tag:blogger.com,1999:blog-52811331942265254632024-03-08T03:00:15.126-08:00World Economic Reform?NO to "debt based economy" but YES to "asset based economy with risk sharing paradigm"Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.comBlogger46125tag:blogger.com,1999:blog-5281133194226525463.post-851289234467449212016-01-01T23:51:00.003-08:002016-01-01T23:52:10.418-08:00Islamic Fund Management and its World View<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
Islam is a religion that ordained
by Allah SWT since the creation of mankind. Islam is an integrated holistic
system with universal order, which is integrated with <i style="mso-bidi-font-style: normal;">ibadah</i> or ritual and method or manner of life. It is derived from
the meaning of Islam as <i style="mso-bidi-font-style: normal;">ad-deen. </i>Ad-deen
can be defined as a way of life and faith to Allah SWT.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The purpose of creation is to make
the creatures to be obliged to Allah SWT. This obligation is not limited either
by the time or by the place, but it covers all aspects of human life. Every
activity of human being which is within the limit of shari’ah is measured as
ibadah. This activity will be rewarded by Allah SWT.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Muslims are the second larger
group of religions after Christians. These peoples have a lot of wealth to
invest. However, there are a few of Islamic counter offered for Muslims. This
scenario gives a bad impact to Muslims because Muslims’ daily activities should
be within the limit of shari’ah. Otherwise, it will be rejected by the Allah
and the doers will be considered as ignorant. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Islamic fund management is a
solution for Muslim investors. This solution gives more chances for Muslim to
invest accordance to the shari’ah. This fund is basically similar to the
conventional fund except in the compliances with the shari’ah rules and
regulations. For an Islamic fund, it is prohibited to invest in the companies
which involved in the haram activities such as gambling, alcoholic business, pornographic,
ribawi institutions and the companies which financed by ribawi institutions. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
These strict rules and
regulations made by Islam is purposely to be sure that Muslims operate within
the limit of shari’ah. In Al-Quran Allah SWT has mentioned as</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Business is halal for a Muslim
but any transaction which is based on riba is considered haram. When an
activity is considered haram it will be rejected by Allah and will be grouped
among sinful people. Of course these groups of people will be not entitled for
the rewarded. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Every investment deals with the
risks. In Islamic fund also there are risks. The risks in Islamic fund are
various depending on counters chosen by the investors. Islam accepts risk as
its own but rejects any kind of speculations. This is because speculation may
bring to the gharar and maisir.<span style="mso-spacerun: yes;"> </span>These
two principles are among the haram which are clearly highlighted by Islamic
scholars. These concepts also may lead the stronger people depress those weak.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
As the time changes, Islamic fund
becomes a popular investment opportunity. This was proved by the increasing in
the number of Islamic counters. The growths of the Islamic counters were
occurred in every part of the world. As examples Saudi American Bank in Saudi Arabia, Bank Islam Malaysia Berhad in Malaysia
and many more.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
At last, Islamic fund is an
alternative especially for Muslims at large and generally for the whole
population. The fund is purposely to enhance the economic status of the ummah.
At the same time, it will purify and get closer the Muslims to their Creator.
The fund will give the chance for a Muslims to avoid themselves enrolled in
haram’s counter. From the points, the activities of Islamic fund are a Fardhu
Kifayah. For the Muslims, they have to support this sacred activity. Although,
the efficiency of the organization is still debatable but the task of Muslims
to support the organization are still there. Allah SWT has encouraged the
Muslims to support the good deeds and prohibit the bad deeds. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">HOW TO MANAGE THE ISLAMIC FUND</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Investment is an activity
involving a portion of money to allocate to the certain types of business and
seeking for profit. The investors will not do anything related to the operation
of the company. Since the investors are not involved in managing the operating
of the company, so he is not entitled for any salaries or wages, he is only
entitled for the profit gained by the company. Thus, the investors have to have
certain expertise in choosing which companies those have bright prospect in
gaining the profit.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In this section, the paper will
discuss some pillars of wisdom in investing the money. The pillars were taken
from the idea of conventional fund management but have been taken into
consideration by the writer regarding the Islamic point of view. The writer
tried to view them in the Islamic point of view. The pillars are:</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">1)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>Successful investing involves
doing just a few things right and avoiding serious mistakes. It means an
investor has to beware. He has to plan and do the homework regarding the
strength, weaknesses, opportunities, and threats of the prospect organization.
