The Dinar: Indispensibility of Hard Money
to the Islamic Monetary Regime
Imad-ad-Dean Ahmad
Minaret of Freedom Institute - delivered to the American Muslim Social Scientists in Chicago on Oct. 30, 1998 (Abstract)
Economic arguments are marshaled to support the gold standard which was the practice of the Prophet (saws), all of Islamic society during it first four hundred years, and most of civilized society throughout history. Several years ago I made a presentation before Muslim economists meeting at the World Bank at which I presented arguments for what I considered to be the correct Islamic position on a number of fundamental economic issues. Referring to my call for a return to the gold standard, one of the economists asked me why I was for ijtihâd on every issue except that one. He didn't understand that ijtihâd means to struggle for a correct opinion on an issue. It does not necessarily mean rejecting an ancient tradition. In this particular case the ancient tradition happens to be correct.
Far from being a "barbaric relic" (as John Maynard Keynes characterized it, gold is the natural monetary commodity which Allah has provided us for an equitable monetary policy free from the arbitrary or self-serving manipulations of central banks and politicians. In this paper I shall outline the economic arguments as to why the dinar is indispensable for an Islamic monetary regime. My goal is only to emphasize the importance of the issue, not to make an exhaustive treatment. Thus, I shall not address important related issues like financial intermediation, forward transactions or interest. (See, however, Ahmad 1996.) Finally I shall make a suggestion on how a transition may be possible and timely. Indonesia and Malaysia had thriving economies, but suffered from external deficits and a fragile financial sector. Analysts trace the origins to the crisis in Asia to the Chinese and Japanese currency de-valuations. The Mexican currency crisis was the final trigger in confidence problems.
The disagreement between Prime Minister Mahathir Mohamad and former Deputy Prime Minister Anwar Ibrahim over whether to deal with the crisis in Malaysia with currency controls or free markets has since taken an extremely ugly turn (see Johnson 1998). It is not the currency speculators who are responsible for the Malaysian crisis. They merely sought to cash in on the unsound, and, as I shall argue, harâm monetary policy that made the ringgit an unreliable currency.
A government which blames speculators for the consequences of its unsound monetray policy is like a rancher who, having slaughtered his cows on the open plains, blames the vultures for descending on their carcasses.
The monetary problems in both Malaysia and Indonesia have led to political problems. Various solutions proposed are partial solutions. One must attack the fundamental issue. If we go back to fundamentals we can see that the only complete solution is an Islamic monetary system, that is, hard money. The otherwise strong economies of Malaysia and Indonesia, combined with the low price of gold at this time, put them in an unusually good position to make a transition if they can muster the political will, or failing that the religious enthusiasm, to do what our religion mandates anyway. Let us begin by reminding ourselves of the origin of money. Primitive societies engage in barter.
Depending on the particular society, certain commodities eventually become accepted in trade by people who have no immediate need for them because they become aware that others who need them will accept them in trade. The fact that such commodities possess certain "monetary" qualities: a high store of value, divisibility, recognizability, etc., increases their market value because their monetary utility augments the value arising from their other social uses. They never suffer from a crisis of confidence because people know that even if they lost their utility as a kind of promissory note, they would still have some value in themselves. In the time of the Prophet, gold, silver, hard wheat, and a few other commodities served a monetary function. Gold and silver were the best of these and in the early centuries of Islam they were the bimetallic standard of the Islamic world. Because the exchange rate between them was stable there was no problem abiding by this standard for 400 years. Then, the exchange rate between them departed from parity providing an opportunity for the mint to issue debased currencies.
Ashtor (1976, p.257) describes how the vizier of the Ilkhan Gaikhatu's experiment to fund deficit spending in 1294 by issuing "paper money, modeled on the Chinese paper currency ... was a complete failure, as the people refused to accept the bank notes. Economic activities came to a standstill, and the Persian historian Rashid ud-din speaks even of 'the ruin of Basra' which ensued upon the emission of the new money." The door to debasement opened in the next century when the silver to gold exchange rate suffered its first serious change since the rise of Islam. In the early centuries of Islam the rate had always been around 20:1. In the thirteenth century changes in the market led scholars to speculate that the rate had changed to 10:1, but the official rate remained fixed at 20:1. "The stocks of silver in the mints decreased progressively from about 1380.... Whereas the exchange rate of the dirham had for 130 years been 1/20 dinar, that of the debased dirham was 1/25 and later 1/30 dinar" (Ashtor 1976, p. 305). The "main reason was the increased demand in Italy, where the value of silver had risen considerably at the end of the fourteenth century.... At the beginning of the fifteenth century the striking of silver dirhams was discontinued altogether" (Ibid.) Al-Mikrizi blames a high court dignitary who tried to "enrich himself by the striking of copper coins" (Ibid.). The monetary crisis was accompanied by famine and a lengthy civil war. High taxes were levied to equip the armies against repeated revolts. Interest rates rose from 4-8% during the crusades to 18-25% in the fifteenth century (Ibid., p. 324).
Although "the supply of gold from the Western Sudan was never interrupted," Sultan Barsbay in 1425 devalued the dinar "for the first time in the history of the Muslim Near East" (Ibid.). Until then the dinar had always been a gold coin of approximately 4.25 grams. With the devaluation a 3.45 gram dinar called al-Ashrafi "remained the gold coin of Egypt until the end of Mamluk rule" (Ibid.). This was the weight of the European ducat, evidence for the swing in monetary standards away from the Muslim world to the rising Christian West. (Ahmad 1996.) The stability of hard currency is not appreciated by the general populace. People look at the inflation which has hit even the dollar to varying degrees thorughout this century and forget that a high quality suit of clothes which cost ten dinars a century ago still costs ten dinars today. People have come to think of "currency" as "money" though they are extremely different.
Historically, currency may be actual money (coins) or tokens redeemable in coin. Very recently, currencies have been issued not redeemable in anything. For example, the Federal Reserve Notes most of us have in our wallets have for some decades been payable not in gold or silver coin, but in Federal Reserve Notes of other denominations. Under Allen Greenspan the Federal Reserve Board has pursued a tight money policy that has succeeded in easing down America's serious inflation problem, but not without cost. Greenspan's usually prudent judgement has been coupled with fortuitous good luck that will last only as long as God wills. All-too-human manipulation is evident, for example in the Long Term Capital Management debacle bailout. An artificial "sound money policy" is no substitute for natural, I would say divine, monetary regime manifested in a hard money subject to market forces. Money supply sometimes needs to expand or contract according to the exigencies of the times. The supply of gold money can expanded naturally through additional mining or the meltdown of jewelry. It can contract through the diversion of coins into jewelry or other products. The difficulty involved in money supply adjustment is natural and controlled by God. Soft currencies (tokens, paper) are all too subject to the manipulations of governments seeking to engage in deficit spending or bankers seeking to increase their interest revenues through fractional reserve banking.
Some Muslim economists, for example M.A. Choudhury (1997) have noted the superiority of hard currency but only as an element in their campaign against interest. The absence of hard currency is a detriment to the long-term stability of an economy apart from its complicity in the manipulation of interest rates. (Note that soft money permits manipulation of interest rates down as well as up.) Historically interest rates have tended to be much lower when and where the gold standard was adopted than otherwise. The sixty percent interest rate in Malaysia is not unusual given the weakness of the currency. The six percent mortgage rates which American perceive to be "low" today (compared with the double-digit rates in the 1980's) is actually very high compared to the previous century when the gold standard ruled. Some economists have accepted the demonetization of gold despite their opposition to interest.
Chapra (1985) writes: "Although inflation has been a continuing phenomenon, gold prices have fluctuated in a volatile manner after its demonetization due to international speculative forces and gyrations in the rates of interest. Silver prices have suffered the same fate. Both these precious metals cannot hence serve as units of account." Chapra has accepted the circular reasoning that because gold is not used as a unit of account it cannot be used as a unit of account. In fact the opposite is the case. If the one billion Muslims of the world would use gold as their unit of account the volatility (after an initial surge due to the shock of so many people readopting the monetary commodity) would stabilize. Muslims cannot escape the fact that gold is our money. Even if we pretend that it is not, we continue to use it in calculating the nisâb. Instead of fighting the will of Allah, I propose that we embrace it. The fact that gold prices are currently so low is not a reason to avoid it, but rather an unprecedented opportunity to adopt it since we can buy it while the price is low. Unless one uses a hard currency as a unit of account, it is only a matter of time until a disaster strikes the economy. Usually the villain is inflation as the money supply exceeds the demand.
The expansion of the money supply by the government or the banks constitutes a form of fraud. It is akin to counterfeiting for it uses an increase in the overall price levels to subsidize the purchases of the creators of the excess currency. The distortions introduced into the system hit hard at the recipients of fixed incomes. They also tend to subsidize holders of the higher orders of production (e.g., land) the values of which rise faster than the mean of other price levels. Occasionally the money supply may contract too quickly leading to depression. Apart from the political obstacles to adopting a gold standard (the unwillingness of banks and politicians to give up their ability to manipulate the supply of currency), there are several economic obstacles. One is the fear of volatility expressed by Chapra. This fear is ill founded for the reasons given above.
Another is the argument that the Muslim countries do not possess much gold. This is certainly NOT the case for Lebanon and Saudi Arabia. But in any case, it is irrelevant. A country like Malaysia which doesn't possess a large store of gold but which has goods and services to offer can acquire gold through trade. Money is STANDARD. Ibn Khaldun pointed out a long time ago the fallacy in the notion that a society is wealthy because it possesses a large quantity of monetary commodities. He noted that the Sudan has more gold than the more prosperous countries of the east. Further, he argued that the prosperous eastern nations export much merchandise. "If they possessed ready property in abundance, they would not export their merchandise in search of money...." (Ibn Khaldun 1967).
Ibn Khaldun understood that a surplus of money would result in a cash outflow, and correctly argued that a high level of (net) exports argues against this being the situation. Again the essential point is that money is a standard. Currently, the American dollar is the standard. Although really an unbacked fiat currency, it is treated as hard currency because people have confidence. This confidence is not completely unjustified since although the United States makes no promise of redemption it has assets, both liquid and fixed behind it. The United States owns enough gold to buy back 21% of M2 (a measure of the total money supply). A 100% reserve in a monetary commodity is not necessary if one has ample total collateral to maintain confidence.
