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Israel opens organ theft hearing

Israel opens organ theft hearing

Israel’s parliament opened testimony on Wednesday over the organ theft allegations  [AP]

Israel’s parliament has begun hearings on the theft of human organs from Palestinians, Israelis and foreign workers without their relatives’ permission.

Israeli health officials testified on Wednesday that Israeli authorities harvested organs from the dead bodies of Israelis and Palestinians in the 1990s for transplant purposes.

The testimony came three days after the government admitted to the practice, following previous denials.

Al Jazeera’s Sherine Tadros, reporting from Jerusalem, said Wednesday’s hearing was not the first time Israeli officials have had to face difficult questions in parliament about the organ theft issue.

“What we tended to see in the past was officials trying to skirt around the issue, really not wanting to confirm or deny that organ theft took place,” she said.

“What we had on Wednesday was a very public admission by an Israeli official that organ theft was in fact taking place.

“But the health ministry said it was a practice that happened in the past and is no longer a problem.”

Practice ‘continuing’

However, Ahmed Tibi, an Israeli Palestinian member of parliament, told the assembly on Wednesday that he had evidence that organ theft was still taking place.

“You said that it was ended in the ’90s. But Fadul Ordul Shaheen who was from Gaza passed away. He died of diabetes this year.  When his body was given back to his family, his eyes were bleeding and there was a deep cut through his body,” he said.

In depth


 Video: Israel angered over Swedish ‘body parts’ story
 Video: Israel in ‘organ theft’ row
 Palestinians seek organ theft probe

“The family is saying that both the corneas and the kidneys were taken.

“I am asking you if you’re willing to look into this complaint and see if this activity is continuing, if organs are being harvested from Palestinian prisoners.”

Yaacov Litzman, the Israeli deputy health minister, said he would investigate the case “with all seriousness” to determine if any wrongdoing was committed.

Tibi later told Al Jazeera that he would continue to pursue the health ministry for answers for the families of those who were affected.

‘Highly informal’

The government’s admission this week followed the release of an interview with Jehuda Huss, the former head of Israel’s forensic institute, in which he said that workers at the institute had harvested skin, corneas, heart valves and bones from Israelis, Palestinians and foreign workers.

In the interview, which was conducted in 2000 when Hiss was head of Tel Aviv’s Abu Kabir forensic institute, he said: “We started to harvest corneas … Whatever was done was highly informal. No permission was asked from the family.”

Nancy Scheper-Hughes, who conducted the interview, said that she made the article public because of the controversy last summer over allegations of organ harvesting made by a Swedish newspaper.

In August the Aftonbladet newspaper ran an article alleging that the Israeli army had stolen body organs from Palestinian men after killing them.

Israel denied the claims, calling them anti-Semitic, and the incident raised tensions when Sweden refused to apologise for the article, saying that press freedom prevented it from intervening.

 Source: Al Jazeera

Israel admits to organ thefts

Israel admits to organ thefts

Harvested organs were alleged to have been used by the military and in public hospitals [File: AFP]

Israel has admitted that it harvested organs from the dead bodies of Palestinians and Israelis in the 1990s, without permission from their families.

The admission follows the release of an interview with Jehuda Hiss, the former head of Israel’s forensic institute, in which he said that workers at the institute had harvested skin, corneas, heart valves and bones from Israelis, Palestinians and foreign workers.

In the interview, which was conducted in 2000 when Hiss was head of Tel Aviv’s Abu Kabir forensic institute, he said: “We started to harvest corneas … Whatever was done was highly informal. No permission was asked from the family.”

Nancy Scheper-Hughes, who conducted the interview, told Al Jazeera on Monday that Hiss had said the “body parts were used by hospitals for transplant purposes – cornea transplants. They were sent to public hospitals [for use on citizens].

Guidelines ‘not clear’

“And the skin went to a special skin bank, founded by the military, for their uses”, such as for burns victims.

The practice is said to have ended in 2000.

The interview was also reported on Israel’s Channel 2 television, which quoted an Israeli military statement that said: “This activity ended a decade ago and does not happen any longer.”

