Agence France-Presse - 4/27/2009 7:21 AM GMT
Malaysia to liberalise banking sector: prime minister
Malaysia Monday announced measures to liberalise its banking sector, allowing nine new banking and insurance licences and easing foreign ownership limits for non-commercial banks.
Prime Minister Najib Razak said that the move, which comes shortly after he liberalised parts of the services sector, was aimed at making Malaysia more competitive amid the global downturn.
"The liberalisation measures announced today aim to enhance Malaysia's linkages with international economies and promote greater economic regional integration," he told a news conference.
The nine new banking and insurance licences to be issued between 2009 and 2011 include five for commercial banks, two for Islamic banks and two for operators of "takaful," or Islamic insurance.
The foreign equity limit for investment banks, Islamic banks and takaful operators will be raised from 49 to 70 percent.
"The foreign equity limit for domestic commercial banks will remain at the current 30 percent," Najib said.
Malaysia currently has 13 locally incorporated foreign banks, including HSBC and Citibank, and three foreign Islamic banking operators. No new foreign commercial banks have won approval to operate here for more than a decade.
Central bank chief Zeti Akhtar Aziz dismissed suggestions that there could be limited demand for the licences due to the dire state of the finance sector globally.
"Our liberalisation is sequenced and managed. It is a gradual process. We have had many who came to see us. There have been significant inquiries," the Bank Negara governor said, adding that she expected a recovery in 2011.
"The rationale for the liberalisation is to enhance our international linkages with other parts of the world so investments will take place. This is important in view of the slowing down of the global economy," she told the news conference.
Najib said that the banking and insurance industry represented 11 percent of Malaysia's GDP in 2008, compared with 9.2 percent in 2000, and employed 140,000 people.
Monday, April 27, 2009
Saturday, April 25, 2009
Cari cara baru berniaga
Cari cara baru berniaga
Mohammad Ali Hashim
Kesan krisis dan kejatuhan ekonomi Amerika Syarikat (AS) pada 2008 sesungguhnya sangat traumatik malah turut memberi kesan teruk di peringkat global apabila syarikat-syarikat korporat gergasi yang dilihat sangat kukuh dari segi reputasi dan jenama turut menerima kesan dan tempias yang nyata.
Dalam sistem ekonomi dunia yang dipacu oleh perniagaan, krisis korporat yang bermula dari kegagalan perniagaan di negara ekonomi terbesar seperti AS, sesungguhnya telah memberi kesan dan implikasi yang mendalam kepada semua pihak. Apatah lagi pada zaman yang serba canggih sekarang dengan keupayaan untuk berhubung melalui sistem rangkaian global yang serba kompleks. Berjuta orang di seluruh dunia menyaksikan sendiri kekayaan mereka hilang sekelip mata dan jatuh miskin berikutan kecairan pasaran saham dan nilai aset yang merudum.
Lebih membimbangkan implikasi dan kesan luar jangka yang lebih teruk akan berlaku termasuklah kehilangan pekerjaan berjuta-juta pekerja di seluruh dunia yang turut melumpuhkan golongan kelas pertengahan. Berjuta orang yang begitu mengagumi prinsip kapitalisme yang menjanjikan kekayaan dan kemakmuran yang melimpah ruah kini hanya termangu dengan kemiskinan, kehilangan dan putus harapan.
Nilai-nilai perniagaan yang dipelopori dan digunapakai oleh syarikat-syarikat korporat AS sebelum ini kini dipersalahkan dan bertanggungjawab terhadap krisis ini.
Kini terdapat terlalu banyak keburukan akibat daripada budaya korporat kapitalisme serta bagaimana perniagaan dijalankan di bawahnya. Malah ketika di kemuncaknya, sistem kapitalisme hanya akan menguntungkan beberapa pihak sahaja. Ia hanya membuai perasaan semua orang dengan harapan dan janji mengenai kekayaan yang belum pasti. Hakikatnya, ini akan hanya terjadi melalui proses yang sukar dan sementara.
Kapitalisme hanya menjanjikan kekayaan yang melimpah ruah kepada sekumpulan elitis yang kemudiannya menarik orang ramai untuk terikut-ikut dan kemudiannya terperangkap dengan budaya kehidupan material dan perbelanjaan mewah. Oleh itu mereka ini terperangkap dengan sistem yang membenarkan ketidakadilan pendapatan dan sistem ini menyalahkan mereka kerana terlalu bergantung dan kemudian mengasingkan mereka yang terpinggir akibat dari kemiskinan dan ketidakadilan.
Kini krisis ekonomi global telah menelanjangkan hakikat sebenar sistem kapitalis, oleh itu akan menjadi satu kesalahan jika masyarakat tidak melakukan sesuatu untuk merubah semua ini. Ia juga sesuatu yang sangat keji jika selepas dari krisis ini kita masih lagi membenarkan perlakuan sebegini berterusan dan terus diamalkan dengan membenarkan pemilikan kekayaan hanya untuk segelintir orang dan mengakibatkan mereka yang lain terus terjerumus dalam janji dan harapan palsu kapitalisme. Tidak sekali-kali!
Memang benar terdapat contoh ahli korporat dan mereka yang kaya-raya yang penuh dengan sifat dermawan dan baik hati seperti yang dilakukan oleh Bill Gates melalui yayasannya. Dan semestinya amalan dan prinsip tanggungjawab korporat yang digunapakai mereka dalam industri ini merupakan satu amalan yang mulia, tidak menunjuk-nunjuk dan tidak mempunyai agenda tersembunyi. Namun hakikatnya terlalu ramai mereka yang tidak beretika dan sanggup menolak nilai moral malah bertanggungjawab dari awal lagi dalam krisis ekonomi kapitalis sekarang yang semakin tidak keruan serta turut sama merosakkan keadaan politik dan sosial berbanding mereka yang mempunyai sifat-sifat mulia seperti Bill Gates.
Pada dasarnya, nilai ini telah terpahat di dalam struktur dan institusi korporat sekali gus ia telah membentuk pemikiran, perlakuan dan pandangan yang perlu diikuti oleh masyarakat. Semua ini telah dibentuk oleh mereka yang telah menguasai dan mengawal sistem kapitalisme melalui penguasaan dunia korporat. Dalam keadaan krisis ekonomi sekarang yang musnah akibat ketamakan, sehingga kini masih belum terdapat sebarang mekanisme untuk mengawalselia kesan buruk yang semakin terhakis akibat dari sistem ini.
Tersebar
Oleh itu, kita kini melihat kanser korporat ini semakin tersebar di seluruh dunia dan telah mengakibatkan kesan tragik di Eropah seperti di United Kingdom, Perancis dan Jerman dimana beberapa ahli korporat berprofil tinggi mengambil keputusan untuk membunuh diri. Kes keracunan susu dengan penggunaan melamin di China, kes penipuan dan pengkhianatan syarikat Satyam di India serta skim K. Nami‘s Ponzi di Jepun merupakan bukti jelas mengenai kegagalan sistem nilai global yang digunapakai sekarang berasaskan ketamakan keterlaluan kapitalisme.
Memandangkan semua ini berasal dari Barat, ia boleh digelar sebagai satu penyakit “keracunan dari Barat” (westoxicating). Ia digelar sedemikian kerana ia telah menyebabkan rakyat terbanyak terikat dan terbelit dengan sistem ini. Penyakit ini dengan jelas sangat beracun (ingat kembali “aset toksik” dan “pinjaman toksik” yang telah menjadi punca runtuhnya sistem jual beli rumah di AS). Kesan akibat dari toksik ini menjadi bukti jelas bagaimana berjuta-juta mereka yang tidak terlibat hilang pekerjaan dan pendapatan serta jatuh miskin akibat dari krisis ini.
Sekiranya nilai ini tidak lagi sesuai dan jika nilai yang sama telah direka dan dibentuk oleh struktur korporat dan digunapakai di serata dunia, gejala westoxication tidak lagi boleh diambil mudah. Negara-negara dan syarikat-syarikat besar tidak mempunyai pilihan lain selain dari mencari dan menggunakan teknik perniagaan yang berbeza. Pembaharuan secara menyeluruh sektor korporat perlu dilakukan bagi menangani dan mengawal nilai etika dan moral sebagai jalan penyelesaian akibat kegagalan sistem sebelum ini.
Isu sekarang ini ialah, nilai yang mempengaruhi perdagangan global terutama berkaitan pemilikan mutlak di tangan ahli korporat terkaya yang menguasai hierarki tertinggi sesebuah perniagaan. Malangnya, penyanjungan AS terhadap prinsip individualistik dan kapitalisme (dog-eat-dog) telah menyebabkan ia diangkat sebagai model yang perlu diikuti untuk berjaya dalam perniagaan dan ekonomi. Oleh itu negara-negara lain yang terikut-ikut dengan istilah “Negara Bebas” terpaksa tunduk dengan keagungan prinsip Barat mengenai kapitalisme yang akhirnya menyebabkan lebih banyak kehancuran akibat westoxication.
Isu westoxication di negara Islam telah mengakibatkan pertelagahan besar mengenai nilai-nilai dalam masyarakat Islam sejak beratus tahun lamanya. Kini hampir keseluruhan negara-negara Islam telah mengguna pakai sistem kapitalisme Barat. Banyak negara Islam yang telah mengadaptasi sistem ini dengan pantas, kini berhadapan dengan masalah akibat sistem kapitalisme yang sangat bercanggah dengan nilai-nilai asas Islam, cara hidup dan batasan sosial.
Islam secara khususnya sangat menekankan tentang nilai kesamarataan dan keadilan sosial, nilai yang sangat bertentangan dengan sistem kapitalisme atau dilihat merendahkan martabat diri bagi penganut kapitalisme. Hakikatnya, sistem ini telah mengakibatkan kerosakan yang teruk, perbezaan kedudukan yang ketara dan penularan ketidakadilan sosial yang amat merbahaya jika semua ini digabungkan. Ia menjadi satu ledakan merbahaya apabila bergabung dengan pengamal sistem kapitalisme demi merebut sumber hasil, eksploitasi dan kawalan melampau, penguasaan korporat serta penjajahan ekonomi. Semua ini telah mendominasi dunia atas nama globalisasi, liberalisasi dan kebebasan.
Dalam konteks cabaran berat yang dihadapi mereka, adalah sangat penting bagi negara Islam untuk mencari semula maksud kapitalisme dalam konteks agama serta bersesuaian dengan nilai-nilai Islam. Oleh itu untuk menarik golongan pertengahan Islam daripada terpengaruh dengan golongan ekstremis Islam dan pengganas atau pihak yang ekstrem dengan sistem kapitalisme Barat, mereka tidak mempunyai pilihan lain selain dari melancarkan sistem kapitalisme dan ekonomi berasaskan Islam.
“Kapitalisme Islam” merupakan satu gabungan yang bertentangan. Penjelasan maksud sebenar adalah diluar skop artikel ini. Cukup sekadar menyatakan kejayaan sebenar pembaharuan ekonomi berlandaskan perniagaan adalah dengan menguasai asas sistem pasaran yang kompetitif dan dinamik.
Pembaharuan
Di Malaysia, entiti korporat seperti, Johor Corporation, (JCorp), telah berjaya di dalam bidangnya. Ia merupakan satu syarikat perusahaan milik kerajaan yang mempunyai 250 anak syarikat, 54,000 pekerja dan mendahului di dalam beberapa perniagaan strategik. JCorp komited dalam menerajui pembaharuan perniagaan dan korporat bagi memenuhi kehendak dan piawaian Islam yang dilabel sebagai “Jihad Bisnes”.
Latar belakang dan pencapaian cemerlang JCorp dalam pertumbuhan dan perkembangan yang dinamik selama dua dekad merupakan pengiktirafan dan pengesahan awal dalam konsep kesesuaian praktikal jihad bisnes.
Perjalanan jihad bisnes JCorp termasuklah menyertai perusahaan-
perusahaan besar. Ini termasuk menerajui perusahaan penjagaan kesihatan bermula dari kosong pada awal 80-an kepada perniagaan bernilai jutaan ringgit yang melibatkan 600 perunding kanan dan pakar kesihatan sebagai rakan kongsi perniagaan.
Kejayaan terbesar dan penting bagi kumpulan JCorp adalah mengambilalih perusahaan makanan segera terbesar di Asia melibatkan 700 buah restoran KFC dan Pizza Hut di rantau ASEAN. Pengambilalihan ini berlaku pada tahun 2006-2007 dan berlanjutan selama setahun. Pengambilalihan yang berlandaskan pasaran ini telah menyebabkan satu peralihan yang ketara dalam pemilikan korporat di Malaysia.
Inisiatif sulung JCorp dalam jihad bisnes sememangnya belum pernah berlaku pada masa dahulu dan ia juga dianggap sebagai pembaharuan agenda korporat. Tujuan utamanya adalah untuk menyatukan nilai Islam di dalam amalan kapitalis korporat. Dalam kes JCorp, maksud ini dicapai melalui budaya korporat yang menyatukan “Amanah” melalui “Program Usahawan Dalaman”. Ia juga diperjelaskan dengan inisiatif tambahan untuk bertukar menjadi satu institusi “wakaf” korporat.
Wakaf merupakan institusi pembiayaan Islam terawal yang telah dilaksanakan sebelum program tanggungjawab sosial korporat atau “Corporat Social Responsibility” (CSR) digunapakai sekarang. Semasa zaman kegemilangan Islam, golongan yang kaya memainkan peranan yang kritikal dalam membantu menyediakan jaringan keselamatan sosial terhadap rakyat terbanyak, dengan dana yang diperoleh hasil daripada derma dan semangat bantu-membantu seperti yang diterjemahkan oleh Islam.
Ternyata, agenda pembaharuan korporat yang tidak mementingkan diri, mengambil berat dan menitik beratkan kesamarataan adalah sangat diperlukan untuk meringankan beban westoxicating yang disebabkan oleh krisis kapitalisme serta telah menyebabkan ketakutan, trauma dan tekanan kepada berjuta penduduk di seluruh dunia. Agenda ini perlu dikenalpasti, didorong dan diinstitusikan oleh sektor korporat sendiri dengan diterajui oleh syarikat-syarikat besar.
Misi jihad bisnes disertai dengan wakaf yang efektif dan penstrukturan Program Tanggungjawab Sosial Korporat Islam yang disemai dalam sistem korporat dan diinstitusikan sepenuhnya dalam amalan korporat adalah satu amalan yang murni terutamanya bagi perniagaan yang beroperasi di dalam ekonomi dan suasana sosial Islam. Bukti kredibiliti dan kesahihan jihad bisnes telah berjaya dimana JCorp telah mendapat keuntungan yang berganda setelah lebih 2 dekad mengamalkannya.
Inisiatif jihad bisnes dan wakaf korporat walaupun masih lagi baru di Malaysia, merupakan antara pilihan yang boleh dipertimbangkan oleh syarikat-syarikat yang dikuasai oleh orang Islam yang ingin menyertai agenda pembaharuan kapitalisme. Lebih penting lagi kesahihan ini berdasarkan fakta bahawa pemilikan sesebuah syarikat itu bukan berdasarkan kepada individu, keluarga atau ditangan pihak swasta tetapi diinstitusikan melalui wakaf.
Impak daripada kesungguhan menguruskan syarikat yang tidak dimiliki sesiapa tidak boleh dipandang ringan. Lebih-lebih lagi potensi dan kemampuan syarikat sebegini untuk menyumbang ke arah keadilan sosial dan kesamarataan dalam jangka panjang tidak boleh diperkecilkan. Sesungguhnya semua ini boleh menjadi kenyataan dan dicapai sekiranya prestasi syarikat tidak menjadi pertaruhan dan mainan sekali gus menjadikan jihad bisnes dan wakaf korporat satu elemen yang sukar dikesampingkan terutama sebagai tindak balas strategik untuk syarikat dan masyarakat membebaskan diri dari cengkaman dan kelemahan sistem kapitalisme Barat.
Tan Sri Mohammad Ali
Hashim ialah Ketua Pegawai Eksekutif, Johor Corporation. www.businessjihad.com.
Mohammad Ali Hashim
Kesan krisis dan kejatuhan ekonomi Amerika Syarikat (AS) pada 2008 sesungguhnya sangat traumatik malah turut memberi kesan teruk di peringkat global apabila syarikat-syarikat korporat gergasi yang dilihat sangat kukuh dari segi reputasi dan jenama turut menerima kesan dan tempias yang nyata.
Dalam sistem ekonomi dunia yang dipacu oleh perniagaan, krisis korporat yang bermula dari kegagalan perniagaan di negara ekonomi terbesar seperti AS, sesungguhnya telah memberi kesan dan implikasi yang mendalam kepada semua pihak. Apatah lagi pada zaman yang serba canggih sekarang dengan keupayaan untuk berhubung melalui sistem rangkaian global yang serba kompleks. Berjuta orang di seluruh dunia menyaksikan sendiri kekayaan mereka hilang sekelip mata dan jatuh miskin berikutan kecairan pasaran saham dan nilai aset yang merudum.
Lebih membimbangkan implikasi dan kesan luar jangka yang lebih teruk akan berlaku termasuklah kehilangan pekerjaan berjuta-juta pekerja di seluruh dunia yang turut melumpuhkan golongan kelas pertengahan. Berjuta orang yang begitu mengagumi prinsip kapitalisme yang menjanjikan kekayaan dan kemakmuran yang melimpah ruah kini hanya termangu dengan kemiskinan, kehilangan dan putus harapan.
Nilai-nilai perniagaan yang dipelopori dan digunapakai oleh syarikat-syarikat korporat AS sebelum ini kini dipersalahkan dan bertanggungjawab terhadap krisis ini.
Kini terdapat terlalu banyak keburukan akibat daripada budaya korporat kapitalisme serta bagaimana perniagaan dijalankan di bawahnya. Malah ketika di kemuncaknya, sistem kapitalisme hanya akan menguntungkan beberapa pihak sahaja. Ia hanya membuai perasaan semua orang dengan harapan dan janji mengenai kekayaan yang belum pasti. Hakikatnya, ini akan hanya terjadi melalui proses yang sukar dan sementara.
Kapitalisme hanya menjanjikan kekayaan yang melimpah ruah kepada sekumpulan elitis yang kemudiannya menarik orang ramai untuk terikut-ikut dan kemudiannya terperangkap dengan budaya kehidupan material dan perbelanjaan mewah. Oleh itu mereka ini terperangkap dengan sistem yang membenarkan ketidakadilan pendapatan dan sistem ini menyalahkan mereka kerana terlalu bergantung dan kemudian mengasingkan mereka yang terpinggir akibat dari kemiskinan dan ketidakadilan.
Kini krisis ekonomi global telah menelanjangkan hakikat sebenar sistem kapitalis, oleh itu akan menjadi satu kesalahan jika masyarakat tidak melakukan sesuatu untuk merubah semua ini. Ia juga sesuatu yang sangat keji jika selepas dari krisis ini kita masih lagi membenarkan perlakuan sebegini berterusan dan terus diamalkan dengan membenarkan pemilikan kekayaan hanya untuk segelintir orang dan mengakibatkan mereka yang lain terus terjerumus dalam janji dan harapan palsu kapitalisme. Tidak sekali-kali!
Memang benar terdapat contoh ahli korporat dan mereka yang kaya-raya yang penuh dengan sifat dermawan dan baik hati seperti yang dilakukan oleh Bill Gates melalui yayasannya. Dan semestinya amalan dan prinsip tanggungjawab korporat yang digunapakai mereka dalam industri ini merupakan satu amalan yang mulia, tidak menunjuk-nunjuk dan tidak mempunyai agenda tersembunyi. Namun hakikatnya terlalu ramai mereka yang tidak beretika dan sanggup menolak nilai moral malah bertanggungjawab dari awal lagi dalam krisis ekonomi kapitalis sekarang yang semakin tidak keruan serta turut sama merosakkan keadaan politik dan sosial berbanding mereka yang mempunyai sifat-sifat mulia seperti Bill Gates.
Pada dasarnya, nilai ini telah terpahat di dalam struktur dan institusi korporat sekali gus ia telah membentuk pemikiran, perlakuan dan pandangan yang perlu diikuti oleh masyarakat. Semua ini telah dibentuk oleh mereka yang telah menguasai dan mengawal sistem kapitalisme melalui penguasaan dunia korporat. Dalam keadaan krisis ekonomi sekarang yang musnah akibat ketamakan, sehingga kini masih belum terdapat sebarang mekanisme untuk mengawalselia kesan buruk yang semakin terhakis akibat dari sistem ini.
Tersebar
Oleh itu, kita kini melihat kanser korporat ini semakin tersebar di seluruh dunia dan telah mengakibatkan kesan tragik di Eropah seperti di United Kingdom, Perancis dan Jerman dimana beberapa ahli korporat berprofil tinggi mengambil keputusan untuk membunuh diri. Kes keracunan susu dengan penggunaan melamin di China, kes penipuan dan pengkhianatan syarikat Satyam di India serta skim K. Nami‘s Ponzi di Jepun merupakan bukti jelas mengenai kegagalan sistem nilai global yang digunapakai sekarang berasaskan ketamakan keterlaluan kapitalisme.
Memandangkan semua ini berasal dari Barat, ia boleh digelar sebagai satu penyakit “keracunan dari Barat” (westoxicating). Ia digelar sedemikian kerana ia telah menyebabkan rakyat terbanyak terikat dan terbelit dengan sistem ini. Penyakit ini dengan jelas sangat beracun (ingat kembali “aset toksik” dan “pinjaman toksik” yang telah menjadi punca runtuhnya sistem jual beli rumah di AS). Kesan akibat dari toksik ini menjadi bukti jelas bagaimana berjuta-juta mereka yang tidak terlibat hilang pekerjaan dan pendapatan serta jatuh miskin akibat dari krisis ini.
Sekiranya nilai ini tidak lagi sesuai dan jika nilai yang sama telah direka dan dibentuk oleh struktur korporat dan digunapakai di serata dunia, gejala westoxication tidak lagi boleh diambil mudah. Negara-negara dan syarikat-syarikat besar tidak mempunyai pilihan lain selain dari mencari dan menggunakan teknik perniagaan yang berbeza. Pembaharuan secara menyeluruh sektor korporat perlu dilakukan bagi menangani dan mengawal nilai etika dan moral sebagai jalan penyelesaian akibat kegagalan sistem sebelum ini.