Thus the islamisation of the money supply of a Muslim country can take place in stages. The first is simply to adopt the dinar as the MEASURE even before one has the backing in gold provided one does not distribute more promissory notes than one has in all types of backing. Further, one can use the current advantageous low price of gold to institute an initial spread in the buy and sell price of the dinar. For example, the official price of the ringgit is 26 cents, but the black market price is lower. Let us assume a true market value of the ringgit of 20 cents. One could replace it with a dinar, which could be minted for approximately $30. Ringgits would be retired over a period of six months to two years. During that period they would be bought at a rate of 150 per dinar or at the official price of gold at the official ringgit exchange rate, which ever is LESS. Over the retirement period, the value of the ringgit would presumably drop against the dollar as holders seek to get rid of them while the price of gold may go up against the dollar as the adoption of a gold currency might fuel speculation of a return of the gold standard.
This means that the new Malaysian currency (the dinar) would RISE in value against the retiring currency AND against the world standard of the dollar. Further, sales of the new coin could be marketed to numismatists and to Muslims around the world to generate dollar and other foreign currency income to aid the financial crisis. After the transition period the country would be forced into monetary and fiscal discipline not by the IMF, but by the God-given discipline of the dinar. A more detailed and lengthy treatment of the transition mechanism beyond the suggestion offered here is needed, but is beyond the scope of this paper. Such a treatment would include a discussion of the monetization of other commodities (e.g., land, oil, rubber) and how one might effect such monetization while retaining the dinar as the unit of account.
Such approaches would be of interest to those policymakers who understand the reasons why commodity currencies are an indispensable element for preventing fraud in banking and public policy, but fear that mandating convertibility into gold would somehow benefit gold-mining countries. Although Ibn Khaldun has shown that this fear is unjustified (it would, on the contrary, open up new trade between gold-mining countries and the countries adopting the gold standard), the existence of such concerns is a political fact of life that must be addressed. Nonetheless, the point of this paper stands that it is no accident that commodity currencies are successful in yielding "sustained macro-stability." I have never been keen on following tradition simply because it is tradition.
The case for following our Islamic heritage on these matters is moral as well as utilitarian. The difficulties of finding an effective and sound monetary policy are obviated in Islam by the monetary regime of the Dinar.
REFERENCES Ahmad, Imad A. 1996, "Comprehensive Development of Muslim Countries: An Interdisciplinary Approach from an Islamic Perspective," Minaret of Freedom Institute preprint series #96-4. Ashtor, E. 1976, A Social and Economic History of the Middle East (Berkeley: Univ. of California). Chapra, M. Umer 1985, Towards a Just Monetary System (Riyadh: The Islamic Foundation). Choudhury, M.A. 1997, Money in Islam: A Study in Islamic Political Economy (London: Routledge). Ibn Khaldun, Wali ad-Din 1967, The Muqaddimah: An Introduction to History, Franz Rosenthal, trans. (Princeton: Princeton Univ. Press), p. 282. Johnson, Ian 1998, "How Malaysia's Rulers Devoured Each Other and Much They Built," Wall Street Journal, v. 232 #87. 30 Oct. 1998: A1.
Thursday, September 18, 2008
Wednesday, September 17, 2008
Liberty Dollar
NOTICE: Liberty Dollar is a private voluntary barter currency that protects your purchasing power. It is not intended to be used as "Legal Tender", "Current Money" or "Coin".
Current Alert!
10th Anniversary at $50 Silver Base
In the past ten years, as silver has increased in price, the purchasing power of the Liberty Dollar has increased from the $10, to the $20, to the $50 Silver Base - a startling 500% increase while the US Dollar lost 50%! Which would you prefer, a currency that loses value or appreciates in value? Right now is the best time to protect the purchasing power of your money and profit from inflation. Become a Liberty Associate and get your Liberty Dollars at a discount and really profit. Don't wait for inflation to get worse! Join 250,000 Americas who have taken a stand for a sound monetary system as mandated by the US Constitution.
REAL Money Is Inflation Proof:
Your Liberty Dollar Solution
Bernard von NotHaus
Monetary Architect
09/18/2008
Welcome to the Liberty Dollar: Remember when gas was only 25-cents a gallon? You could take a dollar down to the gas station and buy four gallons for a buck! At that time our dollar was backed by silver - real money. Guess what? That same amount of silver still buys four gallons of gas today! That just proves that real money like gold and silver holds its value and it is the US dollar that buys less and less. As a matter of fact, when you think about it, you realize that gas, food, and almost everything else has NOT gotten more expensive. It only seems that way because the value of the US dollar is worth less and less so it takes more and more of them to buy the same goods and services. Most people think prices have gone up, but actually: it is the value of the US dollar that has gone down. Luckily, there is a simple and profitable solution to higher inflation - good old-fashioned, gold and silver Liberty Dollars, just as our Founding Fathers intended. Look at these charts by the US government.
The national debt has climbed to alarming levels since the Federal Reserve was created in 1913.
Source: U.S. Treasury, Bureau of the Public Debt
As a result, the Federal Reserve Note (US dollar) has lost 96% of its purchasing power since 1913.
Source: U.S. Dept, of Labor, Bureau of Labor Statistics, CPI
Since 1913, when the Federal Reserve was created by Congress, your money has lost 96% of its purchasing power due to inflation. The more "money" the Federal Reserve creates - the less your "money" buys. It is the Federal Reserve who creates inflation when it issues US dollars backed by government debt.
The national debt grew to $6 trillion from 1913 to 2001. In the next three years it increased a trillion to $7 trillion dollars in 2004. In the following year it increased sharply to over $8 trillion dollars. The national debt is now well over $9.5 trillion dollars! Congress just raised it to almost $11 Trillion dollars!! This accelerating debt is alarming and dangerous to your money!
Now you can profit from the coming inflation with the "inflation proof" Liberty Dollar!
Hi. My name is Bernard von NotHaus. I was so concerned about what was happening to our "money" I created the Liberty Dollar. For 25 years, I was the Mintmaster at the Royal Hawaiian Mint and devoted 23 years to the study of money, why it is valuable, and how we use it to fulfill our dreams. Like you, I am paying a lot higher gas prices, but I am also making a lot more money using the Liberty Dollar.
My 25 Years at the Mint
While I was the Mintmaster at the Royal Hawaiian Mint in Hawaii I pursued a secret project. For over 23 years I developed a value backed paper currency to complement the Mint's gold and silver commemorative business. I wanted to create a totally new inflation proof currency in precious metals that would represent real gold and silver stored in an independent warehouse. I called my secret project the "Hawaiian Sovereign Currency".
Oh, it was beautiful with the Statue of Kamehamaha and all the flora of Hawaii. Then one night, while I was working at the Waikiki Branch Mint, an elderly gentleman stopped by. As he was one of our collectors and a paper money collector, I decided to share my secret project with him. Oh, he loved the Hawaiian currency idea. So I shared a bit more of my plan. He was enthused and asked for more details. Over a two-hour period, I shared my whole currency plan with my new-found friend.
Suddenly, he stopped and appeared to fall into a deep thought and suggested that I take my inflation proof currency to the mainland! He said Americas were headed for major problems and needed to protect their purchasing power. Leave Hawaii!? What heresy I thought! But with my 25th anniversary at the Mint approaching, I decided to retire and created the Liberty Dollar as my philanthropic patriotic mission.
Quickly I replaced the Statue of Kamehameha with the Statue of Liberty and the Hawaiian palm fronds with the geometric artwork that most paper money is known for and the Liberty Dollar was introduced on October 1, 1998. Of course all the interlocking checks and balances, audits, and ultra high security devices that I had designed in the Hawaiian currency remained the same.
Years later I have created this website so you can take control of your money and profit from inflation. Of course, this is a big job, so I am asking for your help. The best part is that it is fun to use Liberty Dollars that protects and grows the purchasing power of your money!
So please remember, the Liberty Dollar is a private voluntary barter currency. It is not government money so it is not intended to be used as "Legal Tender", "Current Money" or a "Coin".
Inflation Proof Money - At a Discount!
Yes, Hawaii is a wonderful place but raising a family in the high-priced Islands was tough. It just wasn't gasoline that was expensive, everything was expensive! I know how difficult it is to provide for a family. And after you retire, it is even worse on a fixed income! US dollar backed only by government debt is bad for everyone! That's why I created the Liberty Dollar.
If someone gave you a choice between a stack of ordinary ten-dollar bills and a stack of ten-dollar bills that were printed on the back with a coupon for 5 gallons of gasoline, good at any gas station in the country, which would you choose?
The first stack is just dollar bills. But the second stack are dollar bills backed by gas. And if gas prices go up, you can use the second stack for the same amount of gas to fill your tank.
If someone gave you a choice between a stack of ordinary ten-dollar bills and a stack of ten-dollar bills that were printed on the back with a coupon for 5 gallons of gasoline, good at any gas station in the country, which would you choose?
The first stack is just dollar bills. The second stack is also dollar bills, or if gas prices go up, you can use the back of the bills and fill your tank.
You'd have to be crazy to take the first stack! Right? Why not get the benefits of a negotiable currency coupled with the redeemability for a useful commodity, in this case, gasoline? If gas prices go up, you win while everyone else complains about the high cost of gas! If prices don't rise, you still have your ten-dollar bills!
For that reason, I am pleased that the Liberty Dollar is already the second-most popular and the fastest-growing currency in America! It's real gold and silver instead of being backed by national debt like the US dollar. When you hold the Liberty Dollar, you own the silver. When you pay with Liberty Dollars, they now own silver. Pretty neat, huh?
On the other hand, when you hold US dollars, you own debt that you will eventually have to repay. When you give US dollars to someone as payment, they now have debt. Ouch!
100% Backed by Gold & Silver
The Liberty Dollar is private, inflation proof currency that is devoid of debt. It's a currency of the people, for the people, and by the people. Liberty Dollar does not cause our national debt to go up when you use it. In contrast, every Federal Reserve Note that is created adds to our national debt.
Liberty Dollar unites everybody who is concerned about their money: liberals, conservatives, minorities, libertarians, and greens are all enthusiastic about the Liberty Dollar. In fact, the only people who don't like are the government bankers. Anything with such wide appeal must be good.
Liberty Dollar protects you and helps local economies thrive and prosper. Liberty Dollars spent in your community tends to stay in your community. US dollars tend to get sucked out to New York banks or big box retailers.
Liberty Dollar helps educate people about money, a topic most people simply never consider. The facts about money are simple. You either have it or not. When the government don't have it they make it out of thin air and steal your purchasing power. This is wrong.
Works Just Like US Dollars
Just as FedEx brought competition to the Post Office and succeeded, the Liberty Dollar emulates the same model by offering an inflation proof currency. Now you can become successful too.