Israel’s health ministry said in the Channel 2 report that at the time the guidelines for transplants “were not clear” and that for the last 10 years “Abu Kabir has been working according to ethics and Jewish law”.

Scheper-Hughes, who is a professor of anthropology at the University of California-Berkeley, said that she made the interview public because of the controversy last summer over allegations of organ harvesting made by a Swedish newspaper.

In August the Aftonbladet newspaper ran an article alleging that the Israeli army had stolen body organs from Palestinian men after killing them.

Israel denied the claims, calling them anti-Semitic, and the incident raised tensions when Sweden refused to apologise for the article, saying that press freedom prevented it from intervening.

‘Conflict deaths’

Donald Bostrom, the journalist who broke the story in Aftonbladet, told Al Jazeera: “UN staff came to me and said that you have to look into this very serious issue. Palestinian young people were disappearing in the areas and five days later they appear back in the villages with an autopsy done on them against the will of the families.

“We need to know who are the victims. Mothers need to know what happened to their sons.”

Bostrom said that there is no proof that people were killed for their organs but that an investigation is needed to find out whether there was a policy in place or if the bodies used were random.

Bostrom added that Hiss is the “main key” to solving such unanswered questions, but that there would also be other people involved who could help uncover the truth.

Scheper-Hughes said that some of the dead Palestinians from whom organs were harvested were killed during military raids.

“Some of the bodies were definitely Palestinians who were killed in conflicts,” she told Al Jazeera.

“Their organs were taken without consent of families and were used to serve the needs of the country in terms of hospitals as well as the army’s needs.”

‘Technically illegal’

She said that Hiss told her “that the people who did the harvesting were sent by the military. They were often medical students”.

“He did it informally and without permission, and it was technically illegal,” she said.

The military establishment gave their “sanction and approval” to the procedures, according to Scheper-Hughes.

During his interview with Scheper-Hughes, Hiss said that the eyelids of bodies were glued shut to prevent the removal of corneas being found out.

Hiss was dismissed as head of Abu Kabir in 2004 over irregularities in the use of organs, but charges against him were eventually dropped. He still holds the position of chief pathologist at the institute.

 Source: Al Jazeera and agencies

Israel admits to organ thefts

Israel admits to organ thefts

Harvested organs were alleged to have been used by the military and in public hospitals [File: AFP]

Israel has admitted that it harvested organs from the dead bodies of Palestinians and Israelis in the 1990s, without permission from their families.

The admission follows the release of an interview with Jehuda Hiss, the former head of Israel’s forensic institute, in which he said that workers at the institute had harvested skin, corneas, heart valves and bones from Israelis, Palestinians and foreign workers.

In the interview, which was conducted in 2000 when Hiss was head of Tel Aviv’s Abu Kabir forensic institute, he said: “We started to harvest corneas … Whatever was done was highly informal. No permission was asked from the family.”

Nancy Scheper-Hughes, who conducted the interview, told Al Jazeera on Monday that Hiss had said the “body parts were used by hospitals for transplant purposes – cornea transplants. They were sent to public hospitals [for use on citizens].

Guidelines ‘not clear’

“And the skin went to a special skin bank, founded by the military, for their uses”, such as for burns victims.

The practice is said to have ended in 2000.

The interview was also reported on Israel’s Channel 2 television, which quoted an Israeli military statement that said: “This activity ended a decade ago and does not happen any longer.”

Israel’s health ministry said in the Channel 2 report that at the time the guidelines for transplants “were not clear” and that for the last 10 years “Abu Kabir has been working according to ethics and Jewish law”.

Scheper-Hughes, who is a professor of anthropology at the University of California-Berkeley, said that she made the interview public because of the controversy last summer over allegations of organ harvesting made by a Swedish newspaper.

In August the Aftonbladet newspaper ran an article alleging that the Israeli army had stolen body organs from Palestinian men after killing them.

Israel denied the claims, calling them anti-Semitic, and the incident raised tensions when Sweden refused to apologise for the article, saying that press freedom prevented it from intervening.