He or she also has to know the activities of the company. He has to know
whether the company pros or cons the Islamic shari’ah. He has to be careful in
each step he moves. He has to avoid any serious mistake that will give big
impact to his investment.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">2)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>When there are multiple solutions
to the problem, choose the simplest one. Sometimes, an investor will face a
serious problem. This problem is usually difficult to solve. Once the problem
is clearly defined, there are multiple solutions to this problem. So, the
investor wills again facing the problem in choosing the solution. Based on the
prudent concept, the writer suggests the investor to choose the simplest one.
As an example, if an investor confuse whether to invest in highly risk company
or low risk company, the high risk company offered 5% rate of return but low
risk company only offer 2.5% rate of return, based on this principle, the
investor has to rely on the investment which is more guaranteed.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">3)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>Try to earn money every time even
it is small. The investor has not left his money idle. He has to gain something
even the gaining is too small. In Islam the idle money is entitled for zakat if
it is over the certain limit or nisab and being passed the haul or period of
time. The idle is zakatable because Islam encouraged the ummah to activate his
wealth. And later he the wealthy peoples are being able to help the poor.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">4)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>Today is better than yesterday.
This is the principle of the Muslims. A Muslim must be today is better than
yesterday. Based on this principle, an investor who has been in investment
field so long has to be more expert in choosing the companies to invest. So,
the Muslim investors are logically being able to gain more after some time in
investment field.</div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">5)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>An investor has to diversify his
investment. In investment, an investor is better to invest in various types of
businesses. He has to invest in multiple types of risk businesses. Rather than
stick on only one type of business. This is because the diversification will
help the investor balances his risk. In short, an investor who invests in three
companies will have more chances to balance the risks rather than the investor
who only invests in one company. The lost of a company can be covered by the profit
of the other two companies. However, for single company the lost will solely
from that company and there is no company which is available to bring the
investor to the equilibrium point or more.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">6)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>Cost-benefit analysis is the best
in determining which companies are the best places to invest. Cost-benefit
analysis is prepared by taking into consideration all the costs those be
incurred when the investor invests. These costs will be deducted from the
expecting benefits those be receipt after the investment. If the receipt is
higher than the expense so the investor may decide to invest, if not is vice
versa.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">7)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>Know the operating of the
business. Before investing in any business, an investor is required to know at
least basic information regarding the activity of the business he or she wants
to invest. This is to ensure that, an investor wills not do the blind imitation
and blind investment. The blind investment may lead to the loss of capital.
This lost of capital can be avoided if the investors do the homework in
studying the prospect types of the businesses. He or she can rely on the
current users’ behaviors, environments, status of the economy and other
financial and non-financial data. He or she also can rely his or hers
assumption based on the rating provided by rating agencies such as RAM in Malaysia.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">8)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>The investors have to have balance
estimation. It means, not to be overestimates and be underestimates. Usually,
the investors will do the prior estimation before doing any analysis and later
accept or reject to invest. This prior estimation is so important whether the
investors will choose it or not for further analysis. Overestimates and
underestimates will lead the investor to the state of frustration if he or she
failed to achieve his or hers estimation.</div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">9)<span style="font: 7.0pt "Times New Roman";">
</span></span><span dir="LTR"></span>Beware of the last year
achievement. An investor should not totally depend to the last year achievement
of the company. The situation and environment are always kept on changing.