The Liberty Dollar brings free enterprise to the creation of money. Doesn't it just make sense that when the underlying commodity increases in value, shouldn't the purchasing power of the currency increase in value? Well that is exactly what happened to the Liberty Dollar. In 2004 the currency Moved Up from the $10 Silver Base to the new $20 Silver base and all Liberty Dollars DOUBLED in value. Just imagine, while your US Dollars are losing purchasing power, the Liberty Dollars are appreciating in value and rewarding everyone who has them!
Plus the Liberty Dollar is easy for merchants and customers to use because its "unit of account" is exactly so it functions dollar-for-dollar with the US dollar.
Local merchants find the Liberty Dollar particularly beneficial, because it is profitable, circulates freely, builds traffic, grows their business, and increases customer loyalty.
The Liberty Dollar was specifically designed to circulate in the local community for the advantage of the local economy so it may not be deposited into a bank. That way it cannot be whisked away, and remains in your community and circulates for the good of both the merchants and consumers.
Time For a New Dollar
The three best reasons to use the Liberty Dollar are: Have fun, do good, earn money.
First, it's FUN. You'll have merchants asking lots of questions, friends gathering around to see the currency, and you can become an expert on money - all by getting some Liberty Dollars.
Second, it's good for your community. As a community currency, Liberty Dollars don't disappear, so when you spend them, they stay in the local economy.
Third, it's profitable to become a Liberty Associate or a Liberty Merchant. Plus using the Liberty Dollar will attract new business, generate advertising, and build a loyal customer base around the Liberty Dollar! And by giving out the Liberty Dollar in change, you can earn more!
The Liberty Dollar is available in Gold & Silver and provide:
Economic stability
Prosperity for people
Freedom from inflation
Safer storage of value
Greater financial privacy
Trusted basis for saving
Pride of truly owning your own money
Better control of your finances
Enhancing local self-reliance
Encourages ecological sustainability
Stimulates local economies and employment
Profitability for people, not banks
Independence from current banking system
Improved social and political systems
Prevents large-scale, systemic failure
Disciplined government growth and control
A stronger community for family and business
Provides a solution to economic and social difficulties
Insulates local economies from national economic trends
Allows a community or a region to set its own standards
Protection against a manipulated monetary system
Protection from the next national monetary crisis
Greater protection of individual rights and liberties
Returns the monetary power to the people
Provides a financial deterrent to war
Here's what people who use the Liberty Dollar are saying:
"I now pay for my lunch in real money."
V. Callaway, Tacoma WA
"I simply hand them the currency and 95% of the businesses accept it."
C. Athanas, Austin TX
"Given time, it'll be as common as credit cards."
T. Curtis, Calabasses CA
"It is fun and very simple to use."
L. Farrenkopf Victor MT
"This is a blast. I love getting the word out about the new money!"
B. Ibarra, Buda TX
G. Edward Griffin, the noted author on the Federal Reserve said: On page 573 of "The Creature from Jekyll Island", I wrote that before we could abandon Federal Reserve Notes, we first had to be able to convert them into real money. I said: "That means we must create an entirely new money supply which is 100% backed by precious metal; and we must do so in a reasonably short period of time." Well you have to be careful what you recommend, because Bernard von NotHaus did exactly that. And although I initially thought there were too many obstacles, to my surprise, the more I studied the details of his plan, the more convinced I was that by Jove, it just might work! My business, The Reality Zone, is a Liberty Associate, and I urge you to get in on the ground floor and join this growing group of concerned Americans as a Liberty Associate now!
REAL Money You Can Trust
A national network of thousands of Liberty Associates, Merchants and Regional Currency Offices already exists to assist you. Today there are over 250,000 people using $60 million Liberty Dollars. And every day it continues to grow to meet the challenge of the depreciating US dollar. There is probably someone near you already. Now you can protect your money and profit. You and your family need not be at risk of a currency crisis because the Liberty Dollar provides guaranteed protection because it's real gold and silver!
That is why I'm offering the new currency to you on a completely risk-free basis with three bonuses.
Liberty Dollars are Yours Risk-Free
Here is the best news of all. I have been intending to create this web site for a long time. So now that it is finally completed, you have arrived just in time to take advantage of this unprecedented offer!
Everybody in the Liberty Dollar organization thinks that our normal dollar-for-dollar exchange rate for those who are not Liberty Associates and the market driven discounted rate for Liberty Associates is amazingly low for such a valuable currency. But because the Internet has reduced many of our costs, I'm doing a test until 09/18/2008 . Depending on its effect, we may or may not continue this Special Offer after that date.
Just order the "Special" today and get these three bonuses:
Bonus #1
Free DVD of the Learning Channel's special "Making Money"
Get your own personal DVD of the groundbreaking Special, which featured the Liberty Dollar with the US Treasury and the Federal Reserve. Find out how the country's monetary powers reacted to the Liberty Dollar and why I was the first person featured on camera to discuss the current monetary situation. Normally this DVD would cost $29, but it is yours free with the Special Offer below. Click here for a short clip of the DVD. Receive a free copy with your first order of $85 Liberty Dollar. Just order the "Special Offer" below.
Bonus #2
Free Book "Liberty Dollar SOLUTION To the Federal Reserve"
Sure there are a lot of books out there about money. But my 500-page book is the only one that presents a proven, positive, profitable solution to use gold and silver currency in a peaceful voluntary manner. Plus, SOLUTION features 18 expert contributors including Dr. Murray Rothbard, Dr. Richard H. Timberlake, G. Edward Griffin, Congressman Ron Paul, ex IRS agent John Turner, and even Alan Greenspan. Normally this book is $15.00 but it is yours free with the Special Offer below.
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This book brings many historic and interesting details about money that cannot be found anywhere else. Normally $9.00, it is yours free with the Special Offer below.
Full one-year 100% Money Back Guarantee
I insist you order your first Liberty Dollars with zero risk. The Special Offer is completely at my risk. Why am I going to such lengths? Because even though I have been featured on the Learning Channel and have become well known over 30 years, I want you to feel absolutely certain that there is no way you can be "taken".
So take one full year to examine the Liberty Dollar and really get into it. That's right! You have 365 days to put the new REAL money to the test. Show it to your friends. Test it with your local merchants. Find out how powerful gold and silver money really is. Try the Liberty Dollar for a full year. I'm confident you'll never want to send it back. The one ounce $50 Silver Liberty is just beautiful and wonderful to hold. Plus the Liberty Dollar is truly a valuable currency that will increase in value as the US dollar depreciates and the price of gold and silver goes up.
But if you are not completely satisfied with the Special Offer for any reason, just return it and we'll refund your entire payment. Right up to the last day of the 365-day, guaranteed.
Your First Liberty Dollars for Only $85
Now for this limited time, you can catch the excitement of using Liberty Dollars for only $85 with this Special Offer and the full one-year 100% Money Back Guarantee. The simple truth is that the Liberty Dollar works and it will work for you.
Order Now. Just click here for the Special Offer!
Please Contact Us...
If you have any problems or wish to speak to someone, please call 1.888.LIB.DOLLAR or call direct at 888.421.6181. If the lines are busy, please leave a message or email us at Info@LibertyDollar.org and we will get back to you ASAP.
Please keep in mind that when you order online you will get the fastest service and you don't have to wait for the arrival of your order to start having fun!
I look forward to getting an email from you. I want to hear how you used the Liberty Dollar and add your Success Story to our list. Even though I get an enormous amount of mail, please write to me. I love hearing every Success Story when you use the Liberty Dollar.
Sincerely,
Bernard von NotHaus
Monetary Architect
P.S. Time is critical as the price of silver changes all the time. Luckily the price of silver is still low and affords an excellent entry level. Order today so your money will be protected tomorrow. The Liberty Dollar provides a proven positive REAL money solution that actually pays you to use it. Plus you can earn more money, do good, and have fun with the Liberty Dollar.
Your money has already lost 96% of its purchasing power since the Federal Reserve was created in 1913. With the accelerating rate of depreciation and the alarming rate of deficit spending by the government, your US dollar is going to lose more purchasing power. Protect your money, family, and business by getting REAL money, the new gold and silver Liberty Dollar, now. Become a Liberty Associate today and start profiting from inflation.
Thank you for visiting the Liberty Dollar site.
I hope you will take action to protect your purchasing power with some Liberty Dollars.
And remember, as a Liberty Associate, you can get Liberty Dollars at a discount.
Bernard von NotHaus - Monetary Architect
Copyright 1998-2008 Liberty Dollar | All Rights Reserved. | Disclaimer | 888.421.6181 | 225 N Stockwell Rd | Evansville, IN | 47715 | info@libertydollar.org
Current Alert!
10th Anniversary at $50 Silver Base
In the past ten years, as silver has increased in price, the purchasing power of the Liberty Dollar has increased from the $10, to the $20, to the $50 Silver Base - a startling 500% increase while the US Dollar lost 50%! Which would you prefer, a currency that loses value or appreciates in value? Right now is the best time to protect the purchasing power of your money and profit from inflation. Become a Liberty Associate and get your Liberty Dollars at a discount and really profit. Don't wait for inflation to get worse! Join 250,000 Americas who have taken a stand for a sound monetary system as mandated by the US Constitution.
REAL Money Is Inflation Proof:
Your Liberty Dollar Solution
Bernard von NotHaus
Monetary Architect
09/18/2008
Welcome to the Liberty Dollar: Remember when gas was only 25-cents a gallon? You could take a dollar down to the gas station and buy four gallons for a buck! At that time our dollar was backed by silver - real money. Guess what? That same amount of silver still buys four gallons of gas today! That just proves that real money like gold and silver holds its value and it is the US dollar that buys less and less. As a matter of fact, when you think about it, you realize that gas, food, and almost everything else has NOT gotten more expensive. It only seems that way because the value of the US dollar is worth less and less so it takes more and more of them to buy the same goods and services. Most people think prices have gone up, but actually: it is the value of the US dollar that has gone down. Luckily, there is a simple and profitable solution to higher inflation - good old-fashioned, gold and silver Liberty Dollars, just as our Founding Fathers intended. Look at these charts by the US government.
The national debt has climbed to alarming levels since the Federal Reserve was created in 1913.
Source: U.S. Treasury, Bureau of the Public Debt
As a result, the Federal Reserve Note (US dollar) has lost 96% of its purchasing power since 1913.
Source: U.S. Dept, of Labor, Bureau of Labor Statistics, CPI
Since 1913, when the Federal Reserve was created by Congress, your money has lost 96% of its purchasing power due to inflation. The more "money" the Federal Reserve creates - the less your "money" buys. It is the Federal Reserve who creates inflation when it issues US dollars backed by government debt.
