Thursday, June 19, 2008
Meeting 'Father of GoldDinar' Prof Vadillo
Mr Borhannudin Mohamed, Chairman & Founder of WebDinarGroup meeting with Prof.Umar Ibrahim Vadillo of eDinar Group at the recent Wacana ATMA,UKM.
expansion map
Thursday June 19, 2008
Indochina on JobStreet’s expansion map
By YVONNE TAN
KUALA LUMPUR: Online recruiting company JobStreet Corp Bhd expects to penetrate the Indochina market in a year, says chief executive officer Mark Chang.
Currently, it already has a presence in Malaysia, Singapore, Indonesia, the Philippines, Bangladesh, India, Japan and Hong Kong.
“We will start our (Indochina) operations on our own or via acquisitions,” Chang said after the company AGM yesterday.
“The employment trend is usually in line with the economy. If there is a slowdown in the economy, demand for employment will go down. And it is during such slowdowns that we pursue merger and acquisition opportunities.”
With RM59.6mil in its coffers and a healthy profit margin exceeding 40% as at March 31, Chang said the company was in a “good position” to weather a slowdown.
“Nevertheless, if it is a significant economic slowdown, there will be an impact on our earnings. It is too early to say,” he said.
For the first quarter ended March 31, the company made a net profit of RM10.45mil, or 3.40 sen a share, against RM5.96mil, or 1.96 sen a share, in the previous corresponding period.
Meanwhile, chief financial officer Greg C. Poarch told StarBiz the company had allocated up to RM2mil in capital expenditure this year.
He said the company would remain prudent in the wake of the challenging business environment. “Furthermore, in a (online) business like ours, there is no need for heavy investments.”
Poarch also said JobStreet currently enjoyed about 80% share of the Malaysian online recruiting market.
Indochina on JobStreet’s expansion map
By YVONNE TAN
KUALA LUMPUR: Online recruiting company JobStreet Corp Bhd expects to penetrate the Indochina market in a year, says chief executive officer Mark Chang.
Currently, it already has a presence in Malaysia, Singapore, Indonesia, the Philippines, Bangladesh, India, Japan and Hong Kong.
“We will start our (Indochina) operations on our own or via acquisitions,” Chang said after the company AGM yesterday.
“The employment trend is usually in line with the economy. If there is a slowdown in the economy, demand for employment will go down. And it is during such slowdowns that we pursue merger and acquisition opportunities.”
With RM59.6mil in its coffers and a healthy profit margin exceeding 40% as at March 31, Chang said the company was in a “good position” to weather a slowdown.
“Nevertheless, if it is a significant economic slowdown, there will be an impact on our earnings. It is too early to say,” he said.
For the first quarter ended March 31, the company made a net profit of RM10.45mil, or 3.40 sen a share, against RM5.96mil, or 1.96 sen a share, in the previous corresponding period.
Meanwhile, chief financial officer Greg C. Poarch told StarBiz the company had allocated up to RM2mil in capital expenditure this year.
He said the company would remain prudent in the wake of the challenging business environment. “Furthermore, in a (online) business like ours, there is no need for heavy investments.”
Poarch also said JobStreet currently enjoyed about 80% share of the Malaysian online recruiting market.
Need for better ICM infrastructure
Thursday June 19, 2008
Need for better ICM infrastructure
BNP Paribas: Ease Islamic banking rules
KUALA LUMPUR: Although Malaysia has successfully prepared to position itself as a global Islamic capital market (ICM) hub, it needs to improve its ICM infrastructure and offer more innovative Islamic financial products.
BNP Paribas Asset Management Sdn Bhd executive director Angelia Chin said local regulators must put in place a comprehensive infrastructure and regulatory framework for foreign players that were keen to expand and broaden their involvement in ICM.
“We want to see Malaysia easing its rules, allowing banks to conduct Islamic banking business in foreign currencies while continuing to develop and refine innovative Islamic financial products,” she told a media roundtable held in conjunction with the Malaysia ICM Conference 2008 yesterday.
The conference was jointly organised by Bursa Malaysia and the Malaysia International Financial Centre.
Hong Kong-based BNP Paribas Asset Management Asia Ltd structured funds manager Erkan Yilmaz said there was a need to develop specialised Islamic products to cater to both retail and institutional investors.
To date, the ICM products available include debt and equity instruments, global Islamic bonds or “sukuk”, Islamic real estate investment trusts (REITs), Islamic private equity funds and Islamic exchange traded funds (ETFs).
From left: Abdulkader S.Thomas, Badlisyah Abdul Ghani, Angelia Chin and Erkan Yilmaz at the media roundtable
(An ETF is a unit trust fund that is listed and traded on a stock exchange and designed to track the performance of an index.)
Yilmaz said the launch of ETFs by Malaysia was a good move as it enabled fund managers to easily invest in core strategic investments.
CIMB Islamic Bank Bhd executive director and chief executive officer Badlisyah Abdul Ghani, meanwhile, described sukuk as the ambassador for all the Islamic financial products.
Malaysia has grown to be the world’s largest Islamic bond market, accounting for about 60% of global Islamic bonds outstanding, which are worth about US$100bil.
Badlisyah said Islamic REITs and ETFs were also gaining popularity among local and overseas investors keen to diversify their investments in ringgit-based instruments.
To date, syariah-compliant stocks account for about 86% of stocks listed on Bursa and 65% of total market capitalisation.
Aishaya Group head of share division Abdulkader S. Thomas said: “We are seeing an increasing uptake of Malaysian Islamic products outside the region.”
He said there was an interesting phenomenon lately whereby hedge fund managers were seen growing their investment in Islamic products.
Thomas also said there was a need to train and educate new talents to become experts in ICM.
Badlisyah added that Malaysia had a large pool of talent that could be groomed for ICM.
“We need to train bankers to become syariah experts, and syariah experts to be good bankers,” he added.
Need for better ICM infrastructure
BNP Paribas: Ease Islamic banking rules
KUALA LUMPUR: Although Malaysia has successfully prepared to position itself as a global Islamic capital market (ICM) hub, it needs to improve its ICM infrastructure and offer more innovative Islamic financial products.
BNP Paribas Asset Management Sdn Bhd executive director Angelia Chin said local regulators must put in place a comprehensive infrastructure and regulatory framework for foreign players that were keen to expand and broaden their involvement in ICM.
“We want to see Malaysia easing its rules, allowing banks to conduct Islamic banking business in foreign currencies while continuing to develop and refine innovative Islamic financial products,” she told a media roundtable held in conjunction with the Malaysia ICM Conference 2008 yesterday.
The conference was jointly organised by Bursa Malaysia and the Malaysia International Financial Centre.
Hong Kong-based BNP Paribas Asset Management Asia Ltd structured funds manager Erkan Yilmaz said there was a need to develop specialised Islamic products to cater to both retail and institutional investors.
To date, the ICM products available include debt and equity instruments, global Islamic bonds or “sukuk”, Islamic real estate investment trusts (REITs), Islamic private equity funds and Islamic exchange traded funds (ETFs).
From left: Abdulkader S.Thomas, Badlisyah Abdul Ghani, Angelia Chin and Erkan Yilmaz at the media roundtable
(An ETF is a unit trust fund that is listed and traded on a stock exchange and designed to track the performance of an index.)
Yilmaz said the launch of ETFs by Malaysia was a good move as it enabled fund managers to easily invest in core strategic investments.
CIMB Islamic Bank Bhd executive director and chief executive officer Badlisyah Abdul Ghani, meanwhile, described sukuk as the ambassador for all the Islamic financial products.
Malaysia has grown to be the world’s largest Islamic bond market, accounting for about 60% of global Islamic bonds outstanding, which are worth about US$100bil.
Badlisyah said Islamic REITs and ETFs were also gaining popularity among local and overseas investors keen to diversify their investments in ringgit-based instruments.
To date, syariah-compliant stocks account for about 86% of stocks listed on Bursa and 65% of total market capitalisation.
Aishaya Group head of share division Abdulkader S. Thomas said: “We are seeing an increasing uptake of Malaysian Islamic products outside the region.”
He said there was an interesting phenomenon lately whereby hedge fund managers were seen growing their investment in Islamic products.
Thomas also said there was a need to train and educate new talents to become experts in ICM.
Badlisyah added that Malaysia had a large pool of talent that could be groomed for ICM.
“We need to train bankers to become syariah experts, and syariah experts to be good bankers,” he added.
Wednesday, June 18, 2008
financial portal to launch prepaid credit cards
No-frills financial portal to launch prepaid credit cards in Malaysia
The Associated PressPublished: June 21, 2007
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KUALA LUMPUR, Malaysia: An online financial service company said Thursday it has obtained approval from Malaysia's central bank to issue prepaid cards, which are similar to credit cards but have a stored value.
Tune Money Sdn. Bhd. said its no-frills Prepaid VISA cards will be unveiled latest by November after another product, a low-cost insurance and unit trust sale on the Internet, is launched. The cards will be issued in collaboration with Visa.
Tune Money is 45 percent owned by Tune Venture Sdn. Bhd., a private company in which Tony Fernandes, the founder of budget airline AirAsia, has a majority stake.
The prepaid Visa cards, which will have a stored value of as much as 10,000 ringgit (US$2,900; €2,260), will be targeted at low-income earners who are unable to get regular credit cards because banks don't recognize their creditworthiness, said a Tune Money statement.
In Malaysia, credit cards are issued only to those who earn at least 1,500 ringgit (US$440; €340) per month. Many others don't get a card because they are afraid of falling into the debt trap.
Today in Business with Reuters
MBIA debt is setting up standoff with regulators
Spielberg looks to Bollywood for cash
As Chinese costs soar, manufacturers expand elsewhere in Asia
"Our card addresses both problems. Since you pay upfront, there is no credit risk and hence, no minimum salary requirement," Tune Money Chief Executive Officer Zafrul Aziz was quoted as saying in the statement. "And, since you pay upfront, there is no possibility of landing yourself in debt with our card," he added.
Tune Money says that people without a credit card — at least 70 percent of employed Malaysians — are deprived of all the cheap deals available online such as discounted tickets, holidays and hotel rooms.
"It's ironic that those who most need the savings you can get from the deals online have no access to it because they do not qualify for a credit card," Zafrul Aziz.
"Our card will essentially democratize the system. It will allow all sections of society to enjoy the benefits of the buying online," he said.
Bank Negara, the central bank, has also given Tune Money approval to allow transfer of funds overseas using the prepaid Visa cards.
The personalized card will look exactly like a credit card and be accepted at all locations that accept the Visa brand. This will differentiate it from the debit cards on the market which can only be used at a limited number of terminals, the statement said.
The Associated PressPublished: June 21, 2007
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KUALA LUMPUR, Malaysia: An online financial service company said Thursday it has obtained approval from Malaysia's central bank to issue prepaid cards, which are similar to credit cards but have a stored value.
