Archives: June 2013

Command Global Growth Move To Outside of Europe By 2017

This year will be pivotal for the Global Economy. For the first time since that push the switch to the machine in the UK to the path of industrialization in the nineteenth century, the emerging economies will produce the majority of goods and services in the world. The population of the rich developed economies representing long ago a large proportion of world output, but the proportion come from a small group of the world's population. They are now less important than the economic side of the group of people who live in the poor countries of the world and middle-income countries.

china economy

This shift in the balance of Global economic power deep, a shift that economists expect to continue. The International Monetary Fund expects to increase the share of the emerging economies of global output to 55 per cent by the year 2018, what makes the description of "emerging" misplaced increasingly.

Although the standards of living in developed countries remains five times higher, but the gap is rapidly narrowing since 1990. In countries where the income which goes hand in hand with the growth, the title now is catching. In addition to the half stake owned by the emerging countries of the world output, is expected to adopt three-quarters of economic growth on the big vitality during the next five years.

Jim O'Neill, who retired some time ago from the post of chief economist at Goldman Sachs, likes to use compared blatant expression of transformation. He says that the annual growth rate of 8 per cent in China now equivalent in importance a growth rate of 4 per cent in the United States Wall Street Exposed. This is a sharp contrast compared to 1980, when China was recorded faster growth rates even now, but it was like a relatively small fish. In 1980 the growth rate was 10 per cent less important than 1 per cent in the United States.

The long haul to prominence for the Group of Seven economies outside the United States, Japan, Germany, Britain, France, Italy and Canada is not a surprise. Growth was strongest in emerging countries for more than 30 years, and per capita levels were incurred in developed countries during the past 20 years.

This superior performance becomes a striking stronger when seen over a longer time frame. The monitoring of the McKinsey Global Institute shift in the center of gravity for the global economy to the world economy, noting that it was in the north of Iceland in the middle of the North Atlantic in 1950. And then, when Japan began to take off, taking in the spacing of the United States heading towards the east. He is now moving quickly toward the southeast, where moved during the past decade, a distance of more than on any other contract. By 2025 it will be close to Novosibirsk in southwest Siberia.

Says Richard Dobz, a member of the Board of Directors McKinsey: "development and economic transition of China towards the cities is happening at a greater rate one hundred times the size of the shift in Britain, the first country turns to the direction of urban and industrial, and ten times faster than almost, and thus the industrial revolution the Chinese possess momentum stronger a thousand times of the British Industrial Revolution. "

This shift in Global economic marched at specific stages during the past 30 years. In the mid-eighties, the big developed countries still dominate global growth. The United States accounted for almost one-third, and the European Union about 20 per cent, and the six countries of the Group of Seven in the list of top ten countries with the largest contribution to global growth (only France was off the menu). There was a common expression says if the United States sneezed, the rest of global economy will infect the cold.

These figures were calculated using data from the International Monetary Fund (IMF), which is based on the purchasing power of the dollar for the local currency, and thus there was a similar weight equivalent to the rise in the amount of goods and services produced in different countries.

By the mid-nineties, the former giants of the Global economy out of the "Premier League". No longer Germany and Italy have conferred rank to be among the top ten countries in economic growth, and the importance of Japan fell by more than half. Existing and entered Mexico and Indonesia, a sign that the fact that a developing country and The high population density puts it on the road certainly lead to the ups and enter the adult league.

In the years prior to the 2008-2009 crisis, China has emerged to be so far the largest source of growth, and swept the charts to reach the fourth place against the backdrop of the rise in the production of goods and prices.

Britain was present in the list of the top ten countries, having enjoyed the same 30 years to catch up with the growth in the wake of recovery from being the sick man of Europe, but it looks on track to get out of the Premier League between 2012 and 2017. And will be a list of the top ten countries in terms of the country's share in global growth has completely moved out of Europe, are expected to form the entire European Union accounted for only 5.7 per cent of global growth. And will be India and China together almost half of global economic expansion.

This amounted to a shift in economic power limit makes any company concentrating its efforts in established economies, are actually living in the past.
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World Conference Of Islamic Banks Looking Cross-Border Opportunities

Meet more than 480 personal of the most prominent leaders of the banking sector and thought leaders in the Global Islamic finance industry in the period from the third to the fifth of June 2013 at the Hotel Pan Pacific Singapore, as part of the activities of the World Conference Fourth Annual Islamic Banking: Summit Asian Conference (World Islamic Banking Asia 2013), which held the official support of the Monetary Authority of Singapore.
islamic finance

It is scheduled to be launched the activities of the World Conference of Islamic banks which will be held over three days under the slogan «build bridges between the global Islamic finance sectors: promotion of international linkages and cross-border opportunities. As a special symposium will be opened in the Islamic financial market with a focus on international Islamic liquidity management, hedging and Islamic capital market instruments, an opening session with President Khalid Hamad Abdul-Rahman Hamad, Chairman of the International Islamic Financial Market.