The national debt grew to $6 trillion from 1913 to 2001. In the next three years it increased a trillion to $7 trillion dollars in 2004. In the following year it increased sharply to over $8 trillion dollars. The national debt is now well over $9.5 trillion dollars! Congress just raised it to almost $11 Trillion dollars!! This accelerating debt is alarming and dangerous to your money!
Now you can profit from the coming inflation with the "inflation proof" Liberty Dollar!
Hi. My name is Bernard von NotHaus. I was so concerned about what was happening to our "money" I created the Liberty Dollar. For 25 years, I was the Mintmaster at the Royal Hawaiian Mint and devoted 23 years to the study of money, why it is valuable, and how we use it to fulfill our dreams. Like you, I am paying a lot higher gas prices, but I am also making a lot more money using the Liberty Dollar.
My 25 Years at the Mint
While I was the Mintmaster at the Royal Hawaiian Mint in Hawaii I pursued a secret project. For over 23 years I developed a value backed paper currency to complement the Mint's gold and silver commemorative business. I wanted to create a totally new inflation proof currency in precious metals that would represent real gold and silver stored in an independent warehouse. I called my secret project the "Hawaiian Sovereign Currency".
Oh, it was beautiful with the Statue of Kamehamaha and all the flora of Hawaii. Then one night, while I was working at the Waikiki Branch Mint, an elderly gentleman stopped by. As he was one of our collectors and a paper money collector, I decided to share my secret project with him. Oh, he loved the Hawaiian currency idea. So I shared a bit more of my plan. He was enthused and asked for more details. Over a two-hour period, I shared my whole currency plan with my new-found friend.
Suddenly, he stopped and appeared to fall into a deep thought and suggested that I take my inflation proof currency to the mainland! He said Americas were headed for major problems and needed to protect their purchasing power. Leave Hawaii!? What heresy I thought! But with my 25th anniversary at the Mint approaching, I decided to retire and created the Liberty Dollar as my philanthropic patriotic mission.
Quickly I replaced the Statue of Kamehameha with the Statue of Liberty and the Hawaiian palm fronds with the geometric artwork that most paper money is known for and the Liberty Dollar was introduced on October 1, 1998. Of course all the interlocking checks and balances, audits, and ultra high security devices that I had designed in the Hawaiian currency remained the same.
Years later I have created this website so you can take control of your money and profit from inflation. Of course, this is a big job, so I am asking for your help. The best part is that it is fun to use Liberty Dollars that protects and grows the purchasing power of your money!
So please remember, the Liberty Dollar is a private voluntary barter currency. It is not government money so it is not intended to be used as "Legal Tender", "Current Money" or a "Coin".
Inflation Proof Money - At a Discount!
Yes, Hawaii is a wonderful place but raising a family in the high-priced Islands was tough. It just wasn't gasoline that was expensive, everything was expensive! I know how difficult it is to provide for a family. And after you retire, it is even worse on a fixed income! US dollar backed only by government debt is bad for everyone! That's why I created the Liberty Dollar.
If someone gave you a choice between a stack of ordinary ten-dollar bills and a stack of ten-dollar bills that were printed on the back with a coupon for 5 gallons of gasoline, good at any gas station in the country, which would you choose?
The first stack is just dollar bills. But the second stack are dollar bills backed by gas. And if gas prices go up, you can use the second stack for the same amount of gas to fill your tank.
If someone gave you a choice between a stack of ordinary ten-dollar bills and a stack of ten-dollar bills that were printed on the back with a coupon for 5 gallons of gasoline, good at any gas station in the country, which would you choose?
The first stack is just dollar bills. The second stack is also dollar bills, or if gas prices go up, you can use the back of the bills and fill your tank.
You'd have to be crazy to take the first stack! Right? Why not get the benefits of a negotiable currency coupled with the redeemability for a useful commodity, in this case, gasoline? If gas prices go up, you win while everyone else complains about the high cost of gas! If prices don't rise, you still have your ten-dollar bills!
For that reason, I am pleased that the Liberty Dollar is already the second-most popular and the fastest-growing currency in America! It's real gold and silver instead of being backed by national debt like the US dollar. When you hold the Liberty Dollar, you own the silver. When you pay with Liberty Dollars, they now own silver. Pretty neat, huh?
On the other hand, when you hold US dollars, you own debt that you will eventually have to repay. When you give US dollars to someone as payment, they now have debt. Ouch!
100% Backed by Gold & Silver
The Liberty Dollar is private, inflation proof currency that is devoid of debt. It's a currency of the people, for the people, and by the people. Liberty Dollar does not cause our national debt to go up when you use it. In contrast, every Federal Reserve Note that is created adds to our national debt.
Liberty Dollar unites everybody who is concerned about their money: liberals, conservatives, minorities, libertarians, and greens are all enthusiastic about the Liberty Dollar. In fact, the only people who don't like are the government bankers. Anything with such wide appeal must be good.
Liberty Dollar protects you and helps local economies thrive and prosper. Liberty Dollars spent in your community tends to stay in your community. US dollars tend to get sucked out to New York banks or big box retailers.
Liberty Dollar helps educate people about money, a topic most people simply never consider. The facts about money are simple. You either have it or not. When the government don't have it they make it out of thin air and steal your purchasing power. This is wrong.
Works Just Like US Dollars
Just as FedEx brought competition to the Post Office and succeeded, the Liberty Dollar emulates the same model by offering an inflation proof currency. Now you can become successful too.
The Liberty Dollar brings free enterprise to the creation of money. Doesn't it just make sense that when the underlying commodity increases in value, shouldn't the purchasing power of the currency increase in value? Well that is exactly what happened to the Liberty Dollar. In 2004 the currency Moved Up from the $10 Silver Base to the new $20 Silver base and all Liberty Dollars DOUBLED in value. Just imagine, while your US Dollars are losing purchasing power, the Liberty Dollars are appreciating in value and rewarding everyone who has them!
Plus the Liberty Dollar is easy for merchants and customers to use because its "unit of account" is exactly so it functions dollar-for-dollar with the US dollar.
Local merchants find the Liberty Dollar particularly beneficial, because it is profitable, circulates freely, builds traffic, grows their business, and increases customer loyalty.
The Liberty Dollar was specifically designed to circulate in the local community for the advantage of the local economy so it may not be deposited into a bank. That way it cannot be whisked away, and remains in your community and circulates for the good of both the merchants and consumers.
Time For a New Dollar
The three best reasons to use the Liberty Dollar are: Have fun, do good, earn money.
First, it's FUN. You'll have merchants asking lots of questions, friends gathering around to see the currency, and you can become an expert on money - all by getting some Liberty Dollars.
Second, it's good for your community. As a community currency, Liberty Dollars don't disappear, so when you spend them, they stay in the local economy.
Third, it's profitable to become a Liberty Associate or a Liberty Merchant. Plus using the Liberty Dollar will attract new business, generate advertising, and build a loyal customer base around the Liberty Dollar! And by giving out the Liberty Dollar in change, you can earn more!
The Liberty Dollar is available in Gold & Silver and provide:
Economic stability
Prosperity for people
Freedom from inflation
Safer storage of value
Greater financial privacy
Trusted basis for saving
Pride of truly owning your own money
Better control of your finances
Enhancing local self-reliance
Encourages ecological sustainability
Stimulates local economies and employment
Profitability for people, not banks
Independence from current banking system
Improved social and political systems
Prevents large-scale, systemic failure
Disciplined government growth and control
A stronger community for family and business
Provides a solution to economic and social difficulties
Insulates local economies from national economic trends
Allows a community or a region to set its own standards
Protection against a manipulated monetary system
Protection from the next national monetary crisis
Greater protection of individual rights and liberties
Returns the monetary power to the people
Provides a financial deterrent to war
Here's what people who use the Liberty Dollar are saying:
"I now pay for my lunch in real money."
V. Callaway, Tacoma WA
"I simply hand them the currency and 95% of the businesses accept it."
C. Athanas, Austin TX
"Given time, it'll be as common as credit cards."
T. Curtis, Calabasses CA
"It is fun and very simple to use."
L. Farrenkopf Victor MT
"This is a blast. I love getting the word out about the new money!"
B. Ibarra, Buda TX
G. Edward Griffin, the noted author on the Federal Reserve said: On page 573 of "The Creature from Jekyll Island", I wrote that before we could abandon Federal Reserve Notes, we first had to be able to convert them into real money. I said: "That means we must create an entirely new money supply which is 100% backed by precious metal; and we must do so in a reasonably short period of time." Well you have to be careful what you recommend, because Bernard von NotHaus did exactly that. And although I initially thought there were too many obstacles, to my surprise, the more I studied the details of his plan, the more convinced I was that by Jove, it just might work! My business, The Reality Zone, is a Liberty Associate, and I urge you to get in on the ground floor and join this growing group of concerned Americans as a Liberty Associate now!
REAL Money You Can Trust
A national network of thousands of Liberty Associates, Merchants and Regional Currency Offices already exists to assist you. Today there are over 250,000 people using $60 million Liberty Dollars. And every day it continues to grow to meet the challenge of the depreciating US dollar. There is probably someone near you already. Now you can protect your money and profit. You and your family need not be at risk of a currency crisis because the Liberty Dollar provides guaranteed protection because it's real gold and silver!
That is why I'm offering the new currency to you on a completely risk-free basis with three bonuses.
Liberty Dollars are Yours Risk-Free
Here is the best news of all. I have been intending to create this web site for a long time. So now that it is finally completed, you have arrived just in time to take advantage of this unprecedented offer!
Everybody in the Liberty Dollar organization thinks that our normal dollar-for-dollar exchange rate for those who are not Liberty Associates and the market driven discounted rate for Liberty Associates is amazingly low for such a valuable currency. But because the Internet has reduced many of our costs, I'm doing a test until 09/18/2008 . Depending on its effect, we may or may not continue this Special Offer after that date.
Just order the "Special" today and get these three bonuses:
Bonus #1
Free DVD of the Learning Channel's special "Making Money"
Get your own personal DVD of the groundbreaking Special, which featured the Liberty Dollar with the US Treasury and the Federal Reserve. Find out how the country's monetary powers reacted to the Liberty Dollar and why I was the first person featured on camera to discuss the current monetary situation. Normally this DVD would cost $29, but it is yours free with the Special Offer below. Click here for a short clip of the DVD. Receive a free copy with your first order of $85 Liberty Dollar. Just order the "Special Offer" below.
