Islamic foreign ministers lukewarm on new U-S draft resolution on Iraq

Putrajaya, Malaysia-AP -- Some Muslim foreign ministers are acting coolly toward a new U-S draft resolution on Iraq.They say it doesn't give the United Nations enough clout.

But Jordan -- a U-S ally -- says the proposal would be good for the people of Iraq and the rest of the Muslim world. American diplomats want to set a December 15th deadline for Iraq's Governing Council to submit a timetable for drafting a constitution and holding elections. The U-S is hoping for a vote on the U-N resolution this week. The plan would give the U-N a larger role as Iraq moves toward democracy, but the world body wouldn't be allowed to act independently of the U-S-led coalition running the country. Islamic foreign ministers are reacting to the U-S proposal during a meeting of the 57-nation Organization of the Islamic Conference in Malaysia.

Taken From: http://www.katu.com/news/ap_story_war-terror.asp?URL=http://localhost/apwirefeed/d7u5toug1.xml&NewsSection=BreakingNewsHeadlines

HSBC to offer Islamic insurance

HSBC Holdings Plc plans to become the first international bank to offer insurance products compliant with Islamic law, the Financial Times said, citing an executive of the company.

HSBC, the world's second-largest bank by market value, wants to introduce products in theMiddle East states, including Saudi Arabia, and in countries with large Muslim populations, such as Britain, according to the Financial Times. The new products may be introduced by the end of this year.

Traditional insurance products were banned under Islamic law because there were elements of gambling and uncertainty involved with setting premium and payment levels and they relied on interest from investments to maintain life funds, the paper said.

The new products differ invest premiums in a way compliant with Islam's syariah code of law, the report said, citing Iqbal Khan, chief executive of the bank's Amanah Finance unit.

Policyholders' funds are kept separate from that of shareholders.

The London-based bank, which operates in 79 countries, introduced mortgages that comply with Islamic law in July.

Taken From: http://biz.thestar.com.my/news/story.asp?file=/2003/10/15/business/6491695&sec=business

Holland: Islamic education poses no danger, report

Ministry of Education Building in Zoetermeer

Amsterdam,

After more than two years of hostile and inimical anti-Islamic education media campaign here, the investigating committee that was appointed by the has absolved the Islamic schools, both primary and secondary, of the accusation that they are spreading hatred and extremist attitudes among their students.

The accusations had been made by some racist anti-Islam forces that are close to the Israeli lobby, following the September 11 events in the United States.

The committee comes to the conclusion that education in the Muslim schools is in no way contradictory to the basic values of democratic states, nor are there any items in their curricula that foster hatred or impede the integration of their students in the mainstream Dutch society.

Taken From: http://www.islamicnews.org/english/index.html