And Executive Director of Banking Supervision at the CBB; Long Nam Sin, Assistant Managing Director, Group D Monetary Authority of Singapore. The opening session will be followed by Summit to be held in pre-conference special word of the President by Dr. Halim Cah, Deputy Governor of Bank Indonesia.

Furthermore, the president will be the opening of the conference, scheduled to be launched in the fourth of June, private speech delivered by Lim Heng Kiang, Minister of Trade and Industry of the Republic of Singapore and Deputy Chairman of the Monetary Authority of Singapore. The opening speech will be followed by a direct throw two keywords special Alekayama Dr. Mohammed Yousef Al-Hashel, Governor of the Central Bank of Kuwait; Ranjit Ajit Singh, Chairman of the Securities Commission of Malaysia.

Industries vital

Commenting on the support of the Monetary Authority of Singapore for the World Conference of Islamic Banking Asia 2013, commented Ravi Menon, Governor of the Monetary Authority of Singapore said, "We have the evolution of the World Conference of Islamic Banking Asia in terms of its size and stature since its inception in 2010, which is in the recent current platform an important link between Islamic finance vital industries in Asia and the Middle East. also enhances the conference also display the value of funding for the Islamic finance industry more broadly in the region. "

It should be noted that it is scheduled to present the exhibition The World Islamic Banking Asia 2013, which will be held on the sidelines of the conference as well, the next generation of Islamic financial products, and innovative solutions, as well as the latest developments in the Islamic banking sector and international financial industry.

Improvements to the legal and regulatory frameworks

Said Dato Sri Abdul Hamidi bin Abdul Hafiz, CEO of Kuwait Finance House (Malaysia) : "showed the Islamic finance industry a tremendous growth in terms of volume of business, product innovation, and the geographical spread, as well as achieving significant improvements at the level of legal and regulatory frameworks. Attracts these Current industry in recent customers from all different segments and sectors of the economy.

It is moving forward towards achieving further progress and success. However, the Islamic financial system is still very small compared with the traditional economic system that currently exists. However, it is through the development of lessons learned from the recent Global financial crisis, we have become well aware of the risks inherent in the capital is produced, and what we should do in the recent current is to collect surplus funds viable investment to promote economic prosperity to more efficiency and effectiveness and that of through the financing of real economic activity, which is completely in line with the objectives of Islamic finance.

Is Islamic Finance Has Achieved Development For Society?

Islamic finance in theory began with Islamic law, which came as part of an integrated system comprehensive life dealing with worship and transactions and ethics, in a balanced manner make legislation relating to worship the words from the teachings of detailed addresses of worship with respect to provisions in all its details minute, as in prayer, fasting and Zakat The pilgrimage, though the tendency to worship God is innate, but the details, you can not rely on human nature to learn the proper way to practice; legislation so it was dealt with in detail.
With regard to transactions, the origin of Islamic law that deals with many of them in its entirety, and gives an outline of its provisions, because the legislation with regard to the provisions of the transaction is based mostly on the wisdom of the phenomenon, as it is not a destination "Sharaa" often in such transactions to highlight the commitment and discipline orders "Sharaa" - but at the end of the case, but the destination is the real achievement of justice and the public interest of the community, and the balance between the individual's right hand that gets it is the product of diligence, on the other hand the right of society on the one hand that in general to achieve the public interest and not harm the structure of community economic .
Therefore, most provisions relating to financial transactions, a reflection of the wisdom of the phenomenon of the legislator, as it seeks to achieve interest and balance the pros and cons, so most of the issues related to these transactions, we find that the interests of the evils and interest requires giving priority to whichever is greater impact, if GLBT interest in the transaction, the legislation tends even, in some cases, to cram them, but if overcome corrupting the legislation tends to leave and prevention of them, this is of course a general rule can not drop its image outlined the details of the provisions always, but when what appeared judgment on the issue of it with certainty that the public interest so requires .
Through the evaluation process of Islamic finance, and because Islamic law in transactions in the interest of the phenomenon can be felt by the human, the question on the impact of applications of Islamic finance in the development and treatment of economic problems in society is a project, especially when we see that some Muslim communities suffer economic problems, chronic , in addition to the weakness in productivity compared to many countries in the world, whether developed or emerging, as well as high rates of poverty and unemployment, poor nutrition, and health and educational problems in some countries, a reflection of the poor economic situation. 8020 fat loss
We know that the Islamic finance began since the start of the message, but the perception of the modern Islamic finance began in the seventh decade of the last century when it began to experience Ahmad al-Najjar in 1963, followed by a series of experiments, where she focused these experiments on the banking business, especially after the experience of Bank of Dubai Islamic in 1975, and today we are 50 years after the establishment of the first experience of contemporary Islamic finance, we do not find a major development of the economies of Islamic countries, equivalent to the developments of many countries in the world, and to reflect what their natural wealth and human resources, and including also reflects the legacy great historical , and its strategic location between nations.
There is no doubt that the experience of banks and the subsequent subsequent developments did not achieve real development even though in itself is not a draft negative impact on society, but it can be described as the experience is incomplete because it did not exist integration of the components of Islamic economics, as the experience to complete not must be a strategy to build the potential of human resources, and optimum utilization of natural resources, and build a productive industrial, agricultural and service makes the productivity of the individual outweigh the needs, and this is the simple equation of the economy productive, then the banks and the financial sector in general, a tributary of the productive sectors and enhanced their growth, as that banks today are still far somewhat from real participation in the productive sectors, as the practice of contracts, such as contracts for the company or speculation that will enhance the role of financial institutions, positive, and lays the foundation for building development projects in the community, and fills the gap in Islamic societies is the absence of capital which enhances the potential of human resources, and the optimum exploitation of natural resources, but the role of Islamic finance will remain weak in promoting the progress of the development of Islamic societies. im john chow
Conclusion .. Islamic finance, although it has achieved significant growth during the last period, but that its impact on development in Muslim societies weak for lack of integration in the components of the Islamic economy, and the weakness of the role of Islamic financial institutions, which depends on positive contracts, such as contracts Posts and speculation.