Bonus #2
Free Book "Liberty Dollar SOLUTION To the Federal Reserve"
Sure there are a lot of books out there about money. But my 500-page book is the only one that presents a proven, positive, profitable solution to use gold and silver currency in a peaceful voluntary manner. Plus, SOLUTION features 18 expert contributors including Dr. Murray Rothbard, Dr. Richard H. Timberlake, G. Edward Griffin, Congressman Ron Paul, ex IRS agent John Turner, and even Alan Greenspan. Normally this book is $15.00 but it is yours free with the Special Offer below.
Bonus #3
Second Free Book "Economic Solutions" By Peter Kershaw
This book brings many historic and interesting details about money that cannot be found anywhere else. Normally $9.00, it is yours free with the Special Offer below.
Full one-year 100% Money Back Guarantee
I insist you order your first Liberty Dollars with zero risk. The Special Offer is completely at my risk. Why am I going to such lengths? Because even though I have been featured on the Learning Channel and have become well known over 30 years, I want you to feel absolutely certain that there is no way you can be "taken".
So take one full year to examine the Liberty Dollar and really get into it. That's right! You have 365 days to put the new REAL money to the test. Show it to your friends. Test it with your local merchants. Find out how powerful gold and silver money really is. Try the Liberty Dollar for a full year. I'm confident you'll never want to send it back. The one ounce $50 Silver Liberty is just beautiful and wonderful to hold. Plus the Liberty Dollar is truly a valuable currency that will increase in value as the US dollar depreciates and the price of gold and silver goes up.
But if you are not completely satisfied with the Special Offer for any reason, just return it and we'll refund your entire payment. Right up to the last day of the 365-day, guaranteed.
Your First Liberty Dollars for Only $85
Now for this limited time, you can catch the excitement of using Liberty Dollars for only $85 with this Special Offer and the full one-year 100% Money Back Guarantee. The simple truth is that the Liberty Dollar works and it will work for you.
Order Now. Just click here for the Special Offer!
Please Contact Us...
If you have any problems or wish to speak to someone, please call 1.888.LIB.DOLLAR or call direct at 888.421.6181. If the lines are busy, please leave a message or email us at Info@LibertyDollar.org and we will get back to you ASAP.
Please keep in mind that when you order online you will get the fastest service and you don't have to wait for the arrival of your order to start having fun!
I look forward to getting an email from you. I want to hear how you used the Liberty Dollar and add your Success Story to our list. Even though I get an enormous amount of mail, please write to me. I love hearing every Success Story when you use the Liberty Dollar.
Sincerely,
Bernard von NotHaus
Monetary Architect
P.S. Time is critical as the price of silver changes all the time. Luckily the price of silver is still low and affords an excellent entry level. Order today so your money will be protected tomorrow. The Liberty Dollar provides a proven positive REAL money solution that actually pays you to use it. Plus you can earn more money, do good, and have fun with the Liberty Dollar.
Your money has already lost 96% of its purchasing power since the Federal Reserve was created in 1913. With the accelerating rate of depreciation and the alarming rate of deficit spending by the government, your US dollar is going to lose more purchasing power. Protect your money, family, and business by getting REAL money, the new gold and silver Liberty Dollar, now. Become a Liberty Associate today and start profiting from inflation.
Thank you for visiting the Liberty Dollar site.
I hope you will take action to protect your purchasing power with some Liberty Dollars.
And remember, as a Liberty Associate, you can get Liberty Dollars at a discount.
Bernard von NotHaus - Monetary Architect
Copyright 1998-2008 Liberty Dollar | All Rights Reserved. | Disclaimer | 888.421.6181 | 225 N Stockwell Rd | Evansville, IN | 47715 | info@libertydollar.org
Mydin to spend RM1b on new hypermarkets
Mydin to spend RM1b on new hypermarkets
By Roziana Hamsawi Published: 2008/09/18
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LOCAL hypermarket operator Mydin Mohamed Holdings Bhd will invest close to RM1 billion to open eight new hypermarkets in Malaysia in the next two years.
Owner and managing director Datuk Ameer Ali Mydin said each store will cost the group some RM120 million. Four stores will be opened next year and the remaining stores in 2010.
Mydin currently has 42 outlets, comprising 24 emporiums, two hypermarkets, nine mini markets, five 24-hour convenient stores and two superstores.
"With our expansion, opportunities are aplenty for more and more small and medium enterprises (SMEs) and aspiring entrepreneurs to showcase their products through our stores," said Ameer.
Last year, Mydin spent RM60 million buying various goods and products from a total of 500 Bumiputera SMEs, and this year the value is expected to increase by about 20 per cent.
Ameer was speaking to reporters in Kuala Lumpur yesterday, after signing a memorandum of understanding with the Halal Industry Development Corp (HDC) on halal training programme to be provided by HDC to Mydin's local vendors or SMEs.
Signing on behalf of HDC was its chief executive officer Datuk Seri Jamil Bidin. The signing was witnessed by Minister in the Prime Minister's Department, Datuk Seri Zahid Hamidi.
Under the programme, HDC, in the first year, will train 300 trainees from Mydin's own SMEs in the Klang Valley and the subsequent years will see the training being expanded to other states.
"We want to help local SME entrepreneurs to equip themselves with the right knowledge and confidence in managing and producing their halal-based products," said Ameer, adding that this will strengthen and boost the capacity of local SMEs in the local and global halal industry.
The halal training programmes will provide the SMEs with the right skills to become competitive halal players and comprise three modules namely halal awareness, halal industry and halal professional.
Jamil said such programmes are part of HDC's efforts to turn Malaysia into the preferred global halal support and reference centre.
"It will also boost Mydin's position as a leading provider of halal products that are wholesome and safe for consumption and usage, thereby ensuring that their customers receive the highest standards in quality and safety," he said.
By Roziana Hamsawi Published: 2008/09/18
CURRENCY CONVERTER
LARGER TYPE
SMALLER TYPE
LOCAL hypermarket operator Mydin Mohamed Holdings Bhd will invest close to RM1 billion to open eight new hypermarkets in Malaysia in the next two years.
Owner and managing director Datuk Ameer Ali Mydin said each store will cost the group some RM120 million. Four stores will be opened next year and the remaining stores in 2010.
Mydin currently has 42 outlets, comprising 24 emporiums, two hypermarkets, nine mini markets, five 24-hour convenient stores and two superstores.
"With our expansion, opportunities are aplenty for more and more small and medium enterprises (SMEs) and aspiring entrepreneurs to showcase their products through our stores," said Ameer.
Last year, Mydin spent RM60 million buying various goods and products from a total of 500 Bumiputera SMEs, and this year the value is expected to increase by about 20 per cent.
Ameer was speaking to reporters in Kuala Lumpur yesterday, after signing a memorandum of understanding with the Halal Industry Development Corp (HDC) on halal training programme to be provided by HDC to Mydin's local vendors or SMEs.
Signing on behalf of HDC was its chief executive officer Datuk Seri Jamil Bidin. The signing was witnessed by Minister in the Prime Minister's Department, Datuk Seri Zahid Hamidi.
Under the programme, HDC, in the first year, will train 300 trainees from Mydin's own SMEs in the Klang Valley and the subsequent years will see the training being expanded to other states.
"We want to help local SME entrepreneurs to equip themselves with the right knowledge and confidence in managing and producing their halal-based products," said Ameer, adding that this will strengthen and boost the capacity of local SMEs in the local and global halal industry.
The halal training programmes will provide the SMEs with the right skills to become competitive halal players and comprise three modules namely halal awareness, halal industry and halal professional.
Jamil said such programmes are part of HDC's efforts to turn Malaysia into the preferred global halal support and reference centre.
"It will also boost Mydin's position as a leading provider of halal products that are wholesome and safe for consumption and usage, thereby ensuring that their customers receive the highest standards in quality and safety," he said.
Public Bank to set up syariah unit in Nov
Public Bank to set up syariah unit in Nov
Published: 2008/09/18
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PUBLIC Bank, Malaysia's third largest lender by assets, will set up a syariah subsidiary in November as strong demand is expected to boost its Islamic loan growth to double the conventional industry level next year, its managing director said yesterday.
Like other Malaysian lenders, Public Bank is seeking alternative sources of income by going overseas and tapping the rapidly growing Islamic industry as the domestic market of 27 million people becomes increasingly saturated.
The bank, which is Malaysia's second largest lender in terms of syariah loans and deposits, sees its Islamic loans rising 15 per cent in 2009, versus the seven to eight per cent growth expected for the conventional banking industry.
The bank's Islamic business would focus on the retail market, managing director Tan Sri Tay Ah Lek said.
"We will still focus on the retail financing part and the deposit-taking business and wealth management products," Tay said in an interview.
Public Bank's upbeat outlook comes amid a global credit crisis which has pushed Lehman Brothers to seek bankruptcy protection, Merrill Lynch into the arms of Bank of America and insurer American International Group Inc to the brink of collapse.
But Public Bank said Malaysian lenders are likely to remain healthy in the absence of a sharp decline in economic growth.
Malaysia's economy is officially forecast to expand 5.4 per cent in 2009, among the fastest-growing in Southeast Asia.
"We expect 2009 to be challenging but we expect it to remain strong," said Public Bank's group economist Nasaruddin Arshad, referring to the domestic banking sector.
Islamic banking - which shuns usury-based investments and gains from sectors such as alcohol, gaming, weapons and pornography - is perceived to be a relatively safe sector as transactions have to involve specific assets. - Reuters
Published: 2008/09/18
CURRENCY CONVERTER
LARGER TYPE
SMALLER TYPE
PUBLIC Bank, Malaysia's third largest lender by assets, will set up a syariah subsidiary in November as strong demand is expected to boost its Islamic loan growth to double the conventional industry level next year, its managing director said yesterday.
Like other Malaysian lenders, Public Bank is seeking alternative sources of income by going overseas and tapping the rapidly growing Islamic industry as the domestic market of 27 million people becomes increasingly saturated.
The bank, which is Malaysia's second largest lender in terms of syariah loans and deposits, sees its Islamic loans rising 15 per cent in 2009, versus the seven to eight per cent growth expected for the conventional banking industry.
The bank's Islamic business would focus on the retail market, managing director Tan Sri Tay Ah Lek said.
"We will still focus on the retail financing part and the deposit-taking business and wealth management products," Tay said in an interview.
Public Bank's upbeat outlook comes amid a global credit crisis which has pushed Lehman Brothers to seek bankruptcy protection, Merrill Lynch into the arms of Bank of America and insurer American International Group Inc to the brink of collapse.
But Public Bank said Malaysian lenders are likely to remain healthy in the absence of a sharp decline in economic growth.
Malaysia's economy is officially forecast to expand 5.4 per cent in 2009, among the fastest-growing in Southeast Asia.
