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Written by Ismail Barreh
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Thursday, 01 December 2011 00:51 |
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The financial system has played an active role in the accelerated development of the world economy, particularly since the Second World War. However in recent years the system has become plagued by persistent crises, one after the other, making it clear for all that a financial system based on interest, produces a debt-ridden society.
The world is drowning in debt: personal debt, credit card debt, mortgage debt, national debt, sovereign debt. Our financial system finances the consumers, the businesses and the government, including local government institutions, by creating debt. In the U.S., federal debt is over $14.5 trillion and states like California are basically bankrupt. In Europe, Greece is on the verge of bankruptcy. And with Spain and Italy looking to refinance hundreds of billions worth of debt, the crisis appears to be far from over. For all we know, this may only be the beginning.
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Written by Ismail Barreh
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Thursday, 25 August 2011 11:09 |
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As a wave of change sweeps the Islamic world and Muslim countries are opening up to plurality and democracy, citizens of these countries now have the opportunity to play their role of a strong civil society. But for civil society to become sustainable, development in indigenous philanthropy is required. The heavy reliance on foreign donors was never an effective solution to local society as it promoted an orientation to the needs and perspectives of the donor, rather than the community served. A heavy or exclusive reliance on government funding is worse as it comes with a heavy hidden tag price. Fee-for-services and other forms of income have also proven to be unsustainable.
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Written by Ismail Barreh
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Friday, 13 May 2011 17:46 |
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In the 2011 federal election, the Conservative Party ran with the promise to drastically lower corporate tax to 14 per cent by 2013. Since coming to power in 2006, the Harper government has already brought the corporate rate from 22.5 per cent to 16.5 per cent, with a further reduction to 15 per cent scheduled for 2012.
The Tories say that a corporate tax cut will stimulate the economy by boosting spending. Those who oppose them say that tax cuts only help the rich because they can lead to a reduction in government revenues that often translates in reduced government spending on important social services relied on by those earning lower incomes.
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Written by Ismail Barreh
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Wednesday, 23 March 2011 23:18 |
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Recently the Ottawa Citizen reprinted published an article titled “Nobel winner Professor Yunus defies ouster call”. The article mentioned that supporters of Prof. Muhammad Yunus in the West were deeply concerned by what they saw as politicized attempt by the government of Bangladesh to remove him from Grameen Bank which he founded.
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Written by Staff Writer
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Sunday, 23 January 2011 21:32 |
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India's Bombay Stock Exchange launched a share index of sharia-compliant companies on Monday in an attempt to open stock-trading to more Muslims.
The BSE TASIS Shariah index consists of the 50 largest and most liquid Shariah-compliant stocks within the BSE 500 Index. It comprises Indian companies such as: Reliance Industries, Tata ConsultancyServices, Maruti Suzuki and Bharti Airtel. It will allow investors to buy stocks without violating Islamic investment guidelines.
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