Thanks,
Samina

1) Will you discuss how what is acceptable in Islamic finance sometimes varies per region?

2) Will you discuss a model of Islamic insurance such as Takaful?

Thanks, and please take a look at my new Islamic finance startup named Cleanergy Arabia which I am currently trying to develop:

http://younoodle.com/startups/cleanergy

Thanks.

Since the joint venture was announced in mid December 2007, shares of Dow Chemical are down roughly 77 percent. Do you happen to know if KPC lost any money from this planned JV?

I am asking because perhaps KPC or the parliament of Kuwait was smart to want to avoid this particular JV, especially since Dow Chemical’s assets are presumably worth much less now? Thanks.

through Web i tried hard to get in touch with Sony Music Dubai but some how i couldn’t so requesting you & if possible please try to send me a mail with contacts and contact informations for Sony Music Dubai.

Sorry for giving you trouble in this way, but i will be highly oblized for helping me on this.

Thanking you,

Musiclly,

Gaurav B.V.(India)

You make some excellent points. If the price of crude oil averages less than $50 for 2009 then the Saudi budget surplus will turn to deficit. In this case there would be less foreign investment from the Saudis and more pressure within the kingdom for fiscal stimulus.

I would like to see the Saudis make less money losing foreign investments and do more for their own economy and citizens. Perhaps they will even try to leverage Hajj related capabilities, especially because the annual occurrence of the Hajj is a certainty whereas the price of oil is even more than twice as volatile as the stock market.

As usual, I agree with what you say on this blog and here is a good article from Bloomberg news which agrees with both of us:

http://www.bloomberg.com/apps/news?pid=20601109&sid=a2df9V.O__gc&refer=home

However, I do not necessarily agree with the comment by Hareb Al-Darmanki (who is executive director of the Abu Dhabi Investment Authority) that they are better positioned than anyone else to withstand the effects of the global credit crisis.

For example, the best performing stock market YTD (year-to-date) is that of Ghana, and I would argue that a country such as Ghana is more insulated from the effects of the credit crisis than the UAE.

P.S. It might be encouraging that there are not many international investors left in the GCC because that means there will be better bargains available to those of us with more expertise.

Best,
Aamir

http://harvardbusinessonline.hbsp.harvard.edu/b02/en/common/item_detail.jhtml;jsessionid=RW3TCVAMXUONKAKRGWDR5VQBKE0YIISW?id=R0802A&referral=2340

Thanks.

I recently visited the Biodome in Montreal, which was an excellent re-use of olympic facilities.

http://en.wikipedia.org/wiki/Montreal_Biodome

http://www.timesonline.co.uk/tol/sport/olympics/article4582421.ece

Apologies for the error and many thanks to Ms. Hamid for pointing it out.

ATP Inc – Do You Need A Website

Jason Rakowski

I think the level of creative scientific and mathematical work in the Middle East contrasts poorly with that in India, despite the Middle East having been much better endowed with economic resources for several decades.

- Sue.

Allen Taylor

It is impressive and telling that the prestigious HBR has acknowledged Islamic Finance to be a breakthrough idea for 2008. My congratulations to you for your contribution.

Now that the industry has global attention, the question is: Will it be able to take a global leadership role in raising the bar of CSR (corporate social repsonsibility) and out it in high gear?

There is also an opportunity for the leaders of Islamic Finance to shape a very different view of Islam’s role and contribution to the corporate world and society as a whole. Amidst the ‘Islam’ image crisis, this certainly seems to be the greatest opportunity to reclaiming it.

In early January, it was reported that Dubai International Capital, a large sovereign fund, hired Barbour Griffith & Rogers LLC in the US.

There have been dramatic changes in the GCC in the last few years. Aamir’s previous involvement with this region at a strategically crucial, international level in banking
(the ideal look-out point) with focus on the Middle East is evident from the interview.

Adding to Mohammed Amin’s comment, the knowledge-based economy pioneered by the UAE and, quickly embraced by the rest of the GCC, has produced thinkers, bureaucrats and businessmen of international standing. They are leading from the frontlines. It probably will not be too far away before citizenship for accomplished individuals from expatriate communities become official policy.

In my view, a key long term political challenge for the smaller Gulf states is developing a naturalisation policy that allows “high value” long term foreign residents to become nationals with a permanent commitment to the country.

However, I feel it is a huge brain-drain of resources, maintaining and building itellectual capability for only this purpose. Information, misinformation and plain trash on the internet is growing faster than they can be accessed. Sooner or later it will become futile to block.

A sociological question: as the world becomes more seamless, how does a conservative society manage the rush of cultural traffic (I would say cultural exchange, but it’s not really two-way)? This issue has become more and more acute as we move from radio to television to satellite TV to the Internet.

As you know, the UAE already blocks web sites deemed to be offensive or inappropriate. Having barriers isn’t always a bad thing.

When liquidity is soaring, why would leading firms make the “real opportunity” available to all? The largest conglomerates in the MENA region are family and sovereign controlled and, not in need of new equity for core business growth.

The key would be to create and fund new opportunities similar to the Kuwaiti joint venture with Dow.

In the long run, a successful venture capital and private equity environment needs liquid public markets to enable exits.

The phenomenon Mathew describes is particularly evident in relation to the UAE. Many global business people have become familiar with Dubai and Abu Dhabi separately without realizing the two are both emirates within the UAE, not to mention part of the broader GCC!

One reason why awareness of the GCC as a collective is important is that the GCC common market, when seen as a whole, is often more attractive than individual states. A simple reason for this is market size: Saudi Arabia is the only Gulf market with a population greater than 5 million. When viewed as providing access to the broader Gulf market, a presence is the UAE, Kuwait, Qatar, Oman and Bahrain often makes more sense than if the markets are viewed from a domestic perspective alone.

Thanks to Mathew Jacob for his comment.

The choice made by KPC and Dow to choose a *joint venture* model was crucial both from strategic and regulatory / public relations perspectives. KPC has not taken a stake in a Western company — it has partnered with Dow to create a new firm, separate from the GCC and US parents. Rather than try to control Dow, KPC has identified a set of assets with strategic relevance and has worked with Dow to “carve out” a line of business.

In addition to creating greater business value (as discussed in my original post), the JV approach has the benefit of avoiding a situation that could be viewed as a foreign takeover of a US firm.

Many thanks to Mohammed Amin for his insightful comment.

The concern in Western countries will be that many of the big players in the GCC are state or quasi-state institutions, rather than privately owned entities operating on a purely commercial basis.

This has led to concerns in the past when major stakes in Western companies have been purchased by state owned GCC organisations.