Isu sekarang ini ialah, nilai yang mempengaruhi perdagangan global terutama berkaitan pemilikan mutlak di tangan ahli korporat terkaya yang menguasai hierarki tertinggi sesebuah perniagaan. Malangnya, penyanjungan AS terhadap prinsip individualistik dan kapitalisme (dog-eat-dog) telah menyebabkan ia diangkat sebagai model yang perlu diikuti untuk berjaya dalam perniagaan dan ekonomi. Oleh itu negara-negara lain yang terikut-ikut dengan istilah “Negara Bebas” terpaksa tunduk dengan keagungan prinsip Barat mengenai kapitalisme yang akhirnya menyebabkan lebih banyak kehancuran akibat westoxication.
Isu westoxication di negara Islam telah mengakibatkan pertelagahan besar mengenai nilai-nilai dalam masyarakat Islam sejak beratus tahun lamanya. Kini hampir keseluruhan negara-negara Islam telah mengguna pakai sistem kapitalisme Barat. Banyak negara Islam yang telah mengadaptasi sistem ini dengan pantas, kini berhadapan dengan masalah akibat sistem kapitalisme yang sangat bercanggah dengan nilai-nilai asas Islam, cara hidup dan batasan sosial.
Islam secara khususnya sangat menekankan tentang nilai kesamarataan dan keadilan sosial, nilai yang sangat bertentangan dengan sistem kapitalisme atau dilihat merendahkan martabat diri bagi penganut kapitalisme. Hakikatnya, sistem ini telah mengakibatkan kerosakan yang teruk, perbezaan kedudukan yang ketara dan penularan ketidakadilan sosial yang amat merbahaya jika semua ini digabungkan. Ia menjadi satu ledakan merbahaya apabila bergabung dengan pengamal sistem kapitalisme demi merebut sumber hasil, eksploitasi dan kawalan melampau, penguasaan korporat serta penjajahan ekonomi. Semua ini telah mendominasi dunia atas nama globalisasi, liberalisasi dan kebebasan.
Dalam konteks cabaran berat yang dihadapi mereka, adalah sangat penting bagi negara Islam untuk mencari semula maksud kapitalisme dalam konteks agama serta bersesuaian dengan nilai-nilai Islam. Oleh itu untuk menarik golongan pertengahan Islam daripada terpengaruh dengan golongan ekstremis Islam dan pengganas atau pihak yang ekstrem dengan sistem kapitalisme Barat, mereka tidak mempunyai pilihan lain selain dari melancarkan sistem kapitalisme dan ekonomi berasaskan Islam.
“Kapitalisme Islam” merupakan satu gabungan yang bertentangan. Penjelasan maksud sebenar adalah diluar skop artikel ini. Cukup sekadar menyatakan kejayaan sebenar pembaharuan ekonomi berlandaskan perniagaan adalah dengan menguasai asas sistem pasaran yang kompetitif dan dinamik.
Pembaharuan
Di Malaysia, entiti korporat seperti, Johor Corporation, (JCorp), telah berjaya di dalam bidangnya. Ia merupakan satu syarikat perusahaan milik kerajaan yang mempunyai 250 anak syarikat, 54,000 pekerja dan mendahului di dalam beberapa perniagaan strategik. JCorp komited dalam menerajui pembaharuan perniagaan dan korporat bagi memenuhi kehendak dan piawaian Islam yang dilabel sebagai “Jihad Bisnes”.
Latar belakang dan pencapaian cemerlang JCorp dalam pertumbuhan dan perkembangan yang dinamik selama dua dekad merupakan pengiktirafan dan pengesahan awal dalam konsep kesesuaian praktikal jihad bisnes.
Perjalanan jihad bisnes JCorp termasuklah menyertai perusahaan-
perusahaan besar. Ini termasuk menerajui perusahaan penjagaan kesihatan bermula dari kosong pada awal 80-an kepada perniagaan bernilai jutaan ringgit yang melibatkan 600 perunding kanan dan pakar kesihatan sebagai rakan kongsi perniagaan.
Kejayaan terbesar dan penting bagi kumpulan JCorp adalah mengambilalih perusahaan makanan segera terbesar di Asia melibatkan 700 buah restoran KFC dan Pizza Hut di rantau ASEAN. Pengambilalihan ini berlaku pada tahun 2006-2007 dan berlanjutan selama setahun. Pengambilalihan yang berlandaskan pasaran ini telah menyebabkan satu peralihan yang ketara dalam pemilikan korporat di Malaysia.
Inisiatif sulung JCorp dalam jihad bisnes sememangnya belum pernah berlaku pada masa dahulu dan ia juga dianggap sebagai pembaharuan agenda korporat. Tujuan utamanya adalah untuk menyatukan nilai Islam di dalam amalan kapitalis korporat. Dalam kes JCorp, maksud ini dicapai melalui budaya korporat yang menyatukan “Amanah” melalui “Program Usahawan Dalaman”. Ia juga diperjelaskan dengan inisiatif tambahan untuk bertukar menjadi satu institusi “wakaf” korporat.
Wakaf merupakan institusi pembiayaan Islam terawal yang telah dilaksanakan sebelum program tanggungjawab sosial korporat atau “Corporat Social Responsibility” (CSR) digunapakai sekarang. Semasa zaman kegemilangan Islam, golongan yang kaya memainkan peranan yang kritikal dalam membantu menyediakan jaringan keselamatan sosial terhadap rakyat terbanyak, dengan dana yang diperoleh hasil daripada derma dan semangat bantu-membantu seperti yang diterjemahkan oleh Islam.
Ternyata, agenda pembaharuan korporat yang tidak mementingkan diri, mengambil berat dan menitik beratkan kesamarataan adalah sangat diperlukan untuk meringankan beban westoxicating yang disebabkan oleh krisis kapitalisme serta telah menyebabkan ketakutan, trauma dan tekanan kepada berjuta penduduk di seluruh dunia. Agenda ini perlu dikenalpasti, didorong dan diinstitusikan oleh sektor korporat sendiri dengan diterajui oleh syarikat-syarikat besar.
Misi jihad bisnes disertai dengan wakaf yang efektif dan penstrukturan Program Tanggungjawab Sosial Korporat Islam yang disemai dalam sistem korporat dan diinstitusikan sepenuhnya dalam amalan korporat adalah satu amalan yang murni terutamanya bagi perniagaan yang beroperasi di dalam ekonomi dan suasana sosial Islam. Bukti kredibiliti dan kesahihan jihad bisnes telah berjaya dimana JCorp telah mendapat keuntungan yang berganda setelah lebih 2 dekad mengamalkannya.
Inisiatif jihad bisnes dan wakaf korporat walaupun masih lagi baru di Malaysia, merupakan antara pilihan yang boleh dipertimbangkan oleh syarikat-syarikat yang dikuasai oleh orang Islam yang ingin menyertai agenda pembaharuan kapitalisme. Lebih penting lagi kesahihan ini berdasarkan fakta bahawa pemilikan sesebuah syarikat itu bukan berdasarkan kepada individu, keluarga atau ditangan pihak swasta tetapi diinstitusikan melalui wakaf.
Impak daripada kesungguhan menguruskan syarikat yang tidak dimiliki sesiapa tidak boleh dipandang ringan. Lebih-lebih lagi potensi dan kemampuan syarikat sebegini untuk menyumbang ke arah keadilan sosial dan kesamarataan dalam jangka panjang tidak boleh diperkecilkan. Sesungguhnya semua ini boleh menjadi kenyataan dan dicapai sekiranya prestasi syarikat tidak menjadi pertaruhan dan mainan sekali gus menjadikan jihad bisnes dan wakaf korporat satu elemen yang sukar dikesampingkan terutama sebagai tindak balas strategik untuk syarikat dan masyarakat membebaskan diri dari cengkaman dan kelemahan sistem kapitalisme Barat.
Tan Sri Mohammad Ali
Hashim ialah Ketua Pegawai Eksekutif, Johor Corporation. www.businessjihad.com.
THE BANKING SYSTEM AND THE FALSE ECONOMY
THE BANKING SYSTEM AND THE FALSE ECONOMY
By Dr. Mahathir Mohamad on April 25, 2009 10:11 AM | Permalink | Comments (56) | TrackBacks (0)
(This is the second instalment in a series on the trends that led to the present financial crisis)
1. Another contributor towards the per capita and GDP of the rich countries is the banking business.
2. Banks are apparently allowed to lend more money than they have, sometimes as much as ten times more. When they lend this money which they do not have, it became their asset on which interest can be earned.
3. Effectively they are creating money and earning profits from the money they have created.
4. Real businesses cannot do this. They cannot sell what they don't have nor earn income from services they don't provide. Doing business is therefore far less lucrative than banking. If the per capita and GDP excludes bank earnings then they should not be as high as is shown.
5. Because banks can lend more money than they have, the tendency is to lend as much as possible. In many rich countries banks offer to lend even when the clients are unable to pay.
6. If the banks lend 10 times more than the money they have then their profit must exceed the sum they would expect if they lend only the money they have from capital and deposits.
7. This extra money they earn is not real because it is "created" by the bank out of thin air. Nevertheless the profits earned from this money would be part of the banks profits and therefore the dividends for the shareholders. In the end they would contribute to the per capita income and GDP.
8. Banks also issue credit cards. The credit card holders expend far more than the money they have with the banks. The excess money is regarded by the banks as loans which may be charged a hefty interest of up to 18 per cent.
9. Since credit card holders often hold credit cards from several banks, the amount spent in excess of the money they hold with the banks would be very considerable. These bank loans from credit cards would again exceed the real money or assets of the banks.
10. The banks consider that even if some credit card holders fail to pay up, bank earnings from those who do pay would exceed the loss from non-payment.
11. The credit cards have effectively become money created by the banks. The earnings of the banks are therefore not from real money held in the form of capital or deposits. Yet the interest on loans via the credit cards would add to the profits of the banks. They would boost the share prices of the banks and contribute towards the profits of investors and eventually increasing the per capita income and the GDP of the country concerned.
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56 Comments
By crazy diamond on April 25, 2009 11:04 AM
Dear Tun,
How do you get these info's, such a informative and very good research you have done. If you do not keep telling us i'm sure no body knows it. That why it make your blog very interesting all the time.
BUSTANUL BISTARI BEY
By blink4blog on April 25, 2009 11:20 AM
Sir Tun,
My opinions:
1. I think our country should practice Islamic banking concept and conventional banking is proven failure.
2. The credit crissis in Malaysia is starting to rise, many people on the street owes lots of credit cards and currently most do just covering holes by digging soil from another. As we are all aware that to patch a hole we need more soil from the previous ones.
3. Personally i think the RM2.70 petrol hike is unnecessary and been executed without much consideration, planning and foresight. In less than a year the price of the petrol had came down and because of that action (hike), it had created a flip flop not only to our ex-PM but also the economy down turning faster than it should be. More and more social problems has arrised and the crime rate has never been higher before this.
4. I am slightly relief off the ground that now Dato Seri Najib is our new PM and hopefully he will manages finance of the country better than the ex-PM. Anyhow, it is too early to tell even when you appointed him also never expect such things happened.
have a nice weekend sir.
By Tedlive on April 25, 2009 11:24 AM
My friend from Canada has told me several times how people in the US lost their income, savings and house due to this. They were given loan 10 times more than their earning. People lives in houses that were 10 times more expensive than their monthly income and banks just throw out generous loan with tons of so-call benefits to lure people. Credit cards problem is an open secret where even in Malaysia, that's how bank earn money - from the monthly interest. Generally, Malaysian have 2 credit cards from 2 different bank. How does BNM keep track of this?
By lembahrezeki on April 25, 2009 11:38 AM
Salam Tun...
Proses ini dah berjalan sejak dulu lagi... tetapi kewangan jenis inilah yang menjadikan orang kaya semakin kaya dan orang miskin semakin papa.Kesian kami golongan rakyat pertengahan dan bawahan yang sentiasa berada dalam arus gelombang yang memungkinkan kami karam.
By zakaria ali on April 25, 2009 11:43 AM
Salam Tun dan keluarga.
Whatever you mentioned in your article is the conventional banking system. That is how that make profits from high interest rate, especially the credit cards. In future Banks will increase the car loans interest rate and increse the payment period so that they will earn more profit. The same goes to housing loans.
So, does our Islamic Banking System truly applies to ease the burden of our 1Malaysian?
By zakaria ali on April 25, 2009 11:44 AM
Salam Tun dan keluarga.
Whatever you mentioned in your article is the conventional banking system. That is how that make profits from high interest rate, especially the credit cards. In future Banks will increase the car loans interest rate and increse the payment period so that they will earn more profit. The same goes to housing loans.
So, does our Islamic Banking System truly applies to ease the burden of our 1Malaysian?
By rakyatengah on April 25, 2009 11:45 AM
Assalamualaikum,
Saya menyimpulkan,
Riba itu haram, jual beli itu halal.
Tidak kira riba masa beli rumah, loan kereta, loan ASB. Semua riba itu haram. Dan kerajaan kita telah lama membenarkan perkara ini berlaku.
Mana tidaknya ada parti yang mengelar kerajaan kita ini lebih kepada kerajaan kafir dan kufur. Dalam Al-quran dah nyata riba itu haram, jual beli itu halal. Tapi riba itu jugak yang dibiarkan.
Haramkan Riba di Malaysia.
Kerajaan seharusnya membantu rakyat dalam menyelesaikan masalah riba dari terus menular. 5 billion simulation plan akan terus menambah kehinaan sistem ekonomi sekiranya ruang riba semakin bertambah.
Sekian.
By CSL on April 25, 2009 11:50 AM
Dr. Mahathir,
Case studies regarding Proton for you as below. Can you comment about it?
http://www1.american.edu/TED/proton.htm
By zaman on April 25, 2009 11:58 AM
Salam Sejahtera Untuk Tun dan Keluarga.
1)Tun memang benar apa yang Tun huraikan.Sebalik nya bank bank yang buat cara begini ada lah sama saperti "loan shark". Malah lebih teruk lagi dari loan shark.
2)Salah satu cara kita boleh lah menabung di Bank Islam yang berlandaskan shariah.Dengan ini Bank Islam boleh berkembang dengan pesat.
3)Tun si nazri bongkak tu tak terima apa yang Tun katakan.Sebenar nya apa yang Tun utarakan adalah untuk membetulkan keadaan dan tohmahan bahawa Tun di belakang Najib yang membuat pilihat kabinet.Itu saja.
4)Saya sangat merasakan memang benar tak sepatut nya Najib memilih si bongkak ni.tak mengenang budi dan bersifat kurang ajar.
5)ADA KAH UMNO MAHU MEMILIH ORaNG YANG KURANG AJAR SAPERTI INI.APA KAH RISIKO NYA.
6)Tun teruskan perjuangan murni Mu.Kami sentiasa bersama Mu 100%.
InshaAllah dengan kesabaran,kejujuran dan ketekunan Tun Tuhan sentiasa memantu.
By Mis_bah on April 25, 2009 12:00 PM
Assalamu Alaikum Tun,
Thanks for your latest posted writing. It gave me some pictures and good lesson on how banks and economy system are working. At least you provide good information and explation in an easy way to understand the banking and economic complex operation.
Thank you.
By sujini on April 25, 2009 12:05 PM
Dr Mahathir,
Now I understand why banks are aggressively trying to sell their credit cards.
Certain banks even offered a preapproved credit card application. But this
previlege is of course based on the applicator's standing with the banks concerned.
Banks nowadays, called up their long-standing customers, to offer personal loans
and sometimes up to RM20,000/-, obviously with high interest rates.
One Islamic foreign bank now is giving a personal loan without any collateral as it is
scrambling to get business.
Customers out there must be extra careful to take up these tempting offers
from banks. In difficult times, one has to be prudent in expend.
On the other hand if you are in dire straits, especially if you are a Bumi contractor,
it is good to take up such offer rather than going
By Nothing but wind on April 25, 2009 12:09 PM
Dear Tun Dr M,
I have dealt with several medical doctors as I am provide Accounting service to them. Nearly all of them are weak in Accounting and Economic. However, I have been following your article and conclude that you pose a challenge to the economist at large by providing clear and in dept information using common terms and using only the unavoidable Economic Jargons.
It is very true that only in the east the conditions and criteria for loans and mortgages are very tight. In some Western Countries even those who are bankrupt or blacklisted would be able secure loans and credit cards. The reason is, as you simply put it as "the money they do not posses",so every cent received from them is added to profit directly.
I would welcome a complete overhaul on monetary system and money management to avoid and restrict its abuse.
By BHTan on April 25, 2009 12:17 PM
Dear Tun,
Respectfully, I would like to share with you below as I had worked in the Card Scheme world for a number years.
Your description of Credit Card Companies of printing virtual money may be inaccurate. see example below:
1. A merchant have rendered RM100 worth of its service/product to a card holder in day T.
2. On day T+1, the Card Acquirer of the Merchant (the card acceptance Bank) will pay the Merchant RM100 less the 2-3% commission fee. i.e., the Acquirer is out of its pocket 1st.
3. On day T+2/3, the Card Scheme of the Acquirer (Visa or MasterCard or Amex) will repay the Card Acquirer RM100 less 1% to 1.5% commission fee
4. On the same T+2/3 the Card Scheme will deduct RM100 from the Card's issuing Bank (the Issuer)'s settlement account but reimburses it with 0.5-0.8% of interchange fee.
5. The issuer will bill the card holder at the month statement for the RM100. If the Card Holder can't repay the RM100 in full then the revolving interest of 24%/year will be charged.
From the above example, you can see that the Merchant is funding the RM100 for about 1 month max and then the card holder will need to pay up or to pay for the funding cost thereon.
Hence, there is no such thing as printing free virtual money to fund the payment transaction life cycle in the Credit Card scheme world.
I don't know about the personal or corporate loans. As far the credit card world, what you had said may not be holding the truth, respectfully.
Sincerely yours,
BH
By pemikir negara on April 25, 2009 12:48 PM
Salam kepada idola saya,ayahanda Tun Mahathir..
Saya ingin mengetahui pendapat Tun mengenai "Islamic Banking".Saya ingin tahu adakah bank-bank dimalaysia mengamalkan pure islamic banking atau hanya system bank konversional yang telah rebranding dengan nama islam.Pada pendapat Tun,adakah sistem bank Islam yang boleh dibentuk tanpa dengan mengkenakan interest untuk pinjaman atau simpanan?Saya masih ingat sistem wang dinar yang telah cadangkan oleh Tun dan adakah sistem ini mampu menangkis masalah ekonomi yang telah disebabkan oleh spekulsi kewangan ini.Saya berharap ayahanda dapat menguraikan isu ini, penjelasan ayahanda akan memberikan idea sebenar dalam konteks yang ilmiah.
Terima kasih. Semoga Tun berdua dan seisi keluarga sentiasa dicucuri rahmat Illahi, dunia dan akhirat.
Wassalammu.
By Abi Qalam on April 25, 2009 12:55 PM
Salam YA Bhg Tuan..
Urghhh.. damn credit cards.. that plastic ALONG!!
By nkcheng on April 25, 2009 1:20 PM
The sun is constantly giving the energy to the earth. The plant converted the solar energy and store the energy in the form of carbohydrate, oil (palm) etc thru photosynthesis. The farmers exchange their time, sweat and blood with money, created by smart human being.
The smarter people created the finance system, using their brain to get the cheapest goods either by printing(creating) money or by force.
The poor asians struggling to plant all the raw materials needed to feed the whole world,but the smarter group is enjoying by living on stock market,finance,soccer,insurance,future market,sueing each others....
So we have to follow the rules of game created by the smarter group or we have to think other wise?
By yourlifeilive on April 25, 2009 1:21 PM
WHAT I'VE FOUND MORE DISTRESSING IS THE AMERICAN BUSINESS MODEL WHICH MAKES THE U.S. EVEN MORE PROSPEROUS AT THE HUGE EXPENSE OF POORER NATIONS. ONE GOOD EXAMPLE IS THE COMPUTER INDUSTRY WHERE MOST HARDWARE IS MADE TO LAST FOR ONLY SO LONG AND SOFTWARE SOLD ON A LICENSING BASIS, AGAIN FOR SHORT PERIODS. SUCH PRACTICE BEING MEANT TO SQUEEZE THE CONSUMERS DRY WHILE THEY REMAIN BEHOLDEN TO ITS TECHNOLOGY.
BUT DON'T LET'S DESPAIR TOO MUCH! OTHER COUNTRIES ARE CATCHING UP FAST IN TECHNOLOGY AND IF THEIR COMPANIES WOULD SELL THEIR PRODUCTS AND SERVICES WITHOUT THE STRANGLEHOLD OF THE AMERICAN BUSINESS MODEL, THE TIDE WOULD TURN WITHIN YEARS.
AMERICA WOULD BECOME OUR POOR LITTLE POOR COUSIN.
By Suhaimi on April 25, 2009 1:28 PM
Dear Tun,
I agree with your comments on The Banking System and The False Economy.
‘Money Makes Money’. That is the summary that I can conclude from the Banking System and False Economy topic discussed by you in this blog.
However, the banking system is the best alternative that society wants. Although many banks collapse because of wrong practice especially abroad, we cannot deny the significant of banking system and its role for the success and prosperous of the country.
Although many banks in other countries fall down one by one like domino’s theory, the public still guaranteed with the return by the government. Scenario in Malaysian’s banking sector is different ball game. Action or promotion efforts by the banks are generally backed by government. Government is using banking system to channel the economy plan for the country.
Imagine if the country without banking system. How to stimulate economy plan? What and where is the channel for the money to be disbursed? Who is the party to distribute the fund?
I believe that many commentators in your blog will give many ideas and suggestions such as establishment of special body, special committee, and special group....everything special!!!!!...but In many cases, the title ‘special’ in only on the name. During implementation, the ‘special’ people are the person who manipulate the system for their personal benefits.
Let’s look forward, forget about blaming the banking system and false economy, and focus more on how to improve the banking system and economy. We are now having other alternative in Banking system i.e. Islamic Banking system and economy.
All religions and beliefs either Islam, Christian, Taoism, Buddhist, Hinduism and even atheism want and prefer a good things in all aspects of life.
We should focus more on the banking or system ‘MAIN PLAYERS’ to ensure that the objectives are always on the right track and is in a good hand. Be it government or bankers, only the genuine and transparent people can drive whatever system without any manipulation.
‘Pisau Di Tangan Kanan, Timun Di Tangan Kiri’
By JJJ on April 25, 2009 1:36 PM
salam Tun,
I am tickled at this comment from ABI from a previous post.It is unintentionally funny...
By ABI on April 25, 2009 9:50 AM
You talk as though you are an acknowledged eonomic and financial expert in the world! You stance have always been negative and destructive: That you are always right and wise, but the others are morons! What popycock!
ABI
my comments - (B)ABI! you only know how to talk cock!Jealous ke?...it's obvious your level of intelligence is inferior to Tun's but please do not impose on a great mind.Kail panjang sejengkal...