Tune Money Sdn. Bhd. said its no-frills Prepaid VISA cards will be unveiled latest by November after another product, a low-cost insurance and unit trust sale on the Internet, is launched. The cards will be issued in collaboration with Visa.
Tune Money is 45 percent owned by Tune Venture Sdn. Bhd., a private company in which Tony Fernandes, the founder of budget airline AirAsia, has a majority stake.
The prepaid Visa cards, which will have a stored value of as much as 10,000 ringgit (US$2,900; €2,260), will be targeted at low-income earners who are unable to get regular credit cards because banks don't recognize their creditworthiness, said a Tune Money statement.
In Malaysia, credit cards are issued only to those who earn at least 1,500 ringgit (US$440; €340) per month. Many others don't get a card because they are afraid of falling into the debt trap.
Today in Business with Reuters
MBIA debt is setting up standoff with regulators
Spielberg looks to Bollywood for cash
As Chinese costs soar, manufacturers expand elsewhere in Asia
"Our card addresses both problems. Since you pay upfront, there is no credit risk and hence, no minimum salary requirement," Tune Money Chief Executive Officer Zafrul Aziz was quoted as saying in the statement. "And, since you pay upfront, there is no possibility of landing yourself in debt with our card," he added.
Tune Money says that people without a credit card — at least 70 percent of employed Malaysians — are deprived of all the cheap deals available online such as discounted tickets, holidays and hotel rooms.
"It's ironic that those who most need the savings you can get from the deals online have no access to it because they do not qualify for a credit card," Zafrul Aziz.
"Our card will essentially democratize the system. It will allow all sections of society to enjoy the benefits of the buying online," he said.
Bank Negara, the central bank, has also given Tune Money approval to allow transfer of funds overseas using the prepaid Visa cards.
The personalized card will look exactly like a credit card and be accepted at all locations that accept the Visa brand. This will differentiate it from the debit cards on the market which can only be used at a limited number of terminals, the statement said.
Credit card fraud down
July 2005
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CardSystems exposure
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Credit card fraud down
In the first quarter of 2005, total card fraud in Malaysia fell to its lowest level in five years, according to Visa Asia Pacific.
Timothy Shim
Computerworld Malaysia
In the first quarter of 2005, total card fraud in Malaysia fell to its lowest level in five years, according to Visa Asia Pacific. Visa announced that total fraud at merchant outlets in the country fell to 0.12 per cent of sales in the first three months of this year compared with 0.74 per cent over the same period five years ago.
Peter Maher, Visa Asia Pacific’s general manager for risk management, said the tremendous drop in fraud was the result of the concerted effort of its members and the Malaysian authorities to tackle the problem. “The 84 per cent reduction in total fraud demonstrates the success of recent initiatives by industry players,” he said.
Counterfeit fraud – when cardholder account data is stolen, then stored on the magnetic stripe of fake cards for use in fraudulent transactions – dropped by 87 per cent from 0.6 per cent to 0.08 per cent of sales over the same five-year period.
Currently in Malaysia, the majority of credit cards follow the Europay MasterCard Visa (EMV) standard. EMV offers enhanced security compared with magnetic stripe cards and permits secure online transactions via the Internet and mobile phones. According to Paul Wilke, director of Member Communications, Visa International Asia Pacific, “Malaysia is in fact the most advanced chip market in the Asia Pacific region”.
Malaysia is the first market in Asia to deploy high security encryption technology to defend against any attempt by fraudsters to break into telecom networks that carry sensitive account data between merchants and banks.
Commenting on the encryption technology used in the EMV chip type cards, Wilke said that “by encrypting account data at the point of use and before it is transmitted to the bank, only the intended receiver would be able to decode the data, thus preventing any attempt by fraudsters to capture credit card details and account numbers”.
Maher said that the decision by the banks and government agencies to press ahead with a national adoption of EMV chip technology had been vindicated by the sharp reduction in fraud since the start of the year.
“In the month of May alone, there were 5.2 million chip transactions made on Visa Debit and credit cards – almost 85 per cent of all transactions – making Malaysia the most advanced chip market in the Asia Pacific region. Cardholders should be assured that this new platform provides the best long term defence against counterfeit fraud,” said Maher.
“Visa facilitated the development and implementation of the encryption standard in consultation with Bank Negara Malaysia, the banks and point-of-sale terminal manufacturers. With over 60 per cent of terminals already encrypted, the job should be substantially completed by the end of the year. The long-term view taken by Visa bank members and Bank Negara Malaysia means that Malaysia will shortly have one of the most secure payment systems in Asia,” he added.
Maher also said that cardholders have a role to play in protecting themselves against fraud. Visa Asia Pacific’s web site at www.visa-asia.com/tips/using_card.shtml hosts safety tips for cardholders. Meanwhile, a guide to help users guard themselves against online theft of personal and financial information is available at www.visa-asia.com/tips/security_home.shtml.
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Printer Friendly
Email this story
More from this story
CardSystems exposure
News
Credit card fraud down
In the first quarter of 2005, total card fraud in Malaysia fell to its lowest level in five years, according to Visa Asia Pacific.
Timothy Shim
Computerworld Malaysia
In the first quarter of 2005, total card fraud in Malaysia fell to its lowest level in five years, according to Visa Asia Pacific. Visa announced that total fraud at merchant outlets in the country fell to 0.12 per cent of sales in the first three months of this year compared with 0.74 per cent over the same period five years ago.
Peter Maher, Visa Asia Pacific’s general manager for risk management, said the tremendous drop in fraud was the result of the concerted effort of its members and the Malaysian authorities to tackle the problem. “The 84 per cent reduction in total fraud demonstrates the success of recent initiatives by industry players,” he said.
Counterfeit fraud – when cardholder account data is stolen, then stored on the magnetic stripe of fake cards for use in fraudulent transactions – dropped by 87 per cent from 0.6 per cent to 0.08 per cent of sales over the same five-year period.
Currently in Malaysia, the majority of credit cards follow the Europay MasterCard Visa (EMV) standard. EMV offers enhanced security compared with magnetic stripe cards and permits secure online transactions via the Internet and mobile phones. According to Paul Wilke, director of Member Communications, Visa International Asia Pacific, “Malaysia is in fact the most advanced chip market in the Asia Pacific region”.
Malaysia is the first market in Asia to deploy high security encryption technology to defend against any attempt by fraudsters to break into telecom networks that carry sensitive account data between merchants and banks.
Commenting on the encryption technology used in the EMV chip type cards, Wilke said that “by encrypting account data at the point of use and before it is transmitted to the bank, only the intended receiver would be able to decode the data, thus preventing any attempt by fraudsters to capture credit card details and account numbers”.
Maher said that the decision by the banks and government agencies to press ahead with a national adoption of EMV chip technology had been vindicated by the sharp reduction in fraud since the start of the year.
“In the month of May alone, there were 5.2 million chip transactions made on Visa Debit and credit cards – almost 85 per cent of all transactions – making Malaysia the most advanced chip market in the Asia Pacific region. Cardholders should be assured that this new platform provides the best long term defence against counterfeit fraud,” said Maher.
“Visa facilitated the development and implementation of the encryption standard in consultation with Bank Negara Malaysia, the banks and point-of-sale terminal manufacturers. With over 60 per cent of terminals already encrypted, the job should be substantially completed by the end of the year. The long-term view taken by Visa bank members and Bank Negara Malaysia means that Malaysia will shortly have one of the most secure payment systems in Asia,” he added.
Maher also said that cardholders have a role to play in protecting themselves against fraud. Visa Asia Pacific’s web site at www.visa-asia.com/tips/using_card.shtml hosts safety tips for cardholders. Meanwhile, a guide to help users guard themselves against online theft of personal and financial information is available at www.visa-asia.com/tips/security_home.shtml.
Related Articles
China quake site hacker caught - Steven Schwankert
Microsoft snafu blocks enterprise patching - Gregg Keizer
Fighting cyber terrorism - Carol Ko
US Congressmen accuse China of hacking their computers - Steven Schwankert
New mobile operating system vulnerability revealed - AvantiKumar
e-commerce ( Credit card) payment specialist
We are the payment specialist that seamlessly delivers the vital processing components your business demands. That's the Optimal solution.
At Optimal Payments, our customized solutions enable you to meet all your payment processing needs. With our expertise and resources we strive to build more features into our solutions so that you are always maximizing your payment options and sales. Here are the critical components of our Optimal solution.
Payment Processing Expertise – Over $6 billion in worldwide processing volume per year, one transaction at a time
A Complete Suite of Processing Solutions Tailored to Many Industry Verticals – The ability to meet your needs no matter what you sell or how you sell it
Innovative, Leading-Edge Processing Solutions – In-store, online, and on the go
Complete Card Acceptance – Visa, MasterCard, American Express, JCB, Discover, and Diners Club International
Direct Debit Capabilities – Process e-checks quickly, effectively, and securely with the most advanced check-auditing features in the industry
Multi-Currency Applications – Once integrated to our Gateway, you choose from GBP, EUR, CAD, USD, and more
Important Value-Added Products – Gift, promotional, and loyalty card programs that are customizable, affordable, and powerful marketing tools
Speed – High-speed IP and real-time transaction processing
Reliability – As a trusted industry payment leader we constantly invest in our host because we know how critical uptime is to sales
Protecting Your Business – Enhanced fraud-protection tools on all our solutions
Online Reporting Tools – Real-time reporting – what you need, on demand
The Support You Need – From solution integration to paper products, call on us
We are the payment specialist that seamlessly delivers the vital processing components your business demands. That's the Optimal solution.
At Optimal Payments, our customized solutions enable you to meet all your payment processing needs. With our expertise and resources we strive to build more features into our solutions so that you are always maximizing your payment options and sales. Here are the critical components of our Optimal solution.
Payment Processing Expertise – Over $6 billion in worldwide processing volume per year, one transaction at a time
A Complete Suite of Processing Solutions Tailored to Many Industry Verticals – The ability to meet your needs no matter what you sell or how you sell it
Innovative, Leading-Edge Processing Solutions – In-store, online, and on the go
Complete Card Acceptance – Visa, MasterCard, American Express, JCB, Discover, and Diners Club International
Direct Debit Capabilities – Process e-checks quickly, effectively, and securely with the most advanced check-auditing features in the industry
Multi-Currency Applications – Once integrated to our Gateway, you choose from GBP, EUR, CAD, USD, and more
Important Value-Added Products – Gift, promotional, and loyalty card programs that are customizable, affordable, and powerful marketing tools
Speed – High-speed IP and real-time transaction processing
Reliability – As a trusted industry payment leader we constantly invest in our host because we know how critical uptime is to sales
Protecting Your Business – Enhanced fraud-protection tools on all our solutions
Online Reporting Tools – Real-time reporting – what you need, on demand
The Support You Need – From solution integration to paper products, call on us
We are the payment specialist that seamlessly delivers the vital processing components your business demands. That's the Optimal solution.