Therefore the past year achievement is only the basis. It can be used as a rough
glance, not totally depend on it. The past achievement is good for checking the
reliability of the internal control of the management, but it is not good to
measure the future prospect.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<span style="mso-list: Ignore;">10)<span style="font: 7.0pt "Times New Roman";"> </span></span><span dir="LTR"></span>The financial market is related to the fears, hopes, knowledge and
greed of all investors everywhere. The environment situation moulds the feeling
of all investors. Sometimes the feeling may boost the market and lead the
market be bullish, if not the market will lead to bearish. For Muslim
investors, all of these feeling should not be there. This is because; they will
lead to serious speculation which is haram.</div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify; text-indent: -.25in;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
11)<span style="mso-tab-count: 1;"> </span>An investor should have long term planning. To
be as a good investor, he or she to have long term planning. The investors
should not grab a chance which is short term based. This is because patience
and consistency are valuable assets for the intelligent investors<b style="mso-bidi-font-weight: normal;"> </b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"> THE TYPES OF THE INVESTORS</b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="text-decoration: none;"><br /></span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="text-decoration: none;"></span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
Actually, the types of funds to
invest are depending on the objective of the investors. The investors have to
decide how big the risks they are going to accept. The acceptance is based on
how much and how long they are going to accept the risks. The ultimate purpose
of investment is the income the investors are going to receive. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Here, the writer will state four
basic types of investors who are dealing with the risks for the investment;
aggressive, moderate, conservative, and extremely conservative. Aggressive
investor is the person who is not interested to the current income but he is
interested to the capital appreciation; capital appreciation is the value
increases when the company’s capital growth as the impact of the company’s business
success. This type of person is willing to accept high market risk.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The second groups of investors
are who willing to accept moderate market risk. He or she views current income
as a subordinate to capital appreciation. For them, current income is a second
important receipt after capital appreciation.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The third groups of peoples are
conservative. The conservative is the person who is willing to accept only
limited market risk. For them, current income is highly important rather than
capital appreciation. Meanwhile, extremely conservative are not willing to
accept any risk. He or she tries to greatly reduce the market risk and
extremely increase the market return or current income. He is not interested
most on capital appreciation.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
For further discussion, the
writer is going to state about the acceptable risk for the investment. The
level of acceptable risk is referred as <i style="mso-bidi-font-style: normal;">risk
tolerance</i>. The risk tolerances for the investors are differed among the
investors.<span style="mso-spacerun: yes;"> </span>Usually, the investors will
determine the risk tolerance based on the individual’s current economic
circumstances. The best measurement for risk tolerance is <i style="mso-bidi-font-style: normal;">sleep quotient</i>; sleep quotient is the level of risk that a person
thinks it is disturbing.<span style="mso-spacerun: yes;"> </span>If a person
feels that he or she is not comforted with the highly risky investment, he or
she may start selling them and move to the lower risky fund or counter.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
It is simple to say that,
investment is the activity that involved most with the matter of faith. The
fluctuation of economics situation is determined by the environment scenario.
No one knows about the future economics scenario. There are many external
scenarios which will affect the economics fluctuation. Therefore the investors
have to be braved enough in practicing their investment.</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="text-decoration: none;"></span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">INVESTMENT IN ISLAMIC POINT OF VIEW</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Saving refers to a part of money
that is not spent on consumption. Meanwhile investment refers to the
expenditure that is not for the consumption but for the purpose of capital
appreciation, and on creation of a new capital. The idle money cannot be
considered as an investment. This is because the idle money will loose it
purchasing power. Study has proven that the idle money will loose 93% of the
purchasing power over the last 200 years.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Islam encourages Muslims to stream
their income to the certain areas. The areas are defined by Islamic priority.
If the income or money is kept idle, this money is punished by Allah SWT
through the obligation to pay the zakat. This is because in the idle money is
the right of the eight asnaf (the zakat beneficiaries). </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
There are two types of investment
available for an investor. They can invest in physical assets and financial
assets.<span style="mso-spacerun: yes;"> </span>The physical assets are gold,
coins, and other touchable assets. Meanwhile, financial assets are stocks, bonds,
mutual fund and etc. Between these two assets, financial assets are preferable to
invest in. This is the effect of the liquidity of the investment. The
investment in the financial assets is more liquid differ to the physical
assets. An investor can easily pull out his or hers capital in the financial
assets. He or she can sell easily his or hers stock certificate to the other
buyers through the investment agents or stock brokers.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
What is the stock? Stocks are the
shares of the company that have being apportioned into the units. The amount of
the capital contributed by an investor is determined by the numbers of units of
company’s share. The vote power to the company also determined by the number of
shares. The dividend and the disbursement of the income also distributed based
on the number of units share hold by an investor.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Meanwhile, the stocks of the
company is divided into two types, one is ordinary and the other one
preference. The difference between two is the preference holders are entitled
for fix receipt over the years, regardless the company makes profit or loss.