Otak sepesen dengan PakPandir08,Dr. Ayam Syed Alwi dll. yang sewaktu dengannya,hanya tahu mengutuk dan memperkecil tapi tiada komen membina.Pegi dahhh!!
Jeng3
By bullthegreat on April 25, 2009 1:48 PM
Assalamualaikum Tun,
Ini kali pertama saya memberi komen walaupun telah mengikuti blog Tun ini untuk sekian lama. Saya mengganggap blog Tun ni sebagai salah satu wadah untuk saya mencari ilmu. Terima kasih untuk semua maklumat yang Tun sampaikan, sehinggakan orang awam seperti saya dapat memahaminya.
Saya bersetuju dengan pendapat Tun tentang ekonomi pada masa ini. Apa sahaja yang berlaku pada hari ini adalah hasil dari satu proses doktrin ekonomi yang telah diterapkan sejak beratus tahun, dalam satu rancangan untuk melaksanakan penjajahan moden. Mahu atau tidak, kita sebagai warga dunia pada masa ini terpaksa mengikut apa yang telah ditetapkan itu. Oleh kerana kebergantungan kita kepada sistem ini, kita dengan mudah boleh di cucuk hidung untuk mengikut telunjuk mereka.
Oleh yang demikian, penjajahan terhadap kita hanya boleh ditewaskan dengan merangka satu bentuk pendidikan baru yang akan diterapkan beratus tahun juga. Tidak guna kita berbicara tentang usaha merubah sesuatu jika usaha itu hanya sekadar usaha 10 hingga 20 tahun. Tidak guna juga melakukan satu tindakbalas yang hanya berbentuk luaran tanpa ada satu tindakan jangka panjang. Pada pendapat Tun, apakah berkesan tindakan kita memboikot barangan US sedangkan pada masa yang sama kita mengharapkan mereka membeli barangan kita?
Untuk melakukan tindakan jangka panjang kita memerlukan perubahan dari setiap sudut. Bagaimana melakukannya? Itulah yang perlu difikirkan oleh setiap pihak dari rakyat jelata hingga ke pemimpin negara....tanpa ada apa-apa kepentingan sampingan. Terima kasih.
By raden on April 25, 2009 2:03 PM
Dear Tun
masalah ekonomi yang dihadapi oleh dunia sekarang ini adalah disebabkan mereka tidak memegang asas dan tonggak ekonomi tersebut yang bahwasanya ALLAH MAHA REZEKI
By JJJ on April 25, 2009 2:36 PM
salam Tun,
sorry again for being out of topic..another joker from a previous post.Excerpts from his PHd in 'Pencacai Taik' thesis...
"By Dr Syed Alwi Ahmad on April 23, 2009 12:09 AM
Dear Malaysians,
Let me ask you this question. Where is Multi-Media Super Corridor today ? What about Cyberjaya ? The answer is > MELINGKUP
If you really want to help the plight of the Malays - you must address the Education and Scientific issues in the Malay community. If the Quran contains so much science - as some here claim - then why is it that the Muslim world is so far backwards scientifically ? But of course Mahathir does NOT dare to focus on this issue. He prefers to make enemies."
My comments - By the way he is questioning the Holy Quran,he must be;
1.salah seorang Melayu sesat diSingapura.Maklumlah dah moden...ada beribu melayu tak sedar diri dan murtad disana.
2.An impostor with a grandiose sounding online nickname.Might not even be a real Malay...
3.An ignorant person who did not bother to study world history on how western powers became rich and advanced on the back of conquering,colonizing,pillaging,abusing,raping Arab and Muslim countries for hundreds of years.Slowly but surely the trend is shifting although they are doing their very best to sabotage these newly industrialised economies.FTA's,the media,ratings agencies,NGOs etc. are all deployed to achieve this unsavoury intentions.
4.Bought his credentials online from bogus universities,or graduated in a questionable field of study.Even if he is what he claims to be,there must be something seriously wrong with his mental and reasoning faculties,brought about,maybe,by an incurable disease.
p/s -by the way please jangan bagi malu sedara mara saya kat Singapura.Your views are skeweredly,individualistically tunnel visioned and do not reflect the views held by many who look up to Tun.My sedara mara might even ketuk your kepala if given the chance!
And don't worry,DSNTR will focus on our country's multimedia aspirations to correct the faults of sleepyhead AAB.
This guy is good and capable.That's why the opposition are going all out to discredit him through whatever means necessary including conspiracy theories.
Again,from one Singapore son to another,SHUT UP!
Jeng3
By JJJ on April 25, 2009 2:44 PM
salam Tun,
As usual off - topic...
A BIG THANK YOU to the Perak State Government for auctioning off the Toyota Camry cars.
Malaysians irrespective of political beliefs SHOULD NEVER EVER belittle thier own national aspirations,projects and symbols.
No amount of rationalising their actions can undo their harmful and devious deeds.TRAITORS!
Wassallam
Jeng3
By zabidimohamed on April 25, 2009 2:56 PM
something which i had never thought of. thank you tun.
By Republic on April 25, 2009 3:42 PM
Selamat Petang Tun,
Be it simple interest or compound interest, it is a burden and is against one's will!
Prophet Muhammad's Last Sermon
"...You will neither inflict nor suffer inequity. God has judged that there shall be NO interest(riba)..."
By ramlee on April 25, 2009 4:11 PM
The credit card is actually a plastic money lender or plastic along !
By Samurai melayu on April 25, 2009 4:19 PM
Salam Tun,
Saya setuju pandangan tun dan inilah cara perniagaan pihak bank yg rakyat perlu tahu,teruskan berkarya dan memberi ilmu pada kami rakyat kerana sesungguhnya rakyat sudah mual dgn politik haru biru ini, saya juga ingin mengucapkan tahniah buat PM Datuk seri Najib kerana telah memberikan kestabilan ekonomi yg mana kita boleh lihat bursa saham KLCI terus meningkat,tahniah DSN.
Akhir sekali dikesempatan ini saya ingin mengucapkan ribuan terima kasih pada Tun kerana telah memberikan kami penjelasan dlm segala bidang. Saya doakan agar Tun sekeluarga sihat sejahtera dan semoga dirahmati ALLAH didunia dan akhirat- amin -
sebelum itu saya menyeru dan memohon kepada semua agar melayari weblog saya dialamat
www.malaysianviewers.com, kerana didalamnya terdapat cetusan rasa hati dan pandangan rakyat, saya juga berharap agar pihak kerajaan dapat melayarinya demi kebaikan semua. Sekian wslm
www.malaysianviewers.com
By kamal ahmad on April 25, 2009 4:22 PM
Salam kasih dan hormat Ayahanda Tun.
Well Tun, this is on "false economy" too my comment this time. My pathetic devalued two cents. Anyhow,over these past few years, I have been contacted by many “lawyers” claiming that they are stuck with my inheritance or at least with someone else’s having the same surname with me. The amount has been all in the millions USD. I lost count at USD300+ million. I don’t need their money, I am happy driving my Volkswagen. The sad story of my “purported” uncles or aunties’ demise has always been heartrending; plane crash, rebels got to them, murdered by political rivals, poisoned and so many more. However I take pride that none of them had been hit by lightning. That would have been a cause for concern, I truly hate to say. Anyhow, with so many uncles and aunties claiming to be my relatives there, I never knew my grandfather had “ventured” into Africa before taking the steamer to Malaya from India then. I knew that people think he is Arabic, due to the steamers point of origin, but it has been good PR for business all these years, so we don’t mind. But now, I am even getting marriage proposals from many princesses in Africa. In particular Nigeria. And my kind loving wife has quit choking my pathetic throat at marriage proposal number 35. But Tun, I got this new scam in my email today. Name and address withheld of course (but for a price we do full recitals you know), anyhow, I thought that I share it with all here. Be careful with your emails these days folks. More scammers than spammers now. Do not reply, do not ever reply. They would thrive on that kind of reaction from any of us. Just delete - is my free advice to all. I no stupid.
________________________________________________________________________
From: Withheld
How do you do? Am pretty sure that all is well with you. Just wanted to contact you regarding your interest in a business opportunity. We are offering a solid long-term business that is backed by an easy marketing SYSTEM that anyone can do.
Our business is simple and we use a SIMPLE SYSTEM ... we market a breakthrough health product (HARD CURRENCY) with the power of mouth to mouth and Internet marketing. (EXCHANGE).
I will like to work with you on a very profitable business on currency exchange in all type of hard currency with market value, due to
the current and present Economic recession in the world market on Wall Street and Main Street in the US . In regards to difficulties in capital market, i will like us to do some profitable business on currency exchange, mostly with currency such as USD, Malaysia Ringgit, Euro, Pounds, Singapore dollar and Brunei dollar, i mean currency of high Economic value.
I will supply all this currency to you, under a very special arrangement into your destination of your choice, and you arrange for a banker or a local money exchange who can help us to change the money, not with market value, but with street value base on high interest rate.
NOTE: The amount is up to millions so if you want it to be Singapore Dollar, Malaysia ringgit, USD, EURO, POUNDS or Brunei Dollar also, ( IT DEPENDS HOW MUCH YOU WANT TO CHANGE) , i will supply to you. So that we can work on it.
Eg; I will supply 200,000 Singapore dollars legal tender that can be changed in any bank or any money changer in an exchange rate of 40,000 usd, or i supply 100,000 Malaysia ringgit legal tender in an exchange rate of 10,000usd,
( PLEASE ASK A QUESTION LIKE THIS,,,,IF I BRING 100,000 USD OR MORE THAN THAT HOW MUCH WILL BE MY INTEREST ??? ). X
I will provide details information on how we will work on this issue , immediately i receive your acknowledgment identifying interest in working with me on the subject matters. Looking forward to your urgent reply.
Best regards to your success.
Please kindly contact me at: 044- (withheld)
____________________________________________________________________
By Melayu Boleh on April 25, 2009 5:04 PM
Artikel yang cukup bermanfaat.
Adakah sistem bank yahudi yang mendapat sambutan hangat daripada orang Islam perlu dirombak dan digantikan dengan sistem Bank Islam yang dianaktirikan oleh orang Islam sendiri?
Renung-renungkanlah dan Selamat Beramal...
By NASH on April 25, 2009 5:04 PM
SALAM TUN,
I AM NOT SURE WHETHER YOU ARE REFER TO MALAYSIAN BANKS OR IN GENERAL.
AS FAR AS MALAYSIAN BANKING SYSTEM THE LENDING IS LIMITED BY LIQUIDITY RATIOS AND SINGLE CUSTOMER LIMITS WHICH IS CONTROLLED BY BNM.IT IS NOT THAT EASY AS WHAT YOU SAY. IF BANKS CAN LEND AS WHAT YOU SAY ALL BANKS CAN START LENDING WITHOUT LIMIT AND EARN HUGH INTERESTS WITHOUT BASE. AT THE END THE SHAREHOLDERS PACK THEIR INTERESTS AND BACK OFF.
IN MOST CASES THE FAILURE IN BANKING IS DUE TO UNEXPECTED FALL IN THE VALUE SECURITIES CHARGED SUCH AS SHARES AND PROPERTY MARKET AND MOST OF ALL INEFFICIENT MANAGEMENT PLUS CORRUPTION AND POLITICAL INTERFERENCE.
THANK YOU
By pakbelalang on April 25, 2009 5:33 PM
KUALA LUMPUR: The Umno Supreme Council agreed on Friday to hold a special general assembly at the end of this year to amend party constitution pertaining to the party's election process to make it more transparent, open and democratic.
comment:
Kita lihat setakat mana pemimpin-pemimpin UMNO berani membuat perubahan besar untuk memulihkan semula keyakinan rakyat terhadap parti UMNO.
UMNO must change totally its "rusty image". Even its logo must change.Get rid of the useless "rusty keris" and replace with a symbol that reflects a real ONE MELAYU !! Our cultural, social, educational and political environment have changed drastically and UMNO must "overhaul" its vision and mission to face new challenges. Our needs and aspirations are now totally different from 50 years ago. We are now living in a very complex and sophisticated world and we must adjust accordingly. Our hopes and expectations are very high and we expect UMNO leaders to be more focus and transparent in carrying out their responsibilities. They must be seen at all times to have the highest integrity of the first order or else UMNO will failed miserably to get the respect due from the Malays.
Surprisingly, Tan Sri Rafidah is still in the limelight being appointed as a member of MT.Well, I hope Sharizat is comfortable with her around.
By ahh on April 25, 2009 5:51 PM
yang nie saya sokong tun bile orang tak boleh nak bayar depa kejar teruk teruk cuma cara kejar mintak hutang tuh lebih baik sikit dari ah long jer.
Saya tak kesian kat bank yang bagi pinjam tapi apa jadi pada orang yang mendapat pinjaman tersebut dan tak boleh nak bayar.berjaya dalam negara semestinya tidak kerana ada hutang banyak.Pastu pulak orang yang nak betul2 pinjam tak bagi.
contoh kalau kita takda duit nak buat perniagaan nak pinjam tak bagi tapi kalau kita ada syarikat untung beratus ribu sebulan bukan main lagi datang siap tunduk untuk bagi pinjaman.Tujuan asal nak bagi pinjam pun tak betul semuanya untuk keuntungan.Orang nak pinjam nie orang yang takda duit jer.itu yang bank tak faham sampai sekarang.sebab depa duk buat macam yang tun cakap kat ataslah. Pastu dok salahkan orang.
By anakbudu3 on April 25, 2009 6:08 PM
Assalamualaikum Ayahnda Tun n Bonda,
Bab ni cukup membengangkan!
Zaman laa ni adaka yang tak utang bank? rumah? kereta? pendidikan anak2? insuran? pelaburan? kalu ada yang tak pernah utang bank tu, tabik spring laa. mungkin yang duduk betui2 nun di ulu sana nu, makan apa yang ada di keliling rumah, anak2 tak bersekolah, ke bandar jauh sekali, api, ayaq takdak. Pendek kata mungkin takdak dah kut lagu tu...pekebun kecikpun paling tidak utang koperasi...utang tokey baja, tokey hardware atau tokey perabut...
tengok orang2 besaq yg dapat credit dari bank semata2 nak beli saham, bersepah2. kes MB selangor kena saman ngan Bank Islam sampai 66juta tu apahal? kaya rupanya dia nih!! patutla b.abi kepung dia sangat...rupanya boleh tunggang tegolek tumpang senang...kalu orang politik, terkenal, semudah tu dapat utang bank juta2, tak payah bayaq pun takpa, tunggu saman. kalu orang kecik macam kita, nak pinjam 5,6 ribu pun banyak soal, padahal jaminan bayaq balik ngan gaji, kecikpun bayaq balik...tak boleh lari, potongan gaji pa?? tapi punyala payah nak dapat, kadang2 pi mai pi mai berkali2, sampai longgaq kepala lutut, baru depa lepaih...
tu tak cakap lagi bab layanan di bank. kalu yang masuk tu jantan, pakai smart, takdak duit pun takpa, tapi kerani2 pompuan tu pi dok layan macam raja...kalu ala kadar macam makcik nak pi market, buat endah tak endah saja. maklumla, jarang mai bank...makcik tak sekolah, tak pandai nak guna transaction machine kat luaq tu, terpaksa mintak tolong kerani di counter...bila makcik tu mintak tolong isi borang jumlah keluar simpanan dia sendiri, bukan utang sapa2, 20,000 @ 30,000, baru melopong sakan, hambik kau. depa tak tau makcik tu bulan2 masuk lebih dari gaji depa kerja di bank tu. rumah2 n kedai2 sewa dia n lain2 pendapatan lagi...mau kena belajaq jgn tengok luaran saja...
Ni satu hal lagi,
Ada ke guna plastik melambangkan kekayaan? tu yang orang laa ni berlumba2 buat. Kalu takdak duit, buatla cara takdak duit, tak payahla pakai credit card sebab cukup bulan tinggai abuk, baik tak baik, kena utang sana sini pulak nak bayaq utang credit card...tu bukan lambang kekayaan, sebenaqnya lambang menuju kepapaan adalaa...orang yang bulan2 masuk beratuih ribu takpa laa. Ni kalu baru start kerja, setahun tak sampai RM30,000.00 dah nak guna credit card, eksyen nak mampuih...lepaih tu ujung bulan, mula la buat muka seposen ngan makbapak nak langsaikan utang credit card...
dont trust the use of credit card as a means of transaction because it will cause the clients to accumulate debts in something they never purchase - extra charges on services, late payment charges, hidden interests n legal charges n what not...
users are being conered to pay extra charges even when they never purchased anything. many people had bitter experience using credit cards n the more hideous n bitter part of credit cards comes to surface with the legal firms act as agents sending claim letters to the extend of blackmailing clients, extorting them to face legal actions n so on, even when the amount is not that outstanding... sometimes just like bread crumbs.
Sometimes, conman with the help of an insider in a bank, can use our details to get the access n a friend of mine was nearly declared bancrupt when he couldnt n didnt want to pay a large amount of debt appeared under his name...n there are many other business cons n cheats in banking business that can cause defamed of innocent people...
Peniaga kecik, peladang, petani, pekebun, nelayan mungkin lega sikit bila agrobank bagi kelonggaran pinjaman/credit, cuma berlaku jujurlah pada diri sendiri membayar balik utang2 tu. Kemudahan yang ada jgn dipersia-siakan, membuat kerja yang baik, menggunakan kudrat dan yg penting sekali, kerja halal, seribu kali lebih baik dari kerja mendajal orang lain...HIDUP RAKYAT JELATA!!!
jgn termakan hasutan mereka yang suka tengok negara huru-hara. kalu kita ikut gelagat depa, takdak hasilnya. depa takpa laa, boleh dapat duit senang2, main politik 24jam, kerja dok hentam kiri kanan, memang dah takdak kerja lain nak buat, berceramah pagi petang siang malam, sedekah orang bagi dalam kupiah bergantang2, masuk poket depa tak dak rasa bersalah sikit habuk...senang banyak hidup macam tu..
kita bersengkang mata berkerja, menggunakan tenaga empat kerat ni jgn dok pi layan depa2 tuh. kalu anak2 kita tak boleh belajaq, bukan depa nak tulong ajaq, kalu anak2 kita lapaq, depa bukan rajin nak mai huloq, kalu ikut depa, silap haribulan kita kena tangkap, bukan depa nak tulong masuk dalam sama atau tulong lepaih, balik2 salahkan kerajaan yang selama ni buat macam2 nak tolong rakyat...dah ramai orang terkena, insaf2la wahai anak muda...jgn biar fikiran dan darah muda anda disogok dgn cerita2 senjakala yang tak sudah2 dari penglipurlara tua lapaq kuasa nak jadi ketua negara...tanyala ibubapa atau orang tua yang kenal siapa dia ATAU bacalah dari banyak sumber yg ada, jgn terima bulat2 apa yg anda baca dari satu sumber saja sebab yg bulat2 tu biasanya taik kambing saja......
Ayahnda Tun n Bonda,
Inilah kisah rakyat biasa, tak punya nama, tak hambat glamor n hidup semata-mata kerana dijadikan Allah hambaNya, berbakti pada tanah ayaq, bangsa dan agama, untuk mencukupkan keperluan diri, keluarga dan membesarkan anak2 menjadi insan cemerlang, gemilang dan solehah, InsyaAllah, anak2 diingatkan sentiasa bersyukur kpd Allah, berterimakasih kpd ibubapa, guru2, rakan2 yg baik dan suatu hari nanti boleh memberi kembali bakti kpd negara yg tlh banyak memberi jasa -dari UPSR, PMR, SPM, DIPLOMA, IJAZAH mungkin anak2 akan sambung SARJANA, PhD, InsyaAllah...semuanya hasil jasa kerajaan...sekolah, buku2 teks, tenaga n kepakaran guru2, masuk kolej/universiti...
anak2 saya tak pernah dapat biasiswa masa di sekolah sebab saya cikgu tp saya selalu nasihat anak2 supaya selalu bersabaq n jgn lapaq yg bathil sebab bukan hak kita...InsyaAllah, kalu ada rezeki tak ke mana...biar saya susah laa ni utang bank n koperasi nak bagi anak2 belajaq...bukanla nak kata saya ni baik sangat tapi selalu diingatkan oleh mak dan arwah bapa, jangan ambik kalu bukan hak kita....kalu jumpak 5 duit pun jgn ambik...nanti rezeki ditarik balik berganda2...
Bab biasiswa ni pun satu. Pelajar2 yang tak layak ramai yang mohon n dapat biasiswa walaupun ibubapa berpendapatan lumayan, adik beradik tak ramai, dua tiga orang saja tapi bila isi borang biasiswa, TIPU kata duduk dgn nenek, mak sedara, tok sedara, kerja kampung, ramai tanggungan dll walaupun ada ibubapa mereka berniaga besar, doktor private, lawyer dan sebagainya tapi dah tulih dlm borang duduk dgn orang lain yg susah kononnya, dapatlah biasiswa tu...inilah kenyataan yg berlaku di banyak sekolah harian n asrama penuh. Yang sebenarnya, mereka yang tak layak langsung ni lupa bahawa bila makan hasil bukan hak kita, belajarlah bijak macam manapun, tak akan mendapat berkat...percayalah. kalu senang kemudian haripun, tak bahagia, kucar-kacir, hati tak pernah aman sebab darah daging dicemari duit tak halal sejak dari zaman budak lagi...ntahlaaa
Semoga apa yang dipaparkan menjadi pedoman kita semua.
Semoga Allah SWT memberkati Ayahnda n Bonda berdua sentiasa...
Semoga allah memberkati jua arwah Ayahku...
Wassalam.
just my brain wave...
By thebigdipper on April 25, 2009 6:14 PM
Dear Tun,
Thank you for enlightening us.
So it's obvious now that the whole western way of life
is based on a very false premise. And to think that they
have managed to fool the rest of the world for so long.
And of course they have managed to pull this off only with
the great connivance of their media.
And another thing, the western media is wont to pretend
that they are all so liberal, free and great defenders of
democracy. Particularly those in Britain, France and
Australia, which only makes us really want to puke.
We know very well that they kowtow into the dust to please
their masters i.e Jewish interests.
The truth is the western media is just a lot of
bunkum.
By thebigdipper on April 25, 2009 6:15 PM
Dear Tun,
Thank you for enlightening us.
So it's obvious now that the whole western way of life
is based on a very false premise. And to think that they
have managed to fool the rest of the world for so long.
And of course they have managed to pull this off only with
the great connivance of their media.
And another thing, the western media is wont to pretend
that they are all so liberal, free and great defenders of
democracy. Particularly those in Britain, France and
Australia, which only makes us really want to puke.
We know very well that they kowtow into the dust to please
their masters i.e Jewish interests.
The truth is the western media is just a lot of
bunkum.
