroting the words of other, without
even so much as understanding them?
The fact is that the skepticism exhibited by these gentlemen is not at all a result of
their own independent thinking, nor did it originate in their own minds as such. For its
true source we win have to go back a little over the history of modern times.
The Middle Ages witnessed crusades between Europe and the world of Islam. Furious
battles were fought between the two after which followed a period that saw a suspension
of hostilities between the two camps but their hostility towards each other never ended as
is well borne out by what Lord Allenby said in clear terms on the occasion of the British
occupation of Jerusalem in World War I: "Now have the crusades come to an end!'
We must also keep in mind that during the last two centuries European imperialism
remained in conflict with the Islamic Orient.
The British stepped into Egypt in 1882 following Taufiq's treachery. They hatched a
plot with him for the military occupation of Egypt in order to thwart the popular
revolution under the leadership of Orabi. Thereafter the British policy of necessity
revolved around one basic aim: strengthening their hold more and more on the Islamic
world and safeguarding their interests from being swept away by the true Islamic spirit of
the Orient. We would in this respect like to refer to what the British Prime Minister of the
Victorian age, Mr. Gladstone said in the House of Commons. Holding up the Holy Qur'an
in his hands he told the members of the House: "So long as the Egyptians have got this
book with them, we will never be able to enjoy quiet or peace in that land".
Naturally the policy pursued by the British was one of deriding Islamic laws and
principles, of exiling the sense of their sanctity from Muslims' hearts, and of painting
Islam in the blackest of colors so as to make them look down upon it and in due course of
time to discard it totally. They did all this in order to tighten up their imperialistic grip on
this country.
The educational policy they adopted in Egypt was such as left the students quite
ignorant about the reality of Islam, except that it was a religion embracing worships,
prayers, praising and glorifying God, and pursuing mystic practices; that the Qur'an was a
book read in order to invoke God's blessings and that Islam was a theoretical invitation to
pursue the noblest and most generous of moral precepts. Students were never told
anything about Islam as a socio-economic system of government or as a constitution, or
as a basis of internal and external policy, or as a system of education, or as a way of life
and a watcher over life. What they were taught instead was the doubts cast against Islam
by the orientalists and other European crusaders in order to make the Muslims forsake
their religion and succumb easily to the evil machinations of imperialism.
They were taught; that the only genuine social system in existence was that which
Europe possessed, the only true economic system was one that was conceived by the
European philosophers, the right and most appropriate form of constitutional government
was what the Europeans, thanks to their various experiments, evolved. They were taught
that the rights of man were first taken cognizance of by the French Revolution, that
democracy was fostered and made popular by the English people, and that it was the
Roman Empire that provided any basis of civilization. In short, the British depicted
Europe as a rebellious but mighty giant with none to stand in its way or check its progress
whereas they presented the East as a dwarfish underling with no standing of its own save
that of subordination to Europe and complete dependence upon it for its social and
cultural outlook.
This political policy at last took effect. Among the Egyptians there sprang up
generations who were shorn of any thought of their individuality or independent cultural
existence. They were completely enthralled by Europe; they worshipped it most
devotedly; they could neither see with their own eyes nor were they any more left capable
of thinking for themselves; they would see just what the Europeans wanted them to see;
and they thought what they wished them to think.
The "educated" intelligentsia of today represents as such the culminating point of
what the imperialists with their political maneuvers achieved in-this country.
These poor people know nothing about Islam but doubt. About Islam they have no
information save what they received through their European masters. That is why they
are seen shouting like them advocating the separation of religion from the state and of
science from Islam.
But in their ignorance they pass by the fact that the religion that Europe shook off was
one quite different from what the advocates of Islamic ideology call upon people to
adopt; and that the particular circumstances that prevailed in Europe at the time and made
it turn its back upon religion were confined to that region of the world only. Nothing of
the sort ever happened in the Islamic orient; nor is there any likelihood of its ever
happening there. Thus when they call upon their countrymen to discard Islam or declare
that Islam should have no say in the management of social, political and economic affairs
of community and life, they are merely expressing and parroting the imported thoughts of
their masters.
Europe was the scene of a conflict between religion and science, because the church
there had arbitrarily embraced certain theories and dogmas (inheriting them from Greece)
and insisted that they were sacred and a gospel truth. So when the theoretical and the
empirical science demonstrated the error and fallacy of these theories, the people there
had no other course but to believe in science and disbelieve in the church as well as in the
religion these churchmen stood for. The war between religion and science gained in
intensity and the enthusiasm to get free from the dominance of these religious men
increased as the church in Europe conferred upon itself divine power and proceeded to
enforce it in a most tyrannical manner. Thus for the people there religion came to signify
an abominable ghoul that harassed them in their working no less than in their sleeping
hours. It exacted from men costly extortion and reduced them to an abject state of
subordination to the churchmen, besides calling upon them to swallow nonsense and
superstitions in the name of God. The torturing of scientists and burning them alive
because they said, for instance, that the earth was round, was the ugliest of crimes that
made it a sacred duty of every sensible, free-thinking and conscientious individual there
to come forward and help the forces that sought to destroy this abominable ghoul or at
least put it in chains so as not to let it ever again harass and oppress the people besides
harming the cause of religion by misrepresenting it and making others feel as if religion
contained nothing but falsehood and untruth.
But what about us, we who live in the Islamic East? Why should we separate science
from religion or hold that the two are at variance and war with each other? Is there even a
single scientific fact which has been found to contradict Islam and its basic creed? Were
scientists ever subjected to persecution in the domain of Islam? The whole history of
Islam is before us. It testifies that there have been great doctors, astronomers,
mathematicians, physicists as well as chemists but never were they persecuted for their
views. There is no trace of any conflict between science and their religious beliefs to be
found in the minds of these great Muslim scientists. Nor did there exist any hostilities
between them and the ruling authorities such as might have led to their suffering or
burning alive.
What is it then that makes these "educated" people plead for separation of religion
from science, for attacking Islam and finding faults with it without any understanding or
knowledge of it? Their feverish crying is nothing but a symptom of the poison that had
been administered to them by the imperialists, of course, without their knowing it.
This class of the "educated" elite was not at all in my mind when I wrote this book.
They would never return to what is right until their masters in the West also do turn
towards it after despairing of their Godless materialistic civilization and recognize that it
can bring them no salvation, and so return to a system of life that is at once spiritual as
well as practical-a system embracing belief no less than life at once and at the same time.
I had rather another class before me in writing this book-the sincere and enlightened
youth, who earnestly wish to find out the reality, the truth, but the doubts and lies spread
about Islam by the deceitful imperialistic powers leave them helpless to see the light, or
the answer to these lies, and so they are left groping about in darkness, for the slaves of
imperialism and the devils of communism would not let them march out to the right paththe
path to freedom, honor and sublimity. It is to this enlightened and sincere group of
young men that I present this book and hope that it may please God to help me dispel
doubts about Islam from their minds.
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