"We expect 2009 to be challenging but we expect it to remain strong," said Public Bank's group economist Nasaruddin Arshad, referring to the domestic banking sector.
Islamic banking - which shuns usury-based investments and gains from sectors such as alcohol, gaming, weapons and pornography - is perceived to be a relatively safe sector as transactions have to involve specific assets. - Reuters
Poor Muslims slipping through the zakat net
2008/09/18
Poor Muslims slipping through the zakat net
By : Siti Nurbaiyah Nadzmi
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MALAYSIAN Muslims paid more than half a billion ringgit in zakat last year. Both the number of people paying and the amount collected are steadily growing.
Datuk Wan Mohamed Sheikh Abdul Aziz says Baitulmal is trying to compile a comprehensive database
Abdul Ghani Mohd Yusof hopes the Welfare Department or Baitulmal will cut red tape, especially during Ramadan
That staggering figure should be enough to help the poor, if not eradicate Muslim hardcore poverty. Unfortunately, the harsh truth is that some of these hardcore poor Muslims are not even on the list of zakat beneficiaries.
Rosnaini Abu Hassan, 51, is one of them. She lives in a two-room flat in Taman Sentul Utama, between the prestigious residential condominiums of East and West Sentul.
Unlike her privileged neighbours, Rosnaini is unemployed and homebound, caring for her invalid 88-year-old mother and a disabled 18-year-old son.
Her eldest son does his best with his RM850 salary to foot their bills: the flat's RM450 rental, utilities, food and medical expenses.
For Hari Raya, neighbours and the surau at the flat help out with donations in cash and kind, but Rosnaini has never received anything from Baitulmal, the body responsible for distributing zakat funds collected by state religious councils.
Federal Territory Baitulmal deputy chairman Datuk Wan Mohamed Sheikh Abdul Aziz admits that their biggest challenge lies in compiling data on zakat beneficiaries.
"We work with the Welfare Department to identify and locate the poor but we are aware that this is not enough," he says.
The database leaves out at least 30 hardcore poor families in Taman Sentul Utama alone.
Wan Mohamed says Baitulmal is trying to compile a comprehensive database by networking between its amil (officers appointed to collect zakat) and non-governmental organisations (NGOs) to identify the poor and hardcore poor.
Some may say it's Rosnaini's fault that she is not registered with the Welfare Department or Baitulmal. But to register, she would need to fill out forms and hand in photocopies of supporting documents -- including a police report, letter of declaration and a passport photograph.
"I can't read. I can't write. I can't leave the house," she says in embarrassment, admitting that she is the third generation of Kampung Puah Seberang squatters, who inherited her parents' and grandparents' urban poverty.
That vicious cycle could have been broken by zakat, says a senior economist with a leading Islamic financial institution.
"It is achievable by making Baitulmal completely independent and taking it out of the governance of the respective state religious councils."
At present, each state religious council manages its own Baitulmal and this creates tremendous legal barriers against disbursing zakat funds from one state to another.
Minister in the Prime Minister's Department Datuk Seri Dr Ahmad Zahid Hamidi recently suggested that the collection of zakat be streamlined without crossing the boundaries of state authorities.
Wan Mohamed agrees that this would help Baitulmal to improve zakat distribution while paving the way for Baitulmal from other states to share their zakat funds with states that collect less.
"Central collection would be ideal," says Wan Mohamed, "but we wouldn't want to be seen as taking over the state's jurisdiction over zakat."
So how could it be done?
If Baitulmal were centralised, independent and established under the Council of Rulers, suggests the economist, the rulers -- who are the heads of Islam for their respective states -- would be able to decide the amount of disbursement for their states. This would reduce the chances of misuse of funds and abuse of power, he suggests.
The economist also criticises some Baitulmal for investing in stock markets and acquiring property.
"Putting zakat funds into business, risks it on market trends, which is morally wrong and could be haram (not permissible) if the funds are used to generate income while there are still hardcore poor people in the community," he says.
"Zakat should be disbursed and not carried forward into the following year as a surplus, let alone played on the stock markets or used to acquire commercial properties."
The definition of poor and hardcore poor also works against many families, claims the economist. The RM430 monthly income cut-off point between a poor and hardcore poor household, as listed by the Economic Planning Unit in the Prime Minister's Department, is unrealistically low, he says. According to this definition, only 3.6 per cent of households are considered hardcore poor.
The huge improvement in poverty indicators, he claims, is partly due to a poverty definition that is too low; far below the minimum monthly income required by a household of five to meet basic needs such as food, clothing, rental, utilities, healthcare and education.
For example, based on 2007 methodology, a household in Peninsular Malaysia is considered poor only if its monthly income is less than RM720. This denies many poor families financial aid and other welfare assistance, including zakat, he says.
At Taman Sentul Utama, the welfare of these hardcore poor families is handled by the flats' surau committee, which compiles a list of the poor in the neighbourhood. None of the hardcore poor on their list receives any aid from either the Welfare Department or Baitulmal.
Taxi driver Abdul Ghani Mohamed Yusof, one of the surau committee members, says the surau keeps its list updated so that whenever NGOs or well-wishers offer their contributions, it is easy for the committee to distribute the alms to the poor.
Ghani hopes the Welfare Department or Baitulmal will survey these poor families, putting aside protocol and red tape, especially during the holy month of Ramadan. The surau has asked the Welfare Department about assistance for the poor, he says.
"But we were told that for the poor to get welfare benefits, they have to apply to the department or Baitulmal themselves."
Poor Muslims slipping through the zakat net
By : Siti Nurbaiyah Nadzmi
Email to friend Print article
MALAYSIAN Muslims paid more than half a billion ringgit in zakat last year. Both the number of people paying and the amount collected are steadily growing.
Datuk Wan Mohamed Sheikh Abdul Aziz says Baitulmal is trying to compile a comprehensive database
Abdul Ghani Mohd Yusof hopes the Welfare Department or Baitulmal will cut red tape, especially during Ramadan
That staggering figure should be enough to help the poor, if not eradicate Muslim hardcore poverty. Unfortunately, the harsh truth is that some of these hardcore poor Muslims are not even on the list of zakat beneficiaries.
Rosnaini Abu Hassan, 51, is one of them. She lives in a two-room flat in Taman Sentul Utama, between the prestigious residential condominiums of East and West Sentul.
Unlike her privileged neighbours, Rosnaini is unemployed and homebound, caring for her invalid 88-year-old mother and a disabled 18-year-old son.
Her eldest son does his best with his RM850 salary to foot their bills: the flat's RM450 rental, utilities, food and medical expenses.
For Hari Raya, neighbours and the surau at the flat help out with donations in cash and kind, but Rosnaini has never received anything from Baitulmal, the body responsible for distributing zakat funds collected by state religious councils.
Federal Territory Baitulmal deputy chairman Datuk Wan Mohamed Sheikh Abdul Aziz admits that their biggest challenge lies in compiling data on zakat beneficiaries.
"We work with the Welfare Department to identify and locate the poor but we are aware that this is not enough," he says.
The database leaves out at least 30 hardcore poor families in Taman Sentul Utama alone.
Wan Mohamed says Baitulmal is trying to compile a comprehensive database by networking between its amil (officers appointed to collect zakat) and non-governmental organisations (NGOs) to identify the poor and hardcore poor.
Some may say it's Rosnaini's fault that she is not registered with the Welfare Department or Baitulmal. But to register, she would need to fill out forms and hand in photocopies of supporting documents -- including a police report, letter of declaration and a passport photograph.
"I can't read. I can't write. I can't leave the house," she says in embarrassment, admitting that she is the third generation of Kampung Puah Seberang squatters, who inherited her parents' and grandparents' urban poverty.
That vicious cycle could have been broken by zakat, says a senior economist with a leading Islamic financial institution.
"It is achievable by making Baitulmal completely independent and taking it out of the governance of the respective state religious councils."
At present, each state religious council manages its own Baitulmal and this creates tremendous legal barriers against disbursing zakat funds from one state to another.
Minister in the Prime Minister's Department Datuk Seri Dr Ahmad Zahid Hamidi recently suggested that the collection of zakat be streamlined without crossing the boundaries of state authorities.
Wan Mohamed agrees that this would help Baitulmal to improve zakat distribution while paving the way for Baitulmal from other states to share their zakat funds with states that collect less.
"Central collection would be ideal," says Wan Mohamed, "but we wouldn't want to be seen as taking over the state's jurisdiction over zakat."
So how could it be done?
If Baitulmal were centralised, independent and established under the Council of Rulers, suggests the economist, the rulers -- who are the heads of Islam for their respective states -- would be able to decide the amount of disbursement for their states. This would reduce the chances of misuse of funds and abuse of power, he suggests.
The economist also criticises some Baitulmal for investing in stock markets and acquiring property.
"Putting zakat funds into business, risks it on market trends, which is morally wrong and could be haram (not permissible) if the funds are used to generate income while there are still hardcore poor people in the community," he says.
"Zakat should be disbursed and not carried forward into the following year as a surplus, let alone played on the stock markets or used to acquire commercial properties."
The definition of poor and hardcore poor also works against many families, claims the economist. The RM430 monthly income cut-off point between a poor and hardcore poor household, as listed by the Economic Planning Unit in the Prime Minister's Department, is unrealistically low, he says. According to this definition, only 3.6 per cent of households are considered hardcore poor.
The huge improvement in poverty indicators, he claims, is partly due to a poverty definition that is too low; far below the minimum monthly income required by a household of five to meet basic needs such as food, clothing, rental, utilities, healthcare and education.
For example, based on 2007 methodology, a household in Peninsular Malaysia is considered poor only if its monthly income is less than RM720. This denies many poor families financial aid and other welfare assistance, including zakat, he says.
At Taman Sentul Utama, the welfare of these hardcore poor families is handled by the flats' surau committee, which compiles a list of the poor in the neighbourhood. None of the hardcore poor on their list receives any aid from either the Welfare Department or Baitulmal.
Taxi driver Abdul Ghani Mohamed Yusof, one of the surau committee members, says the surau keeps its list updated so that whenever NGOs or well-wishers offer their contributions, it is easy for the committee to distribute the alms to the poor.
Ghani hopes the Welfare Department or Baitulmal will survey these poor families, putting aside protocol and red tape, especially during the holy month of Ramadan. The surau has asked the Welfare Department about assistance for the poor, he says.
"But we were told that for the poor to get welfare benefits, they have to apply to the department or Baitulmal themselves."
CREDIT CARDS: Only rejections for the pensioners
2008/09/18
CREDIT CARDS: Only rejections for the pensioners
By : S.P. Batu Pahat
Email to friend Print article
I AM a senior citizen receiving a decent pension. While I am grateful to the government for looking after most senior citizens in the country, I cannot say the same of the banks.