‘Conflict deaths’

Donald Bostrom, the journalist who broke the story in Aftonbladet, told Al Jazeera: “UN staff came to me and said that you have to look into this very serious issue. Palestinian young people were disappearing in the areas and five days later they appear back in the villages with an autopsy done on them against the will of the families.

“We need to know who are the victims. Mothers need to know what happened to their sons.”

Bostrom said that there is no proof that people were killed for their organs but that an investigation is needed to find out whether there was a policy in place or if the bodies used were random.

Bostrom added that Hiss is the “main key” to solving such unanswered questions, but that there would also be other people involved who could help uncover the truth.

Scheper-Hughes said that some of the dead Palestinians from whom organs were harvested were killed during military raids.

“Some of the bodies were definitely Palestinians who were killed in conflicts,” she told Al Jazeera.

“Their organs were taken without consent of families and were used to serve the needs of the country in terms of hospitals as well as the army’s needs.”

‘Technically illegal’

She said that Hiss told her “that the people who did the harvesting were sent by the military. They were often medical students”.

“He did it informally and without permission, and it was technically illegal,” she said.

The military establishment gave their “sanction and approval” to the procedures, according to Scheper-Hughes.

During his interview with Scheper-Hughes, Hiss said that the eyelids of bodies were glued shut to prevent the removal of corneas being found out.

Hiss was dismissed as head of Abu Kabir in 2004 over irregularities in the use of organs, but charges against him were eventually dropped. He still holds the position of chief pathologist at the institute.

 Source: Al Jazeera and agencies

Families of disappeared accuse Moscow of dirty war

Families of disappeared accuse Moscow of dirty war

This Nov. 12, 2009 photo shows Leila Pliyeva holding photos of her son Alikshan Pliyev in the city of Nazran in Russia's Ingushetia region. Pliyev was talking on his cell phone with his girlfriend one autumn afternoon when two dozen masked men in uniforms stormed into his family's house, grabbed him and began to hustle him away. He hasn't been seen since. Officials in Ingushetia say they don't know anything about Pliyev's abduction, one of scores in recent months that have caused fresh outrage and grief in a region already scoured by years more than 15 years of armed conflict. (AP Photo/Douglas Birch)

This Nov. 12, 2009 photo shows Leila Pliyeva holding photos of her son Alikshan Pliyev in the city of Nazran in Russia’s Ingushetia region. Pliyev was talking on his cell phone with his girlfriend one autumn afternoon when two dozen masked men in uniforms stormed into his family’s house, grabbed him and began to hustle him away. He hasn’t been seen since. Officials in Ingushetia say they don’t know anything about Pliyev’s abduction, one of scores in recent months that have caused fresh outrage and grief in a region already scoured by years more than 15 years of armed conflict. (AP Photo/Douglas Birch) (Douglas Birch – AP)
  Enlarge Photo  

By DOUGLAS BIRCH

The Associated Press
Sunday, January 10, 2010; 4:30 AM

NAZRAN, Russia — Aliskhan Pliyev was talking on his cell phone with his girlfriend one autumn afternoon when two dozen masked men in uniforms stormed into his family’s house, grabbed him and began to hustle him away.

The 30-year-old construction worker’s three sisters screamed, demanding to know where the intruders were taking him. “None of your business!” a man in a black mask shouted, before Pliyev was driven off in a convoy of cars and vans escorted by an armored personnel carrier. He hasn’t been seen since.

Officials here in the Russian region of Ingushetia say they don’t know anything about Pliyev’s abduction, one of scores in recent months that have caused fresh outrage and grief in a region already scarred by over 15 years of fighting.

But the young man’s kidnapping in the outskirts of Ingushetia’s largest city bears the hallmarks of what rights activists call Russia’s “policy of state terror,” a shadow war against violent Muslim separatists in the North Caucasus, a strategic crossroads of Europe and Asia.