Sunday, June 15, 2008
Tune Money
Tune Money’s Tune Card is a relatively new prepaid card in the market, and I have applied one for myself to withdraw from Paypal, and so that I can withdraw my cash from the Tune Card.
As the first step, you need to log in to Tune Money website and register yourself for the card. However, the process of application was quite tedious. I had 3 times time-out during the payment process and finally got through again at the 4th attempt. Yes, it was very frustrating.
After registering myself, I waited religiously 7 working days for the collection of my card at the local post-office. Yes, it was exactly 7 working days, I was quite surprised at the efficiency. However, the disappointment with their service started not long after that.
Locked account
After activating my card, I somehow got my account locked, and had to wait for new password from them before I could log in again. Unfortunately, it took quite some days to solve my tiny problem. And waiting their customer support reply is the most frustrating thing in the world. They claim to reply you within 2 working days. Sadly, it always takes more than 2 days to reply my mail.
Are they really that busy?
Lost PIN
Then, after your card collection, you need to wait for 21 days for the PIN to reach your house before you can make withdrawal from your card. However, now, I have waited more than 6 weeks and there is still no news of my PIN number.
So, I emailed them again to enquire. My first email was replied after 2.5 days, however that did not answer my question. I was required to give my details so they could check the process of my PIN letter. Until today, it has been about 7 days and there is still no reply from them. Well, I guess they really have to buck up on customer support. Being a debit card company and the customer support they have is really upsetting.
What if you lose your card and you email them and they never reply, and you can’t reach them by phone????
Cannot get through Customer Care Line
So, I called their number, 600 83 7999, sadly, I seriously do not know how to dial this set of numbers, tried with mobile phone and landline, I could not get this number through. So, this means, as long as I do not get my PIN, I will not be able to withdraw my money from the card. Although the transfer of money from Paypal to Tune Card takes only few days, but it is practically useless if you can’t withdraw, unless you are planning to swap all your money on the card.
Now, anyone tell me what I should do? Failed to reach them by email, or phone, Tune Money really got me frustrated.
Guest blogging by Strawroot, who also own a cosmetic blog called “Pretty Beautiful“.
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Tags: airasia, money, prepaid card, tune card, tune money, visa
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« Facebook Added “Ignore All” LinkThanks to sponsors of the month (Feb 2008) »33 Responses to “Tune Money’s Tune Card is Lousy!”
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#1titan Says:
February 29th, 2008 at 3:56 am
My friends also said like that. But he manage to withdraw the paypal to his card. So far, i also like to try. But i just fine with my own method.
#2BobbyT Says:
February 29th, 2008 at 5:05 am
“Tune Money’s Tune Card is a relatively new prepaid card in the market”, are there any older, proven to be better prepaid card that you could recommend, I mean even if it’s international based but Malaysians can apply…
#3LcF Says:
February 29th, 2008 at 5:36 am
@BobbyT: I personally recommend “PB Visa Electron Debit Card“
#4DigitalProductsCenter.com Says:
February 29th, 2008 at 8:55 am
PB Visa Electron Debit Card is good enough for me. Why bother with new (and untested) products?
The only problem with PB Visa Electron Debit Card is that I couldn’t top up using PB cash deposit machine. I was repeated told by PB that it could be done. I guess I’m not smart.
I can top up my NexG (AmBank) Debit Card using AmBank’s cash deposit machine but not getting monthly statement.
#5Poh Ee Says:
February 29th, 2008 at 10:22 am
You got the card from the Youth 08 event?
#6aHfUi Says:
February 29th, 2008 at 10:40 am
600 type phone number ..
1 minutes RM2++
dun play play @@
#7Cute Lemon Jokes Says:
February 29th, 2008 at 11:02 am
To : DigitalProductsCenter.com
PB Visa Electron Debit Card from Public bank ?
The card can withdraw money from Paypal ???
Can we trust paypal ? Because my friend said if a buyer use stolen card to pay into my account , my account will get frozen. Its that true?
#8Bent Says:
February 29th, 2008 at 11:04 am
PB debit card much more better than this. I myself don’t have any problem with PB debit card.
#9strawroot Says:
February 29th, 2008 at 2:21 pm
aHfUi: how to dial that number?? when i dialed, it say number not valid
#10artakus Says:
February 29th, 2008 at 2:59 pm
maybe they use to roll the money first in forex or what so ever..then baru bleh withdraw from ur acc..
#11Home Biss Says:
February 29th, 2008 at 5:09 pm
Liew,
Just stick with Al Rajhi & Public Back Visa Electron if you are depending upon debit cards to withdraw money from PayPal. Both cards have not disappoint me so far. Al Rajhi is the fastest in terms of PayPal-cashing. Once it only took me two business days to receive money from PayPal. Super cool!
#12lankapo Says:
February 29th, 2008 at 11:23 pm
hi strawroot,
I have been using Tune Card to cash out my PayPal money and have no problem so far.
There are a few things that I would like to comment:
I can see that you have no problem or complaints about making the payment, card fees and charges. Yes, as a new card, their service is quite slow and have some minor problems.But I personally think that you did not explain the whole story.
Firstly,
Your locked account,how is it happen? I believe that you forget either your password or trivia questions.Rite? Coz, Tune Money will not locked your account without no reason
2nd,Pin number, I received my pin ATM number within 2 weeks.Maybe you should check your address.
3rd, I have no problem calling them using fixed line. FYI, I try to call them just now using my home fixed line to prove that you are wrong.
Yup they still working
Maybe you should come to my site and read my entry on tune card
#13adrian oh Says:
March 1st, 2008 at 2:01 am
ha, you ain’t the 1st one to complain it’s lousy, see here
http://praveenrajan.com/blog/2008/02/is-tune-card-stealing-your-money-update.html
#14BT Khoo Says:
March 1st, 2008 at 4:09 pm
Is there any processing fees involved when you withdraw money from pay pal to card account, if yes how do they calculate the procesiing fees.
#15Iskandar Says:
March 3rd, 2008 at 12:36 am
I’ve tried another TuneMoney’s service - the cheap insurance package.
The signup process was extremely frustrating. I’ve used the net for over 12 years and is a fulltime internet marketer for 2. I had filled hundreds of online forms before but TuneMoney’s site managed to beat me.I simply cannot complete it’s user registration.
Even after 15 attempts!
I sent an email to their support - berating their stupid web interface and programming - and they replied within 24 hrs to ask me to provide my details so that they can do it manually.
I never replied.
Tunemoney sucks.
#16Wizurai Says:
March 3rd, 2008 at 10:43 am
DigitalProductsCenter.com,
PB Visa Electron can topup with PB cash deposit machine la…
#17azrin Says:
March 3rd, 2008 at 10:03 pm
Like I explained earlier..they are just another reseller…withdrawal fees etc.
what else to hit you with fees.
Might as well use yr BSN Matrix card
#18BT Khoo Says:
March 4th, 2008 at 7:40 am
Can the prepaid cards be used in conjunction with pay pal for puchase
#19lankapo Says:
March 4th, 2008 at 2:54 pm
adrian oh,
he is not complaining, did u read the whole entry
“It turns out that scamboy’s missing RM1 isn’t due to any Tune Money hiccup. It may however be related to a debit card limitation.”
BT Khoo,
PayPal will charge you usd 5 for cash out your money to any visa card.
i have done it twice to my tune card and they are no processing fee
#20lankapo Says:
March 4th, 2008 at 2:55 pm
BT Khoo,
PayPal will charge you usd 5 for cash out your money to any visa card.
i have done it twice to my tune card and they are no processing fee
* from Tune Card
#21afd87 Says:
March 6th, 2008 at 4:28 pm
is anyone already use Tune Card to book rooms or packages from Genting?
#22Jenn Says:
March 17th, 2008 at 3:24 pm
Hi Liew, I’m Jennifer from Tune Money and I’d like to apologise to you for any inconvenience you may have experienced using our service. We’ve checked up on your case and apparently your PIN was sent out last week. You should be receiving it this week. Sorry for the delay. As for the 600 number, you should be able to call it from any Telekom landline. We’re checking to see why you are not able to.
FYI, if for some reason you experience any difficulty in contacting Tune Money, you may leave a comment on our CEO’s blog - http://www.tengkuzafrul.com, and you will be attended to quick smart.
Lankapo - you’re the best. Again, thanks.
#23suffri Says:
April 12th, 2008 at 11:53 am
apa susah macam ini? apply nexG prepaid ambank.. mudah, murah dan mesra alam.. pergi cepat2 ke ambank dan dapatkan nexG prepaid kad. boleh reload bila2 masa di mesin deposit tunai.
well ya’all.. just try nexG prepaid card from AMBANK (if you in Malaysia) lah.
starter pack is only RM20. No extra chargers upon buying the card. Just go to any AMBANK branch or seven-eleven’s shop and buy the starter pack..so convinient. easy to use and accepted worlwide.. PEACE!
#24Amiruddin Says:
May 20th, 2008 at 4:17 pm
I have tune card now! Really great as I can use it for online. The only thing I REALLY2 NEED TO KNOW is that can I use it for installment purchase.??
This way, I want to buy a laptop but I know its impossible for me to give it full price. I saw in the advertisement that only credit card (visa/master) can be use for installment. But my card is PREPAID VISA CARD.. Can I use it?? I really need the answer.. PLEASE anybody…
#25mat Says:
May 20th, 2008 at 6:47 pm
fyi nexG prepaid card shall deduct RM3 monthly so your RM20 gone in 6 months if you are not using it
#26BT Khoo Says:
May 21st, 2008 at 7:25 am
Any other prepaid card that charge no fees
#27BT Khoo Says:
May 21st, 2008 at 7:28 am
Has anyone tried the maybank prepaid card
#28LcF Says:
May 22nd, 2008 at 3:14 am
@BT Khoo: there is no FREE prepaid/debit card in Malaysia yet.
#29mat Says:
May 23rd, 2008 at 1:01 am
Amiruddin … wishful thinking but I don’t think so. the card paid full to the merchant and you pay installment to the card’s bank not the card pay installment to the merchant.
#30herwan Says:
May 27th, 2008 at 2:33 pm
I currently used 2 cards..
1st is Ambank NexG.. i think this is quiet ok coz i don;t have any problem with internet transaction… the only problem i faced is when i want to use it at petrol pump… the card readr cannot detect it.. called the customer service, they asked me to change to a new card (i have to buy a new card with a new card number)..gila..
2nd is maybank card… it looks nice, i don’t faced any problem for purchase over the counter - smooth transaction (provided there is enough money in my account la).. the only problem is, i cannot use it online… called their customer service, and they claimed that currently they do not support for online transaction - meaning i cannot use it for Paypal..