Meanwhile the ordinary is determined by the decision of the management of the
company.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The fix return receipt from an
investment of stock preference is haram according to the Islamic scholars. This
is because of the concept of justice in Islam. In stock preference, the
investor has being promised to receive a certain fix rate annually. In other
words, the future dividends are determined prior to the determination of the
profit of the year. Therefore, Islam views stock preference as haram since it
involves with the uncertainty. The amount receipt from stock preference is
considered as <i style="mso-bidi-font-style: normal;">riba al-fadhl</i>. As a
solution, Muslim may invest in the common stock.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In other points, an investor may
reduce the liability of the investment through diversification. Diversification
means an investor invests in diverse industries and companies rather than in
the related companies and groups. Let say, if an investor invests in the crude
oil company which the company facing the economic downturn in that particular
year, at the same time he or she also invests in the motor industries which is
used oil as the main power. As the effect of un-diversification, (not
diversified the investment) the investor will stand facing the high risk
problem. However, this kind of problem can be avoided by practicing the
diversification. Diversifying the investment in various industries may help the
investor to reduce the risk. Although he or she will incur loss in crude oil investment
but this loss can be covered by the profit he or she gains from an investment
of the other unrelated industries.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">ISLAMIC FUND <i style="mso-bidi-font-style: normal;">VS.</i>MUTUAL FUND</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="text-decoration: none;"></span></u></b>Mutual fund is the company that
pools the money to invest in various counters and to buy the portfolio of the
securities. The managements of the company consist of the investment expert.
They have enough knowledge in studying the power of the company and in planning
the prospect of the future earning of the company.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The money that pooled by the
company is invested in buying various portfolios securities on behalf of the
whole group. All portfolio securities are eligible for the conventional mutual
fund. However, the scanning must be done for an Islamic fund. The purpose of
the scanning is to check the compliance of the operation with the sharia’ah.
The Syari’ah Supervisory Board of the company does the scanning.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In conventional mutual fund, the
investors will share the profits and losses earned from the investment. The
ratio of the profit and loss is based on the amount of shares they invested.
Meanwhile, in Islamic fund investment, the profit and shares is distributed
based on modes of investment agreed by the investors; among the modes of
investment are <i>Ijarah fund, equity fund, commodity fund, murabahah fund,
mixed fund </i>and many more.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyText">
<b>Methodologies of Best Selection of Funds</b></div>
<div class="MsoBodyText">
</div>
<div class="MsoBodyText">
Gaining the highest revenue from the investment is the
main objective of all investors. They hope that the fund management company
will invest properly their money. Although, the investment and analysis were
doing by the company, the investor also may prepare their own analysis.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The academician, money managers,
and thoughtful individual investors have draft some formulas in selecting the
best performing fund. They agreed that the assets should be measured based on
risk and rate of return.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
According to the study the rate
of return is a mix of any change in market value, any dividends, interests, and
other receive from the investment. All of these are expressed in a percentage
gain. After calculating the rate of return, the next is measuring the level of
risk. Based on the same study, the risk could be measured by several different
statistics. One of these statistics is beta coefficient. Beta coefficient is a
ratio of the average performance of a given stock or mutual fund relative to
that of some of market average. As an example, if a beta coefficient of Company
A is 2.0, it would indicate that the mutual fund tends to move twice as rapidly
as general market.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In viewing to use this
statistics, we have to find the company, which offers the Beta coefficient
equal to zero, or zero risk company. Then we have to know the rate of return of
the invested company. Let say the company’s rate of return is 5% and the beta
is 0. Therefore, an investor may select the other risky fund, which offers the
rate of return higher than 5%. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The next step is an investor has
to find the second higher risky than zero risk fund. Let say the beta is 1 and
the rate of return is 10%. An investor may invest is such 10% but he or she has
to face one level higher risk in gaining 10% rate of return. If there is a
fund, which offers higher rate of return than 10% but lower risk, or in
other words, the rate of return is more than 10% per unit of risk is called as
outperformed the market and called as under performed if it is vice versa. </div>
<div class="MsoNormal" style="text-align: justify;">
<b><u><span style="text-decoration: none;"></span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><u><span style="text-decoration: none;"><br /></span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b>WHY THE INVESTORS OUTSOURCE
THE INVESTMENT?</b></div>
<div class="MsoBodyText">
<b> </b> </div>
<div class="MsoBodyText">
There are a number of investors who pass out totally the
job of investment to the investment company. This kind of investors normally
did not care much on the revenue he or she going to gain. However, there are
also investors who are very meticulous in every cent he or she invests. For
these groups of people, they will try to evaluate the performance of the
portfolios by their own. </div>
<div class="MsoBodyText">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
There are a number of reasons why
the investors try to avoid doing evaluation of the invested portfolio. Here we
are going to discuss a few reasons why an investor prefers to outsource the
evaluation to the outside advisers. Basically there are four reasons why the
investors try to avoid from evaluating the investment by their own; a desire to
avoid fiduciary responsibilities, a lack of time, a lack of interest, an
inability to control emotions, and insufficient knowledge.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Fiduciary responsibilities</li>
</ul>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<span style="mso-spacerun: yes;"> </span>There are some people who have surplus money.
