Islamic banking: Consumer beware

Islamic banking is highly lucrative. No surprise then that it is now attracting the likes of Citibank. When banks make money, it can only come from one source – their customers. These Islamic banks are unnecessarily charging more for their services, with the Islamic cachet being used to gouge Muslims. Bluntly put, Islam sells.

Islamic banks must be rigorously scrutinized on whether they provide better, safer and cheaper services than traditional institutions, and on how effective and efficient they are as intermediaries linking owners (savers) and users (investors) of capital.

Banks are the foundation of a modern economy. The remarkable economic achievement of the West today is attributable to its sound banking system. Show me an economically stagnant nation, and I will show you a nation without an efficient banking system. Malaysian leaders attributed the1997 economic crisis to currency speculators; in reality it was the consequence of a weak and inefficient banking system.

Taken From: http://www.malaysiakini.com/columns/20030710013808.php

Qtel’s

Internet City opens today

Doha

QTEL’S “Internet City” will be formally opened at the City Center this evening. The QR1mn facility on the fourth floor of the shopping and amusement complex in Doha was completed last night, Qtel executive director (communications) Hashem Mustafawi al-Hashemi told Gulf Times yesterday.

“We expect a huge turnout of children at the Internet City, where admission is free for those aged from five to 15,” al-Hashemi said.

He said that at theInternetCity children could have sessions on Internet surfing, computer training, electronic games and lots of other fun. The latest communication equipment had been installed to provide children with information on the Internet and its use.

IT professionals have also been taken on to provide fun-filled training sessions in both English and Arabic. The sessions about the Internet are open to those aged from eight to 14.

Taken From: http://www.gulf-times.com/2003/07/09/locals.htm

Convert to Islam tells of long search for the truth

HYUNGChul Park, a petrochemical engineer from South Korea, and his wife and two daughters have proclaimed their faith in Islam at a ceremony held at the Shariah Court in Doha.

Park, a shift supervisor at the refining operations of Qatar Petroleum, said the patience, tolerance and generosity of his Muslim colleagues inspired his love for Islam.

“In fact I was moved by the happiness enjoyed by my Muslim colleagues when I worked in Saudi Arabia and during my stay in Qatar that in turn brought me closer to them and their culture,” he said.

At a press conference held at the Qatar Centre for the Presentation of Islam (QCPI) yesterday, Park recounted his long journey in search of truth.

Taken From: http://www.gulf-times.com/2003/07/09/locals.htm