By jack on April 25, 2009 6:43 PM
Dear Tun i thought that the banks like any other business go under if they do bad lending practises.......
By bloghound on April 25, 2009 6:46 PM
Dear Tun,
Does Malaysian banks practise fractional-reserve banking? I hope they don't but that is very unlikely because it gives greater profit than full-reserve. I wouldn't be surprised if the inflation will keep rising because more and more money will be created out of thin air and printed because of the practise.
What you wrote can be summarised in a few words. Profits and greed caused the financial crisis. It has always been.
Blogh
By sputjam on April 25, 2009 7:35 PM
That is why singapore chose to be the financial centre of the region.
By eriksblog99.blogspot.com on April 25, 2009 7:44 PM
Ah, This is part of the conspiracy of the rich.
the only way to rob a bank now, is to own the bank itself.
With the banks allowed to profit on derivatives, this will lead the middle class and poor to suffer from inflation and they will always be dependent on debt to finance their lives. this will leave them to be deeper in debt and thus, owing their lives to the bankers.
By Tuan Yaacob on April 25, 2009 8:32 PM
Salam,
This time round Tun talked a lot about rich countries. I dont know since when Tun is so naived as to what is happening in his own backyard. A lot of bank loan in Malaysia given to Datuks, Tan Sris who are not real businessmen or unable to pay. Bank Managers are forced to give loans to these people as they are well and politically connected.
Bank Bumiputera problem never solved during your administration.
By HOT ZOOM on April 25, 2009 8:50 PM
Pengawalan dan kestabilan ekonomi bergantung kepada pemerintahan sesebuah negara yang stabil dah kukuh dan pelabur asing tidak merasa kerugian kiranya mereka mahu melabur dinegara itu.Pemimpin negara kita perlu telus dan bijak agar pelabur asing minat melabur dinegara ini.Peningkatan ekonomi bukan sahaja akan meningkatkan pendapatan orang tertentu sahaja,tapi perlulah diberikan kepada semua peringkat tan 'memilih bulu'.Barul adil dan saksama.
Tak mahu cakap tak serupa bikin.
http://zoompanas2.blogspot.com
http://jomkongsipeluang.blogspot.com
By Rimba Emas on April 25, 2009 9:03 PM
Salam buat Tun berdua moga dirahmati Allah s.w.t hendaknya.
1.Kepercayaan yang kuat terhadap pesan Nabi Muhammad s.a.w supaya kembali kepada al-Quran jika segala masaalah kebuntuan umat manusia atas rezeki pemberiannya setiasa jadi rujukan yang saya junjung setinggi-tingginya.
2.Ikutkan hati saya selagi system riba dan jalan-jalan yang menyerupainya digunakan sentiasa menyerap perasaan was-was jika menggunakannya maka keamponan sentiasa di pohon moga jalan yang lurus ditunjuki.
3.Rakyat walau pun mempunyai pilihan tapi kalau system itu bukan yang tertulis bagai kata Allah s.w.t kemanakah kita sebenarnya?
4.Soalannya adakah riba telah juga terguna oleh permainan atas nama Islam ?
5.Di lihat kebaikan dan keburukan oleh riba sentiasa berpusing dan tiada kesudahan.Waima bank di Amerika walau pun memberi peluang rakyat miskin berpeluang mendapat pinjaman.Tapi menjahanamkan kedudukan Bank mereka.Sebabnya Bank itu juga diguna pakai oleh pelabur-pelabur mereka di luar negara melalui pinjaman.
6.Ramai yang menggangur maka kurangnya permintaan untuk membeli barangan.
7.Pengeluar pula tidak sanggup mengurangkan harga barangan semaksimumnya kerana takut kehilangan keuntungan atas harga bahan-bahan sebaliknya di tolak ke pekerja-pekerja yang diberhentikan.
8.Semuanya disebabkan kenaikan harga bahan-bahan yang asalnya didapatkan secara percuma kurniaan Allah s.w.t.
9.Bank di Malaysia memilih jalan selamat mengenakan harga tinggi terhadap bunga.Rakyat miskin tidak berpeluang membuat pinjaman untuk kereta yang besar.Barangan-barangan terbaru semuanya di letakkan harga tinggi disebabkan system bank-bank ini membolehkan rakyat berhutang.Akhirnya rakyat yang bekerja dikilang-kilang yang eksportnya ke negara Amerika yang terjejas.Kehandalan kita menjaga bank-bank mengurangkan kehendak rakyat miskin.Sistem kita adalah untuk memperbanyakkan pelaboran rakyat luar.Rakyat kita diharap makan gaji dengan pelabor ini.
10.Kerana Bank Malaysia tidak kena tempias dan satu-satunya adanya Bank Islam di dunia.Dulu dipinggir kini pengaroh glokal untuk menaikkan Islam maka berbagai system dicipta manusia melarikan asas tulin dalam al-quran menyebabkan ramai bukan Islam menyertainya.
11.Adakah system ini akan mendekatkan diri kita dengan Allah s.w.t.
dan menyelesaikan masaalah ekonomi dunia ?
12.Kesan malaksanakan hanya yang tertulis dalam al-quran banyak membawa ramainya umat yang beragama Islam.Sebaliknya yang menambah, mengubah-gubah serta mengunakan nama Islam menyamai sistem konvesional.
13.Wahai Sistem ekonomi ikutlah al-Quran,wahai harga bahan asas kembalilah keharga asal mu kerana kau mengambilnya secara percuma dari Allah s.w.t,wahai barang kembalilah keharga asal serendahnya,wahai manusia berniagalah sejujur-jujur mengikut hukum asal al-quran,tiada riba dalam perniagaan cuma hadiah yang ditetapkan sampai bila-bila itulah jalan untung yang sebaik-baiknya.
14.Walahua'lam.
By shahrul on April 25, 2009 9:46 PM
well,what can we do about it? Nobody want to use the Islamic way...
By jamilmalik on April 25, 2009 10:24 PM
DEAR TUN,
1) BANKS AND OTHER FINANCIAL INSTITUTIONS TOUCHES EVERYBODY'S LIFE IN THE MODERN WORLD. LIKE IT OR HATE IT, WE ALL HAVE TO USE THEM SOMETIMES. BE IT TO TRANSACT A VERY SIMPLE TRANSACTION LIKE ATM WITHDRAWAL TO CAR-LOAN OR HOUSING LOANS.
2) GETTING A BANKING OR FINANCIAL INSTITUTIONS LICENCES IS LIKE GETTING RIGHTS TO MAKE TONS OF MONEY. THAT IS WHY PEOPLE ARE WILLING TO PAY MILLIONS JUST TO GET HOLD OF SUCH LICENCES.
3) IT IS A BUSINESS SO EXCLUSIVE THAT THE BANKS CAN CHARGE FOR ALMOST ANY AMOUNT FOR ITS SERVICES. IMAGINE BANKS CHARGE COMMITMENT FEES IF YOU DON'T USE YOUR OVERDRAFT FACILITY. NOW THEY EVEN CHARGE RM5 PER MONTH IF YOUR ACCOUNT IS DORMANT, AND THEY CONTINUE TO DEDUCT FROM YOUR ACCOUNT UNTIL IT IS ZERO!
4) HOWEVER, HERE I LIKE TO BRING TO YOUR ATTENTION OF HOW THE ECONOMIC GAP BETWEEN THE RACES(I JUST HATE TO MENTION IT BUT ITS REALITY) IN MALAYSIA FROM THE FOLLOWING STATISTICS AT THE RECENT AMANAH SAHAM NASIONAL WEEK:
4A) ASN LAUNCH NEW ASN SHARES TOTALLING 3.33 BILLION SHARES
4B) 999MILLION SHARES ALLOTTED TO CHINESE RACE OR 100% WERE TAKEN-UP WITHIN ONE WEEK;
4C) 1.665BILLION SHARES ALLOTTED TO MALAYS BUT ONLY 0.006% OR 7.65MILLION SHARES WERE SOLD;
4D) 499.5MILLION SHARES WERE RESERVED FOR INDIANS, BUT BETTER TAKE-UP RATE THAN THE MALAYS OF 0.2% OR 53.5MILLION SHARES SOLD.
WHAT DOES THE ABOVE STATS TELL YOU? SIMPLE TRUTH AND NO POINT DENYING THAT LARGE PORTION OF OUR ECONOMY ARE FIRMLY IN THE HANDS OF BROAD BASE OF CHINESE COMMUNITY.
HAS THE NEW ECONOMIC POLICY FAILED? NO AND YES! THE NEP HAS PUT LOTS OF CASH INTO THE HANDS OF FEW. FOR EXEMPLE, ANANDA KRISNAN WAS MADE SUPER-SUPER RICH BY THE GOVERNMENT THRU MAXIS/ASTRO/TANJUNG/IPP BUT WHAT ABOUT THE INDIAN COMMUNITY IN GENERAL. THEY ARE STILL POOR. ANOTHER EXAMPLE, DAIM ZAINUDDIN CREATED HALIM SAAD, TAJUDDIN RAMLI, WAN AZMI AND SEVERAL MORE TO BECOME SUPER RICH BUSINESSMEN OVERNITE, THEY MAYBE WIPE-OUT FROM THE MAP, BUT THEY ARE STILL RICH LIVING ON THEIR SAVINGS. BUT THE MALAYS IN GENERAL STILL LIVING POORLY.
THE CHINESE ON THE OTHER HAND, HAD MORE THAN TWO GENERATION HEAD-START IN BUSINESS IN MALAYSIA AND KEPT CONTROL OF MOST OF THE BUSINESS SECTORS. WHEN YOU ARE IN BUSINESS, SURELY YOU WILL HAVE THE CASH AND RESERVES. THATS A REALITY.
THERE IS NO FORMULA TO SUCCESS OTHER THAN HARDWORK IN BUSINESS. IF YOU ARE A GOVERNMENT SERVANT, THIS IS WHERE MOST MALAYS ARE, THE BEST IS THE PENSION FOR LIFE. SO YOU WON'T GET RICH.
SO THE GAP WILL BE THERE!
SAD TO SAY, THE NEP MUST CONTINUE TO HELP THE MALAYS AND INDIANS AND OF OTHER RACES IN SABAH AND SARAWAK INTO BUSINESS AND MAKE THEM STAY IN BUSINESS.
IT MAY TAKE ANOTHER 10 OR 20 YEARS, SO BE IT.
THANK YOU.
JAMILMALIK88
By MALAYSIADREAM on April 25, 2009 10:38 PM
********************************************************************
Interesting indeed..!
It's the same way appplied by "David Copperfailed"..!
that made him the "The World Most Creative Illusionist Magician"
..earning lots..of..lots..of money by "cheating publicly & legally "
..winning lots..of..lots..of applause & cheering by "deceiving
openly & lawfully "...! Too bad there are so many..many more peoples
in the world are still the fans of "David Copperfailed" seemed to be
approving by his "Creative Minds".....!
That's truly amazing..No wonder..He is the Only Man In the World Can
Made A Kid Flying......!We'd all seen that actually happened....!
********************************************************************
By jerry.in.sg on April 25, 2009 10:54 PM
Dear Tun,
thank you again for another informative piece of article.
I know there are more to come.
I hope you will be given an avenue by the current government to utilise your sharp acumen in economics.
I believe your experience and advise will only benefit our country.
Always regard you highly in my heart.
jerry.in.sg
By heicalmy on April 25, 2009 10:59 PM
Salam Tun,
Dukacita sungguh bila PM baru pilih Nazri,dia ini tak habis habis kritik Tun .Mungkin sakit hati yg tak bolih padam .Patut dia hargai pendapat orang bukan terus melemahkan kebenaran yg diberi .Mungkin hendakan Glamor murahan .Memang jenis Talam Dua Muka,Lalang ikut angin tunggu 4 tahun lagi.Orang Kampong lebih pandai cakap dari dia.
Teruskan Idea Idea Tun untuk Pembangunan Malaysia.
Jambatan Bengkuk mungkin bolih digantikan dengan Terowong seperti Smart Tunnel.Kebebasan masuk dari mana saja dan mendarat dimana saja.
Salam .
By sarjan hassan on April 25, 2009 11:24 PM
assalamualaikum Tun,
trying to absorb and comprehend Tun's latest piece.any chance to have it in Bahasa Malaysia?
terimakasih atas sumbangan Tun.semoga sentiasa dilindunggi ALLAH SWT.
By siam kedah on April 25, 2009 11:25 PM
Dear Tun,
I cannot see anything wrong with banking business making profits by multiplying the money deposited into their system. This is a known fact and each and every banks in Malaysia is doing the same. Banking is leveraging on the trust from their clients. Once they have the money in their account they are legally allowed to provide loans to people who needed capitals for their real business. If Pak Cik and Mak Chik don't want to trust the banks they can keep their money under their pillows. What is the benefits of keeping papers?
Even politicians are using the same leverage in their business. UMNO leaders leveraging on the trust given to them by Pak Cik and Mak Cik in kampung. Even 14 percent Malaysian voted for UMNO in the last elections Najib is still the PM for all Malaysians. Can we say Najib is and in fact all Prime Ministers as false politicians.
I beg to differ with you on this subject Tun. You cannot say the banking business is a false and politicians business as legitimate.
By crazy diamond on April 25, 2009 11:27 PM
Dear Tun,
This is out of context. I'm a bit dissatisfied with UMNO recent decision in appointing Shafie Apdal as Kedah State UMNO chairman. It seems to me there is no charismatic leaders from Kedah anymore which a bit weird to me. To say that Kedah have no more charismatic leaders is totally untrue, but I do believe that they have every reasons until have to make that decision. For me to appoint Mukhriz in leading Kedah state is justifiable even though he seems short of experience needed, but he is your son (you have been sort of in fluency factor for most of Kedahans, no doubt about it). I think UMNO have to consider this factor anyway.
The recent move / action taken by Najib to meet people directly by walking around to several places in KL has shown his desire to narrow the gap between people and leaders, races and other races, religion and other religions. I'm pretty sure it will eventually turn into positive result which we can see it in the next PRU Insyaallah.
I do hope Najib will consider and examine your views in several matters you have brought up in your blog or even in newspapers. He have to avoid the same mistake that Pak Lah has done during his premiership. This has been thought in your recent comment about the importance of history to mankind which I felt it was relevant to not only leaders but also to a normal person. First mistake is forgivable second same mistake is unacceptable.
BUSTANUL BISTARI BEY
By Lahm on April 25, 2009 11:45 PM
Dear Tun,
Yes Capitalism has failed. Islamic banking or more regulated financial system is needed. The problem with Islamic banking is the brand name itself. Although the system is liked by some westerners, the brand "Islam" would not interest many especially those in the western financial hemisphere. More regulated market will go totally against the principle of the American philosophy. So, this financial crisis is more difficult to overcome when compared to the great depression where the solution was to create financial systems such as the split of consumer banking and central banking. It needs change in the fundamental thinking of capitalists or rather pure repent from being greedy.
By Mas Merah on April 25, 2009 11:53 PM
Salam TUN
1 MAKLUMAT BARU BUAT ORANG SEPERTI SAYA, APA YG TUN TULIS DI ATAS.
2 NAMPAK SUDAH PERUBAHAN DALAM UMNO SEPERTI PELANTIKAN BANYAK MUKA BARU UNTUK MENGETUAI UMNO NEGERI TUN, CUMA PANDANGAN SAYA SUPAYA UMNO KURANGKAN/TIDAK CAMPUR TANGAN DALAM URUSAN JABATAN-JABATAN KERAJAAN DI KELANTAN.
3 RAKYAT TIDAK SUKA, TERUTAMA DALAM JABATAN PELAJARAN KELANTAN.
TQ
By leading on April 26, 2009 12:14 AM
Tun,
Yes, they are agressive too. Without appying for it, I am sure many have even received cheques amounting up to RM20,000 from credit card issueing banks before.
Regards,
www.leading.com.my
By Capt on April 26, 2009 1:10 AM
Dear Tun, may i add this too ?
What is a sub-prime loan?
In the US, borrowers are rated either as 'prime' - indicating that they have a good credit rating based on their track record - or as 'sub-prime', meaning their track record in repaying loans has been below par. Loans given to sub-prime borrowers, something banks would normally be reluctant to do, are categorized as sub-prime loans. Typically, it is the poor and the young who form the bulk of sub-prime borrowers.
Why loans were given?
In roughly five years leading up to 2007, many banks started giving loans to sub-prime borrowers, typically through subsidiaries. They did so because they believed that the real estate boom, which had more than doubled home prices in the US since 1997, would allow even people with dodgy credit backgrounds to repay on the loans they were taking to buy or build homes. Government also encouraged lenders to lend to sub-prime borrowers, arguing that this would help even the poor and young to buy houses.With stock markets booming and the system flush with liquidity, many big fund investors like hedge funds and mutual funds saw sub-prime loan portfolios as attractive investment opportunities. Hence, they bought such portfolios from the original lenders. This in turn meant the lenders had fresh funds to lend. The sub prime loan market thus became a fast growing segment.
What was the interest rate on sub-prime loans?
Since the risk of default on such loans was higher, the interest rate charged on sub-prime loans was typically about two percentage points higher than the interest on prime loans. This, of course, only added to the risk of sub-prime borrowers defaulting. The repayment capacity of sub-prime borrowers was in any case doubtful. The higher interest rate additionally meant substantially higher EMIs than for prime borrowers, further raising the risk of default.Further, lenders devised new instruments to reach out to more sub-prime borrowers. Being flush with funds they were willing to compromise on prudential norms. In one of the instruments they devised , they asked the borrowers to pay only the interest portion to begin with. The repayment of the principal portion was to start after two years.
How did this turn into a crisis?
The housing boom in the US started petering out in 2007. One major reason was that the boom had led to a massive increase in the supply of housing. Thus house prices started falling. This increased the default rate among subprime borrowers, many of whom were no longer able or willing to pay through their nose to buy a house that was declining in value.Since in home loans in the US, the collateral is typically the home being bought, this increased the supply of houses for sale while lowering the demand, thereby lowering prices even further and setting off a vicious cycle. That this coincided with a slowdown in the US economy only made matters worse. Estimates are that US housing prices have dropped by almost 50% from their peak in 2006 in some cases. The declining value of the collateral means that lenders are left with less than the value of their loans and hence have to book losses.
How did this become a systemic crisis?
One major reason is that the original lenders had further sold their portfolios to other players in the market. There were also complex derivatives developed based on the loan portfolios, which were also sold to other players, some of whom then sold it on further and so on.As a result, nobody is absolutely sure what the size of the losses will be when the dust ultimately settles down. Nobody is also very sure exactly who will take how much of a hit. It is also important to realize that the crisis has not affected only reckless lenders. For instance, Freddie Mac and Fannie Mae, which owned or guaranteed more than half of the roughly $12 trillion outstanding in home mortgages in the US, were widely perceived as being more prudent than most in their lending practices. However, the housing bust meant that they too had to suffer losses — $14 billion combined in the last four quarters - because of declining prices for their collateral and increased default rates.The forced retreat of these two mortgage giants from the market, of course, only adds to every other player's woes.
What has been the impact of the crisis?
Global banks and brokerages have had to write off an estimated $512 billion in sub-prime losses so far, with the largest hits taken by Citigroup ($55.1 bn) and Merrill Lynch ($52.2 bn). A little more than half of these losses, or $260 bn, have been suffered by US-based firms, $227 billion by European firms and a relatively modest $24 bn by Asian ones. Despite efforts by the US Federal Reserve to offer some financial assistance to the beleaguered financial sector, it has led to the collapse of Bear Sterns, one of the world's largest investment banks and securities trading firm. Bear Sterns was bought out by JP Morgan Chase with some help from the Fed.The crisis has also seen Lehman Brothers - the fourth largest investment bank in the US - file for bankruptcy. Merrill Lynch has been bought out by Bank of America. Freddie Mac and Fannie Mae have effectively been nationalized to prevent them from going under.Reports suggest that insurance major AIG (American Insurance Group) is also under severe pressure and has asked for a $40 bn bridge loan to tide over the crisis. If AIG also collapses, that would really test the entire financial sector.
How is the rest of the world affected?
Apart from the fact that banks based in other parts of the world also suffered losses from the subprime market, there are two major ways in which the effect is felt across the globe. First, the US is the biggest borrower in the world since most countries hold their foreign exchange reserves in dollars and invest them in US securities.
Thus, any crisis in the US has a direct bearing on other countries, particularly those with large reserves like Japan, China and - to a lesser extent - India. Also, since global equity markets are closely interlinked through institutional investors, any crisis affecting these investors sees a contagion effect throughout the world.,__ somehow its effect to me at Kapas Island/Malaysia will show as drop in tourist coming over to the island.
Cheersmate,
PirateKing
By kwoonfai on April 26, 2009 1:21 AM
Dear Tun, basically what you have mentioned summarizes the inherent flaws found in capitalism and the fractional reserve banking system, which is of course practiced by our banks as well from cimb, bsn to public bank etc. An ideal, sure-profit business model of creating money out of thin air. Does it seem coincidental that their founders are filthy rich?
But at the end of the day, what are you trying to implicate then? To embrace socialism in Malaysia? (which is doing very well for China anyway) I guess it's rather difficult. Or ask the majority Malaysians to change overnight and start saving now, given their naturally spendthrift nature (which are further exacerbated by Western media which indulge in exuberance)? But even if they have the intention to save, many are enslaved by heavy debts generated from necessities such as (especially) cars and housing. Taking Proton as an example, your initial benevolent intention of spurring the country's development by introducing locally made cars has now unfortunately degenerated into a debt-generating instrument for many Malaysians. It does not take a nuclear scientist to figure out that car prices in Malaysia are artificially and grossly inflated due to the protectionist market present here and many have to resort to banks to finance their purchases.
Malaysia's economy is now basically facing great difficulties as more and more rakyat are consumed by never ending amount of debts, inflation and heavy dependency on commodities-based exports. If nothing radical is done to further promote the k-economy (and generate wealth from foreign countries), Malaysia will face the same fate as the US or Indonesia someday. The very reason that US is still able to withstand the credit crunch (albeit technically speaking their economy is bankrupt) could be attributed by their strong technological developments and creative industry (media, movies, music etc), which primarily deals with intellectual properties such as patents, copyrights, royalties and such.
India, despite a relatively poor country in comparison with ours, has companies like Infosys, Satyam, Wipro and Tata which are multi-billion companies. Same goes for China (alibaba etc). Malaysia has none (forget about InventQ), which is very devastating given your humongous effort to spur the k-economy via your MSC initiative. Something is very wrong here and should be examined.. the facilities are here but the entrepreneurs and human capital are missing. Where are they? Brain drain perhaps?