They have an intention to invest their money but they do not have enough time
to invest their money by their own. They are the people who have expertise in
managing the money. However, they have other priorities to do. </div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
The group
consists of a son, daughter, spouse, or other relative who inherit the wealth
of a late family, the individuals on the board of directors of a school,
mosque, or any foundation, and the trustees for retirement plans. All of them
do not have much interest on the activity of investment. Therefore, the outsourcing of the investment activities are better for them.</div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Lack of time</li>
</ul>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
This is the
second group of investor who frequently seek outside assistance. He or she does
not have enough time to manage the investment activities. Although they are the
people who may do the excellent job but the time constraint limit them from
doing so. They realize that their time is better spent focusing upon their
business or career.</div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Lack of interest</li>
</ul>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
This is the
third group of investor who simply lack the interest to actively manage their
own investment. As an example, upon retiring, many people choose to enjoy their
time by traveling, recreation, family, friends, and other activities. At this
time the income become the secondary motive of their life. </div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Inability to control emotions</li>
</ul>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
For the
investors who fail to control their emotions are most in need of an outside advisory. This is because an emotion plays the important role in controlling the
activity of a person. The investors may do the wrong doing if they make the
decision based on their emotion. In order to avoid the risk, the investors may
choose the outside advisers as their investment agents.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Insufficient knowledge</li>
</ul>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
An investor is
the outsider who has surplus money but not necessary he or she must have
sufficient knowledge. However in recent situation, knowledge becomes a main
pillar in investment. This is due to the complexity of the transaction. </div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in; text-align: justify;">
For the
insufficient knowledge investors, they may assign the task to the outside
advisors. This is because the outside advisers are the expert in this field.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">CONCLUSION</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Islamic fund is an alternative
for an Islamic investor. The purpose of this fund is to encourage Muslims to
activate their wealth and avoiding from being idle. As we all know that Islam
will penalize the idle wealth by the obligation of zakat payment. The most
major question is whether the fund is truly complying with the shari’ah or not.
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In this century, Muslim held
surplus money for the consumption. However their wealth is not properly
invested in Islamic manner. Therefore the existence of Islamic fund is the best
solution for these investors.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
As the addition, the cooperation
between the wealthy and the knowledgeable Muslims may empower the society. The
developed Muslim society is the final result of this cooperation.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-82109224224016526382015-07-26T18:51:00.004-07:002015-07-26T19:06:32.470-07:00An observation on "Islamic Financial Services Act (IFSA) 2013 (Malaysia)<br />
1. Can IFSA 2013 serve as the comprehensive alternative solution to <em>Islamic Banking Act</em> (IBA)1983, <em>Takaful Act</em> (TA)1984 & <em>Banking and Financial Institutions Act</em> (BAFIA) 1989? <br />
<br />
2. As has been observed that, the total required regulatory solutions (as per required by the M'sian both systems of financial industries today) are not sufficiently (details) provided yet under the IFSA. <br />
<br />
3. Hence, an intensive revision to IFSA (considering the current practical reality & foreseeable future industrial growth) may be recommended.<br />
<br />
4. A continuing revision of IFSA (every 3 years) may also be recommended, because of the rapid growth phenomena in the industry with discovered dimensions as to products, system, management, mechanisms, culture and activities.<br />
<br />
5. IFSA may be made to be able to play an effective leading role (example) in the world Islamic financial industries in its capacity as the comprehensive standard regulatory frameworks acceptable & appreciated globally.<br />
<br />
6. It may also be kept in mind that, Islamic finance is not merely a product, but a holistic integrated system applicable to and benefits all mankind with the spirit of universal value regardless of one's religion, race, gender or status. That is the niche of Islamic finance with its sacred uniqueness comparing with other financial products and services in the modern economy. Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-55668983938402809382013-04-01T19:56:00.000-07:002013-04-01T19:56:00.734-07:00Interview by Global Islamic Finance Magazine <span class="userContent"><strong><span style="color: #38761d;">INTERVIEW</span></strong> of Prof. Dr. Mohd. Ma'sum Billah </span><br />
<span class="userContent">by: </span><br />
<span class="userContent"><strong><span style="color: #0b5394;">Global Islamic Finance Magazine</span></strong> </span><br />
<span class="userContent">(Leading Islamic Finance Intelligence Since 2007).</span><br />
<span class="userContent"></span><br />
<span class="userContent">The issue of <strong><span style="color: #38761d;">Franchising of Islamic Financial Products & Services</span></strong> with Global Approach.</span><br />
<span class="userContent"></span><br />
<span class="userContent">The detail of the interview can be browsed through the following link:</span><br />
<span class="userContent"> <a href="http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2152" rel="nofollow nofollow" target="_blank"><span>http://</span><wbr></wbr><span class="word_break"></span><span>www.globalislamicfinancemagazin</span><wbr></wbr><span class="word_break"></span>e.com/?com=news_list&nid=2152</a></span>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-8130813525989896142013-03-05T23:15:00.003-08:002013-03-05T23:15:53.662-08:0015 Directives to Create a “Developed–Nation”?