#31modnazy Says:
May 28th, 2008 at 11:42 am
This is my 10th attempt today to fill in the online form. Have followed all the instructions carefully but still the red instructions appear. What went wrong? Huh! True.. The HARDEST online form filling in the world…..
As the first step, you need to log in to Tune Money website and register yourself for the card. However, the process of application was quite tedious. I had 3 times time-out during the payment process and finally got through again at the 4th attempt. Yes, it was very frustrating.
After registering myself, I waited religiously 7 working days for the collection of my card at the local post-office. Yes, it was exactly 7 working days, I was quite surprised at the efficiency. However, the disappointment with their service started not long after that.
Locked account
After activating my card, I somehow got my account locked, and had to wait for new password from them before I could log in again. Unfortunately, it took quite some days to solve my tiny problem. And waiting their customer support reply is the most frustrating thing in the world. They claim to reply you within 2 working days. Sadly, it always takes more than 2 days to reply my mail.
Are they really that busy?
Lost PIN
Then, after your card collection, you need to wait for 21 days for the PIN to reach your house before you can make withdrawal from your card. However, now, I have waited more than 6 weeks and there is still no news of my PIN number.
So, I emailed them again to enquire. My first email was replied after 2.5 days, however that did not answer my question. I was required to give my details so they could check the process of my PIN letter. Until today, it has been about 7 days and there is still no reply from them. Well, I guess they really have to buck up on customer support. Being a debit card company and the customer support they have is really upsetting.
What if you lose your card and you email them and they never reply, and you can’t reach them by phone????
Cannot get through Customer Care Line
So, I called their number, 600 83 7999, sadly, I seriously do not know how to dial this set of numbers, tried with mobile phone and landline, I could not get this number through. So, this means, as long as I do not get my PIN, I will not be able to withdraw my money from the card. Although the transfer of money from Paypal to Tune Card takes only few days, but it is practically useless if you can’t withdraw, unless you are planning to swap all your money on the card.
Now, anyone tell me what I should do? Failed to reach them by email, or phone, Tune Money really got me frustrated.
Guest blogging by Strawroot, who also own a cosmetic blog called “Pretty Beautiful“.
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#1titan Says:
February 29th, 2008 at 3:56 am
My friends also said like that. But he manage to withdraw the paypal to his card. So far, i also like to try. But i just fine with my own method.
#2BobbyT Says:
February 29th, 2008 at 5:05 am
“Tune Money’s Tune Card is a relatively new prepaid card in the market”, are there any older, proven to be better prepaid card that you could recommend, I mean even if it’s international based but Malaysians can apply…
#3LcF Says:
February 29th, 2008 at 5:36 am
@BobbyT: I personally recommend “PB Visa Electron Debit Card“
#4DigitalProductsCenter.com Says:
February 29th, 2008 at 8:55 am
PB Visa Electron Debit Card is good enough for me. Why bother with new (and untested) products?
The only problem with PB Visa Electron Debit Card is that I couldn’t top up using PB cash deposit machine. I was repeated told by PB that it could be done. I guess I’m not smart.
I can top up my NexG (AmBank) Debit Card using AmBank’s cash deposit machine but not getting monthly statement.
#5Poh Ee Says:
February 29th, 2008 at 10:22 am
You got the card from the Youth 08 event?
#6aHfUi Says:
February 29th, 2008 at 10:40 am
600 type phone number ..
1 minutes RM2++
dun play play @@
#7Cute Lemon Jokes Says:
February 29th, 2008 at 11:02 am
To : DigitalProductsCenter.com
PB Visa Electron Debit Card from Public bank ?
The card can withdraw money from Paypal ???
Can we trust paypal ? Because my friend said if a buyer use stolen card to pay into my account , my account will get frozen. Its that true?
#8Bent Says:
February 29th, 2008 at 11:04 am
PB debit card much more better than this. I myself don’t have any problem with PB debit card.
#9strawroot Says:
February 29th, 2008 at 2:21 pm
aHfUi: how to dial that number?? when i dialed, it say number not valid
#10artakus Says:
February 29th, 2008 at 2:59 pm
maybe they use to roll the money first in forex or what so ever..then baru bleh withdraw from ur acc..
#11Home Biss Says:
February 29th, 2008 at 5:09 pm
Liew,
Just stick with Al Rajhi & Public Back Visa Electron if you are depending upon debit cards to withdraw money from PayPal. Both cards have not disappoint me so far. Al Rajhi is the fastest in terms of PayPal-cashing. Once it only took me two business days to receive money from PayPal. Super cool!
#12lankapo Says:
February 29th, 2008 at 11:23 pm
hi strawroot,
I have been using Tune Card to cash out my PayPal money and have no problem so far.
There are a few things that I would like to comment:
I can see that you have no problem or complaints about making the payment, card fees and charges. Yes, as a new card, their service is quite slow and have some minor problems.But I personally think that you did not explain the whole story.
Firstly,
Your locked account,how is it happen? I believe that you forget either your password or trivia questions.Rite? Coz, Tune Money will not locked your account without no reason
2nd,Pin number, I received my pin ATM number within 2 weeks.Maybe you should check your address.
3rd, I have no problem calling them using fixed line. FYI, I try to call them just now using my home fixed line to prove that you are wrong.
Yup they still working
Maybe you should come to my site and read my entry on tune card
#13adrian oh Says:
March 1st, 2008 at 2:01 am
ha, you ain’t the 1st one to complain it’s lousy, see here
http://praveenrajan.com/blog/2008/02/is-tune-card-stealing-your-money-update.html
#14BT Khoo Says:
March 1st, 2008 at 4:09 pm
Is there any processing fees involved when you withdraw money from pay pal to card account, if yes how do they calculate the procesiing fees.
#15Iskandar Says:
March 3rd, 2008 at 12:36 am
I’ve tried another TuneMoney’s service - the cheap insurance package.
The signup process was extremely frustrating. I’ve used the net for over 12 years and is a fulltime internet marketer for 2. I had filled hundreds of online forms before but TuneMoney’s site managed to beat me.I simply cannot complete it’s user registration.
Even after 15 attempts!
I sent an email to their support - berating their stupid web interface and programming - and they replied within 24 hrs to ask me to provide my details so that they can do it manually.
I never replied.
Tunemoney sucks.
#16Wizurai Says:
March 3rd, 2008 at 10:43 am
DigitalProductsCenter.com,
PB Visa Electron can topup with PB cash deposit machine la…
#17azrin Says:
March 3rd, 2008 at 10:03 pm
Like I explained earlier..they are just another reseller…withdrawal fees etc.
what else to hit you with fees.
Might as well use yr BSN Matrix card
#18BT Khoo Says:
March 4th, 2008 at 7:40 am
Can the prepaid cards be used in conjunction with pay pal for puchase
#19lankapo Says:
March 4th, 2008 at 2:54 pm
adrian oh,
he is not complaining, did u read the whole entry
“It turns out that scamboy’s missing RM1 isn’t due to any Tune Money hiccup. It may however be related to a debit card limitation.”
BT Khoo,
PayPal will charge you usd 5 for cash out your money to any visa card.
i have done it twice to my tune card and they are no processing fee
#20lankapo Says:
March 4th, 2008 at 2:55 pm
BT Khoo,
PayPal will charge you usd 5 for cash out your money to any visa card.
i have done it twice to my tune card and they are no processing fee
* from Tune Card
#21afd87 Says:
March 6th, 2008 at 4:28 pm
is anyone already use Tune Card to book rooms or packages from Genting?
#22Jenn Says:
March 17th, 2008 at 3:24 pm
Hi Liew, I’m Jennifer from Tune Money and I’d like to apologise to you for any inconvenience you may have experienced using our service. We’ve checked up on your case and apparently your PIN was sent out last week. You should be receiving it this week. Sorry for the delay. As for the 600 number, you should be able to call it from any Telekom landline. We’re checking to see why you are not able to.
FYI, if for some reason you experience any difficulty in contacting Tune Money, you may leave a comment on our CEO’s blog - http://www.tengkuzafrul.com, and you will be attended to quick smart.
Lankapo - you’re the best. Again, thanks.
#23suffri Says:
April 12th, 2008 at 11:53 am
apa susah macam ini? apply nexG prepaid ambank.. mudah, murah dan mesra alam.. pergi cepat2 ke ambank dan dapatkan nexG prepaid kad. boleh reload bila2 masa di mesin deposit tunai.
well ya’all.. just try nexG prepaid card from AMBANK (if you in Malaysia) lah.
starter pack is only RM20. No extra chargers upon buying the card. Just go to any AMBANK branch or seven-eleven’s shop and buy the starter pack..so convinient. easy to use and accepted worlwide.. PEACE!
#24Amiruddin Says:
May 20th, 2008 at 4:17 pm
I have tune card now! Really great as I can use it for online. The only thing I REALLY2 NEED TO KNOW is that can I use it for installment purchase.??
This way, I want to buy a laptop but I know its impossible for me to give it full price. I saw in the advertisement that only credit card (visa/master) can be use for installment. But my card is PREPAID VISA CARD.. Can I use it?? I really need the answer.. PLEASE anybody…
#25mat Says:
May 20th, 2008 at 6:47 pm
fyi nexG prepaid card shall deduct RM3 monthly so your RM20 gone in 6 months if you are not using it
#26BT Khoo Says:
May 21st, 2008 at 7:25 am
Any other prepaid card that charge no fees
#27BT Khoo Says:
May 21st, 2008 at 7:28 am
Has anyone tried the maybank prepaid card
#28LcF Says:
May 22nd, 2008 at 3:14 am
@BT Khoo: there is no FREE prepaid/debit card in Malaysia yet.
#29mat Says:
May 23rd, 2008 at 1:01 am
Amiruddin … wishful thinking but I don’t think so. the card paid full to the merchant and you pay installment to the card’s bank not the card pay installment to the merchant.
#30herwan Says:
May 27th, 2008 at 2:33 pm
I currently used 2 cards..
1st is Ambank NexG.. i think this is quiet ok coz i don;t have any problem with internet transaction… the only problem i faced is when i want to use it at petrol pump… the card readr cannot detect it.. called the customer service, they asked me to change to a new card (i have to buy a new card with a new card number)..gila..
2nd is maybank card… it looks nice, i don’t faced any problem for purchase over the counter - smooth transaction (provided there is enough money in my account la).. the only problem is, i cannot use it online… called their customer service, and they claimed that currently they do not support for online transaction - meaning i cannot use it for Paypal..
#31modnazy Says:
May 28th, 2008 at 11:42 am
This is my 10th attempt today to fill in the online form. Have followed all the instructions carefully but still the red instructions appear. What went wrong? Huh! True.. The HARDEST online form filling in the world…..