This is very surprising given the fact that Malaysia's unique multi-cultural society enables their rakyat to communicate and comprehend in various global languages (namely English, Malay, Chinese etc). Basically Malaysians are very talented and smart.. yet when it comes to wealth generation we are lagging behind couterparts like India and China (where once we were ahead of them). Just my 2 cents.
By amin tan on April 26, 2009 1:59 AM
Dear Tun,
Forgive me for saying this. Maybe it is new to you but to any economics student what you are saying is actually basic banking principle called credit creation. But the way you sensationalise it sounds so negative and criminal using "false economy", "thin air". In banking like in life in general good will, trust, credit worthiness, subprime are important factors. It is not cheating when banks lend more than their reserves because reserves are essentially idle money. It has been calculated statistically and allowed by bank negara for banks to lend up to 10 times their reserves.
Likewise in the case of individuals buying houses and cars on basis of deferred payment or instalment. They dont have that kind of money at the point of time when they buy the house or car. they only pay the deposits. But they deferred payment in instalments for 25 years or 5 years or whatever. This is good for the wellbeing of the people since it helps to create demand as production has exceeded demand due to advancement of technology and automation.
What a waste of resources and material wealth if we allow people to buy only up to the amount of money they actually possess like doing away with credit cards and credit creation. Think about it carefully and deeply, it is and it allows wealth creation. It is modern economy, Sir.
Amin Tan
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About Me
Dr. Mahathir Mohamad
Putrajaya, Malaysia
Prime Minister of Malaysia
1981 - 2003
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By Dr. Mahathir Mohamad on April 25, 2009 10:11 AM | Permalink | Comments (56) | TrackBacks (0)
(This is the second instalment in a series on the trends that led to the present financial crisis)
1. Another contributor towards the per capita and GDP of the rich countries is the banking business.
2. Banks are apparently allowed to lend more money than they have, sometimes as much as ten times more. When they lend this money which they do not have, it became their asset on which interest can be earned.
3. Effectively they are creating money and earning profits from the money they have created.
4. Real businesses cannot do this. They cannot sell what they don't have nor earn income from services they don't provide. Doing business is therefore far less lucrative than banking. If the per capita and GDP excludes bank earnings then they should not be as high as is shown.
5. Because banks can lend more money than they have, the tendency is to lend as much as possible. In many rich countries banks offer to lend even when the clients are unable to pay.
6. If the banks lend 10 times more than the money they have then their profit must exceed the sum they would expect if they lend only the money they have from capital and deposits.
7. This extra money they earn is not real because it is "created" by the bank out of thin air. Nevertheless the profits earned from this money would be part of the banks profits and therefore the dividends for the shareholders. In the end they would contribute to the per capita income and GDP.
8. Banks also issue credit cards. The credit card holders expend far more than the money they have with the banks. The excess money is regarded by the banks as loans which may be charged a hefty interest of up to 18 per cent.
9. Since credit card holders often hold credit cards from several banks, the amount spent in excess of the money they hold with the banks would be very considerable. These bank loans from credit cards would again exceed the real money or assets of the banks.
10. The banks consider that even if some credit card holders fail to pay up, bank earnings from those who do pay would exceed the loss from non-payment.
11. The credit cards have effectively become money created by the banks. The earnings of the banks are therefore not from real money held in the form of capital or deposits. Yet the interest on loans via the credit cards would add to the profits of the banks. They would boost the share prices of the banks and contribute towards the profits of investors and eventually increasing the per capita income and the GDP of the country concerned.
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56 Comments
By crazy diamond on April 25, 2009 11:04 AM
Dear Tun,
How do you get these info's, such a informative and very good research you have done. If you do not keep telling us i'm sure no body knows it. That why it make your blog very interesting all the time.
BUSTANUL BISTARI BEY
By blink4blog on April 25, 2009 11:20 AM
Sir Tun,
My opinions:
1. I think our country should practice Islamic banking concept and conventional banking is proven failure.
2. The credit crissis in Malaysia is starting to rise, many people on the street owes lots of credit cards and currently most do just covering holes by digging soil from another. As we are all aware that to patch a hole we need more soil from the previous ones.
3. Personally i think the RM2.70 petrol hike is unnecessary and been executed without much consideration, planning and foresight. In less than a year the price of the petrol had came down and because of that action (hike), it had created a flip flop not only to our ex-PM but also the economy down turning faster than it should be. More and more social problems has arrised and the crime rate has never been higher before this.
4. I am slightly relief off the ground that now Dato Seri Najib is our new PM and hopefully he will manages finance of the country better than the ex-PM. Anyhow, it is too early to tell even when you appointed him also never expect such things happened.
have a nice weekend sir.
By Tedlive on April 25, 2009 11:24 AM
My friend from Canada has told me several times how people in the US lost their income, savings and house due to this. They were given loan 10 times more than their earning. People lives in houses that were 10 times more expensive than their monthly income and banks just throw out generous loan with tons of so-call benefits to lure people. Credit cards problem is an open secret where even in Malaysia, that's how bank earn money - from the monthly interest. Generally, Malaysian have 2 credit cards from 2 different bank. How does BNM keep track of this?
By lembahrezeki on April 25, 2009 11:38 AM
Salam Tun...
Proses ini dah berjalan sejak dulu lagi... tetapi kewangan jenis inilah yang menjadikan orang kaya semakin kaya dan orang miskin semakin papa.Kesian kami golongan rakyat pertengahan dan bawahan yang sentiasa berada dalam arus gelombang yang memungkinkan kami karam.
By zakaria ali on April 25, 2009 11:43 AM
Salam Tun dan keluarga.
Whatever you mentioned in your article is the conventional banking system. That is how that make profits from high interest rate, especially the credit cards. In future Banks will increase the car loans interest rate and increse the payment period so that they will earn more profit. The same goes to housing loans.
So, does our Islamic Banking System truly applies to ease the burden of our 1Malaysian?
By zakaria ali on April 25, 2009 11:44 AM
Salam Tun dan keluarga.
Whatever you mentioned in your article is the conventional banking system. That is how that make profits from high interest rate, especially the credit cards. In future Banks will increase the car loans interest rate and increse the payment period so that they will earn more profit. The same goes to housing loans.
So, does our Islamic Banking System truly applies to ease the burden of our 1Malaysian?
By rakyatengah on April 25, 2009 11:45 AM
Assalamualaikum,
Saya menyimpulkan,
Riba itu haram, jual beli itu halal.
Tidak kira riba masa beli rumah, loan kereta, loan ASB. Semua riba itu haram. Dan kerajaan kita telah lama membenarkan perkara ini berlaku.
Mana tidaknya ada parti yang mengelar kerajaan kita ini lebih kepada kerajaan kafir dan kufur. Dalam Al-quran dah nyata riba itu haram, jual beli itu halal. Tapi riba itu jugak yang dibiarkan.
Haramkan Riba di Malaysia.
Kerajaan seharusnya membantu rakyat dalam menyelesaikan masalah riba dari terus menular. 5 billion simulation plan akan terus menambah kehinaan sistem ekonomi sekiranya ruang riba semakin bertambah.
Sekian.
By CSL on April 25, 2009 11:50 AM
Dr. Mahathir,
Case studies regarding Proton for you as below. Can you comment about it?
http://www1.american.edu/TED/proton.htm
By zaman on April 25, 2009 11:58 AM
Salam Sejahtera Untuk Tun dan Keluarga.
1)Tun memang benar apa yang Tun huraikan.Sebalik nya bank bank yang buat cara begini ada lah sama saperti "loan shark". Malah lebih teruk lagi dari loan shark.
2)Salah satu cara kita boleh lah menabung di Bank Islam yang berlandaskan shariah.Dengan ini Bank Islam boleh berkembang dengan pesat.
3)Tun si nazri bongkak tu tak terima apa yang Tun katakan.Sebenar nya apa yang Tun utarakan adalah untuk membetulkan keadaan dan tohmahan bahawa Tun di belakang Najib yang membuat pilihat kabinet.Itu saja.
4)Saya sangat merasakan memang benar tak sepatut nya Najib memilih si bongkak ni.tak mengenang budi dan bersifat kurang ajar.
5)ADA KAH UMNO MAHU MEMILIH ORaNG YANG KURANG AJAR SAPERTI INI.APA KAH RISIKO NYA.
6)Tun teruskan perjuangan murni Mu.Kami sentiasa bersama Mu 100%.
InshaAllah dengan kesabaran,kejujuran dan ketekunan Tun Tuhan sentiasa memantu.
By Mis_bah on April 25, 2009 12:00 PM
Assalamu Alaikum Tun,
Thanks for your latest posted writing. It gave me some pictures and good lesson on how banks and economy system are working. At least you provide good information and explation in an easy way to understand the banking and economic complex operation.
Thank you.
By sujini on April 25, 2009 12:05 PM
Dr Mahathir,
Now I understand why banks are aggressively trying to sell their credit cards.
Certain banks even offered a preapproved credit card application. But this
previlege is of course based on the applicator's standing with the banks concerned.
Banks nowadays, called up their long-standing customers, to offer personal loans
and sometimes up to RM20,000/-, obviously with high interest rates.
One Islamic foreign bank now is giving a personal loan without any collateral as it is
scrambling to get business.
Customers out there must be extra careful to take up these tempting offers
from banks. In difficult times, one has to be prudent in expend.
On the other hand if you are in dire straits, especially if you are a Bumi contractor,
it is good to take up such offer rather than going
By Nothing but wind on April 25, 2009 12:09 PM
Dear Tun Dr M,
I have dealt with several medical doctors as I am provide Accounting service to them. Nearly all of them are weak in Accounting and Economic. However, I have been following your article and conclude that you pose a challenge to the economist at large by providing clear and in dept information using common terms and using only the unavoidable Economic Jargons.
It is very true that only in the east the conditions and criteria for loans and mortgages are very tight. In some Western Countries even those who are bankrupt or blacklisted would be able secure loans and credit cards. The reason is, as you simply put it as "the money they do not posses",so every cent received from them is added to profit directly.
I would welcome a complete overhaul on monetary system and money management to avoid and restrict its abuse.
By BHTan on April 25, 2009 12:17 PM
Dear Tun,
Respectfully, I would like to share with you below as I had worked in the Card Scheme world for a number years.
Your description of Credit Card Companies of printing virtual money may be inaccurate. see example below:
1. A merchant have rendered RM100 worth of its service/product to a card holder in day T.
2. On day T+1, the Card Acquirer of the Merchant (the card acceptance Bank) will pay the Merchant RM100 less the 2-3% commission fee. i.e., the Acquirer is out of its pocket 1st.
3. On day T+2/3, the Card Scheme of the Acquirer (Visa or MasterCard or Amex) will repay the Card Acquirer RM100 less 1% to 1.5% commission fee
4. On the same T+2/3 the Card Scheme will deduct RM100 from the Card's issuing Bank (the Issuer)'s settlement account but reimburses it with 0.5-0.8% of interchange fee.
5. The issuer will bill the card holder at the month statement for the RM100. If the Card Holder can't repay the RM100 in full then the revolving interest of 24%/year will be charged.
From the above example, you can see that the Merchant is funding the RM100 for about 1 month max and then the card holder will need to pay up or to pay for the funding cost thereon.
Hence, there is no such thing as printing free virtual money to fund the payment transaction life cycle in the Credit Card scheme world.
I don't know about the personal or corporate loans. As far the credit card world, what you had said may not be holding the truth, respectfully.
Sincerely yours,
BH
By pemikir negara on April 25, 2009 12:48 PM
Salam kepada idola saya,ayahanda Tun Mahathir..
Saya ingin mengetahui pendapat Tun mengenai "Islamic Banking".Saya ingin tahu adakah bank-bank dimalaysia mengamalkan pure islamic banking atau hanya system bank konversional yang telah rebranding dengan nama islam.Pada pendapat Tun,adakah sistem bank Islam yang boleh dibentuk tanpa dengan mengkenakan interest untuk pinjaman atau simpanan?Saya masih ingat sistem wang dinar yang telah cadangkan oleh Tun dan adakah sistem ini mampu menangkis masalah ekonomi yang telah disebabkan oleh spekulsi kewangan ini.Saya berharap ayahanda dapat menguraikan isu ini, penjelasan ayahanda akan memberikan idea sebenar dalam konteks yang ilmiah.
Terima kasih. Semoga Tun berdua dan seisi keluarga sentiasa dicucuri rahmat Illahi, dunia dan akhirat.
Wassalammu.
By Abi Qalam on April 25, 2009 12:55 PM
Salam YA Bhg Tuan..
Urghhh.. damn credit cards.. that plastic ALONG!!
By nkcheng on April 25, 2009 1:20 PM
The sun is constantly giving the energy to the earth. The plant converted the solar energy and store the energy in the form of carbohydrate, oil (palm) etc thru photosynthesis. The farmers exchange their time, sweat and blood with money, created by smart human being.
The smarter people created the finance system, using their brain to get the cheapest goods either by printing(creating) money or by force.
The poor asians struggling to plant all the raw materials needed to feed the whole world,but the smarter group is enjoying by living on stock market,finance,soccer,insurance,future market,sueing each others....
So we have to follow the rules of game created by the smarter group or we have to think other wise?
By yourlifeilive on April 25, 2009 1:21 PM
WHAT I'VE FOUND MORE DISTRESSING IS THE AMERICAN BUSINESS MODEL WHICH MAKES THE U.S. EVEN MORE PROSPEROUS AT THE HUGE EXPENSE OF POORER NATIONS. ONE GOOD EXAMPLE IS THE COMPUTER INDUSTRY WHERE MOST HARDWARE IS MADE TO LAST FOR ONLY SO LONG AND SOFTWARE SOLD ON A LICENSING BASIS, AGAIN FOR SHORT PERIODS. SUCH PRACTICE BEING MEANT TO SQUEEZE THE CONSUMERS DRY WHILE THEY REMAIN BEHOLDEN TO ITS TECHNOLOGY.
BUT DON'T LET'S DESPAIR TOO MUCH! OTHER COUNTRIES ARE CATCHING UP FAST IN TECHNOLOGY AND IF THEIR COMPANIES WOULD SELL THEIR PRODUCTS AND SERVICES WITHOUT THE STRANGLEHOLD OF THE AMERICAN BUSINESS MODEL, THE TIDE WOULD TURN WITHIN YEARS.
AMERICA WOULD BECOME OUR POOR LITTLE POOR COUSIN.
By Suhaimi on April 25, 2009 1:28 PM
Dear Tun,
I agree with your comments on The Banking System and The False Economy.
‘Money Makes Money’. That is the summary that I can conclude from the Banking System and False Economy topic discussed by you in this blog.
However, the banking system is the best alternative that society wants. Although many banks collapse because of wrong practice especially abroad, we cannot deny the significant of banking system and its role for the success and prosperous of the country.
Although many banks in other countries fall down one by one like domino’s theory, the public still guaranteed with the return by the government. Scenario in Malaysian’s banking sector is different ball game. Action or promotion efforts by the banks are generally backed by government. Government is using banking system to channel the economy plan for the country.
Imagine if the country without banking system. How to stimulate economy plan? What and where is the channel for the money to be disbursed? Who is the party to distribute the fund?
I believe that many commentators in your blog will give many ideas and suggestions such as establishment of special body, special committee, and special group....everything special!!!!!...but In many cases, the title ‘special’ in only on the name. During implementation, the ‘special’ people are the person who manipulate the system for their personal benefits.
Let’s look forward, forget about blaming the banking system and false economy, and focus more on how to improve the banking system and economy. We are now having other alternative in Banking system i.e. Islamic Banking system and economy.
All religions and beliefs either Islam, Christian, Taoism, Buddhist, Hinduism and even atheism want and prefer a good things in all aspects of life.
We should focus more on the banking or system ‘MAIN PLAYERS’ to ensure that the objectives are always on the right track and is in a good hand. Be it government or bankers, only the genuine and transparent people can drive whatever system without any manipulation.
‘Pisau Di Tangan Kanan, Timun Di Tangan Kiri’
By JJJ on April 25, 2009 1:36 PM
salam Tun,
I am tickled at this comment from ABI from a previous post.It is unintentionally funny...
By ABI on April 25, 2009 9:50 AM
You talk as though you are an acknowledged eonomic and financial expert in the world! You stance have always been negative and destructive: That you are always right and wise, but the others are morons! What popycock!
ABI
my comments - (B)ABI! you only know how to talk cock!Jealous ke?...it's obvious your level of intelligence is inferior to Tun's but please do not impose on a great mind.Kail panjang sejengkal...
Otak sepesen dengan PakPandir08,Dr. Ayam Syed Alwi dll. yang sewaktu dengannya,hanya tahu mengutuk dan memperkecil tapi tiada komen membina.Pegi dahhh!!
Jeng3
By bullthegreat on April 25, 2009 1:48 PM
Assalamualaikum Tun,
Ini kali pertama saya memberi komen walaupun telah mengikuti blog Tun ini untuk sekian lama. Saya mengganggap blog Tun ni sebagai salah satu wadah untuk saya mencari ilmu. Terima kasih untuk semua maklumat yang Tun sampaikan, sehinggakan orang awam seperti saya dapat memahaminya.
Saya bersetuju dengan pendapat Tun tentang ekonomi pada masa ini. Apa sahaja yang berlaku pada hari ini adalah hasil dari satu proses doktrin ekonomi yang telah diterapkan sejak beratus tahun, dalam satu rancangan untuk melaksanakan penjajahan moden. Mahu atau tidak, kita sebagai warga dunia pada masa ini terpaksa mengikut apa yang telah ditetapkan itu. Oleh kerana kebergantungan kita kepada sistem ini, kita dengan mudah boleh di cucuk hidung untuk mengikut telunjuk mereka.
Oleh yang demikian, penjajahan terhadap kita hanya boleh ditewaskan dengan merangka satu bentuk pendidikan baru yang akan diterapkan beratus tahun juga. Tidak guna kita berbicara tentang usaha merubah sesuatu jika usaha itu hanya sekadar usaha 10 hingga 20 tahun. Tidak guna juga melakukan satu tindakbalas yang hanya berbentuk luaran tanpa ada satu tindakan jangka panjang. Pada pendapat Tun, apakah berkesan tindakan kita memboikot barangan US sedangkan pada masa yang sama kita mengharapkan mereka membeli barangan kita?
Untuk melakukan tindakan jangka panjang kita memerlukan perubahan dari setiap sudut. Bagaimana melakukannya? Itulah yang perlu difikirkan oleh setiap pihak dari rakyat jelata hingga ke pemimpin negara....tanpa ada apa-apa kepentingan sampingan. Terima kasih.
By raden on April 25, 2009 2:03 PM
Dear Tun
masalah ekonomi yang dihadapi oleh dunia sekarang ini adalah disebabkan mereka tidak memegang asas dan tonggak ekonomi tersebut yang bahwasanya ALLAH MAHA REZEKI
By JJJ on April 25, 2009 2:36 PM
salam Tun,
sorry again for being out of topic..another joker from a previous post.Excerpts from his PHd in 'Pencacai Taik' thesis...
"By Dr Syed Alwi Ahmad on April 23, 2009 12:09 AM
Dear Malaysians,
Let me ask you this question. Where is Multi-Media Super Corridor today ? What about Cyberjaya ? The answer is > MELINGKUP
If you really want to help the plight of the Malays - you must address the Education and Scientific issues in the Malay community. If the Quran contains so much science - as some here claim - then why is it that the Muslim world is so far backwards scientifically ? But of course Mahathir does NOT dare to focus on this issue. He prefers to make enemies."
My comments - By the way he is questioning the Holy Quran,he must be;
1.salah seorang Melayu sesat diSingapura.Maklumlah dah moden...ada beribu melayu tak sedar diri dan murtad disana.
2.An impostor with a grandiose sounding online nickname.Might not even be a real Malay...
3.An ignorant person who did not bother to study world history on how western powers became rich and advanced on the back of conquering,colonizing,pillaging,abusing,raping Arab and Muslim countries for hundreds of years.Slowly but surely the trend is shifting although they are doing their very best to sabotage these newly industrialised economies.FTA's,the media,ratings agencies,NGOs etc. are all deployed to achieve this unsavoury intentions.
4.Bought his credentials online from bogus universities,or graduated in a questionable field of study.Even if he is what he claims to be,there must be something seriously wrong with his mental and reasoning faculties,brought about,maybe,by an incurable disease.
p/s -by the way please jangan bagi malu sedara mara saya kat Singapura.Your views are skeweredly,individualistically tunnel visioned and do not reflect the views held by many who look up to Tun.My sedara mara might even ketuk your kepala if given the chance!
And don't worry,DSNTR will focus on our country's multimedia aspirations to correct the faults of sleepyhead AAB.
This guy is good and capable.That's why the opposition are going all out to discredit him through whatever means necessary including conspiracy theories.
Again,from one Singapore son to another,SHUT UP!
Jeng3
By JJJ on April 25, 2009 2:44 PM
salam Tun,
As usual off - topic...
A BIG THANK YOU to the Perak State Government for auctioning off the Toyota Camry cars.
Malaysians irrespective of political beliefs SHOULD NEVER EVER belittle thier own national aspirations,projects and symbols.
No amount of rationalising their actions can undo their harmful and devious deeds.TRAITORS!
Wassallam
Jeng3
By zabidimohamed on April 25, 2009 2:56 PM
something which i had never thought of. thank you tun.
By Republic on April 25, 2009 3:42 PM
Selamat Petang Tun,
Be it simple interest or compound interest, it is a burden and is against one's will!
Prophet Muhammad's Last Sermon
"...You will neither inflict nor suffer inequity. God has judged that there shall be NO interest(riba)..."
By ramlee on April 25, 2009 4:11 PM
The credit card is actually a plastic money lender or plastic along !
By Samurai melayu on April 25, 2009 4:19 PM
Salam Tun,
Saya setuju pandangan tun dan inilah cara perniagaan pihak bank yg rakyat perlu tahu,teruskan berkarya dan memberi ilmu pada kami rakyat kerana sesungguhnya rakyat sudah mual dgn politik haru biru ini, saya juga ingin mengucapkan tahniah buat PM Datuk seri Najib kerana telah memberikan kestabilan ekonomi yg mana kita boleh lihat bursa saham KLCI terus meningkat,tahniah DSN.
Akhir sekali dikesempatan ini saya ingin mengucapkan ribuan terima kasih pada Tun kerana telah memberikan kami penjelasan dlm segala bidang. Saya doakan agar Tun sekeluarga sihat sejahtera dan semoga dirahmati ALLAH didunia dan akhirat- amin -
sebelum itu saya menyeru dan memohon kepada semua agar melayari weblog saya dialamat
www.malaysianviewers.com, kerana didalamnya terdapat cetusan rasa hati dan pandangan rakyat, saya juga berharap agar pihak kerajaan dapat melayarinya demi kebaikan semua. Sekian wslm
www.malaysianviewers.com
By kamal ahmad on April 25, 2009 4:22 PM
Salam kasih dan hormat Ayahanda Tun.