I have a credit card and I use it carefully. I can also generally say that the older citizens are good "paymasters" and I believe I am one of them as I have never incurred any interest or surcharge on my credit card monthly payment.
Unfortunately, my card was approved umpteen years ago when one had to pay annual fees for credit cards. I have no problems with my card but to continue paying RM75 yearly is a waste of money. Every year, I appeal to them to exempt me from the fees but the reply has always been in the negative.
I decided to apply for a credit card that does not entail an annual fee. With the many banks "begging" us to take up such offers with lifetime free perks, I applied for one from a major bank that had won eight awards for being an excellent bank.
My pension is more than the minimum annual income requirement. I am 59 and am certain they could have checked my financial background and come up with nothing negative. Sadly, I received a short note from the bank informing me that they had rejected my application.
I take it that senior citizens are no longer useful and our purchasing power is minimal. Or is it a ruling that credit cards should not be given out to persons above a certain age?
I would be grateful if Bank Negara can explain where senior citizens stand when applying for credit cards. With airline tickets going cheap through online bookings, don't senior citizens have the right to own credit cards so that they too can see the world in their twilight years?
It was reported recently that Japanese senior citizens played an important role in boosting the country's faltering economy. Sadly, the financial institutions in Malaysia don't think so.
CREDIT CARDS: Only rejections for the pensioners
By : S.P. Batu Pahat
Email to friend Print article
I AM a senior citizen receiving a decent pension. While I am grateful to the government for looking after most senior citizens in the country, I cannot say the same of the banks.
I have a credit card and I use it carefully. I can also generally say that the older citizens are good "paymasters" and I believe I am one of them as I have never incurred any interest or surcharge on my credit card monthly payment.
Unfortunately, my card was approved umpteen years ago when one had to pay annual fees for credit cards. I have no problems with my card but to continue paying RM75 yearly is a waste of money. Every year, I appeal to them to exempt me from the fees but the reply has always been in the negative.
I decided to apply for a credit card that does not entail an annual fee. With the many banks "begging" us to take up such offers with lifetime free perks, I applied for one from a major bank that had won eight awards for being an excellent bank.
My pension is more than the minimum annual income requirement. I am 59 and am certain they could have checked my financial background and come up with nothing negative. Sadly, I received a short note from the bank informing me that they had rejected my application.
I take it that senior citizens are no longer useful and our purchasing power is minimal. Or is it a ruling that credit cards should not be given out to persons above a certain age?
I would be grateful if Bank Negara can explain where senior citizens stand when applying for credit cards. With airline tickets going cheap through online bookings, don't senior citizens have the right to own credit cards so that they too can see the world in their twilight years?
It was reported recently that Japanese senior citizens played an important role in boosting the country's faltering economy. Sadly, the financial institutions in Malaysia don't think so.
Tuesday, September 16, 2008
International Institute of Islamic Finance (IIIF) Inc.
Key Management Profile
Dr. Mohd Daud Bakar
President/ CEO
mdaud@iiif-inc.com
Dr. Mohd Daud Bakar is the President/CEO of International Institute of Islamic Finance (IIIF) Inc. (BVI) and Amanie Business Solutions Sdn. Bhd. Prior to this, he was the Deputy Rector (Student Affairs and Development) and an Associate Professor at the International Islamic University Malaysia.
He received his first degree in Shari’ah from University of Kuwait in 1998 and obtained his PhD from University of St. Andrews, United Kingdom in 1993. In 2002, he went on to complete his external Bachelor of Jurisprudence at University of Malaya. He has published more than 30 articles in various academic journals and presented more than 150 papers in various conferences both local and abroad.
He is currently the Chairman of the Central Shari’ah Advisory Council of the Central Bank of Malaysia and a member of the Shari’ah Advisory Council of Securities Commission of Malaysia. He is also a member of Shari’ah board of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (Bahrain), International Islamic Financial Market (IIFM) (Bahrain), Dow Jones Islamic Market Index (New York), Oasis Asset Management (Cape Town, South Africa), Unicorn Investment Bank (Bahrain), Financial Guidance (USA), BNP Paribas and in other financial institutions both local and abroad. Apart from that, Dr Mohd Daud is also actively advising in capital market product structuring such as Sukuks both local and abroad.
Dr. Syed Musa Alhabshi
Principal Consultant
syedmusa@iiif-inc.com
Currently he is a Principal consultant with Amanie Business Solutions in providing advisory, research and training services to the Islamic financial industry. He is currently a technical consultant with Centennial Group International in developing Islamic Financial Services Board (IFSB) Prudential Standards. He had served as a member of Accounting, Auditing and Governance Standards Board of Accounting Auditing Organization for Islamic Financial Institutions (AAOIFI). In Malaysia he is currently a member of Malaysian Accounting Standards Board (MASB) Working Committee of Islamic Financial Reporting Standards. He has conducted training in the area of Islamic Accounting, Finance and Banking in both public seminars and in house training programs for various financial, audits, supervisory and rating institutions in London, Brunei, Malaysia, Singapore and Indonesia. In advisory services he has been involved in product design and development, accounting treatment and policy, governance and Shariah review as well as risk analysis and solutions for IFSI. He has also completed research for national and international Islamic financial Services Industry that provides policy direction to the future development of the industry.
Dr. Syed Musa Alhabshi was an Associate Professor employed in Faculty of Business Administration, Tun Abdul Razak University (UNITAR) till February 2007. In UNITAR he had served as Dean, Faculty of Business Administration and Head of Center for Graduate Studies. He has taught accounting and finance courses for both academic and professional programs including Master and doctoral Degree Courses in Accounting theory and Policy, Islamic Accounting and Finance, Accounting for Islamic Financial Institutions and Financial Management in both public and private universities. He has presented papers in both local and International Conferences as well as published papers in academic journals and related academic literature. He has also completed supervision of Doctoral thesis which includes areas on Performance and Efficiency of Islamic financial Institutions and Foreign Investments. His research area of interest includes Accounting, Auditing, Governance, Risk Management, Performance Measurement and Zakat particularly for Islamic Financial Institutions.
Prior to his appointment in UNITAR he had served as a Head of Department of Accounting and Head of Post Graduate Diploma Islamic Banking in Faculty of Economics and Management Sciences during his tenure of 10 years as an academic staff in International Islamic University, Malaysia.
His early education was from Singapore where he obtained a Diploma in Business Studies from Ngee Ann Polytechnic. He then proceeded to obtain first class honors degree in Bachelor of Business Administration (1989) from International Islamic University (IIUM), Malaysia where he obtained Bank Islam Malaysia Overall Best Student Award. He then proceeded to obtain Doctor of Business Administration (1994) (Accounting and Finance) from Strathclyde University, UK. His career began as a National Service Police Inspector and later worked as an audit assistant in an International Public Accounting Firm, Singapore after obtaining his diploma. After completing his first degree he joined as an IIUM academic staff and was also a Teaching Fellow in Strathclyde University, UK
Razi Pahlavi
Consultant
razi@iiif-inc.com
Razi was previously involved in product and business development activities of IslamiQ Ltd. He was one of the Shari’ah secretariats in IslamiQ, responsible for the development and management of Shari’ah compliance products as well as communication between the management and Shari’ah scholars. IslamiQ is the first online company dedicated to meeting the Islamic investment and financial needs of the global Muslim community.
Prior to that, Razi was a product development consultant for Islamic Capital Technology. He participated in the Islamic Financial advisory and assisted in the structuring of private equity funds, Islamic business-to-business financial marketplace and Takaful products.
Razi involved profoundly in Islamic Economy and Finance research, he was a researcher in Islamic Financial Data Services Ltd. (UK), with the main responsibility of conducting market research, providing reports and updates on the new Islamic Finance products in both concept and application. He was once an independent researcher based in the Middle East.
Razi graduated from International Islamic University Malaysia with a Bachelor Degree of Accounting.
Baiza Bain
Consultant
baiza@iiif-inc.com
Baiza is a consultant with 9 years experience in various fields within the Islamic Bankingindustry. Baiza started as a research associate with Islamic Financial Data Services Ltd.(U.K) specialising in Islamic finance and banking data research before joining IslamiQ Ltd.. At IslamiQ, Baiza was part of the team that developed the ScreenIslamiQ, the online service that allowed users to access information on Shari'ah compliant stocks in the majorglobal stock markets. Baiza was also involved in the IslamiQ advisory team thatcompleted the Shari'ah structuring of a US$150 million private equity fund focusing on dynamic and undervalued Asian companies.
Baiza’s last posting before joining Amanie was with Guidance Financial Group LLC, an international Islamic financial services company based in Washington D.C. At Guidance Financial, Baiza was part of the investment team that structured a Musyarakah Mutanaqisah based Islamic home financing program for consumers in the U.S market, an innovative mortgage based Islamic Fixed Income security with Freddie Mac and a Pan European Islamic Real Estate fund with ING International. During his tenure with Guidance Financial, he was also seconded to Navis Capital Partners to assist in the day to day running of their Islamic private equity funds with an aggregate value of USD 300 million. Baiza graduated from Monash University, Australia with a degree in Business Studies double majoring in Accounting and Economics.
Effendy Rahaman
Consultant
effendy@iiif-inc.com
Effendy is a consultant for business, product and research. His expertise is in economic research and he has previously held several research assignments from Malaysian Institute of Economic Research (MIER) and International Centre for Education in Islamic Finance (INCEIF). Effendy began his career as a financial consultant at Standard Chartered Bank, Singapore, where he developed an extensive knowledge of banking instruments. He then moved on to WAREES Investments, a subsidiary of Majlis Ugama Islam Singapura (MUIS) which specializes in managing and developing trust property. At WAREES Investments, he fulfilled the role of an investment analyst and is immersed to the field of Islamic Finance and Economics. A new introduction to the Amanie team, Effendy brings forth an integral knowledge of the banking industry.
Effendy holds a degree in Business Management from the University of London, an MSc in International Economics (with Distinction) from Cardiff University and is currently pursuing his PhD in Economics from Universiti Malaya, specializing in Monetary and Islamic Economics.