A central tactic in the war, activists say, is forced disappearances – the brazen snatching of young people from their homes or off the street, often by gangs of masked men who move freely, even in areas heavily patrolled by Russian military and police. The pace of forced disappearances has doubled in the past year, following a spike in militant attacks on police and authorities, including suicide bombings, ambushes and assassinations.

The lucky ones are brutally interrogated and released. Some turn up dead, their bodies bearing the marks of torture. Other families face the anguish of never knowing the fate of a father, brother or son.

But critics say the kidnappings have aggravated rather than reduced tensions along Russia’s southern border.

Some analysts warn that, after five years of relative calm, anger over the latest rash of kidnappings could inspire a fresh wave of terror attacks in Russia, a country that supplies the world with much of its oil and gas and has one of the world’s largest nuclear arsenals.

Khamatkhan Makhloyev, 62, a retired Soviet construction manager, says more than 20 masked soldiers in unmarked uniforms burst into his family’s red brick home in the quiet Ingush village of Sleptsovskaya at 4 a.m. in late October.

They stormed straight to a third-floor bedroom, savagely beat one son, Ibragim, and dragged off his elder brother, Maskhud, a 27-year-old factory worker. Maskhud hasn’t been seen since.

Sitting somberly in his dining room last month, the elder Makhloyev said he was certain Maskhud was not a militant and bitterly accused security agencies of acting like “wild animals.” His appeals to Russian President Dmitry Medvedev and Ingushetia’s regional president Yunus-bek Yevkurov, he said, have been in vain.

The authorities “are strengthening the militants” through their brutal tactics, he said. “They don’t kill dogs in this way.” His wife Aminat, 55, a frail woman with dark circles under her eyes, sobbed beside him, silently fingering x-rays of Ibragim’s broken bones.

It’s not clear why intruders grabbed Maskhud, one of six children. But his father said the raiders seized family heirlooms, a kinzhal knife and a lambswool astrakhan hat, symbols in the Caucasus of the 19th-century guerrillas who fought the imperial Russian army.

Later, standing in the dark courtyard of his home, the elder Makhloyev looked around and shook his head. “I hoped someday to have weddings here, and not just funerals,” he said.

Russian officials have repeatedly rejected charges that security forces engage in systematic rights abuses. Instead, authorities blame militants for abductions and murders, calling them “provocations” intended to turn citizens against Moscow.

A day after the July kidnapping and slaying of rights activist Natalya Estemirova in Grozny, the capital of neighboring Chechnya, President Dmitry Medvedev called accusations that security forces were involved “primitive” and “unacceptable.”

“It’s a deliberate provocation,” he said.

Alison Gill of the Moscow office of Human Rights Watch said Medvedev’s remarks “set a limit on the investigation” into Estemirova’s forced disappearance, exempting authorities from scrutiny.

Rights groups say Muslim separatists attack civilians in the Caucasus, often on religious grounds. There have been assaults on fortune tellers, prostitutes and merchants selling alcohol, while a rebel Web site has threatened school principals and teachers with death if they ban headscarves or seat girls next to boys in classrooms.

But activists also accuse the government of forced disappearances, illegal detentions, extra-judicial killings and house burnings. In a report last month, the Moscow-based human rights organization Memorial called for an end to “the massive and systematic human rights violations by the security agencies.”

In recent months kidnappers have increasingly targeted activists like Estemirova, in what
rights groups fear is part of a plan to intimidate them into silence. In Ingushetia and Chechnya, where thousands of people have disappeared during post-Soviet Russia’s two wars against separatists, dozens of people who once monitored rights violations have stopped working or fled.

“All rights activists are uneasy,” said one Ingush activist, who spoke on condition he not be identified because he feared for his life. He was planning to leave for France, he said, after security officials approached him and warned him he might be killed.

He said one officer told him: “We are with the special services, we are not simple cops. Think about that.”

Lidia Yusupova, a Chechen human rights lawyer and 2009 candidate for the Nobel Peace Prize, told The Associated Press she may have been a target of the same shadowy men who abducted and killed Estemirova.

Two suspicious men staked out her apartment in Grozny and questioned neighbors the day before Estemirova was killed, her friends told her. She wasn’t home at the time.

