An African Imam Breaks Ground In Mecca

22 04 2009

 

 

 

 

 

African Imam

RIYADH, Saudi Arabia

By ROBERT F. WORTH
Published: April 10, 2009

TWO years ago, Sheik Adil Kalbani dreamed that he had become an imam at the Grand Mosque in Mecca, Islam’s holiest city.

Waking up, he dismissed the dream as a temptation to vanity. Although he is known for his fine voice, Sheik Adil is black, and the son of a poor immigrant from the Persian Gulf. Leading prayers at the Grand Mosque is an extraordinary honor, usually reserved for pure-blooded Arabs from the Saudi heartland.

Read the full article here: http://www.nytimes.com/2009/04/11/world/middleeast/11saudi.html?_r=1

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My Sister Qamar Has Returned from Umrah and posted up her experience (and pics!!!)

14 04 2009

Insh’Allah you can check it out here:

http://alqamardesigns.wordpress.com/

May Allah accept from her and her family and us all. ameen!





Vatican Offers Islamic Finance System To Western Banks

11 04 2009

Vatican offers Islamic finance system to Western Banks

 
 
 
http://www.brusselsjournal.com/node/3819

http://www.worldbulletin.net/images/news/58469.jpg 

 The Vatican says Islamic finance system may help Western banks in crisis as alternative to capitalistm.


Friday, 06 March 2009 15:10


World Bulletin / News Desk

The Vatican offered Islamic finance principles to Western banks as a solution for worldwide economic crisis.

Daily Vatican newspaper, ‘L’Osservatore Romano, reported that Islamic banking system may help to overcome global crisis, Turkish media reported.
The Vatican said banks should look at the ethical rules of Islamic finance to restore confidence amongst their clients at a time of global economic crisis.

“The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,” the Vatican ‘s official newspaper Osservatore Romano said in an article in its latest issue late yesterday.

Author Loretta Napoleoni and Abaxbank Spa fixed income strategist, Claudia Segre, say in the article that “Western banks could use tools such as the Islamic bonds, known as sukuk, as collateral”. Sukuk may be used to fund the “‘car industry or the next Olympic Games in London ,” they said.

They also said that profit share, gained from sukuk, may be an alternative to the interest. They underlined that sukuk system could help automotive sector and support investments in infrastructure area.

Islamic sukuk system is similar to bonos of capitalist system. But in sukuk, money is invested concrete projects and profit share is distributed to clients instead of interest earned.

Pope Benedict XVI in an Oct. 7 speech reflected on crashing financial markets saying that “money vanishes, it is nothing” and concluded that “the only solid reality is the word of God.” The Vatican has been paying attention to the global financial meltdown and ran articles in its official newspaper that criticize the free-market model for having “grown too much and badly in the past two decades.”

The Osservatore’s editor, Giovanni Maria Vian, said that “the great religions have always had a common attention to the human dimension of the economy,” Corriere della Sera reported today.