Dubai 2.0 – Towards an Innovation Economy

by Ahmad Bukhari
July 30th, 2009

Source: DinarStandard.com
By Athar Osama, Expert Contributor
Posted Feb 11, 2009

“The Emirate of Dubai – more than any other individual place in modern Muslim history – has captivated the attention of many for almost a decade now. On the one hand, Dubai is increasingly seen as a booming metropolis – a new land of opportunities of sorts – and on the other hand, many have long predicted the bursting of the bubble in Dubai. While Dubai has had its fair share of critics – and some very vocal ones – it had thus far defied all expectations and projections of gloom and doom. The current global economic recession, however, has exposed some serious vulnerabilities and imbalances in Dubai’s economy that must be addressed by its leadership at the very earliest.

Recently, I had the opportunity to spend some time in …

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Economic Developments in Dubai

by Samira Anvar
July 22nd, 2009

By The Associated Press (AP) – 11 hours ago

“DUBAI, United Arab Emirates — Dubai’s government said it is creating a “financial support fund” charged with managing and distributing $20 billion worth of state funds to cash-strapped companies in the emirate.

In a statement announcing the fund, Finance Department Director General Abdulrahman al-Saleh said the payouts will be provided to government-linked companies as loans based on their projects’ “strategic and developmental importance” to the city-state.

Once-booming Dubai and its vast web of state-sponsored companies are deep in debt and struggling because of the global downturn. The government has said it and its related companies owe some $80 billion, although a precise breakdown of the debt pile has not been made public.”

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Top 10 Companies of the Muslim World

by Samira Anvar
July 21st, 2009

This is our first list of top Muslim businesses, please share your comments and thoughts and let us know if there are any mistakes. One thing to notice in this ranking is that 7 out of the top 10 companies are oil and gas companies and sate-owned as well, I wont draw a conclusion from it but rather let you share your thoughts on it.

Saudi Arabian Oil Co. (Saudi Aramco)

Rank: 1
Country: Saudi Arabia
Founded: 1933
Type: Government-owned corporation
2007 revenue: $ 216 Billion
Industry: Crude Oil exploration, production, manufacture, marketing, and shipping.
Employees: 54,000 from 66 different countries
Website: www.saudiaramco.com

National Iranian Oil Company

Rank: 2
Country: Iran
Founded: 1948
Type: Government-owned corporation
2007 revenue: $101 Billion
Industry: Oil & Gas- Integrated
Employees: N/A
Website: www.nioc.ir

Petroliam Nasional Berhad (PETRONAS)

Rank: 3
Type: Government-owned corporation
Country: Malaysia
Founded: 1974
2009 revenue: $75.5 Billion
Industry: Oil & Gas
Employees: 39,236 worldwide
Website: www.petronas.com.my

Kuwait Petroleum Corp

Rank: 4
Type: Government-owned corporation
Country: Kuwait
Founded: 1980
2007 revenue: $64 Billion
Industry: Oil & Gas
Employees: 2,500
Website: www.kpc.com.kw

Iraq …

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Islamic Banking: is it compliant with the Sharia law?

by Samira Anvar
June 28th, 2009

The principles of Islamic finance were laid down by the divine revelation, Qur’an, 1400 years ago. Qur’an banned usury and vowed severe punishment for those who are involved in it; these revelations shaped the basics of Islamic banking.

However, the world’s first modern Islamic bank didn’t start until 1970s. And the sector did not attract attention until few years ago when petrodollars were pouring in due to a surge in oil prices and economic strengthening of Islamic countries in Middle East.

According to Sharia law Islamic banks are prohibited from investing in certain products, including, but not limited to, alcohol, tobacco, pork, and pornography. The Qur’an has banned all forms of usury; so Islamic financial transactions are structured to rely on income in the form of rent (ujra) or profits (murabaha) from the loan, technically not interest. Following are some of the popular Islamic financial instruments:

Sukuk: “This essentially amounts to commercial paper …

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Islamic Hotel Branding & Muslim Hospitality

by Samira Anvar
June 17th, 2009

By Mr. Naseem Javed

For original post Click Here

There is a sudden realization among key developers in Dubai and Middle Eastern countries that hotels and hospitality in Arabia can easily absorb a huge number of properties and tour destinations purely based on Islamic culture. These new brands will deliver all the traditional values and customs to accommodate familiar authentic experiences for Muslims traveling alone or with their families. These new brands will address how Muslim needs are met and how they want to be treated.

However, the real challenge lies in providing an environment which is rich enough to allow competitive comfort and luxury that not only rivals Western hotels, but equally sets a new global standard of quality yet conservative enough in taste while maintaining the aesthetic and spiritual balances and the etiquette so highly cherished by the Muslims.

The thought of creating hospitality concepts under specific religious …

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