Maya Marissa
Consultant
maya@iiif-inc.com
Maya Marissa graduated with an LL.B (Hons) from the University of Kent at Canterbury, United Kingdom and has 9 years experience mainly in corporate legal matters. She started her career with Edaran Digital Systems Berhad, a player in the ICT industry as an in-house legal counsel for the holding company and its subsidiaries. At Edaran, she was responsible for the legal matters mainly in project management as well as compliance. She was also involved in the Group’s exercise for issuance of RM100 million Al-Murabahah Commercial Paper/Medium Term Note and was appointed as Administrator for the Group’s Employee Share Trust Scheme and member of the Risk Management Working Committee. She then joined Perbadanan Usahawan Nasional Berhad (PUNB), a national entrepreneur development corporation, which provides integrated support to various sectors through a variety of Islamic financial products and equity investments. At PUNB, she received wide exposure in legal and Shari’ah aspects of PUNB’s financing and investments, litigation and general corporate matters including risk management exercise, KPI exercise and implementation of PUNB’s SOP. She was also a member of PUNB’s Main Shari’ah Committee and Shari’ah Working Committee. Maya Marissa is currently pursuing her Chartered Islamic Finance Professional (CIFP) Programme at the International Centre for Education in Islamic Finance (INCEIF).
Suhaida Mahpot
Associate Consultant
suhaida@iiif-inc.com
Suhaida Mahpot graduated from International Islamic University Malaysia with a Bachelor of Economics (Islamic Economics & Finance). Her career in banking & financial industry starts as a Trainee under Capital Market Graduated Trainee Scheme organized by Securities Commission. Prior joining Amanie Business Solutions Sdn Bhd, she was working with Affin Investment Bank Bhd since 2006 as an Executive for Debt & Capital Market Department. She has completed various project financing deals using Private Debt Securities instruments ranging from infrastructure & utilities, real estate, plantation and many others sectors.
IIIF | Products & Services | Our Faculty
Dr. Mohd Daud Bakar
President/ CEO
mdaud@iiif-inc.com
Dr. Mohd Daud Bakar is the President/CEO of International Institute of Islamic Finance (IIIF) Inc. (BVI) and Amanie Business Solutions Sdn. Bhd. Prior to this, he was the Deputy Rector (Student Affairs and Development) and an Associate Professor at the International Islamic University Malaysia.
He received his first degree in Shari’ah from University of Kuwait in 1998 and obtained his PhD from University of St. Andrews, United Kingdom in 1993. In 2002, he went on to complete his external Bachelor of Jurisprudence at University of Malaya. He has published more than 30 articles in various academic journals and presented more than 150 papers in various conferences both local and abroad.
He is currently the Chairman of the Central Shari’ah Advisory Council of the Central Bank of Malaysia and a member of the Shari’ah Advisory Council of Securities Commission of Malaysia. He is also a member of Shari’ah board of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (Bahrain), International Islamic Financial Market (IIFM) (Bahrain), Dow Jones Islamic Market Index (New York), Oasis Asset Management (Cape Town, South Africa), Unicorn Investment Bank (Bahrain), Financial Guidance (USA), BNP Paribas and in other financial institutions both local and abroad. Apart from that, Dr Mohd Daud is also actively advising in capital market product structuring such as Sukuks both local and abroad.
Dr. Syed Musa Alhabshi
Principal Consultant
syedmusa@iiif-inc.com
Currently he is a Principal consultant with Amanie Business Solutions in providing advisory, research and training services to the Islamic financial industry. He is currently a technical consultant with Centennial Group International in developing Islamic Financial Services Board (IFSB) Prudential Standards. He had served as a member of Accounting, Auditing and Governance Standards Board of Accounting Auditing Organization for Islamic Financial Institutions (AAOIFI). In Malaysia he is currently a member of Malaysian Accounting Standards Board (MASB) Working Committee of Islamic Financial Reporting Standards. He has conducted training in the area of Islamic Accounting, Finance and Banking in both public seminars and in house training programs for various financial, audits, supervisory and rating institutions in London, Brunei, Malaysia, Singapore and Indonesia. In advisory services he has been involved in product design and development, accounting treatment and policy, governance and Shariah review as well as risk analysis and solutions for IFSI. He has also completed research for national and international Islamic financial Services Industry that provides policy direction to the future development of the industry.
Dr. Syed Musa Alhabshi was an Associate Professor employed in Faculty of Business Administration, Tun Abdul Razak University (UNITAR) till February 2007. In UNITAR he had served as Dean, Faculty of Business Administration and Head of Center for Graduate Studies. He has taught accounting and finance courses for both academic and professional programs including Master and doctoral Degree Courses in Accounting theory and Policy, Islamic Accounting and Finance, Accounting for Islamic Financial Institutions and Financial Management in both public and private universities. He has presented papers in both local and International Conferences as well as published papers in academic journals and related academic literature. He has also completed supervision of Doctoral thesis which includes areas on Performance and Efficiency of Islamic financial Institutions and Foreign Investments. His research area of interest includes Accounting, Auditing, Governance, Risk Management, Performance Measurement and Zakat particularly for Islamic Financial Institutions.
Prior to his appointment in UNITAR he had served as a Head of Department of Accounting and Head of Post Graduate Diploma Islamic Banking in Faculty of Economics and Management Sciences during his tenure of 10 years as an academic staff in International Islamic University, Malaysia.
His early education was from Singapore where he obtained a Diploma in Business Studies from Ngee Ann Polytechnic. He then proceeded to obtain first class honors degree in Bachelor of Business Administration (1989) from International Islamic University (IIUM), Malaysia where he obtained Bank Islam Malaysia Overall Best Student Award. He then proceeded to obtain Doctor of Business Administration (1994) (Accounting and Finance) from Strathclyde University, UK. His career began as a National Service Police Inspector and later worked as an audit assistant in an International Public Accounting Firm, Singapore after obtaining his diploma. After completing his first degree he joined as an IIUM academic staff and was also a Teaching Fellow in Strathclyde University, UK
Razi Pahlavi
Consultant
razi@iiif-inc.com
Razi was previously involved in product and business development activities of IslamiQ Ltd. He was one of the Shari’ah secretariats in IslamiQ, responsible for the development and management of Shari’ah compliance products as well as communication between the management and Shari’ah scholars. IslamiQ is the first online company dedicated to meeting the Islamic investment and financial needs of the global Muslim community.
Prior to that, Razi was a product development consultant for Islamic Capital Technology. He participated in the Islamic Financial advisory and assisted in the structuring of private equity funds, Islamic business-to-business financial marketplace and Takaful products.
Razi involved profoundly in Islamic Economy and Finance research, he was a researcher in Islamic Financial Data Services Ltd. (UK), with the main responsibility of conducting market research, providing reports and updates on the new Islamic Finance products in both concept and application. He was once an independent researcher based in the Middle East.
Razi graduated from International Islamic University Malaysia with a Bachelor Degree of Accounting.
Baiza Bain
Consultant
baiza@iiif-inc.com
Baiza is a consultant with 9 years experience in various fields within the Islamic Bankingindustry. Baiza started as a research associate with Islamic Financial Data Services Ltd.(U.K) specialising in Islamic finance and banking data research before joining IslamiQ Ltd.. At IslamiQ, Baiza was part of the team that developed the ScreenIslamiQ, the online service that allowed users to access information on Shari'ah compliant stocks in the majorglobal stock markets. Baiza was also involved in the IslamiQ advisory team thatcompleted the Shari'ah structuring of a US$150 million private equity fund focusing on dynamic and undervalued Asian companies.
Baiza’s last posting before joining Amanie was with Guidance Financial Group LLC, an international Islamic financial services company based in Washington D.C. At Guidance Financial, Baiza was part of the investment team that structured a Musyarakah Mutanaqisah based Islamic home financing program for consumers in the U.S market, an innovative mortgage based Islamic Fixed Income security with Freddie Mac and a Pan European Islamic Real Estate fund with ING International. During his tenure with Guidance Financial, he was also seconded to Navis Capital Partners to assist in the day to day running of their Islamic private equity funds with an aggregate value of USD 300 million. Baiza graduated from Monash University, Australia with a degree in Business Studies double majoring in Accounting and Economics.
Effendy Rahaman
Consultant
effendy@iiif-inc.com
Effendy is a consultant for business, product and research. His expertise is in economic research and he has previously held several research assignments from Malaysian Institute of Economic Research (MIER) and International Centre for Education in Islamic Finance (INCEIF). Effendy began his career as a financial consultant at Standard Chartered Bank, Singapore, where he developed an extensive knowledge of banking instruments. He then moved on to WAREES Investments, a subsidiary of Majlis Ugama Islam Singapura (MUIS) which specializes in managing and developing trust property. At WAREES Investments, he fulfilled the role of an investment analyst and is immersed to the field of Islamic Finance and Economics. A new introduction to the Amanie team, Effendy brings forth an integral knowledge of the banking industry.
Effendy holds a degree in Business Management from the University of London, an MSc in International Economics (with Distinction) from Cardiff University and is currently pursuing his PhD in Economics from Universiti Malaya, specializing in Monetary and Islamic Economics.
Maya Marissa
Consultant
maya@iiif-inc.com
Maya Marissa graduated with an LL.B (Hons) from the University of Kent at Canterbury, United Kingdom and has 9 years experience mainly in corporate legal matters. She started her career with Edaran Digital Systems Berhad, a player in the ICT industry as an in-house legal counsel for the holding company and its subsidiaries. At Edaran, she was responsible for the legal matters mainly in project management as well as compliance. She was also involved in the Group’s exercise for issuance of RM100 million Al-Murabahah Commercial Paper/Medium Term Note and was appointed as Administrator for the Group’s Employee Share Trust Scheme and member of the Risk Management Working Committee. She then joined Perbadanan Usahawan Nasional Berhad (PUNB), a national entrepreneur development corporation, which provides integrated support to various sectors through a variety of Islamic financial products and equity investments. At PUNB, she received wide exposure in legal and Shari’ah aspects of PUNB’s financing and investments, litigation and general corporate matters including risk management exercise, KPI exercise and implementation of PUNB’s SOP. She was also a member of PUNB’s Main Shari’ah Committee and Shari’ah Working Committee. Maya Marissa is currently pursuing her Chartered Islamic Finance Professional (CIFP) Programme at the International Centre for Education in Islamic Finance (INCEIF).
Suhaida Mahpot
Associate Consultant
suhaida@iiif-inc.com
Suhaida Mahpot graduated from International Islamic University Malaysia with a Bachelor of Economics (Islamic Economics & Finance). Her career in banking & financial industry starts as a Trainee under Capital Market Graduated Trainee Scheme organized by Securities Commission. Prior joining Amanie Business Solutions Sdn Bhd, she was working with Affin Investment Bank Bhd since 2006 as an Executive for Debt & Capital Market Department. She has completed various project financing deals using Private Debt Securities instruments ranging from infrastructure & utilities, real estate, plantation and many others sectors.
IIIF | Products & Services | Our Faculty
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