<span style="color: #38761d;"><strong><em>The following may be among the potential directives to create a "Developed-Nation" in the modern reality:</em></strong></span><br />
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<span style="color: #990000;">1. Industrialization & Privatization shall work concurrently as the core
mission of the nation building. </span></span></div>
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2. Moving forward with high achiever plan towards creating an enterprising
& entrepreneur based natin.</span></span></div>
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3. Religious rights, cultural dignity and socio-harmony shall be respected as
the Constitutional rights of every citizen.</span></span></div>
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4. Policy Reform (Laws & Enforcement) shall be effectively exercised by
comparing with the modern reality and, be controlled by the government with
total compliance of the Public interest.</span></span></div>
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<span lang="EN" style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="color: #990000;">
5. Separation of Power (among the law makers, executors & the judiciary)
shall be strictly observed at all level of the system (government).</span></span></div>
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6. Democratic spirit shall be maintained with due respect.</span></span></div>
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7. Visioning a K-nation by focusing on “Human Capital Development in reality”.</span></span></div>
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<span lang="EN" style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="color: #990000;">
8. BOT (Build, Operate & Transfer) arrangement through foreign groups
(investors, contractors, tech-groups, suppliers & operators) partnering
with possible participation from the local players towards sustainable
development of major sectors / projects with class 'A' standard.</span></span></div>
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9. No Violation or Strike shall be appreciated as the tool for demand or
achievement, but Peace process & Professionalism with Wisdom, Mutual
Respect & Utmost tolerance shall be adapted as the national culture towards
Reform. </span></span></div>
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10. Country, the “nation of corruption-free” shall be an enforceable campaign. </span></span></div>
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11. Culturising a national slogan “Harmony but no Conflict to Prosperity”.</span></span></div>
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12. Self-reliance shall be the micro-culture for all.</span></span></div>
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13. Visit -2013 to attract foreign investors, corporate players, industrialists
& professionals in view of "Reform" in reality.</span></span></div>
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<span lang="EN" style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="color: #990000;">
14. World Summit on National Reform - 2013, for the Global awareness towards
"Reform" visioning a dynamic change in the wake of globalization.</span></span></div>
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<span lang="EN" style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="color: #990000;">
15. No tax on Low income but on Corporate, medium & high income groups as
to generate Public Revenue on justification.<br />
</span></span></div>
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<span lang="EN" style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <strong><span style="color: #6aa84f;">-MB-<o:p></o:p></span></strong></span></div>
<br />
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<span lang="EN" style="mso-ansi-language: EN;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-51250839363407911402013-01-29T22:04:00.001-08:002013-01-29T22:04:07.654-08:0055 Sectors in Creating "Developing Modern 3rd World"
<br />
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<span lang="EN-US" style="color: #333333; font-family: "Georgia","serif";">Followings are
among the major sectors may significantly facilitate in creating </span><strong><span lang="EN-US" style="color: #38761d; font-family: "Georgia","serif";">"developing
modern 3rd world"</span></strong><span lang="EN-US" style="color: #333333; font-family: "Georgia","serif";"> in view of an effective socio-economic victory for all within
the true spirit of eco-democracy in today’s advance tech-reality.</span><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: red; font-family: "Century Gothic","sans-serif";"><o:p></o:p></span></i></div>
<br />
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<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: red; font-family: "Century Gothic","sans-serif";"></span></i><br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: currentColor; margin: auto auto auto -18pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<div class="MsoNormal" style="margin: 0cm -27pt 0pt 0cm;">
<b><span lang="EN-US" style="color: red; font-family: "Century Gothic","sans-serif"; font-size: 14pt; mso-bidi-font-style: italic;">No.<o:p></o:p></span></b></div>
</td>
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<div class="MsoNormal" style="margin: 0cm -27pt 0pt 0cm;">
<b><span lang="EN-US" style="color: red; font-family: "Century Gothic","sans-serif"; font-size: 14pt; mso-bidi-font-style: italic;"><span style="mso-spacerun: yes;"> </span>SECTORS<o:p></o:p></span></b></div>
</td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div class="MsoNormal" style="margin: 0cm -27pt 0pt 0cm;">
<b><span lang="EN-US" style="color: red; font-family: "Century Gothic","sans-serif"; font-size: 14pt; mso-bidi-font-style: italic;">Objectives<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="1" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Just and Equitable Budget with a Dreamed Future for All.<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="2" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Industrialization–2025 <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="3" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Privatization A promised future.<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="4" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Major Development Plan @ Infrastructures (Road, Bridges,