“It could not be just a coincidence,” she said in an interview in the cramped offices of a Chechen rights group in central Moscow. “Maybe they had an order to take away some well-known rights activist.”

Some are abducted, activists say, after their names surface during brutal interrogations. Often, kidnappers target the relatives of known or suspected militants.

In some cases, the disappeared seem to have the wrong friends, attend the wrong mosque or otherwise raise suspicions, for example, by having a wolf call ring tone on their cell phone. In the Caucasus, the wolf is a symbol of resistance to Russian rule.

Alikshan Pliyev’s mother, Leila Pliyeva, a white-haired medical technician at a government health clinic, said she was baffled by her son’s abduction. He could not be a religious militant, she said, because unlike most other youths here he never attended mosque.

As in the case with most disappearances, police and government officials told her they had no idea what happened to her son. But she said she is sure government forces were responsible. “It can only be the special services,” she said sadly.

Her son could be among the lucky ones who are eventually freed, she says, sounding as though she is trying to persuade herself.

“I have hope,” Pliyeva said, as tears welled in her eyes. “But do you see how it is with us?”

 

Historic Water Pump in Al Fayoum City

Water Pump in Al Fayoum City

This picture is of a water centrifugal pump (water Wheel) in Al-Fayoum City 120 KM away from Cairo, Capital of Egypt. This circular water pump elevates water from a depth of 10 meters. It is said to be constructed by design and supervision of Prophet Yousuf (Alihi Ssalam) almost 3500 years ago. There are three such pumps seemingly made of wood still intact!

 

The wonder is that no electricity or external power source is used in this machine! This is a great achievement considering the age at which it was constructed. Also it indicates that old civilizations were much more technically advanced than we common people in this modern era presume.

 

The water so elevated is used for irrigation. It is known that this whole city was constructed during era of Prophet Yousuf (Alihi Ssalam) in 1000 days. The name Alf-Youm in Arabic means 1000 days and so is the city named.

 

This picture was taken during our recent trip to Egypt. Sorry for the “clarity” of the picture as we reached Al-Fayoum late in a cold night after a long day visit in many historical places and monuments in Egypt.

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Urban Forest

If you are tired of looking at rigid building designs, this post is surely going to blow you away!

Designing is an art and one rarely envisions such path breaking ideas. This building, modeled by MAD architects will be located in Chonquing, China. Connected by a core cylindrical structure, each floor has been placed a little off the centre, giving the building a unique feel. Abstract floors with full length glass windows make the building look surreal and the balcony gardens only add to its beauty.

The floors are designed to create an illusion of each floating upon another. The model is such that it brings together nature and the urban metropolis thereby creating a masterpiece that would please all!

Take a look.

urban forest - from far away

urban forest - image

urban forest - in the day

urban forest building

urban forest building amongst others

urban forest - similarities

urban forest - building magnificance

urban forest - images from the floors

urban forest - partially

urban forest - inside

urban forest- levels of the building

urban forest- partial view

These were the two proposals for the building before the design above was finalized.

urban forest proposal 1

urban forest proposal 2

[Via] & [Via]

The Benefits of Islamic Finance Instruments for Russian Businesses

The Benefits of Islamic Finance Instruments for Russian Businesses

Pepelyaev, Goltsblat and Partners
http://www.themoscowtimes.com/photos/large/2009_12/2009_12_14/mc6.jpg

Rustam Vakhitov 
Senior manager of international taxation group 
Pepelyaev, Goltsblat and Partners

Islamic finance is gaining more business interest worldwide as well as in Russia. Why has this way of doing business gained so much popularity over the recent years?

The reason is that a significant number of Islamic investors have recognized that there is an opportunity of doing business in accordance with their religious standards and have encouraged the financial institutions that handle their funds to offer Shariah-compliant solutions. As Shariah is not a written law, but rather a flexible guidance based on a number of principles, creating such solutions was not that difficult.