Well Tun, this is on "false economy" too my comment this time. My pathetic devalued two cents. Anyhow,over these past few years, I have been contacted by many “lawyers” claiming that they are stuck with my inheritance or at least with someone else’s having the same surname with me. The amount has been all in the millions USD. I lost count at USD300+ million. I don’t need their money, I am happy driving my Volkswagen. The sad story of my “purported” uncles or aunties’ demise has always been heartrending; plane crash, rebels got to them, murdered by political rivals, poisoned and so many more. However I take pride that none of them had been hit by lightning. That would have been a cause for concern, I truly hate to say. Anyhow, with so many uncles and aunties claiming to be my relatives there, I never knew my grandfather had “ventured” into Africa before taking the steamer to Malaya from India then. I knew that people think he is Arabic, due to the steamers point of origin, but it has been good PR for business all these years, so we don’t mind. But now, I am even getting marriage proposals from many princesses in Africa. In particular Nigeria. And my kind loving wife has quit choking my pathetic throat at marriage proposal number 35. But Tun, I got this new scam in my email today. Name and address withheld of course (but for a price we do full recitals you know), anyhow, I thought that I share it with all here. Be careful with your emails these days folks. More scammers than spammers now. Do not reply, do not ever reply. They would thrive on that kind of reaction from any of us. Just delete - is my free advice to all. I no stupid.
________________________________________________________________________
From: Withheld
How do you do? Am pretty sure that all is well with you. Just wanted to contact you regarding your interest in a business opportunity. We are offering a solid long-term business that is backed by an easy marketing SYSTEM that anyone can do.
Our business is simple and we use a SIMPLE SYSTEM ... we market a breakthrough health product (HARD CURRENCY) with the power of mouth to mouth and Internet marketing. (EXCHANGE).
I will like to work with you on a very profitable business on currency exchange in all type of hard currency with market value, due to
the current and present Economic recession in the world market on Wall Street and Main Street in the US . In regards to difficulties in capital market, i will like us to do some profitable business on currency exchange, mostly with currency such as USD, Malaysia Ringgit, Euro, Pounds, Singapore dollar and Brunei dollar, i mean currency of high Economic value.
I will supply all this currency to you, under a very special arrangement into your destination of your choice, and you arrange for a banker or a local money exchange who can help us to change the money, not with market value, but with street value base on high interest rate.
NOTE: The amount is up to millions so if you want it to be Singapore Dollar, Malaysia ringgit, USD, EURO, POUNDS or Brunei Dollar also, ( IT DEPENDS HOW MUCH YOU WANT TO CHANGE) , i will supply to you. So that we can work on it.
Eg; I will supply 200,000 Singapore dollars legal tender that can be changed in any bank or any money changer in an exchange rate of 40,000 usd, or i supply 100,000 Malaysia ringgit legal tender in an exchange rate of 10,000usd,
( PLEASE ASK A QUESTION LIKE THIS,,,,IF I BRING 100,000 USD OR MORE THAN THAT HOW MUCH WILL BE MY INTEREST ??? ). X
I will provide details information on how we will work on this issue , immediately i receive your acknowledgment identifying interest in working with me on the subject matters. Looking forward to your urgent reply.
Best regards to your success.
Please kindly contact me at: 044- (withheld)
____________________________________________________________________
By Melayu Boleh on April 25, 2009 5:04 PM
Artikel yang cukup bermanfaat.
Adakah sistem bank yahudi yang mendapat sambutan hangat daripada orang Islam perlu dirombak dan digantikan dengan sistem Bank Islam yang dianaktirikan oleh orang Islam sendiri?
Renung-renungkanlah dan Selamat Beramal...
By NASH on April 25, 2009 5:04 PM
SALAM TUN,
I AM NOT SURE WHETHER YOU ARE REFER TO MALAYSIAN BANKS OR IN GENERAL.
AS FAR AS MALAYSIAN BANKING SYSTEM THE LENDING IS LIMITED BY LIQUIDITY RATIOS AND SINGLE CUSTOMER LIMITS WHICH IS CONTROLLED BY BNM.IT IS NOT THAT EASY AS WHAT YOU SAY. IF BANKS CAN LEND AS WHAT YOU SAY ALL BANKS CAN START LENDING WITHOUT LIMIT AND EARN HUGH INTERESTS WITHOUT BASE. AT THE END THE SHAREHOLDERS PACK THEIR INTERESTS AND BACK OFF.
IN MOST CASES THE FAILURE IN BANKING IS DUE TO UNEXPECTED FALL IN THE VALUE SECURITIES CHARGED SUCH AS SHARES AND PROPERTY MARKET AND MOST OF ALL INEFFICIENT MANAGEMENT PLUS CORRUPTION AND POLITICAL INTERFERENCE.
THANK YOU
By pakbelalang on April 25, 2009 5:33 PM
KUALA LUMPUR: The Umno Supreme Council agreed on Friday to hold a special general assembly at the end of this year to amend party constitution pertaining to the party's election process to make it more transparent, open and democratic.
comment:
Kita lihat setakat mana pemimpin-pemimpin UMNO berani membuat perubahan besar untuk memulihkan semula keyakinan rakyat terhadap parti UMNO.
UMNO must change totally its "rusty image". Even its logo must change.Get rid of the useless "rusty keris" and replace with a symbol that reflects a real ONE MELAYU !! Our cultural, social, educational and political environment have changed drastically and UMNO must "overhaul" its vision and mission to face new challenges. Our needs and aspirations are now totally different from 50 years ago. We are now living in a very complex and sophisticated world and we must adjust accordingly. Our hopes and expectations are very high and we expect UMNO leaders to be more focus and transparent in carrying out their responsibilities. They must be seen at all times to have the highest integrity of the first order or else UMNO will failed miserably to get the respect due from the Malays.
Surprisingly, Tan Sri Rafidah is still in the limelight being appointed as a member of MT.Well, I hope Sharizat is comfortable with her around.
By ahh on April 25, 2009 5:51 PM
yang nie saya sokong tun bile orang tak boleh nak bayar depa kejar teruk teruk cuma cara kejar mintak hutang tuh lebih baik sikit dari ah long jer.
Saya tak kesian kat bank yang bagi pinjam tapi apa jadi pada orang yang mendapat pinjaman tersebut dan tak boleh nak bayar.berjaya dalam negara semestinya tidak kerana ada hutang banyak.Pastu pulak orang yang nak betul2 pinjam tak bagi.
contoh kalau kita takda duit nak buat perniagaan nak pinjam tak bagi tapi kalau kita ada syarikat untung beratus ribu sebulan bukan main lagi datang siap tunduk untuk bagi pinjaman.Tujuan asal nak bagi pinjam pun tak betul semuanya untuk keuntungan.Orang nak pinjam nie orang yang takda duit jer.itu yang bank tak faham sampai sekarang.sebab depa duk buat macam yang tun cakap kat ataslah. Pastu dok salahkan orang.
By anakbudu3 on April 25, 2009 6:08 PM
Assalamualaikum Ayahnda Tun n Bonda,
Bab ni cukup membengangkan!
Zaman laa ni adaka yang tak utang bank? rumah? kereta? pendidikan anak2? insuran? pelaburan? kalu ada yang tak pernah utang bank tu, tabik spring laa. mungkin yang duduk betui2 nun di ulu sana nu, makan apa yang ada di keliling rumah, anak2 tak bersekolah, ke bandar jauh sekali, api, ayaq takdak. Pendek kata mungkin takdak dah kut lagu tu...pekebun kecikpun paling tidak utang koperasi...utang tokey baja, tokey hardware atau tokey perabut...
tengok orang2 besaq yg dapat credit dari bank semata2 nak beli saham, bersepah2. kes MB selangor kena saman ngan Bank Islam sampai 66juta tu apahal? kaya rupanya dia nih!! patutla b.abi kepung dia sangat...rupanya boleh tunggang tegolek tumpang senang...kalu orang politik, terkenal, semudah tu dapat utang bank juta2, tak payah bayaq pun takpa, tunggu saman. kalu orang kecik macam kita, nak pinjam 5,6 ribu pun banyak soal, padahal jaminan bayaq balik ngan gaji, kecikpun bayaq balik...tak boleh lari, potongan gaji pa?? tapi punyala payah nak dapat, kadang2 pi mai pi mai berkali2, sampai longgaq kepala lutut, baru depa lepaih...
tu tak cakap lagi bab layanan di bank. kalu yang masuk tu jantan, pakai smart, takdak duit pun takpa, tapi kerani2 pompuan tu pi dok layan macam raja...kalu ala kadar macam makcik nak pi market, buat endah tak endah saja. maklumla, jarang mai bank...makcik tak sekolah, tak pandai nak guna transaction machine kat luaq tu, terpaksa mintak tolong kerani di counter...bila makcik tu mintak tolong isi borang jumlah keluar simpanan dia sendiri, bukan utang sapa2, 20,000 @ 30,000, baru melopong sakan, hambik kau. depa tak tau makcik tu bulan2 masuk lebih dari gaji depa kerja di bank tu. rumah2 n kedai2 sewa dia n lain2 pendapatan lagi...mau kena belajaq jgn tengok luaran saja...
Ni satu hal lagi,
Ada ke guna plastik melambangkan kekayaan? tu yang orang laa ni berlumba2 buat. Kalu takdak duit, buatla cara takdak duit, tak payahla pakai credit card sebab cukup bulan tinggai abuk, baik tak baik, kena utang sana sini pulak nak bayaq utang credit card...tu bukan lambang kekayaan, sebenaqnya lambang menuju kepapaan adalaa...orang yang bulan2 masuk beratuih ribu takpa laa. Ni kalu baru start kerja, setahun tak sampai RM30,000.00 dah nak guna credit card, eksyen nak mampuih...lepaih tu ujung bulan, mula la buat muka seposen ngan makbapak nak langsaikan utang credit card...
dont trust the use of credit card as a means of transaction because it will cause the clients to accumulate debts in something they never purchase - extra charges on services, late payment charges, hidden interests n legal charges n what not...
users are being conered to pay extra charges even when they never purchased anything. many people had bitter experience using credit cards n the more hideous n bitter part of credit cards comes to surface with the legal firms act as agents sending claim letters to the extend of blackmailing clients, extorting them to face legal actions n so on, even when the amount is not that outstanding... sometimes just like bread crumbs.
Sometimes, conman with the help of an insider in a bank, can use our details to get the access n a friend of mine was nearly declared bancrupt when he couldnt n didnt want to pay a large amount of debt appeared under his name...n there are many other business cons n cheats in banking business that can cause defamed of innocent people...
Peniaga kecik, peladang, petani, pekebun, nelayan mungkin lega sikit bila agrobank bagi kelonggaran pinjaman/credit, cuma berlaku jujurlah pada diri sendiri membayar balik utang2 tu. Kemudahan yang ada jgn dipersia-siakan, membuat kerja yang baik, menggunakan kudrat dan yg penting sekali, kerja halal, seribu kali lebih baik dari kerja mendajal orang lain...HIDUP RAKYAT JELATA!!!
jgn termakan hasutan mereka yang suka tengok negara huru-hara. kalu kita ikut gelagat depa, takdak hasilnya. depa takpa laa, boleh dapat duit senang2, main politik 24jam, kerja dok hentam kiri kanan, memang dah takdak kerja lain nak buat, berceramah pagi petang siang malam, sedekah orang bagi dalam kupiah bergantang2, masuk poket depa tak dak rasa bersalah sikit habuk...senang banyak hidup macam tu..
kita bersengkang mata berkerja, menggunakan tenaga empat kerat ni jgn dok pi layan depa2 tuh. kalu anak2 kita tak boleh belajaq, bukan depa nak tulong ajaq, kalu anak2 kita lapaq, depa bukan rajin nak mai huloq, kalu ikut depa, silap haribulan kita kena tangkap, bukan depa nak tulong masuk dalam sama atau tulong lepaih, balik2 salahkan kerajaan yang selama ni buat macam2 nak tolong rakyat...dah ramai orang terkena, insaf2la wahai anak muda...jgn biar fikiran dan darah muda anda disogok dgn cerita2 senjakala yang tak sudah2 dari penglipurlara tua lapaq kuasa nak jadi ketua negara...tanyala ibubapa atau orang tua yang kenal siapa dia ATAU bacalah dari banyak sumber yg ada, jgn terima bulat2 apa yg anda baca dari satu sumber saja sebab yg bulat2 tu biasanya taik kambing saja......
Ayahnda Tun n Bonda,
Inilah kisah rakyat biasa, tak punya nama, tak hambat glamor n hidup semata-mata kerana dijadikan Allah hambaNya, berbakti pada tanah ayaq, bangsa dan agama, untuk mencukupkan keperluan diri, keluarga dan membesarkan anak2 menjadi insan cemerlang, gemilang dan solehah, InsyaAllah, anak2 diingatkan sentiasa bersyukur kpd Allah, berterimakasih kpd ibubapa, guru2, rakan2 yg baik dan suatu hari nanti boleh memberi kembali bakti kpd negara yg tlh banyak memberi jasa -dari UPSR, PMR, SPM, DIPLOMA, IJAZAH mungkin anak2 akan sambung SARJANA, PhD, InsyaAllah...semuanya hasil jasa kerajaan...sekolah, buku2 teks, tenaga n kepakaran guru2, masuk kolej/universiti...
anak2 saya tak pernah dapat biasiswa masa di sekolah sebab saya cikgu tp saya selalu nasihat anak2 supaya selalu bersabaq n jgn lapaq yg bathil sebab bukan hak kita...InsyaAllah, kalu ada rezeki tak ke mana...biar saya susah laa ni utang bank n koperasi nak bagi anak2 belajaq...bukanla nak kata saya ni baik sangat tapi selalu diingatkan oleh mak dan arwah bapa, jangan ambik kalu bukan hak kita....kalu jumpak 5 duit pun jgn ambik...nanti rezeki ditarik balik berganda2...
Bab biasiswa ni pun satu. Pelajar2 yang tak layak ramai yang mohon n dapat biasiswa walaupun ibubapa berpendapatan lumayan, adik beradik tak ramai, dua tiga orang saja tapi bila isi borang biasiswa, TIPU kata duduk dgn nenek, mak sedara, tok sedara, kerja kampung, ramai tanggungan dll walaupun ada ibubapa mereka berniaga besar, doktor private, lawyer dan sebagainya tapi dah tulih dlm borang duduk dgn orang lain yg susah kononnya, dapatlah biasiswa tu...inilah kenyataan yg berlaku di banyak sekolah harian n asrama penuh. Yang sebenarnya, mereka yang tak layak langsung ni lupa bahawa bila makan hasil bukan hak kita, belajarlah bijak macam manapun, tak akan mendapat berkat...percayalah. kalu senang kemudian haripun, tak bahagia, kucar-kacir, hati tak pernah aman sebab darah daging dicemari duit tak halal sejak dari zaman budak lagi...ntahlaaa
Semoga apa yang dipaparkan menjadi pedoman kita semua.
Semoga Allah SWT memberkati Ayahnda n Bonda berdua sentiasa...
Semoga allah memberkati jua arwah Ayahku...
Wassalam.
just my brain wave...
By thebigdipper on April 25, 2009 6:14 PM
Dear Tun,
Thank you for enlightening us.
So it's obvious now that the whole western way of life
is based on a very false premise. And to think that they
have managed to fool the rest of the world for so long.
And of course they have managed to pull this off only with
the great connivance of their media.
And another thing, the western media is wont to pretend
that they are all so liberal, free and great defenders of
democracy. Particularly those in Britain, France and
Australia, which only makes us really want to puke.
We know very well that they kowtow into the dust to please
their masters i.e Jewish interests.
The truth is the western media is just a lot of
bunkum.
By thebigdipper on April 25, 2009 6:15 PM
Dear Tun,
Thank you for enlightening us.
So it's obvious now that the whole western way of life
is based on a very false premise. And to think that they
have managed to fool the rest of the world for so long.
And of course they have managed to pull this off only with
the great connivance of their media.
And another thing, the western media is wont to pretend
that they are all so liberal, free and great defenders of
democracy. Particularly those in Britain, France and
Australia, which only makes us really want to puke.
We know very well that they kowtow into the dust to please
their masters i.e Jewish interests.
The truth is the western media is just a lot of
bunkum.
By jack on April 25, 2009 6:43 PM
Dear Tun i thought that the banks like any other business go under if they do bad lending practises.......
By bloghound on April 25, 2009 6:46 PM
Dear Tun,
Does Malaysian banks practise fractional-reserve banking? I hope they don't but that is very unlikely because it gives greater profit than full-reserve. I wouldn't be surprised if the inflation will keep rising because more and more money will be created out of thin air and printed because of the practise.
What you wrote can be summarised in a few words. Profits and greed caused the financial crisis. It has always been.
Blogh
By sputjam on April 25, 2009 7:35 PM
That is why singapore chose to be the financial centre of the region.
By eriksblog99.blogspot.com on April 25, 2009 7:44 PM
Ah, This is part of the conspiracy of the rich.
the only way to rob a bank now, is to own the bank itself.
With the banks allowed to profit on derivatives, this will lead the middle class and poor to suffer from inflation and they will always be dependent on debt to finance their lives. this will leave them to be deeper in debt and thus, owing their lives to the bankers.
By Tuan Yaacob on April 25, 2009 8:32 PM
Salam,
This time round Tun talked a lot about rich countries. I dont know since when Tun is so naived as to what is happening in his own backyard. A lot of bank loan in Malaysia given to Datuks, Tan Sris who are not real businessmen or unable to pay. Bank Managers are forced to give loans to these people as they are well and politically connected.
Bank Bumiputera problem never solved during your administration.
By HOT ZOOM on April 25, 2009 8:50 PM
Pengawalan dan kestabilan ekonomi bergantung kepada pemerintahan sesebuah negara yang stabil dah kukuh dan pelabur asing tidak merasa kerugian kiranya mereka mahu melabur dinegara itu.Pemimpin negara kita perlu telus dan bijak agar pelabur asing minat melabur dinegara ini.Peningkatan ekonomi bukan sahaja akan meningkatkan pendapatan orang tertentu sahaja,tapi perlulah diberikan kepada semua peringkat tan 'memilih bulu'.Barul adil dan saksama.
Tak mahu cakap tak serupa bikin.
http://zoompanas2.blogspot.com
http://jomkongsipeluang.blogspot.com
By Rimba Emas on April 25, 2009 9:03 PM
Salam buat Tun berdua moga dirahmati Allah s.w.t hendaknya.
1.Kepercayaan yang kuat terhadap pesan Nabi Muhammad s.a.w supaya kembali kepada al-Quran jika segala masaalah kebuntuan umat manusia atas rezeki pemberiannya setiasa jadi rujukan yang saya junjung setinggi-tingginya.
2.Ikutkan hati saya selagi system riba dan jalan-jalan yang menyerupainya digunakan sentiasa menyerap perasaan was-was jika menggunakannya maka keamponan sentiasa di pohon moga jalan yang lurus ditunjuki.
3.Rakyat walau pun mempunyai pilihan tapi kalau system itu bukan yang tertulis bagai kata Allah s.w.t kemanakah kita sebenarnya?
4.Soalannya adakah riba telah juga terguna oleh permainan atas nama Islam ?
5.Di lihat kebaikan dan keburukan oleh riba sentiasa berpusing dan tiada kesudahan.Waima bank di Amerika walau pun memberi peluang rakyat miskin berpeluang mendapat pinjaman.Tapi menjahanamkan kedudukan Bank mereka.Sebabnya Bank itu juga diguna pakai oleh pelabur-pelabur mereka di luar negara melalui pinjaman.
6.Ramai yang menggangur maka kurangnya permintaan untuk membeli barangan.
7.Pengeluar pula tidak sanggup mengurangkan harga barangan semaksimumnya kerana takut kehilangan keuntungan atas harga bahan-bahan sebaliknya di tolak ke pekerja-pekerja yang diberhentikan.
8.Semuanya disebabkan kenaikan harga bahan-bahan yang asalnya didapatkan secara percuma kurniaan Allah s.w.t.
9.Bank di Malaysia memilih jalan selamat mengenakan harga tinggi terhadap bunga.Rakyat miskin tidak berpeluang membuat pinjaman untuk kereta yang besar.Barangan-barangan terbaru semuanya di letakkan harga tinggi disebabkan system bank-bank ini membolehkan rakyat berhutang.Akhirnya rakyat yang bekerja dikilang-kilang yang eksportnya ke negara Amerika yang terjejas.Kehandalan kita menjaga bank-bank mengurangkan kehendak rakyat miskin.Sistem kita adalah untuk memperbanyakkan pelaboran rakyat luar.Rakyat kita diharap makan gaji dengan pelabor ini.
10.Kerana Bank Malaysia tidak kena tempias dan satu-satunya adanya Bank Islam di dunia.Dulu dipinggir kini pengaroh glokal untuk menaikkan Islam maka berbagai system dicipta manusia melarikan asas tulin dalam al-quran menyebabkan ramai bukan Islam menyertainya.
11.Adakah system ini akan mendekatkan diri kita dengan Allah s.w.t.
dan menyelesaikan masaalah ekonomi dunia ?
12.Kesan malaksanakan hanya yang tertulis dalam al-quran banyak membawa ramainya umat yang beragama Islam.Sebaliknya yang menambah, mengubah-gubah serta mengunakan nama Islam menyamai sistem konvesional.
13.Wahai Sistem ekonomi ikutlah al-Quran,wahai harga bahan asas kembalilah keharga asal mu kerana kau mengambilnya secara percuma dari Allah s.w.t,wahai barang kembalilah keharga asal serendahnya,wahai manusia berniagalah sejujur-jujur mengikut hukum asal al-quran,tiada riba dalam perniagaan cuma hadiah yang ditetapkan sampai bila-bila itulah jalan untung yang sebaik-baiknya.
14.Walahua'lam.
By shahrul on April 25, 2009 9:46 PM
well,what can we do about it? Nobody want to use the Islamic way...
By jamilmalik on April 25, 2009 10:24 PM
DEAR TUN,
1) BANKS AND OTHER FINANCIAL INSTITUTIONS TOUCHES EVERYBODY'S LIFE IN THE MODERN WORLD. LIKE IT OR HATE IT, WE ALL HAVE TO USE THEM SOMETIMES. BE IT TO TRANSACT A VERY SIMPLE TRANSACTION LIKE ATM WITHDRAWAL TO CAR-LOAN OR HOUSING LOANS.