Malaysian Food franchise world wide
Sunday June 15, 2008
Roti Canai and such
Eurofile
By CHOI TUCK WO
The best of Malaysian food is now being served at the heart of London’s West End – JomMakan!
AMID shouts of satay, roti canai and mee goreng ringing loud and clear in the kitchen, you can be forgiven for thinking that you’re right smack in a restaurant in Malaysia.
Clad in uniforms based on traditional baju melayu designs, the line cooks received orders from customers and quickly set to work to whip up Malaysia’s mouth-watering, street hawker dishes.
Passionate team: Mohd Zuhri (centre, in t-shirt) together with his mostly multi-national staff outside JomMakan Restaurant in London’s West End. — By CHOI TUCK WO
With its open kitchen concept, customers can get to see their food being prepared before it is served piping hot on their table.
Don’t hold your breath, though. The staff busily grilling your satay, tossing the roti canai or pulling the teh tarik can be a Nigerian, Hungarian, Romanian, or even from Sierra Leone.
It’s amazing that a bunch of young and passionate non-Malaysians, who have never heard of or tasted Malaysian dishes in their lives, are actually preparing them with gusto.
And all this is happening right here in London. You can thus savour your favourite nasi goreng kampung, mee bandung, laksa, satay, roti canai or even nasi ayam kukus (which is Hainanese Chicken Rice) that is as good as, if not better than, those prepared by Malaysians.
Welcome to JomMakan Restaurant, the 140-seat prototype flagship restaurant in the heart of the capital city’s West End, which is cooking up a storm in Britain.
The outlet is the first quick service restaurant (QSR) under the Malaysia Kitchen franchise programme aimed at promoting JomMakan restaurants worldwide.
Through this concept, Malaysia hopes to set up 200 Malaysia Kitchen outlets globally by 2010, including in major cities like Frankfurt, Berlin, Belgium, Sweden, San Francisco, New York and Sydney.
Gastronomic innovation
“This is a new beginning for Malaysian cuisine,” declared Mohd Zuhri Abdullah, managing director of JomMalaysia (UK) Limited.
He said Malaysian food could be prepared quickly and easily by anyone based on the Standard Operating Procedure (SOP) using ready-made pastes, rempah and sauce flown in from Malaysia.
As such, he said, they could be very versatile and flexible in whipping up Malaysia’s favourite dishes without being dependent on Malaysian chefs.
“The great thing about our satay is that we grind and make the peanut sauce fresh at our premises,” he said, adding that they offered 100% Malaysian cuisine.
At the moment, the restaurant has introduced 48 popular Malaysian dishes including side orders like otak-otak, popiah, gado-gado and cucur udang. Others like ais kacang will be added later.
And JomMakan is more than a restaurant; a gallery displaying Malaysian ingredients and paste is taking shape where customers can place their orders after consuming the food.
Zuhri said they were looking for joint ventures with local or Malaysian partners to open outlets in Manchester, Birmingham, Glasgow or even Edinburgh.
Plans were also afoot to set up three small 70- to 80-seat restaurants in other parts of London by the end of next year, he added.
He said they arrived at the QSR concept for London because it was a vibrant city where gastronomic innovation and creativity were the order of the day.
“We’ve taken the opportunity to be in a place where we can be successful in developing and innovating Malaysian cuisine through pushing and branding this concept,” he said.
Let’s eat
Response to JomMakan has been hot with more than 300 people having signed up as members through its website (www.jom makan.co.uk) during the first three days of its soft launch on June 2.
“It’s amazing that we’ve got a great mix of people from all over the world, including countries as diverse as Iceland, Norway and Russia,” said its operations manager Victoria Searl.
She said these potential customers were obviously interested in Malaysian cuisine and were planning to eat at the restaurant on their next visit to London.
Searl admitted that Chinese and Thai food had long been Britain’s favourite cuisine “but now it is Malaysia’s turn”.
“Our food seems to be flying out of the kitchen,” she enthused, saying the popular dishes included mee goreng, mee goreng sayur and satay.
Located strategically near London’s major landmarks like Trafalgar Square, Leicester Square, Piccadilly Circus and Chinatown, the restaurant is set to attract both office workers and tourists.
JomMakan is operated by Malaysia International Franchise Sdn Bhd (MyFranchise), a wholly-owned subsidiary of Perbadanan Nasional Berhad.
And since its opening by Deputy Prime Minister Datuk Seri Najib Tun Razak on Tuesday, the restaurant has attracted both locals and VIPs alike.
As the name JomMakan (Let’s Eat) suggests, the restaurant is fast becoming the coolest place to savour quality Malaysian food in central London.
Choi Tuck Wo is Editor, European Union Bureau, based in London
Roti Canai and such
Eurofile
By CHOI TUCK WO
The best of Malaysian food is now being served at the heart of London’s West End – JomMakan!
AMID shouts of satay, roti canai and mee goreng ringing loud and clear in the kitchen, you can be forgiven for thinking that you’re right smack in a restaurant in Malaysia.
Clad in uniforms based on traditional baju melayu designs, the line cooks received orders from customers and quickly set to work to whip up Malaysia’s mouth-watering, street hawker dishes.
Passionate team: Mohd Zuhri (centre, in t-shirt) together with his mostly multi-national staff outside JomMakan Restaurant in London’s West End. — By CHOI TUCK WO
With its open kitchen concept, customers can get to see their food being prepared before it is served piping hot on their table.
Don’t hold your breath, though. The staff busily grilling your satay, tossing the roti canai or pulling the teh tarik can be a Nigerian, Hungarian, Romanian, or even from Sierra Leone.
It’s amazing that a bunch of young and passionate non-Malaysians, who have never heard of or tasted Malaysian dishes in their lives, are actually preparing them with gusto.
And all this is happening right here in London. You can thus savour your favourite nasi goreng kampung, mee bandung, laksa, satay, roti canai or even nasi ayam kukus (which is Hainanese Chicken Rice) that is as good as, if not better than, those prepared by Malaysians.
Welcome to JomMakan Restaurant, the 140-seat prototype flagship restaurant in the heart of the capital city’s West End, which is cooking up a storm in Britain.
The outlet is the first quick service restaurant (QSR) under the Malaysia Kitchen franchise programme aimed at promoting JomMakan restaurants worldwide.
Through this concept, Malaysia hopes to set up 200 Malaysia Kitchen outlets globally by 2010, including in major cities like Frankfurt, Berlin, Belgium, Sweden, San Francisco, New York and Sydney.
Gastronomic innovation
“This is a new beginning for Malaysian cuisine,” declared Mohd Zuhri Abdullah, managing director of JomMalaysia (UK) Limited.
He said Malaysian food could be prepared quickly and easily by anyone based on the Standard Operating Procedure (SOP) using ready-made pastes, rempah and sauce flown in from Malaysia.
As such, he said, they could be very versatile and flexible in whipping up Malaysia’s favourite dishes without being dependent on Malaysian chefs.
“The great thing about our satay is that we grind and make the peanut sauce fresh at our premises,” he said, adding that they offered 100% Malaysian cuisine.
At the moment, the restaurant has introduced 48 popular Malaysian dishes including side orders like otak-otak, popiah, gado-gado and cucur udang. Others like ais kacang will be added later.
And JomMakan is more than a restaurant; a gallery displaying Malaysian ingredients and paste is taking shape where customers can place their orders after consuming the food.
Zuhri said they were looking for joint ventures with local or Malaysian partners to open outlets in Manchester, Birmingham, Glasgow or even Edinburgh.
Plans were also afoot to set up three small 70- to 80-seat restaurants in other parts of London by the end of next year, he added.
He said they arrived at the QSR concept for London because it was a vibrant city where gastronomic innovation and creativity were the order of the day.
“We’ve taken the opportunity to be in a place where we can be successful in developing and innovating Malaysian cuisine through pushing and branding this concept,” he said.
Let’s eat
Response to JomMakan has been hot with more than 300 people having signed up as members through its website (www.jom makan.co.uk) during the first three days of its soft launch on June 2.
“It’s amazing that we’ve got a great mix of people from all over the world, including countries as diverse as Iceland, Norway and Russia,” said its operations manager Victoria Searl.
She said these potential customers were obviously interested in Malaysian cuisine and were planning to eat at the restaurant on their next visit to London.
Searl admitted that Chinese and Thai food had long been Britain’s favourite cuisine “but now it is Malaysia’s turn”.
“Our food seems to be flying out of the kitchen,” she enthused, saying the popular dishes included mee goreng, mee goreng sayur and satay.
Located strategically near London’s major landmarks like Trafalgar Square, Leicester Square, Piccadilly Circus and Chinatown, the restaurant is set to attract both office workers and tourists.
JomMakan is operated by Malaysia International Franchise Sdn Bhd (MyFranchise), a wholly-owned subsidiary of Perbadanan Nasional Berhad.
And since its opening by Deputy Prime Minister Datuk Seri Najib Tun Razak on Tuesday, the restaurant has attracted both locals and VIPs alike.
As the name JomMakan (Let’s Eat) suggests, the restaurant is fast becoming the coolest place to savour quality Malaysian food in central London.
Choi Tuck Wo is Editor, European Union Bureau, based in London
Jadikah kereta orang Islam?
Jadikah kereta orang Islam?
SEKITAR hujung tahun lalu, dunia permotoran global gempar dengan berita kononnya tiga negara Islam iaitu Iran, Turki dan Malaysia sedang membuat perancangan untuk mengeluarkan kereta orang Islam untuk pasaran global.
Selepas tersebarnya berita itu, wakil ketiga-tiga negara Islam itu khabarnya kerap mengadakan pertemuan sekitar hujung tahun lalu bagi mengadakan perbincangan lanjut dan lebih terperinci mengenai cadangan berkenaan.
Selain Iran, Turki dan Malaysia, banyak negara Islam lain termasuk Arab Saudi, Syria, Mesir dan Pakistan turut menunjukkan minat yang tinggi terhadap projek itu.
Idea asal mengeluarkan kereta orang Islam itu kononnya dicetuskan oleh saudagar Islam iaitu Pengarah Urusan Iran Khodro, Manouchehr Manteghi yang mentadbir firma pengeluar kereta terbesar di kalangan negara Islam.
Iran Khodro yang menduduki tangga ke-24 di antara 100 syarikat Islam paling berjaya di dunia pada tahun 2006 diuar-uarkan mahu menjadikan firma pembuat kereta nasional, Proton Holdings Bhd. (Proton) sebagai pengilang utama kereta bercirikan agama itu.
Proton dikatakan menunjukkan minat mendalam terhadap cadangan itu dan telah menjalankan kajian terperinci mengenainya di samping akan menjalankan ujian teknikal ke atas kereta yang dicadangkan itu.
Pengenalan kereta tersebut dipercayai mampu memenuhi kehendak lebih 1.8 bilion penganut agama Islam di seluruh dunia atau lebih 22 peratus daripada populasi dunia yang menjadi antara kumpulan pengguna kenderaan beroda empat terbesar di dunia.