What benefits can Islamic finance bring to Russian businesses? One of the most obvious benefits is to attract investment into Russia. There are a few Islamic finance instruments that are particularly useful for this purpose. These are financing of trading operations (murabaha), partnership (musharaka) and leasing (ijara). The latter could be done in the form of securitized leasing (sukuk-al-ijara).

Despite a widespread misconception, Islamic finance does not require specific laws and is not limited to the Muslim community. Except for several predictable prohibitions (trade in arms, alcohol, pornography, gambling etc), Islamic finance solutions could basically be used anywhere by anyone.

In fact, many conventional transactions may qualify as Shariah-compliant. Such examples include lease contracts, equity contributions into a joint venture and deferred payment sales.

Let us now take a closer look at the types of contracts briefly discussed above from the perspective of the existing Russian tax and legal environment.

In a murabaha contract a financial intermediary buys particular goods at spot price and sells them to a customer at a higher price on credit. There is nothing in Russian law preventing such transactions. The only limitation is the prohibition of trading activities for banks, which itself is subject to many limitations, e.g. permission to trade in securities and precious metals. In addition, the law No. 281 of Dec. 25, 2009, lifts the limitation further and permits banks to enter into forward or option contracts wherein the object of the contract is the delivery of goods, although that is on the condition that such contracts would not involve the physical delivery of such goods.

It appears that this amendment extends the involvement of banks in trade contracts and may support interpretations allowing Russian banks to be involved in murabaha transactions.

From the tax perspective, the difference from conventional loans is that in order to buy an item worth 100,000 rubles (VAT inclusive), a customer would take a loan of 100,000. Provided that interest rate is 10% annually, he would pay 10,000 rubles interest which is VAT free. In murabaha transactions the markup to the original price representing premium for deferred payment would be subject to VAT, i.e. the total price for the customer would be 111,800 rubles in a murabaha transaction compared to 110,000 rubles in the case of a conventional loan.

Therefore, somewhat disadvantageous treatment of murabaha is limited to specific cases of sale of goods on credit to retail consumer and might be remedied by clarification from the Ministry of Finance. This relative disadvantage is not based on the fact that the murabaha is Islamic finance transaction, but on the fact that sale on credit is treated differently from sale with the use of loan facility.

Ijara or lease contract would not involve any particular difficulties in structuring in both domestic and cross-border scenarios. In the case of lease payments to a nonresident without a permanent establishment in Russia, payment may be subject to withholding tax at the rate of 20%. However, under many Russian tax treaties, including the tax treaty with the Netherlands, such income would be exempt from tax in Russia.

In the case of a combination of sukuk and ijara, i.e. in classical sukuk structure, establishing a special purpose vehicle in the Netherlands or Luxembourg, which would lease out assets in Russia, possibly operating via a Russian branch, would help to create an efficient and transparent structure in full compliance with the Russian legislation.

These are just few examples of opportunities of successful implementation of classical Islamic finance instruments in Russia. Such instruments could be used for retail sector, project financing and other things relevant to the Russian market. Despite widespread negative perception, many Islamic finance instruments can be successfully implemented in Russia under the current tax and legal laws and regulations.


Islamic Finance in Russia: Issues and Solutions

Islamic Finance in Russia: Issues and Solutions

Norton Rose LLP

Farmida Bi 
Partner, International Securities Team Norton Rose LLP

Islamic finance is the fastest growing market in ethical finance with an annual average growth rate of between 10 percent and 20 percent. Current global Islamic finance assets stand at $800 billion and are predicted by some to rise to $4 trillion by 2015. The credit crunch has provided Islamic finance with a unique opportunity to assert its values of ethically based financing, which could help to shape the global financial industry as a whole.

Islamic finance distinguishes itself from conventional finance in its compliance with the principles of Islamic commercial jurisprudence. Islamic finance techniques seek to promote ethical and socially responsible investment while providing an alternative to interest-based finance. The main tenets of Islamic commercial jurisprudence prohibit interest payments on monetary loans or securities, speculation, uncertainty in certain contractual terms and engaging in anti-social business activities. Some of the main Islamic financing techniques include murabaha (cost-plus financing), sukuk (Islamic bonds), ijara (based on the leasing of an asset), istisna’a (production/construction financing) and musharaka (equity investment).