2) GETTING A BANKING OR FINANCIAL INSTITUTIONS LICENCES IS LIKE GETTING RIGHTS TO MAKE TONS OF MONEY. THAT IS WHY PEOPLE ARE WILLING TO PAY MILLIONS JUST TO GET HOLD OF SUCH LICENCES.
3) IT IS A BUSINESS SO EXCLUSIVE THAT THE BANKS CAN CHARGE FOR ALMOST ANY AMOUNT FOR ITS SERVICES. IMAGINE BANKS CHARGE COMMITMENT FEES IF YOU DON'T USE YOUR OVERDRAFT FACILITY. NOW THEY EVEN CHARGE RM5 PER MONTH IF YOUR ACCOUNT IS DORMANT, AND THEY CONTINUE TO DEDUCT FROM YOUR ACCOUNT UNTIL IT IS ZERO!
4) HOWEVER, HERE I LIKE TO BRING TO YOUR ATTENTION OF HOW THE ECONOMIC GAP BETWEEN THE RACES(I JUST HATE TO MENTION IT BUT ITS REALITY) IN MALAYSIA FROM THE FOLLOWING STATISTICS AT THE RECENT AMANAH SAHAM NASIONAL WEEK:
4A) ASN LAUNCH NEW ASN SHARES TOTALLING 3.33 BILLION SHARES
4B) 999MILLION SHARES ALLOTTED TO CHINESE RACE OR 100% WERE TAKEN-UP WITHIN ONE WEEK;
4C) 1.665BILLION SHARES ALLOTTED TO MALAYS BUT ONLY 0.006% OR 7.65MILLION SHARES WERE SOLD;
4D) 499.5MILLION SHARES WERE RESERVED FOR INDIANS, BUT BETTER TAKE-UP RATE THAN THE MALAYS OF 0.2% OR 53.5MILLION SHARES SOLD.
WHAT DOES THE ABOVE STATS TELL YOU? SIMPLE TRUTH AND NO POINT DENYING THAT LARGE PORTION OF OUR ECONOMY ARE FIRMLY IN THE HANDS OF BROAD BASE OF CHINESE COMMUNITY.
HAS THE NEW ECONOMIC POLICY FAILED? NO AND YES! THE NEP HAS PUT LOTS OF CASH INTO THE HANDS OF FEW. FOR EXEMPLE, ANANDA KRISNAN WAS MADE SUPER-SUPER RICH BY THE GOVERNMENT THRU MAXIS/ASTRO/TANJUNG/IPP BUT WHAT ABOUT THE INDIAN COMMUNITY IN GENERAL. THEY ARE STILL POOR. ANOTHER EXAMPLE, DAIM ZAINUDDIN CREATED HALIM SAAD, TAJUDDIN RAMLI, WAN AZMI AND SEVERAL MORE TO BECOME SUPER RICH BUSINESSMEN OVERNITE, THEY MAYBE WIPE-OUT FROM THE MAP, BUT THEY ARE STILL RICH LIVING ON THEIR SAVINGS. BUT THE MALAYS IN GENERAL STILL LIVING POORLY.
THE CHINESE ON THE OTHER HAND, HAD MORE THAN TWO GENERATION HEAD-START IN BUSINESS IN MALAYSIA AND KEPT CONTROL OF MOST OF THE BUSINESS SECTORS. WHEN YOU ARE IN BUSINESS, SURELY YOU WILL HAVE THE CASH AND RESERVES. THATS A REALITY.
THERE IS NO FORMULA TO SUCCESS OTHER THAN HARDWORK IN BUSINESS. IF YOU ARE A GOVERNMENT SERVANT, THIS IS WHERE MOST MALAYS ARE, THE BEST IS THE PENSION FOR LIFE. SO YOU WON'T GET RICH.
SO THE GAP WILL BE THERE!
SAD TO SAY, THE NEP MUST CONTINUE TO HELP THE MALAYS AND INDIANS AND OF OTHER RACES IN SABAH AND SARAWAK INTO BUSINESS AND MAKE THEM STAY IN BUSINESS.
IT MAY TAKE ANOTHER 10 OR 20 YEARS, SO BE IT.
THANK YOU.
JAMILMALIK88
By MALAYSIADREAM on April 25, 2009 10:38 PM
********************************************************************
Interesting indeed..!
It's the same way appplied by "David Copperfailed"..!
that made him the "The World Most Creative Illusionist Magician"
..earning lots..of..lots..of money by "cheating publicly & legally "
..winning lots..of..lots..of applause & cheering by "deceiving
openly & lawfully "...! Too bad there are so many..many more peoples
in the world are still the fans of "David Copperfailed" seemed to be
approving by his "Creative Minds".....!
That's truly amazing..No wonder..He is the Only Man In the World Can
Made A Kid Flying......!We'd all seen that actually happened....!
********************************************************************
By jerry.in.sg on April 25, 2009 10:54 PM
Dear Tun,
thank you again for another informative piece of article.
I know there are more to come.
I hope you will be given an avenue by the current government to utilise your sharp acumen in economics.
I believe your experience and advise will only benefit our country.
Always regard you highly in my heart.
jerry.in.sg
By heicalmy on April 25, 2009 10:59 PM
Salam Tun,
Dukacita sungguh bila PM baru pilih Nazri,dia ini tak habis habis kritik Tun .Mungkin sakit hati yg tak bolih padam .Patut dia hargai pendapat orang bukan terus melemahkan kebenaran yg diberi .Mungkin hendakan Glamor murahan .Memang jenis Talam Dua Muka,Lalang ikut angin tunggu 4 tahun lagi.Orang Kampong lebih pandai cakap dari dia.
Teruskan Idea Idea Tun untuk Pembangunan Malaysia.
Jambatan Bengkuk mungkin bolih digantikan dengan Terowong seperti Smart Tunnel.Kebebasan masuk dari mana saja dan mendarat dimana saja.
Salam .
By sarjan hassan on April 25, 2009 11:24 PM
assalamualaikum Tun,
trying to absorb and comprehend Tun's latest piece.any chance to have it in Bahasa Malaysia?
terimakasih atas sumbangan Tun.semoga sentiasa dilindunggi ALLAH SWT.
By siam kedah on April 25, 2009 11:25 PM
Dear Tun,
I cannot see anything wrong with banking business making profits by multiplying the money deposited into their system. This is a known fact and each and every banks in Malaysia is doing the same. Banking is leveraging on the trust from their clients. Once they have the money in their account they are legally allowed to provide loans to people who needed capitals for their real business. If Pak Cik and Mak Chik don't want to trust the banks they can keep their money under their pillows. What is the benefits of keeping papers?
Even politicians are using the same leverage in their business. UMNO leaders leveraging on the trust given to them by Pak Cik and Mak Cik in kampung. Even 14 percent Malaysian voted for UMNO in the last elections Najib is still the PM for all Malaysians. Can we say Najib is and in fact all Prime Ministers as false politicians.
I beg to differ with you on this subject Tun. You cannot say the banking business is a false and politicians business as legitimate.
By crazy diamond on April 25, 2009 11:27 PM
Dear Tun,
This is out of context. I'm a bit dissatisfied with UMNO recent decision in appointing Shafie Apdal as Kedah State UMNO chairman. It seems to me there is no charismatic leaders from Kedah anymore which a bit weird to me. To say that Kedah have no more charismatic leaders is totally untrue, but I do believe that they have every reasons until have to make that decision. For me to appoint Mukhriz in leading Kedah state is justifiable even though he seems short of experience needed, but he is your son (you have been sort of in fluency factor for most of Kedahans, no doubt about it). I think UMNO have to consider this factor anyway.
The recent move / action taken by Najib to meet people directly by walking around to several places in KL has shown his desire to narrow the gap between people and leaders, races and other races, religion and other religions. I'm pretty sure it will eventually turn into positive result which we can see it in the next PRU Insyaallah.
I do hope Najib will consider and examine your views in several matters you have brought up in your blog or even in newspapers. He have to avoid the same mistake that Pak Lah has done during his premiership. This has been thought in your recent comment about the importance of history to mankind which I felt it was relevant to not only leaders but also to a normal person. First mistake is forgivable second same mistake is unacceptable.
BUSTANUL BISTARI BEY
By Lahm on April 25, 2009 11:45 PM
Dear Tun,
Yes Capitalism has failed. Islamic banking or more regulated financial system is needed. The problem with Islamic banking is the brand name itself. Although the system is liked by some westerners, the brand "Islam" would not interest many especially those in the western financial hemisphere. More regulated market will go totally against the principle of the American philosophy. So, this financial crisis is more difficult to overcome when compared to the great depression where the solution was to create financial systems such as the split of consumer banking and central banking. It needs change in the fundamental thinking of capitalists or rather pure repent from being greedy.
By Mas Merah on April 25, 2009 11:53 PM
Salam TUN
1 MAKLUMAT BARU BUAT ORANG SEPERTI SAYA, APA YG TUN TULIS DI ATAS.
2 NAMPAK SUDAH PERUBAHAN DALAM UMNO SEPERTI PELANTIKAN BANYAK MUKA BARU UNTUK MENGETUAI UMNO NEGERI TUN, CUMA PANDANGAN SAYA SUPAYA UMNO KURANGKAN/TIDAK CAMPUR TANGAN DALAM URUSAN JABATAN-JABATAN KERAJAAN DI KELANTAN.
3 RAKYAT TIDAK SUKA, TERUTAMA DALAM JABATAN PELAJARAN KELANTAN.
TQ
By leading on April 26, 2009 12:14 AM
Tun,
Yes, they are agressive too. Without appying for it, I am sure many have even received cheques amounting up to RM20,000 from credit card issueing banks before.
Regards,
www.leading.com.my
By Capt on April 26, 2009 1:10 AM
Dear Tun, may i add this too ?
What is a sub-prime loan?
In the US, borrowers are rated either as 'prime' - indicating that they have a good credit rating based on their track record - or as 'sub-prime', meaning their track record in repaying loans has been below par. Loans given to sub-prime borrowers, something banks would normally be reluctant to do, are categorized as sub-prime loans. Typically, it is the poor and the young who form the bulk of sub-prime borrowers.
Why loans were given?
In roughly five years leading up to 2007, many banks started giving loans to sub-prime borrowers, typically through subsidiaries. They did so because they believed that the real estate boom, which had more than doubled home prices in the US since 1997, would allow even people with dodgy credit backgrounds to repay on the loans they were taking to buy or build homes. Government also encouraged lenders to lend to sub-prime borrowers, arguing that this would help even the poor and young to buy houses.With stock markets booming and the system flush with liquidity, many big fund investors like hedge funds and mutual funds saw sub-prime loan portfolios as attractive investment opportunities. Hence, they bought such portfolios from the original lenders. This in turn meant the lenders had fresh funds to lend. The sub prime loan market thus became a fast growing segment.
What was the interest rate on sub-prime loans?
Since the risk of default on such loans was higher, the interest rate charged on sub-prime loans was typically about two percentage points higher than the interest on prime loans. This, of course, only added to the risk of sub-prime borrowers defaulting. The repayment capacity of sub-prime borrowers was in any case doubtful. The higher interest rate additionally meant substantially higher EMIs than for prime borrowers, further raising the risk of default.Further, lenders devised new instruments to reach out to more sub-prime borrowers. Being flush with funds they were willing to compromise on prudential norms. In one of the instruments they devised , they asked the borrowers to pay only the interest portion to begin with. The repayment of the principal portion was to start after two years.
How did this turn into a crisis?
The housing boom in the US started petering out in 2007. One major reason was that the boom had led to a massive increase in the supply of housing. Thus house prices started falling. This increased the default rate among subprime borrowers, many of whom were no longer able or willing to pay through their nose to buy a house that was declining in value.Since in home loans in the US, the collateral is typically the home being bought, this increased the supply of houses for sale while lowering the demand, thereby lowering prices even further and setting off a vicious cycle. That this coincided with a slowdown in the US economy only made matters worse. Estimates are that US housing prices have dropped by almost 50% from their peak in 2006 in some cases. The declining value of the collateral means that lenders are left with less than the value of their loans and hence have to book losses.
How did this become a systemic crisis?
One major reason is that the original lenders had further sold their portfolios to other players in the market. There were also complex derivatives developed based on the loan portfolios, which were also sold to other players, some of whom then sold it on further and so on.As a result, nobody is absolutely sure what the size of the losses will be when the dust ultimately settles down. Nobody is also very sure exactly who will take how much of a hit. It is also important to realize that the crisis has not affected only reckless lenders. For instance, Freddie Mac and Fannie Mae, which owned or guaranteed more than half of the roughly $12 trillion outstanding in home mortgages in the US, were widely perceived as being more prudent than most in their lending practices. However, the housing bust meant that they too had to suffer losses — $14 billion combined in the last four quarters - because of declining prices for their collateral and increased default rates.The forced retreat of these two mortgage giants from the market, of course, only adds to every other player's woes.
What has been the impact of the crisis?
Global banks and brokerages have had to write off an estimated $512 billion in sub-prime losses so far, with the largest hits taken by Citigroup ($55.1 bn) and Merrill Lynch ($52.2 bn). A little more than half of these losses, or $260 bn, have been suffered by US-based firms, $227 billion by European firms and a relatively modest $24 bn by Asian ones. Despite efforts by the US Federal Reserve to offer some financial assistance to the beleaguered financial sector, it has led to the collapse of Bear Sterns, one of the world's largest investment banks and securities trading firm. Bear Sterns was bought out by JP Morgan Chase with some help from the Fed.The crisis has also seen Lehman Brothers - the fourth largest investment bank in the US - file for bankruptcy. Merrill Lynch has been bought out by Bank of America. Freddie Mac and Fannie Mae have effectively been nationalized to prevent them from going under.Reports suggest that insurance major AIG (American Insurance Group) is also under severe pressure and has asked for a $40 bn bridge loan to tide over the crisis. If AIG also collapses, that would really test the entire financial sector.
How is the rest of the world affected?
Apart from the fact that banks based in other parts of the world also suffered losses from the subprime market, there are two major ways in which the effect is felt across the globe. First, the US is the biggest borrower in the world since most countries hold their foreign exchange reserves in dollars and invest them in US securities.
Thus, any crisis in the US has a direct bearing on other countries, particularly those with large reserves like Japan, China and - to a lesser extent - India. Also, since global equity markets are closely interlinked through institutional investors, any crisis affecting these investors sees a contagion effect throughout the world.,__ somehow its effect to me at Kapas Island/Malaysia will show as drop in tourist coming over to the island.
Cheersmate,
PirateKing
By kwoonfai on April 26, 2009 1:21 AM
Dear Tun, basically what you have mentioned summarizes the inherent flaws found in capitalism and the fractional reserve banking system, which is of course practiced by our banks as well from cimb, bsn to public bank etc. An ideal, sure-profit business model of creating money out of thin air. Does it seem coincidental that their founders are filthy rich?
But at the end of the day, what are you trying to implicate then? To embrace socialism in Malaysia? (which is doing very well for China anyway) I guess it's rather difficult. Or ask the majority Malaysians to change overnight and start saving now, given their naturally spendthrift nature (which are further exacerbated by Western media which indulge in exuberance)? But even if they have the intention to save, many are enslaved by heavy debts generated from necessities such as (especially) cars and housing. Taking Proton as an example, your initial benevolent intention of spurring the country's development by introducing locally made cars has now unfortunately degenerated into a debt-generating instrument for many Malaysians. It does not take a nuclear scientist to figure out that car prices in Malaysia are artificially and grossly inflated due to the protectionist market present here and many have to resort to banks to finance their purchases.
Malaysia's economy is now basically facing great difficulties as more and more rakyat are consumed by never ending amount of debts, inflation and heavy dependency on commodities-based exports. If nothing radical is done to further promote the k-economy (and generate wealth from foreign countries), Malaysia will face the same fate as the US or Indonesia someday. The very reason that US is still able to withstand the credit crunch (albeit technically speaking their economy is bankrupt) could be attributed by their strong technological developments and creative industry (media, movies, music etc), which primarily deals with intellectual properties such as patents, copyrights, royalties and such.
India, despite a relatively poor country in comparison with ours, has companies like Infosys, Satyam, Wipro and Tata which are multi-billion companies. Same goes for China (alibaba etc). Malaysia has none (forget about InventQ), which is very devastating given your humongous effort to spur the k-economy via your MSC initiative. Something is very wrong here and should be examined.. the facilities are here but the entrepreneurs and human capital are missing. Where are they? Brain drain perhaps?
This is very surprising given the fact that Malaysia's unique multi-cultural society enables their rakyat to communicate and comprehend in various global languages (namely English, Malay, Chinese etc). Basically Malaysians are very talented and smart.. yet when it comes to wealth generation we are lagging behind couterparts like India and China (where once we were ahead of them). Just my 2 cents.
By amin tan on April 26, 2009 1:59 AM
Dear Tun,
Forgive me for saying this. Maybe it is new to you but to any economics student what you are saying is actually basic banking principle called credit creation. But the way you sensationalise it sounds so negative and criminal using "false economy", "thin air". In banking like in life in general good will, trust, credit worthiness, subprime are important factors. It is not cheating when banks lend more than their reserves because reserves are essentially idle money. It has been calculated statistically and allowed by bank negara for banks to lend up to 10 times their reserves.
Likewise in the case of individuals buying houses and cars on basis of deferred payment or instalment. They dont have that kind of money at the point of time when they buy the house or car. they only pay the deposits. But they deferred payment in instalments for 25 years or 5 years or whatever. This is good for the wellbeing of the people since it helps to create demand as production has exceeded demand due to advancement of technology and automation.
What a waste of resources and material wealth if we allow people to buy only up to the amount of money they actually possess like doing away with credit cards and credit creation. Think about it carefully and deeply, it is and it allows wealth creation. It is modern economy, Sir.
Amin Tan
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About Me
Dr. Mahathir Mohamad
Putrajaya, Malaysia
Prime Minister of Malaysia
1981 - 2003
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Tuesday, April 21, 2009
RM25m target for Takaful's new fund
2009/04/21
RM25m target for Takaful's new fund
JOHOR BARU: Takaful Malaysia hopes to rake in RM25 million from 100,000 investors this year through the sale of its newly-launched "Takaful myInvest" product.
This is the company's first regular contribution product or open-ended product targeting those who wish to diversify their investment portfolios while given insurance protection.
Takaful chief financial officer Azian Kassim said the company hoped to generate sales volume of RM800,000 during Malaysia Unit Trust Week (MSAM 2009).
"As this product is linked to the local equity and money markets, it is timely to launch this fund as most of the stocks are under-valued.
"Predictions show that the economy in the second half of the year will improve, which means the price of the fund is likely to increase."
The fund was launched by Prime Minister Datuk Seri Najib Razak at the MSAM 2009 in Plaza Angsana here yesterday.
"Takaful myInvest" allows investors to invest from as little as RM100 and gives them the choice to undertake from moderate to dynamic risk and returns from its four syariah-compliant investment funds.
They are Dividend (Irad), Blue Chips (Istifad), Index Tracker (Ihfaz) and Growth (Ittihad) funds.
For moderate-risk fund such as Irad, investors will not need to wait for the right time to invest as they are able to have consistent dividends from fundamentally sound companies, while Istifad allows investors capital appreciation during a good market run.
Azian said Takaful myInvest provided a constructive investment plan designed to act as an investment vehicle allowing investors to spread their savings while having the benefits of insurance protection. The funds are managed by the investment division of Takaful Malaysia.
Azian said the company was not worried about competition from similar funds in the market as those in existence were launched when the share prices were high.
"We started when the market is slowly picking up, which means better potential for growth and returns."
"Takaful myInvest" is open to individuals aged between 18 and 65
RM25m target for Takaful's new fund
JOHOR BARU: Takaful Malaysia hopes to rake in RM25 million from 100,000 investors this year through the sale of its newly-launched "Takaful myInvest" product.
This is the company's first regular contribution product or open-ended product targeting those who wish to diversify their investment portfolios while given insurance protection.
Takaful chief financial officer Azian Kassim said the company hoped to generate sales volume of RM800,000 during Malaysia Unit Trust Week (MSAM 2009).
"As this product is linked to the local equity and money markets, it is timely to launch this fund as most of the stocks are under-valued.
"Predictions show that the economy in the second half of the year will improve, which means the price of the fund is likely to increase."
The fund was launched by Prime Minister Datuk Seri Najib Razak at the MSAM 2009 in Plaza Angsana here yesterday.
"Takaful myInvest" allows investors to invest from as little as RM100 and gives them the choice to undertake from moderate to dynamic risk and returns from its four syariah-compliant investment funds.
They are Dividend (Irad), Blue Chips (Istifad), Index Tracker (Ihfaz) and Growth (Ittihad) funds.
For moderate-risk fund such as Irad, investors will not need to wait for the right time to invest as they are able to have consistent dividends from fundamentally sound companies, while Istifad allows investors capital appreciation during a good market run.
Azian said Takaful myInvest provided a constructive investment plan designed to act as an investment vehicle allowing investors to spread their savings while having the benefits of insurance protection. The funds are managed by the investment division of Takaful Malaysia.
Azian said the company was not worried about competition from similar funds in the market as those in existence were launched when the share prices were high.
"We started when the market is slowly picking up, which means better potential for growth and returns."
"Takaful myInvest" is open to individuals aged between 18 and 65
Global acceptance of halal industry growing
Global acceptance of halal industry growing
GLOBAL acceptance of the halal industry is growing at a feverish pace based on the keen interest shown by local and international firms, to participate in the Malaysia International Halal Showcase 2009 (Mihas 2009).
To be held from May 6-10 at the Matrade Exhibition & Convention Centre (MECC) here, about 490 firms have confirmed their participation in the event, Mihas chief executive officer Mohd Shukri Abdullah said.
Organised by the Malaysia External Trade Development Corporation (Matrade), 25 countries are expected to join the show, with five being newcomers.
Among the countries are China, Iran, Serbia, Taiwan, Thailand, Egypt, France, Japan, New Zealand, South Korea, Tunisia, United Kingdom, India, Japan and the United States.
There are also 12 companies from Palestine participating.
Shukri said there were applications from about 120 local and international partcipants to join Mihas but only 10 booths are still available.
"We are looking into ways to assisting them. But priority will be given to international companies," he told Bernama in an interview in Kuala Lumpur.
According to Shukri, the halal industry, valued at US$2.1 trillion for food and non-food products worldwide,will continue to grow rapidly in line with the increasing numbers of Muslims worldwide.
"Thus Mihas, will continue to create opportunities, by offering a platform for entrepreneurs to grow their business and keep pace with the halal industry's development.
"They should therefore take the opportunity to be part of Mihas. We have about 3,000 organisations with halal certification. For food, the number is around 1,500 but only 361 companies actually export via Matrade," he disclosed.