Salah Bin Fahad Al-Shalhoub
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The First Small Business Conference in Yemen Calls For Change

Participants in the first conference of small and medium-sized enterprises in Yemen Called to create a public financial institution help banks and microfinance institutions to grant loans to the sectors of small and medium-sized enterprises guarantees easy, accessible and simple interest rate.

microfinance in YemenThe conference was held the first Yemeni small and medium-sized enterprises in the 26-27 / May in Sana'a organized by the Yemeni Association for Business Development and in cooperation with the Ministry of Trade and Industry.

Said Dr. Abdullah Al-Mikhlafi, Undersecretary of the Ministry of Finance and professor of banking at the University of Taiz, in an interview with balcony "will not list for economic development only if there is interest in SMEs via its support in the planning stage and provide technical support her and to expand and facilitate the process of funding them."

He admitted Al-Mikhlafi not sharing the government enough to support small and medium enterprises, calling for the establishment of a governmental body working to secure the necessary funding for these projects and allocate part of the capital of commercial banks and Islamic countries, between 10 and 15 per cent, to finance small and medium enterprises.

The participants recommended that the central bank required a certain percentage of the loan portfolio mandatory in Islamic and conventional banks in Yemen of not less than 15 per cent went to the small and medium-sized enterprises.

As well as to avoid activating the insurance for bankruptcy protection and activating the role of compulsory insurance affordable for entrepreneurs, as well as enable, support and encourage women in the implementation of small and medium-sized enterprises and to provide financial and technical support to them.

He said Munawar Essanoui, Executive Director in Yemen Society for Business Development, for the balcony "The small projects are of great importance in the economies of developing countries and account for about 90 per cent of the total national income because it is fast in generating jobs at a high rate as it provides job opportunities free to a large number of members of the community . "

"If we want to promote sector small and medium enterprises we establish a joint body including private and government sectors concerned with SMEs and working to develop this sector from three directions: the first regards the legislative structure provided that they are accessible and supportive of the sector, and the second for funding and soft loans, and the third terms of providing opportunities for training and advisory services, feasibility studies and technical support. "

'Column the economy'
In turn, he said certified Abdo Srora, the director of human resources at the Small Industries Development Fund, said that small and medium-sized enterprises are the "pillar of the economy" in Yemen and developing countries in general.

He continued, saying, "If the government wants to achieve sustainable development and the recovery of real economic interest in this sector in kind and financially and in terms of infrastructure."

And the constraints faced by small enterprises, summed up by failing to provide legal protection, as well as funding for banks to production processes only instead of starting from scratch funding.

And the Central Bank's role in supporting small and medium enterprises, explained Balkis Ahmad, Director of the Department of Islamic banks and specialized in the Central Bank, saying he was "focused on control over the institutions and banks lending small and medium enterprises in addition to passing legislation encouraging the work of the private banking microfinance."

She stated that the law gave incentives for the establishment of microfinance banks, including reducing the required capital to 600 million riyals (2.8 million U.S. dollars), compared to six billion riyals ($ 27.9 million) to other banks, and shorten the establishment procedures to enable the granting of a license in a period of two months from the date of submission demand. KD Suite

Ahmed added that making the central bank rate-setting open to microfinance banks, unlike other banks.

Her "The microfinance banks made good strides in the provision of services to beneficiaries," and this is what encouraged other institutions to provide microfinance services and small as she put it.

She explained, "We now have new applications to provide these services from one of the exchange companies and offshore bank, as there is a proposal under consideration to integrate some financial institutions and converted to a smaller bank financing." Forex Indicator Predictor
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