The recent defaults in the Islamic finance industry have shown that the Gulf has been affected by the same liquidity issues as the West, with central banks actively intervening to encourage interbank lending. However, there are significant differences in the views about long-term prospects expressed by bankers in different states in the Gulf, as well as between bankers situated in Western banks, conventional local banks and Islamic banks, with the latter being the most optimistic, especially if they are based in countries with rich energy resources. The general view among all bankers is that they will monitor market performance in the first two quarters of next year.

Aziza Atta 
Associate, Islamic Finance Team 
Norton Rose LLP

As European economies come to terms with the effects of the economic crisis, Islamic finance is attracting greater attention because of the ethical and socially conscious principles that underpin the industry. A number of countries in Europe, such as the United Kingdom, France and Italy are ensuring that their legal systems create a level playing field for Shariah-compliant structures. In Asia, Singapore, Indonesia and Hong Kong are vying to be the hub for Islamic finance, despite Malaysia’s traditional dominance. There is also increased interest from China, Turkey and India. Meanwhile, the entire financial system in Iran is Shariah-compliant. These are all significant trading partners for Russia.

There is a growing interest in Russia (as well as elsewhere in the CIS) among banking and corporate borrowers as well as potential arrangers in the diversification of sources of financing through access to the Islamic financial markets. However, Islamic finance is very new to Russia and marrying the principles of Islamic finance with the legislative framework in Russia is going to be an iterative process. The London and Moscow offices of Norton Rose LLP have recently been involved in structuring a Russian murabaha trade financing as well as a Russian sukuk. During this process, we identified a number of corporate, commercial and tax issues that should be noted by any parties seeking to engage in similar transactions in the Russian market.

We were able to work within the limits of the existing Russian legislative framework in order to find solutions to the challenges that we faced, but it would be helpful if Russia, like the U.K. and France, for example, considered making certain changes to the existing tax and commercial laws to remove some of the current barriers to Islamic finance in order to create a level playing field with transactions that are structured conventionally.

In the current economic climate, Islamic finance is a real alternative for financiers who face a lack of liquidity in the debt capital markets and are looking for alternative ways of raising finance.


India, China will economically surpass U.S., U.K. in 2048

By Andrew Nusca | Nov 25, 2009 | 7 Comments

In a speech at TEDIndia, statistician Hans Rosling predicted the exact date that India and China’s economies will catch up with the U.S. and the U.K.

Background about Rosling: He’s a doctor and professor of global health at Sweden’s Karolinska Institute who previously identified a new paralytic disease induced by hunger in rural Africa. His current work focuses on dispelling common myths about the so-called “developing world.”

A few quoted takeaways from Rosling’s presentation:

“Asia will regain its dominant position as the leading part of the world, as it used to be, over thousands of years…I will [predict] that by trying to predict precisely at what year the average income per person in India, in China, will reach that of the West. And I don’t mean the whole economy, because to grow an economy of India to the size of U.K., that’s a piece of cake, with one billion people. But I want to see when will the average pay, the money for each person, per month, in India and China, when will that have reached that of U.K. and the United States?”

“People interested in growth are turning their eyes towards Asia.”

“Inequalities in China and India I consider really the big obstacle because to bring the entire population into growth and prosperity is what will create a domestic market, what will avoid social instability, and which will make use of the entire capacity of the population. So, social investments in health, education and infrastructure, and electricity is really what is needed in India and China.”

“What I’m really worried about is war. Will the former rich countries really accept a completely changed world economy, and a shift of power away from where it has been the last 50 to 100 to 150 years, back to Asia? And will Asia be able to handle that new position of being in charge of being the most mighty, and the governors of the world? So, always avoid war, because that always pushes human beings backward. Now if these inequalities, climate and war can be avoided, get ready for a world in equity. Because this is what seems to be happening.”

Rosling’s date on which India and China will economically catch up to the U.S.? July 27, 2048.

Listen to his justifications and see his statistical slides in the full video.