Railways, Highways)<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">BOT /<span style="mso-spacerun: yes;"> </span>Privatization <o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="5" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">The Cyber (Digital) Nation in Reality<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="6" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; mso-bidi-font-weight: bold;">Enterprising Plan<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="7" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Domestic Aviation Industry: a Budget Air Model<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="8" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Human Capital Scheme To Create a Nation with Super Skills<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="9" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Law Reform Plan <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="10" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Mono-rail Project in the Major Cities<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">BOT<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="11" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Digital Hospital & Health Care Project in Every Sub-District<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">BOT<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="12" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Power Plant (Review & Total Success Plan)<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="13" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Water Supply in totality<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="14" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Tele-communication in totality<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="15" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Micro-financing to create an entrepreneur-nation<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="16" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Micro-Unit Trust to make a Sound Saving Nation<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="17" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Gas based water transports<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="18" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm -27pt 0pt 0cm;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif"; mso-bidi-font-family: "Bangsee Alpona";">Managing Natural Resources with <span style="mso-spacerun: yes;"> </span>Effective Results<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";"><o:p> </o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="19" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm -27pt 0pt 0cm;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif"; mso-bidi-font-family: "Bangsee Alpona";">Effective Plan for Creating Result Oriented <span style="mso-spacerun: yes;"> </span>Human Resources<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";"><o:p> </o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 20;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="20" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Children the Future back bone of the Nation Scheme.<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 21;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="21" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Environmental care with a Contemporary foreseeable Test <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 22;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="22" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Low-cost Housing to Create a Home ownership for All.<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 23;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="23" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">National ID (MPC) <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 24;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="24" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Natural Resources :<span style="mso-spacerun: yes;"> </span>The
Utilization & Commercialization in Reality <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 25;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="25" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Cooperative Nation State Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 26;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="26" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Review of Education System with Smart Model<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 27;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="27" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Review of Private Education System with Smart Model.<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 28;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="28" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Commercialization of Lands, Rivers & Lakes<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 29;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="29" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Unemployment Solutions Plan<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 30;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="30" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Prisoners’ Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 31;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="31" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Rising Low-income groups to Wealthier Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 32;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="32" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Re-discovery of HR Plan with socio-human and Commercial value<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 33;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="33" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Review on Financial Policy and Structure with global model<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 34;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="34" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Islamic Financial Hub<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 35;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="35" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Traders & Manufacturers’ Hub<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 36;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="36" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Tourism Hub<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 37;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="37" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Visit - 2013 <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 38;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="38" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">The Modern Industrialists’ Hub<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 39;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="39" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Micro-Computer Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 