Berkembang
Negara yang mempunyai paling ramai penduduk beragama Islam di dunia pada masa sekarang ialah Indonesia dan diikuti oleh Pakistan, India serta Bangladesh dan Islam adalah agama yang paling cepat berkembang dibandingkan dengan semua agama lain di dunia ini.
Antara ciri-ciri berunsurkan Islam yang diterapkan dalam proses pembuatan kereta tersebut ialah kompas yang sentiasa menunjukkan arah kiblat, ruang simpanan besar untuk mengisi al-Quran serta barang-barang lain seperti tasbih, tudung dan kupiah.
Pada masa yang sama, sistem audio kereta itu akan direka khas bagi mengalunkan lima kali azan setiap kali tiba waktu sembahyang dengan keupayaan untuk menghentikan semua lagu atau siaran radio yang sedang berkumandang ketika tiba waktu sembahyang.
Jika kesemua 57 ahli dalam Pertubuhan Persidangan Islam (OIC) meluluskan cadangan tersebut, bayangkan betapa besar pasaran untuk model kereta tersebut yang dijangka mula ditawarkan pada tahun 2011 walaupun ada sesetengah orang Islam yang lebih gemarkan kereta buatan negara lain seperti Jerman dan Jepun.
Walau bagaimanapun, dengan tawaran harga serendah 8,000 euro sebuah atau RM40,520 sebuah dan dijangka mendapat sambutan hangat di beberapa pasaran antaranya rantau Timur Tengah, Asia Tenggara dan Afrika, pastinya kereta itu menjadi fenomena kepada pengguna kereta.
Tentunya kereta yang bersaiz sederhana dengan kemampuan enjin di bawah 2.0 liter ini mendapat sambutan menggalakkan seperti kereta-kereta berjenama lain dalam kelas yang sama.
Sementara itu, Proton dalam kenyataan segera mengenai rancangan mengeluarkan kereta Islam menerusi kerjasama dengan Iran dan Turki itu memberitahu, pihaknya menerima pelbagai maklum balas, positif dan negatif mengenai cadangan tersebut.
“Yang negatif dipercayai ekoran kesilapan dalam membuat tafsiran tentang konsep dan kurang pemahaman atau tidak jelas mengenai kewajaran di sebalik cadangan tersebut,” kata syarikat kebanggaan negara itu lagi.
Tambah Proton lagi, apa yang lebih penting ialah rancangan itu memperlihatkan kerjasama antara Malaysia dan rakan niaga bidang automotif dari Iran dan Turki bagi meningkatkan keupayaan dan kekuatan teknologi masing-masing.
Ketiga-tiga negara saling bantu-membantu untuk mencapai matlamat mengeluarkan kereta yang dikehendaki dalam pasaran bersama.
Ia juga memungkinkan satu lagi kejayaan aktiviti ekonomi di kalangan negara Islam seperti yang telah dicapai menerusi sistem perbankan Islam antara negara-negara terbabit.
Selain itu, ia menjadi contoh dalam kemajuan teknologi automotif yang menampakkan bahawa negara-negara Islam juga mampu mengeluarkan kereta yang baik untuk pasaran disasarkan, jelasnya.
Apa yang pasti ia bukan setakat kereta yang ada kompas, bacaan kiblat dan ruang untuk meletakkan al-Quran atau skaf, ujar firma itu.
SEKITAR hujung tahun lalu, dunia permotoran global gempar dengan berita kononnya tiga negara Islam iaitu Iran, Turki dan Malaysia sedang membuat perancangan untuk mengeluarkan kereta orang Islam untuk pasaran global.
Selepas tersebarnya berita itu, wakil ketiga-tiga negara Islam itu khabarnya kerap mengadakan pertemuan sekitar hujung tahun lalu bagi mengadakan perbincangan lanjut dan lebih terperinci mengenai cadangan berkenaan.
Selain Iran, Turki dan Malaysia, banyak negara Islam lain termasuk Arab Saudi, Syria, Mesir dan Pakistan turut menunjukkan minat yang tinggi terhadap projek itu.
Idea asal mengeluarkan kereta orang Islam itu kononnya dicetuskan oleh saudagar Islam iaitu Pengarah Urusan Iran Khodro, Manouchehr Manteghi yang mentadbir firma pengeluar kereta terbesar di kalangan negara Islam.
Iran Khodro yang menduduki tangga ke-24 di antara 100 syarikat Islam paling berjaya di dunia pada tahun 2006 diuar-uarkan mahu menjadikan firma pembuat kereta nasional, Proton Holdings Bhd. (Proton) sebagai pengilang utama kereta bercirikan agama itu.
Proton dikatakan menunjukkan minat mendalam terhadap cadangan itu dan telah menjalankan kajian terperinci mengenainya di samping akan menjalankan ujian teknikal ke atas kereta yang dicadangkan itu.
Pengenalan kereta tersebut dipercayai mampu memenuhi kehendak lebih 1.8 bilion penganut agama Islam di seluruh dunia atau lebih 22 peratus daripada populasi dunia yang menjadi antara kumpulan pengguna kenderaan beroda empat terbesar di dunia.
Berkembang
Negara yang mempunyai paling ramai penduduk beragama Islam di dunia pada masa sekarang ialah Indonesia dan diikuti oleh Pakistan, India serta Bangladesh dan Islam adalah agama yang paling cepat berkembang dibandingkan dengan semua agama lain di dunia ini.
Antara ciri-ciri berunsurkan Islam yang diterapkan dalam proses pembuatan kereta tersebut ialah kompas yang sentiasa menunjukkan arah kiblat, ruang simpanan besar untuk mengisi al-Quran serta barang-barang lain seperti tasbih, tudung dan kupiah.
Pada masa yang sama, sistem audio kereta itu akan direka khas bagi mengalunkan lima kali azan setiap kali tiba waktu sembahyang dengan keupayaan untuk menghentikan semua lagu atau siaran radio yang sedang berkumandang ketika tiba waktu sembahyang.
Jika kesemua 57 ahli dalam Pertubuhan Persidangan Islam (OIC) meluluskan cadangan tersebut, bayangkan betapa besar pasaran untuk model kereta tersebut yang dijangka mula ditawarkan pada tahun 2011 walaupun ada sesetengah orang Islam yang lebih gemarkan kereta buatan negara lain seperti Jerman dan Jepun.
Walau bagaimanapun, dengan tawaran harga serendah 8,000 euro sebuah atau RM40,520 sebuah dan dijangka mendapat sambutan hangat di beberapa pasaran antaranya rantau Timur Tengah, Asia Tenggara dan Afrika, pastinya kereta itu menjadi fenomena kepada pengguna kereta.
Tentunya kereta yang bersaiz sederhana dengan kemampuan enjin di bawah 2.0 liter ini mendapat sambutan menggalakkan seperti kereta-kereta berjenama lain dalam kelas yang sama.
Sementara itu, Proton dalam kenyataan segera mengenai rancangan mengeluarkan kereta Islam menerusi kerjasama dengan Iran dan Turki itu memberitahu, pihaknya menerima pelbagai maklum balas, positif dan negatif mengenai cadangan tersebut.
“Yang negatif dipercayai ekoran kesilapan dalam membuat tafsiran tentang konsep dan kurang pemahaman atau tidak jelas mengenai kewajaran di sebalik cadangan tersebut,” kata syarikat kebanggaan negara itu lagi.
Tambah Proton lagi, apa yang lebih penting ialah rancangan itu memperlihatkan kerjasama antara Malaysia dan rakan niaga bidang automotif dari Iran dan Turki bagi meningkatkan keupayaan dan kekuatan teknologi masing-masing.
Ketiga-tiga negara saling bantu-membantu untuk mencapai matlamat mengeluarkan kereta yang dikehendaki dalam pasaran bersama.
Ia juga memungkinkan satu lagi kejayaan aktiviti ekonomi di kalangan negara Islam seperti yang telah dicapai menerusi sistem perbankan Islam antara negara-negara terbabit.
Selain itu, ia menjadi contoh dalam kemajuan teknologi automotif yang menampakkan bahawa negara-negara Islam juga mampu mengeluarkan kereta yang baik untuk pasaran disasarkan, jelasnya.
Apa yang pasti ia bukan setakat kereta yang ada kompas, bacaan kiblat dan ruang untuk meletakkan al-Quran atau skaf, ujar firma itu.
Tuesday, June 10, 2008
Alliance Islamic eyes RM100m new deposits
Tuesday June 10, 2008
Alliance Islamic eyes RM100m new deposits
KUALA LUMPUR: Alliance Islamic Bank hopes to garner RM100mil in deposits from its new Alliance Fixed Investment-i (AFI) by the second quarter this year.
The bank planned to achieve this through existing and new corporate customers, chief executive officer Yahya Ibrahim said in a statement.
“AFI is the first Islamic banking product of its kind in Malaysia which uses commodities traded under the Tokyo Grain Exchange and Central Japan Commodity Exchange for deposit placement,” he said.
A syariah-compliant account, AFI is targeted at large corporate depositors and is based on the Tawarruq concept, which requires a customer to appoint the bank as the agent to buy commodities from a trader.
The bank will subsequently purchase the commodity from the customer on a deferred payment basis.
Alliance Islamic Bank yesterday signed a memorandum of understanding with Okachi Malaysia Sdn Bhd, appointing the latter its commodity trader.
“AFI provides an alternative source of Islamic deposits from government bodies and large corporate depositors. It will help improve the bank's liquidity position as well as its financing deposit ratio,” Yahya said.
The product allows a customer to place a minimum order of RM1mil and a maximum of RM100mil for a minimum tenure of one month and a maximum tenure of 60 months. – Bernama
Alliance Islamic eyes RM100m new deposits
KUALA LUMPUR: Alliance Islamic Bank hopes to garner RM100mil in deposits from its new Alliance Fixed Investment-i (AFI) by the second quarter this year.
The bank planned to achieve this through existing and new corporate customers, chief executive officer Yahya Ibrahim said in a statement.
“AFI is the first Islamic banking product of its kind in Malaysia which uses commodities traded under the Tokyo Grain Exchange and Central Japan Commodity Exchange for deposit placement,” he said.
A syariah-compliant account, AFI is targeted at large corporate depositors and is based on the Tawarruq concept, which requires a customer to appoint the bank as the agent to buy commodities from a trader.
The bank will subsequently purchase the commodity from the customer on a deferred payment basis.
Alliance Islamic Bank yesterday signed a memorandum of understanding with Okachi Malaysia Sdn Bhd, appointing the latter its commodity trader.
“AFI provides an alternative source of Islamic deposits from government bodies and large corporate depositors. It will help improve the bank's liquidity position as well as its financing deposit ratio,” Yahya said.