He said Mihas is offering a two-day incoming buying mission (IBM), where participants can seek to meet with more than 500 trade buyers flown in by Matrade from around the world.
To further promote the halal industry, Shukri said that Mihas will also organise a consumer fair in Penang and Johor by the end of this year.
"Mihas alone cannot do the job of promoting the halal industry and people are asking us to do more exhibitions.So, we will have a small consumer show in the states to promote the industry at home and help the small and medium enterprises reach bigger markets," he added.
He urged industry players, especially those involved in the food sector to get the halal certification and take advantage of the Mihas platform to go global.
"They also should improve their packaging quality in order to export their products by working with us and Matrade," he concluded. - Bernama
GLOBAL acceptance of the halal industry is growing at a feverish pace based on the keen interest shown by local and international firms, to participate in the Malaysia International Halal Showcase 2009 (Mihas 2009).
To be held from May 6-10 at the Matrade Exhibition & Convention Centre (MECC) here, about 490 firms have confirmed their participation in the event, Mihas chief executive officer Mohd Shukri Abdullah said.
Organised by the Malaysia External Trade Development Corporation (Matrade), 25 countries are expected to join the show, with five being newcomers.
Among the countries are China, Iran, Serbia, Taiwan, Thailand, Egypt, France, Japan, New Zealand, South Korea, Tunisia, United Kingdom, India, Japan and the United States.
There are also 12 companies from Palestine participating.
Shukri said there were applications from about 120 local and international partcipants to join Mihas but only 10 booths are still available.
"We are looking into ways to assisting them. But priority will be given to international companies," he told Bernama in an interview in Kuala Lumpur.
According to Shukri, the halal industry, valued at US$2.1 trillion for food and non-food products worldwide,will continue to grow rapidly in line with the increasing numbers of Muslims worldwide.
"Thus Mihas, will continue to create opportunities, by offering a platform for entrepreneurs to grow their business and keep pace with the halal industry's development.
"They should therefore take the opportunity to be part of Mihas. We have about 3,000 organisations with halal certification. For food, the number is around 1,500 but only 361 companies actually export via Matrade," he disclosed.
He said Mihas is offering a two-day incoming buying mission (IBM), where participants can seek to meet with more than 500 trade buyers flown in by Matrade from around the world.
To further promote the halal industry, Shukri said that Mihas will also organise a consumer fair in Penang and Johor by the end of this year.
"Mihas alone cannot do the job of promoting the halal industry and people are asking us to do more exhibitions.So, we will have a small consumer show in the states to promote the industry at home and help the small and medium enterprises reach bigger markets," he added.
He urged industry players, especially those involved in the food sector to get the halal certification and take advantage of the Mihas platform to go global.
"They also should improve their packaging quality in order to export their products by working with us and Matrade," he concluded. - Bernama
Focus stimulus measures on poor
2009/04/21
Jackson: Focus stimulus measures on poor
Former prime minister Tun Dr Mahathir Mohamad and Rev Jesse Jackson sharing a light moment before his talk in Cyberjaya yesterday. — Reuters picture
PUTRAJAYA: Efforts to stimulate the global economy will have better results if they are directed at poorer sections of society.
Rev Jesse Jackson Sr, president and founder of Rainbow/PUSH Coalition, said: "If we direct our reconstruction to those at the bottom, their pent-up demand will drive the global economy and stimulate our global recovery."
He was speaking at the Second Asean event series "Bridges-Dialogues Towards a Culture of Peace" here.
Towards this end, Jackson suggested that a larger international platform like a "G200" rather than the G20 might be better. Jackson, who was once an assistant to Dr Martin Luther King Jr, urged countries to rebuild their international, foreign and economic policies as well as reconstruct international institutions to make them more cooperative and inclusive.
"We need a global economy based on human rights and one that is based on one set of rules for the privileged as well as the poor," he said.
"We must build a new green economy to create jobs, wealth, protect the earth and sustain our species. This is not only the moral way to go, it is smart economics."
Among those at the event were Raja Muda of Perak Raja Dr Nazrin Shah and wife Raja Puan Besar Tuanku Zara Salim, former prime minister Tun Dr Mahathir Mohamad and his wife Tun Dr Siti Hasmah Mohd Ali.
Jackson: Focus stimulus measures on poor
Former prime minister Tun Dr Mahathir Mohamad and Rev Jesse Jackson sharing a light moment before his talk in Cyberjaya yesterday. — Reuters picture
PUTRAJAYA: Efforts to stimulate the global economy will have better results if they are directed at poorer sections of society.
Rev Jesse Jackson Sr, president and founder of Rainbow/PUSH Coalition, said: "If we direct our reconstruction to those at the bottom, their pent-up demand will drive the global economy and stimulate our global recovery."
He was speaking at the Second Asean event series "Bridges-Dialogues Towards a Culture of Peace" here.
Towards this end, Jackson suggested that a larger international platform like a "G200" rather than the G20 might be better. Jackson, who was once an assistant to Dr Martin Luther King Jr, urged countries to rebuild their international, foreign and economic policies as well as reconstruct international institutions to make them more cooperative and inclusive.
"We need a global economy based on human rights and one that is based on one set of rules for the privileged as well as the poor," he said.
"We must build a new green economy to create jobs, wealth, protect the earth and sustain our species. This is not only the moral way to go, it is smart economics."
Among those at the event were Raja Muda of Perak Raja Dr Nazrin Shah and wife Raja Puan Besar Tuanku Zara Salim, former prime minister Tun Dr Mahathir Mohamad and his wife Tun Dr Siti Hasmah Mohd Ali.
Wednesday, April 15, 2009
Religious knowledge through ICT
Tuesday March 31, 2009
Religious knowledge through ICT
By JO TIMBUONG
KUALA LUMPUR: Two years after its launch, KnowledgeGrid Malaysia will welcome a new application to its network.
Called IslamGrid, this new addition aims to promote religious understanding between Muslims and non-Muslims around the world.
The KnowledgeGrid is a national infrastructure that consists of hardware, software and services. It provides access to computing power and data for research and industrial development.
Jointly developed by applied research body Mimos Bhd, the International Islamic University of Malaysia (IIUM) and the Malaysian Administrative Modernisation and Management Planning Unit, IslamGrid will use the KnowledgeGrid’s infrastructure to collect,store and disseminate information about the religion and its contribution to world history.
Collating information
Work on IslamGrid started last year and it was showcased at the World Congress on Information Technology here.
“IslamGrid presently contains basic information about the religion like scriptures and prayer times but we are developing it to be even more than that,” said Associate Professor Dr Fauzan Noordin, chairman of the KnowledgeGrid Malaysia Forum.
He was speaking on the sidelines of the first KnowledgeGrid Malaysia Forum at IIUM recently.
Fauzan said the developers hope to use the power of the KnowledgeGrid to collate information on Islam from around the world.
The information will then have to be approved by the Department of Islamic Development Malaysia (Jakim) before it is put up on the Grid.
“We need the KnowledgeGrid to collect the information and we’ll be dealing with a lot of data and using computer power to translate that data,” Fauzan explained.
He said history has shown that the Muslim world has contributed a lot to human civilisation — from mathematics to science and technology.
“This information is strewn all around the world, so we need a Grid network to find, store and disseminate it,” he said.
Bridging the divide
Fauzan also said developers in IIUM are also working on a user-friendly search engine that will help users search for relevant and accredited information about Islam.
“This project is funded by a RM1.5mil grant from the Science Technology and Innovation Ministry and will be available in Arabic, English, Mandarin and Malay,” he said.
Fauzan also sees IslamGrid as a part of a solution to help bridge the digital divide.
“This will be another reason to go online to look for information,” he said, adding that religious teachers and students can go to IslamGrid to access in-depth information about the day’s lesson.
Fauzan added that there is a lack of relevant religious content online and IslamGrid is expected to fill in that gap.
“With IslamGrid, users know that they are getting relevant and accredited information about the religion and its history, which I hope will help them better understand it,” he said.
Gradual roll-out
Although the developers have big hopes about developing IslamGrid, they planned its roll-out conservatively.
In his presentation, IslamGrid’s project manager, Kamaruddin Dolmoin said the first version of IslamGrid will be ready by the middle of the year.
“When support for it picks up, we want to introduce IslamGrid to South-East Asian nations first before bringing experts from around the world to contribute to it,” he said.
But Fauzan said that IslamGrid has already caught the attention of a larger audience who are keen to help with the project.
“We already have parties from Bahrain, the United Arab Emirates and Egypt interested in helping us with the project,” Fauzan claimed.
For a feel of IslamGrid, visit
www.islamgrid.gov.my.
Religious knowledge through ICT
By JO TIMBUONG
KUALA LUMPUR: Two years after its launch, KnowledgeGrid Malaysia will welcome a new application to its network.
Called IslamGrid, this new addition aims to promote religious understanding between Muslims and non-Muslims around the world.
The KnowledgeGrid is a national infrastructure that consists of hardware, software and services. It provides access to computing power and data for research and industrial development.
Jointly developed by applied research body Mimos Bhd, the International Islamic University of Malaysia (IIUM) and the Malaysian Administrative Modernisation and Management Planning Unit, IslamGrid will use the KnowledgeGrid’s infrastructure to collect,store and disseminate information about the religion and its contribution to world history.
Collating information
Work on IslamGrid started last year and it was showcased at the World Congress on Information Technology here.
“IslamGrid presently contains basic information about the religion like scriptures and prayer times but we are developing it to be even more than that,” said Associate Professor Dr Fauzan Noordin, chairman of the KnowledgeGrid Malaysia Forum.
He was speaking on the sidelines of the first KnowledgeGrid Malaysia Forum at IIUM recently.
Fauzan said the developers hope to use the power of the KnowledgeGrid to collate information on Islam from around the world.
The information will then have to be approved by the Department of Islamic Development Malaysia (Jakim) before it is put up on the Grid.
“We need the KnowledgeGrid to collect the information and we’ll be dealing with a lot of data and using computer power to translate that data,” Fauzan explained.
He said history has shown that the Muslim world has contributed a lot to human civilisation — from mathematics to science and technology.
“This information is strewn all around the world, so we need a Grid network to find, store and disseminate it,” he said.
Bridging the divide
Fauzan also said developers in IIUM are also working on a user-friendly search engine that will help users search for relevant and accredited information about Islam.
“This project is funded by a RM1.5mil grant from the Science Technology and Innovation Ministry and will be available in Arabic, English, Mandarin and Malay,” he said.
Fauzan also sees IslamGrid as a part of a solution to help bridge the digital divide.
“This will be another reason to go online to look for information,” he said, adding that religious teachers and students can go to IslamGrid to access in-depth information about the day’s lesson.
Fauzan added that there is a lack of relevant religious content online and IslamGrid is expected to fill in that gap.
“With IslamGrid, users know that they are getting relevant and accredited information about the religion and its history, which I hope will help them better understand it,” he said.
Gradual roll-out
Although the developers have big hopes about developing IslamGrid, they planned its roll-out conservatively.
In his presentation, IslamGrid’s project manager, Kamaruddin Dolmoin said the first version of IslamGrid will be ready by the middle of the year.
“When support for it picks up, we want to introduce IslamGrid to South-East Asian nations first before bringing experts from around the world to contribute to it,” he said.
But Fauzan said that IslamGrid has already caught the attention of a larger audience who are keen to help with the project.
“We already have parties from Bahrain, the United Arab Emirates and Egypt interested in helping us with the project,” Fauzan claimed.
For a feel of IslamGrid, visit
www.islamgrid.gov.my.
Saturday, April 11, 2009
Be prepared to face global economic crisis, says Dr M
Saturday April 11, 2009
Be prepared to face global economic crisis, says Dr M
KUALA LUMPUR: Malaysians must be prepared to face the global economic crisis, even if the effects have not hit our shores, warned former Prime Minister Tun Dr Mahathir Mohamad.
“We cannot thump our chests and say that we are not affected by the crisis.
“We cannot look at them (the United States and the United Kingdom) and say: that is their problem. We are not involved.
“We need to remember that we are a trading country, and they are our partners.
“If these countries can no longer afford to buy the products we export, we will definitely feel it,” he said in his speech at the Kuala Lumpur Malay Chamber of Commerce Entrepreneurship Award Night here yesterday.
Also present at the dinner were the Raja Permaisuri Agong Tuanku Nur Zahirah and Dr Mahathir’s wife Tun Dr Siti Hasmah Mohd Ali.
Dr Mahathir, also a Grand Fellow of the chamber, said while the RM60bil stimulus package announced last month was a substantial amount of money, it was more important to find ways to overcome the economic slowdown.
“The methods used in the 1997/98 economic crisis can also be applied at this time.
“What is important is that we monitor the economy every day and find out how we can lessen the effects of this crisis through proper assessment and proper data,” he said.
He gave an example of how the real estate industry was besieged with problems then.
“Houses couldn’t sell...and so we had a special fair, and RM3bil worth of houses were sold in a day.
“Likewise for the retail sector - so we also held a special fair.
“All these are the results through close monitoring to know what exactly was happening, and how we can overcome it,” he said.
Be prepared to face global economic crisis, says Dr M
KUALA LUMPUR: Malaysians must be prepared to face the global economic crisis, even if the effects have not hit our shores, warned former Prime Minister Tun Dr Mahathir Mohamad.
“We cannot thump our chests and say that we are not affected by the crisis.
“We cannot look at them (the United States and the United Kingdom) and say: that is their problem. We are not involved.
“We need to remember that we are a trading country, and they are our partners.
“If these countries can no longer afford to buy the products we export, we will definitely feel it,” he said in his speech at the Kuala Lumpur Malay Chamber of Commerce Entrepreneurship Award Night here yesterday.
Also present at the dinner were the Raja Permaisuri Agong Tuanku Nur Zahirah and Dr Mahathir’s wife Tun Dr Siti Hasmah Mohd Ali.
Dr Mahathir, also a Grand Fellow of the chamber, said while the RM60bil stimulus package announced last month was a substantial amount of money, it was more important to find ways to overcome the economic slowdown.
“The methods used in the 1997/98 economic crisis can also be applied at this time.
“What is important is that we monitor the economy every day and find out how we can lessen the effects of this crisis through proper assessment and proper data,” he said.
He gave an example of how the real estate industry was besieged with problems then.
“Houses couldn’t sell...and so we had a special fair, and RM3bil worth of houses were sold in a day.
“Likewise for the retail sector - so we also held a special fair.
“All these are the results through close monitoring to know what exactly was happening, and how we can overcome it,” he said.
Friday, April 10, 2009
Chance for Islamic banking to enter the west
Saturday April 11, 2009
Chance for Islamic banking to enter the west
ISLAMIC finance is slowing as the global financial crisis hits its hubs in Malaysia and the Gulf, but the sector now has a chance to move on to Western economies seeking to boost their financial centres.
Regulatory differences still plague efforts to build cross-border Islamic banking, and harmonisation among different schools of thought is one of the nascent industry’s main obstacles as it looks to grow in European countries with large Muslim communities.
”There is a need for petrodollars in the West so more countries will be pandering to the rhetoric of Islamic finance to try to recycle petrodollars to their own financial capitals, be that London, Singapore or Kuala Lumpur,” said Mahmoud ElGamal, chair of Islamic Economics at Rice University.
In a sign that cultural barriers may be coming down, some experts see sovereign wealth funds injecting cash into global financial centres with the aim of advocating Islamic finance.
As the industry expands into non-Muslim or secular states, the need to educate others about the sector has become greater.
With much high-flying banking talent available after the collapse of the Western banking system, a shortage of staff with Islamic finance knowledge may no longer be a challenge.
But with crisis comes opportunity. The easing market has provided scholars, lawmakers and bankers a window to reassess structures including the sukuk, known as Islamic bonds, which are still under the spotlight as different bodies debate on how compliant instruments are with Islamic law.
Sukuk, once the industry’s hottest product, has dried up, with the Gulf Arab region seeing no issues in the first quarter of 2009.
Activity in the Islamic loan sector is picking up with two Dubai government entities managing to refinance about US$2.8bil through Islamic instruments in April, but experts remain unconvinced the market will return to its previous highs.
”There has been a sharp slowdown in Islamic financing,” said Mohsin Khan, senior fellow at the Peterson Institute for International Economics in Washington.
”So much so that last week, when Dubai’s Department of Civil Aviation renewed a US$600mil Islamic bond, eyebrows went up thinking it was a big deal, but relative to a couple of years ago it isn’t.”
Demand from the world’s 1.3 billion Muslims for investments that comply with their beliefs has soared, and assets that comply with Islamic law range between US$700mil and US$1 trillion, with some estimates seeing assets growing to US$1.6 trillion by 2012.
”Islamic finance instruments were structured the same way as conventional finance instruments so I think it was propaganda to say they were insulated,” said Gamal. “In 2009, Islamic finance could grow faster because many multinational banks had to cut back quite a bit on lending.” – Reuters
Chance for Islamic banking to enter the west
ISLAMIC finance is slowing as the global financial crisis hits its hubs in Malaysia and the Gulf, but the sector now has a chance to move on to Western economies seeking to boost their financial centres.
Regulatory differences still plague efforts to build cross-border Islamic banking, and harmonisation among different schools of thought is one of the nascent industry’s main obstacles as it looks to grow in European countries with large Muslim communities.
”There is a need for petrodollars in the West so more countries will be pandering to the rhetoric of Islamic finance to try to recycle petrodollars to their own financial capitals, be that London, Singapore or Kuala Lumpur,” said Mahmoud ElGamal, chair of Islamic Economics at Rice University.
In a sign that cultural barriers may be coming down, some experts see sovereign wealth funds injecting cash into global financial centres with the aim of advocating Islamic finance.
As the industry expands into non-Muslim or secular states, the need to educate others about the sector has become greater.
With much high-flying banking talent available after the collapse of the Western banking system, a shortage of staff with Islamic finance knowledge may no longer be a challenge.
But with crisis comes opportunity. The easing market has provided scholars, lawmakers and bankers a window to reassess structures including the sukuk, known as Islamic bonds, which are still under the spotlight as different bodies debate on how compliant instruments are with Islamic law.
Sukuk, once the industry’s hottest product, has dried up, with the Gulf Arab region seeing no issues in the first quarter of 2009.
Activity in the Islamic loan sector is picking up with two Dubai government entities managing to refinance about US$2.8bil through Islamic instruments in April, but experts remain unconvinced the market will return to its previous highs.
”There has been a sharp slowdown in Islamic financing,” said Mohsin Khan, senior fellow at the Peterson Institute for International Economics in Washington.
”So much so that last week, when Dubai’s Department of Civil Aviation renewed a US$600mil Islamic bond, eyebrows went up thinking it was a big deal, but relative to a couple of years ago it isn’t.”
Demand from the world’s 1.3 billion Muslims for investments that comply with their beliefs has soared, and assets that comply with Islamic law range between US$700mil and US$1 trillion, with some estimates seeing assets growing to US$1.6 trillion by 2012.
”Islamic finance instruments were structured the same way as conventional finance instruments so I think it was propaganda to say they were insulated,” said Gamal. “In 2009, Islamic finance could grow faster because many multinational banks had to cut back quite a bit on lending.” – Reuters
Tuesday, April 7, 2009
Call to resolve syariah compliance differences
Call to resolve syariah compliance differences
By Kamarul YunusPublished: 2009/04/07
MALAYSIA'S aspiration to become an Islamic financial hub could be even brighter if it can resolve differences of opinion regarding syariah compliance, said Dr M. Kabir Hassan, a professor and financial economist at US-based University of New Orleans.
"At a first glance, I think the prospect (Malaysia becoming an Islamic financial hub) is very bright as the government is very supportive in terms of financial assistance as well as creating institutions for the industry.
"But at one point, there would be a tug-of-war between the Malaysian model and those of the Middle East. We have to resolve this syariah matter as that market is big in Malaysia," he told reporters after delivering a public lecture organised by Universiti Putra Malaysia (UPM) in Seri Kembangan yesterday. Kabir, who hails from Bangladesh, is also UPM's visiting scholar.
He said Islamic finance, which has been in practice over the last 30 years, comprises mainly short-term finance or "murabahah" (80 per cent), and long-term or "mudharabah musyarakah" (20 per cent).
"We need to get the mudharabah musyarakah type up to 80 per cent to get the real essence of Islamic finance," Kabir said, adding that this can achieved if there is continuous government support, more institutions and infrastructure as well as laws and regulations for the industry.
"We cannot simply copycat regulations of the conventional finance sector if we want this industry to grow. We need to think of our own regulations," he said.
Meanwhile, UPM deputy dean (thesis-based programme and research) Professor Dr Shamsher Mohamad Ramadili Mohd said the university plans to conduct Islamic financial research to address various issues concerning the implementation of syariah-compliant Islamic finance in Malaysia and the world.
He said Malaysia has already proven to the world that it is among the best in implementing and promoting Islamic finance.
"We are already the world's best, such as having the largest sukuk market in the world. We are also creating and developing more financial instruments and products," he said.
By Kamarul YunusPublished: 2009/04/07
MALAYSIA'S aspiration to become an Islamic financial hub could be even brighter if it can resolve differences of opinion regarding syariah compliance, said Dr M. Kabir Hassan, a professor and financial economist at US-based University of New Orleans.
"At a first glance, I think the prospect (Malaysia becoming an Islamic financial hub) is very bright as the government is very supportive in terms of financial assistance as well as creating institutions for the industry.
"But at one point, there would be a tug-of-war between the Malaysian model and those of the Middle East. We have to resolve this syariah matter as that market is big in Malaysia," he told reporters after delivering a public lecture organised by Universiti Putra Malaysia (UPM) in Seri Kembangan yesterday. Kabir, who hails from Bangladesh, is also UPM's visiting scholar.
He said Islamic finance, which has been in practice over the last 30 years, comprises mainly short-term finance or "murabahah" (80 per cent), and long-term or "mudharabah musyarakah" (20 per cent).
"We need to get the mudharabah musyarakah type up to 80 per cent to get the real essence of Islamic finance," Kabir said, adding that this can achieved if there is continuous government support, more institutions and infrastructure as well as laws and regulations for the industry.
"We cannot simply copycat regulations of the conventional finance sector if we want this industry to grow. We need to think of our own regulations," he said.
Meanwhile, UPM deputy dean (thesis-based programme and research) Professor Dr Shamsher Mohamad Ramadili Mohd said the university plans to conduct Islamic financial research to address various issues concerning the implementation of syariah-compliant Islamic finance in Malaysia and the world.
He said Malaysia has already proven to the world that it is among the best in implementing and promoting Islamic finance.
"We are already the world's best, such as having the largest sukuk market in the world. We are also creating and developing more financial instruments and products," he said.
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