Islamic Voice A Monthly English Magazine

August 2007
Cover Story Arts & Crafts Art & Architecture Transformation The Muslim World View Point Opinion Editorial Bouquets & Brickbats Community Round-Up Community Initiative Education Research Kerala Shows the Way Globe Talk Life & Relationships Quran Speaks to You Hadith Our Dialogue Question Hour - Dr. Zakir Naik Facts & Faith Fiqh Women in Islam Health Chart The Way Forward Islam & Economy Quran & Science Reflections Soul Talk The Prophet's Wive's Scholars of Renown Prophetic Method Identity Guidelines Book Review New Arrival Career Guidance From Here & There From Darkness to Light Children's Corner 7 Wonders of the World Inspiring Matrimonial
ZAKAT Camps/Workshops Jobs Archives Feedback Subscription Links Calendar Contact Us

Cover Story

UAE President Launches Largest Islamic Bank
Abu Dhabi

The President of the United Arab Emirates Sheikh Khalifa bin Zayed Al Nahyan yesterday issued a decree establishing Al Hilal (The Crescent) Islamic Bank with an authorized capital of Dh 4 billion. The new bank, which will operate under the provisions of Sharia law, will cater to project-related finance requirements. It will provide credit facilities to the private sector. “Al Hilal will provide all modern banking services, including financing commercial, industrial, tourism-related and real estate activities, with a special focus on the private sector,” a statement said recently.


The presidential decree names the Abu Dhabi Investment Council as the sole owner of the new bank, and stipulates that its Dh 4 billion capital will be divided into four billion shares with a nominal value of Dh 1 each, Gulf News reported. The decree also named Eisa Mohammad Al Suwaidi as chairman of the Al Hilal board. The other board members are Mohammad Hassan Omran, Abdullah Nasser Al Suwaidi, Yunus Haji Khoory and Ahmad Sari Al Mazroui. The bank will provide all the financial instruments pertaining to retail and corporate banking, as well as consultancy services, funds and portfolio management. It will also invest in consumer funds within the framework of Sharia-compatible financial instruments. (Courtesy HA/ IINA)



Former Afghan King Zahir Shah Dies
Kabul

Zahir Shah, the former King of Afghanistan, has died at the age of 92 following a long illness. He died at his Kabul residence in the presidential palace compound. He had returned to Kabul in 2002 after 29 years in exile, mostly spent in Italy. Zahir Shah was deposed in 1973 and went into exile, but returned to Afghanistan after the fall of the Taleban. Many Afghans had a deep love and respect for Zahir Shah, whose lengthy reign was associated with peace, security and modest political reform, BBC reported.


Zahir Sha’s 40-year reign saw women receiving education and voting in elections, and a free press. Zahir Shah reigned as monarch from 1933 to 1973 - a time when Afghanistan underwent some democratization but remained underdeveloped economically. During his long exile, the former king witnessed his country laid low by war, and the rise of the harsh Islamic regime of the Taleban. Born in Kabul in 1914, Zahir Shah was educated in France and was only 19 when he ascended the throne in 1933 after his father was assassinated. After World War II, in which he succeeded in maintaining both Afghanistan’s neutrality and its borders, the king recognized the need for modernization.


Zahir Shah brought in foreign advisers, founded the first modern university, and fostered cultural and commercial relations with Europe. But amid the modernization, dark undercurrents of wrangling between the country’s tribal factions remained. In July 1973, while he was in Italy receiving medical treatment for an eye condition, Zahir Shah was ousted in a coup orchestrated by his cousin, Mohammad Daoud. Daoud opposed his efforts to open up the country and develop contacts with the West.