The product allows a customer to place a minimum order of RM1mil and a maximum of RM100mil for a minimum tenure of one month and a maximum tenure of 60 months. – Bernama
Britain keen to boost Islamic finance in Malaysia
Tuesday June 10, 2008
Najib: Britain keen to boost Islamic finance in Malaysia
By CHOI TUCK WO
LONDON: Britain is keen to further expand its Islamic finance activities in Malaysia, said Deputy Prime Minister Datuk Seri Najib Tun Razak.
He said the Lord Mayor of the City of London, Alderman David Lewis, expressed interest in greater collaboration with Malaysia, which has experience in Islamic finance and banking.
“A British financial institution has opened a branch on Takaful insurance in Labuan while Barclays Bank has also applied to expand their activities in Malaysia,” he told Malaysian journalists after meeting the lord mayor yesterday.
Najib, who arrived on Sunday to attend the Commonwealth mini summit on reforms of global institutions, hoped that Malaysia would become a major investment centre for Britons.
Warm welcome: Najib shaking hands with Lewis upon his arrival at the Mansion House in London yesterday, as the High Commissioner of Malaysia to Britain Datuk Abdul Aziz Mohammed (right) looks on. — Bernama
Earlier, the Deputy Prime Minister held talks with Sri Lankan President Mahinda Rajapakse where they discussed Malaysian investments in that country, such as in the field of telecommunication and highway construction projects.
Najib said Rajapakse told him that Malaysia was a favourite centre for higher education for Sri Lankan students due to its affordable costs and high quality of education.
In the afternoon, Najib joined 12 other Commonwealth leaders at a meeting with Prime Minister Gordon Brown at 10, Downing Street before attending a dinner hosted by Commonwealth secretary-general Kamalesh Sharma at Marlborough House.
Today, he will attend the summit in the morning, attend a tea hosted by the Duke of York, Prince Andrew, before launching the Jom Makan Restaurant at Pall Mall East under the Malaysian Kitchen programme.
On Wednesday, he will deliver a talk on “Malaysia’s Response to New Global Challenges” at Chatham House, the home of the Royal Institute of International Affairs.
Najib will also meet members of the First Royal Malay Regiment at Wellington Barracks, near Buckingham Palace, and witness the changing-of-the-guards ceremony with the Comptroller of the Lord Chamberlain's office, Lt-Col Andrew Ford.
The regiment had been here since April to perform the prestigious “London Public Duties” which included guarding the official residences of the British monarch, Buckingham Palace and Windsor Castle.
Najib: Britain keen to boost Islamic finance in Malaysia
By CHOI TUCK WO
LONDON: Britain is keen to further expand its Islamic finance activities in Malaysia, said Deputy Prime Minister Datuk Seri Najib Tun Razak.
He said the Lord Mayor of the City of London, Alderman David Lewis, expressed interest in greater collaboration with Malaysia, which has experience in Islamic finance and banking.
“A British financial institution has opened a branch on Takaful insurance in Labuan while Barclays Bank has also applied to expand their activities in Malaysia,” he told Malaysian journalists after meeting the lord mayor yesterday.
Najib, who arrived on Sunday to attend the Commonwealth mini summit on reforms of global institutions, hoped that Malaysia would become a major investment centre for Britons.
Warm welcome: Najib shaking hands with Lewis upon his arrival at the Mansion House in London yesterday, as the High Commissioner of Malaysia to Britain Datuk Abdul Aziz Mohammed (right) looks on. — Bernama
Earlier, the Deputy Prime Minister held talks with Sri Lankan President Mahinda Rajapakse where they discussed Malaysian investments in that country, such as in the field of telecommunication and highway construction projects.
Najib said Rajapakse told him that Malaysia was a favourite centre for higher education for Sri Lankan students due to its affordable costs and high quality of education.
In the afternoon, Najib joined 12 other Commonwealth leaders at a meeting with Prime Minister Gordon Brown at 10, Downing Street before attending a dinner hosted by Commonwealth secretary-general Kamalesh Sharma at Marlborough House.
Today, he will attend the summit in the morning, attend a tea hosted by the Duke of York, Prince Andrew, before launching the Jom Makan Restaurant at Pall Mall East under the Malaysian Kitchen programme.
On Wednesday, he will deliver a talk on “Malaysia’s Response to New Global Challenges” at Chatham House, the home of the Royal Institute of International Affairs.
Najib will also meet members of the First Royal Malay Regiment at Wellington Barracks, near Buckingham Palace, and witness the changing-of-the-guards ceremony with the Comptroller of the Lord Chamberlain's office, Lt-Col Andrew Ford.
The regiment had been here since April to perform the prestigious “London Public Duties” which included guarding the official residences of the British monarch, Buckingham Palace and Windsor Castle.
Sunday, June 8, 2008
Gold Dinar:An Economic and StrategicResponse to Chaos
This article appears in the November 15, 2002 issue of Executive Intelligence Review.
Gold Dinar:
An Economic and Strategic
Response to Chaos
by Michael O. Billington
Mounting concern around the world that the Bush Administration is madly threatening to drive the world into perpetual warfare, while doing nothing to address the global financial-economic collapse, has led to the introduction of a number of defensive measures by nations and groups of nations acting in concert. One such measure is the proposal for creation of a Gold Dinar, intended as a replacement for the dollar as the currency of trade among nations. With a war against Iraq looming on the horizon, and U.S. threats against Saudi Arabia escalating in the establishment's institutions and publications, it is increasingly probable that the Gold Dinar policy will be implemented in the near term, among certain Islamic nations at first, and potentially expanding to include non-Islamic nations.
Malaysian Prime Minister Dr. Mahathir bin Mohamad hosted a two-day seminar in Kuala Lumpur on Oct. 22-23, called "The Gold Dinar in Multilateral Trade." This was the second major conference in Malaysia on this subject involving representatives of members of the Organization of Islamic Conference (OIC). The first conference, "Stable and Just Global Monetary Systems," held in August, announced that the Gold Dinar would be implemented as a bilateral arrangement between Malaysia and certain unspecified partners by the middle of 2003, and extended to multilateral agreements over time. At the more recent seminar, Bijan Latif, the head of Iran's Central Bank, offered to support the establishment of a secretariat in Malaysia to coordinate the development of the Gold Dinar policy. Dr. Mahathir supported the idea.
Not a Gold Standard
In his speech to the October seminar, Dr. Mahathir made clear that the proposal was not intended to establish a gold standard (as put forth by fixated "gold bugs" around the world), but to return to the Bretton Woods policy of a gold-reserve system, which was destroyed when President Richard Nixon removed the dollar from a fixed peg to gold on Aug. 15, 1971, allowing currencies to float at the whim of speculators. Dr. Mahathir reminded the participants, that after World War II, "when the Allied nations met in Bretton Woods to determine the principle for the rate of exchange of international currencies in order to facilitate trade, they decided to use gold as a standard." This worked until 1971, when "the market claimed that it could determine the exchange rate through the demand and supply of currencies freely traded in the market. But the profiteers moved in and manipulated the value of the currencies so that there was chaos in terms of exchange rates of currencies."
The Gold Dinar policy intends to return to the former, superior policy. Tan Sri Nor Mohamed Yakcop, an economic adviser to Dr. Mahathir, explained the system at the August conference as follows, using trade between Malaysia and Saudi Arabia as an example: "Malaysian exporters will be paid in ringgit [the Malaysian currency] by Bank Negara [the Malaysian National Bank] on the due date of exports.... Similarly, the importers will pay Bank Negara the ringgit equivalent of their imports. The Saudi Central Bank will do the same for its exports and imports. Say, at the end of a three-month cycle, the total exports from Malaysia to Saudi Arabia is 2 million Gold Dinar, and the total exports of Saudi Arabia to Malaysia is 1.8 million Gold Dinar. Therefore, for that particular three-month cycle, the Saudi Central Bank will pay Bank Negara 0.2 million Gold Dinar. The actual payment can be by way of the Saudis transferring 0.2 million ounces of gold in its custodian's account in the Bank of England in London, to Bank Negara's account with the same custodian. The important point to note here, is that the relatively small amount of 0.2 million Gold Dinar is able to support a total trade value of 3.8 million Gold Dinar."
The weakness of the system as it is now proposed is that gold, too, is subject to speculation, especially if it is pegged to a currency such as the dollar, which is heading for a plunge due to the collapse of the U.S. banking system. Dr. Mahathir is aware of the problem: "Gold prices can also be manipulated," he said, "but not as easily as the U.S. dollar or other currencies.... Speculation and manipulation will not be as easy as when local currency is valued against the U.S. dollar."
EIR Founding Editor Lyndon LaRouche has proposed that the necessary return to a Bretton Woods system of fixed exchange rates must also peg currencies to a "basket of commodities" rather than to gold, as a means of basing currency valuations to the real economy, rather than tying the real economy to a speculative entity (see Documentation). Although the Gold Dinar proposal assigns a value to gold in terms of dollars, Dr. Mahathir suggested in his speech that he is thinking along the lines of a "basket of commodities": "The value of one Gold Dinar is one Gold Dinar, no matter what the exchange rate of a currency is against the Gold Dinar. If the value of goods and services is expressed in Gold Dinar, the value remains the same, no matter which country is involved in the trade."
Whatever the case in this regard, the discussion and implementation of the bilateral or restricted multilateral Gold Dinar policy can provide a much-needed defense against the collapse of the dollar-centered financial system, and could contribute to a more durable global solution in the near future.
Strategic Necessity
Dr. Mahathir emphasized that the Gold Dinar policy is being driven by the crushing reality of the economic and strategic crisis. The disastrous situation in the Holy Land, the terrorist attacks of Sept. 11, 2001, and the threatened war on Iraq, have resulted in "the whole world's economy being unable to grow," he said. "The West, and in particular the Americans, are very angry. So are the Muslims. Angry people cannot act rationally." He concluded his speech: "Of course, the Gold Dinar can be a trading currency for all countries, not necessarily Muslim countries. But Muslim countries are in the best position to demonstrate the viability of the system, ... and in the process, show the world that they are capable of growing with stability and peace. And this will do more towards countering oppressions by their enemies, than the futile violent retaliations."
Other voices are also warning that the current folly in Washington will only hasten this break from the bankrupt IMF system. James Sinclair, the head of the mining company Tan Range Exploration, said in an Oct. 28 editorial in Financial Sense Online: "It is perceived, and correctly so, that the Islamic world is controlled via the use of the U.S. dollar as the main settlement currency.... I am told there is a significant possibility that when the U.S. attacks Iraq, the united Islamic salvo back will be at the U.S. dollar via the Gold Dinar." The Saudis, he says, "are less likely than most observers think to rescue the dollar this time."
In fact, the Saudis are already repatriating deposits from the United States, as reflected in the increase by $30 billion in deposits in Saudi banks in September.
Sinclair also notes, as did Bijan Latif of the Iranian Central Bank, that "the establishment of a gold-based currency is rebellion against the IMF, as it is distinctly forbidden under IMF rules." Sinclair adds: "The advent of the Gold Dinar would be the 'nadir' of the IMF and World Bank."
Other commentators have noted the concern in Saudi Arabia that the United States may freeze Saudi assets in U.S. banks, forcing them to consider the Gold Dinar as a replacement for the dollar, and dumping dollar holdings altogether if necessary. As amazing as this sounds, given the long history of U.S.-Saudi friendship, there has been a drumbeat of anti-Saudi hysteria in the United States recently, escalating since the infamous presentation before the Defense Department's Defense Policy Board on July 10 by the RAND corporation's Laurent Murawiec, which declared Saudi Arabia the mother of all terror, and calling for the overthrow of that country's government and other Arab "dictatorships" (see EIR, Aug. 16, 2002). Although Murawiec was fired by RAND for this mindless diatribe, Richard Perle, who runs the Defense Policy Board, was never publicly reprimanded, let alone fired, and the Saudis took note.
Even more blatant was the report issued by the leading think-tank of the American establishment, the Council on Foreign Relations, in October, "Terrorist Financing." The report is the work of a task force, headed by Maurice "Hank" Greenberg of the AIG insurance cartel, himself a notorious money-launderer. The report castigates Islamic charities in general, but hits Saudi Arabia in particular: "For years, individuals and charities based in Saudi Arabia have been the most important source of funds for al-Qaeda; and for years, Saudi officials have turned a blind eye to this problem," says the report. Making their intentions clear, the CFR adds: "It may well be the case that if Saudi Arabia and other nations in the region were to move quickly to share sensitive financial information with the U.S., regulate or close down Islamic banks, incarcerate prominent Saudi citizens or render them to international authorities, audit Islamic charities, and investigate the hawala system—just a few of the steps that nation would have to take—it would be putting its current system of governance at significant political risk." Nonetheless, they argue, the Bush Administration must proceed, and stop pretending that "Saudi Arabia is being cooperative, when they know very well all the ways in which it is not."
With this madness as establishment policy, the Saudis, and others, may well see no choice but to pull out of the dollar-based system. This is one reason for the great interest in LaRouche and his proposals in the Mideast today. It may well lead to the timely adoption of the Gold Dinar policy among Islamic nations, and progress toward a New Bretton Woods monetary system.
Gold Dinar:
An Economic and Strategic
Response to Chaos
by Michael O. Billington
Mounting concern around the world that the Bush Administration is madly threatening to drive the world into perpetual warfare, while doing nothing to address the global financial-economic collapse, has led to the introduction of a number of defensive measures by nations and groups of nations acting in concert. One such measure is the proposal for creation of a Gold Dinar, intended as a replacement for the dollar as the currency of trade among nations. With a war against Iraq looming on the horizon, and U.S. threats against Saudi Arabia escalating in the establishment's institutions and publications, it is increasingly probable that the Gold Dinar policy will be implemented in the near term, among certain Islamic nations at first, and potentially expanding to include non-Islamic nations.
Malaysian Prime Minister Dr. Mahathir bin Mohamad hosted a two-day seminar in Kuala Lumpur on Oct. 22-23, called "The Gold Dinar in Multilateral Trade." This was the second major conference in Malaysia on this subject involving representatives of members of the Organization of Islamic Conference (OIC). The first conference, "Stable and Just Global Monetary Systems," held in August, announced that the Gold Dinar would be implemented as a bilateral arrangement between Malaysia and certain unspecified partners by the middle of 2003, and extended to multilateral agreements over time. At the more recent seminar, Bijan Latif, the head of Iran's Central Bank, offered to support the establishment of a secretariat in Malaysia to coordinate the development of the Gold Dinar policy. Dr. Mahathir supported the idea.
Not a Gold Standard
In his speech to the October seminar, Dr. Mahathir made clear that the proposal was not intended to establish a gold standard (as put forth by fixated "gold bugs" around the world), but to return to the Bretton Woods policy of a gold-reserve system, which was destroyed when President Richard Nixon removed the dollar from a fixed peg to gold on Aug. 15, 1971, allowing currencies to float at the whim of speculators. Dr. Mahathir reminded the participants, that after World War II, "when the Allied nations met in Bretton Woods to determine the principle for the rate of exchange of international currencies in order to facilitate trade, they decided to use gold as a standard." This worked until 1971, when "the market claimed that it could determine the exchange rate through the demand and supply of currencies freely traded in the market. But the profiteers moved in and manipulated the value of the currencies so that there was chaos in terms of exchange rates of currencies."
The Gold Dinar policy intends to return to the former, superior policy. Tan Sri Nor Mohamed Yakcop, an economic adviser to Dr. Mahathir, explained the system at the August conference as follows, using trade between Malaysia and Saudi Arabia as an example: "Malaysian exporters will be paid in ringgit [the Malaysian currency] by Bank Negara [the Malaysian National Bank] on the due date of exports.... Similarly, the importers will pay Bank Negara the ringgit equivalent of their imports. The Saudi Central Bank will do the same for its exports and imports. Say, at the end of a three-month cycle, the total exports from Malaysia to Saudi Arabia is 2 million Gold Dinar, and the total exports of Saudi Arabia to Malaysia is 1.8 million Gold Dinar. Therefore, for that particular three-month cycle, the Saudi Central Bank will pay Bank Negara 0.2 million Gold Dinar. The actual payment can be by way of the Saudis transferring 0.2 million ounces of gold in its custodian's account in the Bank of England in London, to Bank Negara's account with the same custodian. The important point to note here, is that the relatively small amount of 0.2 million Gold Dinar is able to support a total trade value of 3.8 million Gold Dinar."
The weakness of the system as it is now proposed is that gold, too, is subject to speculation, especially if it is pegged to a currency such as the dollar, which is heading for a plunge due to the collapse of the U.S. banking system. Dr. Mahathir is aware of the problem: "Gold prices can also be manipulated," he said, "but not as easily as the U.S. dollar or other currencies.... Speculation and manipulation will not be as easy as when local currency is valued against the U.S. dollar."
EIR Founding Editor Lyndon LaRouche has proposed that the necessary return to a Bretton Woods system of fixed exchange rates must also peg currencies to a "basket of commodities" rather than to gold, as a means of basing currency valuations to the real economy, rather than tying the real economy to a speculative entity (see Documentation). Although the Gold Dinar proposal assigns a value to gold in terms of dollars, Dr. Mahathir suggested in his speech that he is thinking along the lines of a "basket of commodities": "The value of one Gold Dinar is one Gold Dinar, no matter what the exchange rate of a currency is against the Gold Dinar. If the value of goods and services is expressed in Gold Dinar, the value remains the same, no matter which country is involved in the trade."
Whatever the case in this regard, the discussion and implementation of the bilateral or restricted multilateral Gold Dinar policy can provide a much-needed defense against the collapse of the dollar-centered financial system, and could contribute to a more durable global solution in the near future.
Strategic Necessity
Dr. Mahathir emphasized that the Gold Dinar policy is being driven by the crushing reality of the economic and strategic crisis. The disastrous situation in the Holy Land, the terrorist attacks of Sept. 11, 2001, and the threatened war on Iraq, have resulted in "the whole world's economy being unable to grow," he said. "The West, and in particular the Americans, are very angry. So are the Muslims. Angry people cannot act rationally." He concluded his speech: "Of course, the Gold Dinar can be a trading currency for all countries, not necessarily Muslim countries. But Muslim countries are in the best position to demonstrate the viability of the system, ... and in the process, show the world that they are capable of growing with stability and peace. And this will do more towards countering oppressions by their enemies, than the futile violent retaliations."
Other voices are also warning that the current folly in Washington will only hasten this break from the bankrupt IMF system. James Sinclair, the head of the mining company Tan Range Exploration, said in an Oct. 28 editorial in Financial Sense Online: "It is perceived, and correctly so, that the Islamic world is controlled via the use of the U.S. dollar as the main settlement currency.... I am told there is a significant possibility that when the U.S. attacks Iraq, the united Islamic salvo back will be at the U.S. dollar via the Gold Dinar." The Saudis, he says, "are less likely than most observers think to rescue the dollar this time."
In fact, the Saudis are already repatriating deposits from the United States, as reflected in the increase by $30 billion in deposits in Saudi banks in September.
Sinclair also notes, as did Bijan Latif of the Iranian Central Bank, that "the establishment of a gold-based currency is rebellion against the IMF, as it is distinctly forbidden under IMF rules." Sinclair adds: "The advent of the Gold Dinar would be the 'nadir' of the IMF and World Bank."
Other commentators have noted the concern in Saudi Arabia that the United States may freeze Saudi assets in U.S. banks, forcing them to consider the Gold Dinar as a replacement for the dollar, and dumping dollar holdings altogether if necessary. As amazing as this sounds, given the long history of U.S.-Saudi friendship, there has been a drumbeat of anti-Saudi hysteria in the United States recently, escalating since the infamous presentation before the Defense Department's Defense Policy Board on July 10 by the RAND corporation's Laurent Murawiec, which declared Saudi Arabia the mother of all terror, and calling for the overthrow of that country's government and other Arab "dictatorships" (see EIR, Aug. 16, 2002). Although Murawiec was fired by RAND for this mindless diatribe, Richard Perle, who runs the Defense Policy Board, was never publicly reprimanded, let alone fired, and the Saudis took note.
Even more blatant was the report issued by the leading think-tank of the American establishment, the Council on Foreign Relations, in October, "Terrorist Financing." The report is the work of a task force, headed by Maurice "Hank" Greenberg of the AIG insurance cartel, himself a notorious money-launderer. The report castigates Islamic charities in general, but hits Saudi Arabia in particular: "For years, individuals and charities based in Saudi Arabia have been the most important source of funds for al-Qaeda; and for years, Saudi officials have turned a blind eye to this problem," says the report. Making their intentions clear, the CFR adds: "It may well be the case that if Saudi Arabia and other nations in the region were to move quickly to share sensitive financial information with the U.S., regulate or close down Islamic banks, incarcerate prominent Saudi citizens or render them to international authorities, audit Islamic charities, and investigate the hawala system—just a few of the steps that nation would have to take—it would be putting its current system of governance at significant political risk." Nonetheless, they argue, the Bush Administration must proceed, and stop pretending that "Saudi Arabia is being cooperative, when they know very well all the ways in which it is not."
With this madness as establishment policy, the Saudis, and others, may well see no choice but to pull out of the dollar-based system. This is one reason for the great interest in LaRouche and his proposals in the Mideast today. It may well lead to the timely adoption of the Gold Dinar policy among Islamic nations, and progress toward a New Bretton Woods monetary system.
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