40;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="40" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Micro-Entrepreneurship Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 41;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="41" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Micro-Cooperative Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 42;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="42" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Teachers-Students- Parents (TSP) Rewards<span style="mso-spacerun: yes;"> </span>Scheme<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 43;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="43" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Productions & Exports High Achiever Plan<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 44;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="44" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">5 Years Loan –Free Campaign<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 45;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="45" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">5 Years Donation –Free Campaign<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 46;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="46" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">5 Years Self-reliant Nation Campaign.</span><span lang="EN-US" style="color: #0070c0;"> <o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 47;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="47" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0;">Oil-gas Management.<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; font-family: "Bookman Old Style","serif";">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality</span><span lang="EN-US" style="color: #7030a0;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 48;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="48" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0;">Computerization
(Nation-wide) in major sectors;<span style="mso-bidi-font-weight: bold;"><o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0;">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 49;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="49" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0;"><span style="mso-spacerun: yes;"> </span><span style="mso-bidi-font-weight: bold;">Submarine
cable System;<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0;">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 50;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="50" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; mso-bidi-font-weight: bold;">Modern <i style="mso-bidi-font-style: normal;">Halal </i>Shopping Malls
in Major Cities <span style="mso-spacerun: yes;"> </span>nationwide.</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";"><o:p></o:p></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #7030a0; mso-bidi-font-weight: bold;">Privatization<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 51;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="51" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; mso-bidi-font-weight: bold;">Create a K-Nation with No Students’ Politics<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; mso-bidi-font-weight: bold;">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 52;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="52" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Jam Solutions in the Major Cities</span><span lang="EN-US" style="color: #0070c0; mso-bidi-font-weight: bold;"><o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; mso-bidi-font-weight: bold;">Strategic Plan<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 53;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="53" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Cooperative Micro-finance<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; mso-bidi-font-weight: bold;">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 54;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="54" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
</span></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 294.3pt;" valign="top" width="589">
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<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Cooperative Micro-bond<span style="mso-spacerun: yes;">
</span>(Debt-free Development)<o:p></o:p></span></div>
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<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
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<span lang="EN-US" style="color: #984806; mso-bidi-font-weight: bold;">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
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<tr style="mso-yfti-irow: 55; mso-yfti-lastrow: yes;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 40.95pt;" valign="top" width="82"><span lang="EN-US" style="color: #943634; font-family: "Century Gothic","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-style: italic; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
<ol start="55" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="color: #943634; margin: 0cm -27pt 0pt 0cm; mso-list: l0 level1 lfo1;"><span style="font-family: "Century Gothic","sans-serif";"><o:p> </o:p></span></li>
</ol>
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<span lang="EN-US" style="color: #0070c0; font-family: "Bookman Old Style","serif";">Eco-Democracy for all<o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 125.55pt;" valign="top" width="251">
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #984806; mso-bidi-font-weight: bold;">Strategic Plan<span style="mso-spacerun: yes;"> </span>with Reality<o:p></o:p></span></div>
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<span lang="EN-US" style="color: red; font-family: "Century Gothic","sans-serif";"><o:p><em> </em><strong>Prof. Dr, Mohd. Ma'sum Billah </strong><a href="http://www.drmasumbillah.blogspot.com/"><em>www.drmasumbillah.blogspot.com</em></a> </o:p></span></div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-25141023632196882992013-01-04T09:15:00.004-08:002013-01-07T02:45:52.885-08:00ICT-BD Crisis? possible resolving suggestion<v:shape id="_x0000_s1026" o:connectortype="straight" style="height: 0px; margin-left: -6.65pt; margin-top: 8.8pt; position: absolute; width: 490pt; z-index: 251658240;" type="#_x0000_t32"><span style="color: #4f81bd; mso-themecolor: accent1;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></v:shape>
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="color: purple;">International Crimes Tribunal (ICT-BD)</span></span></b><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"> is indeed an international judicial institution, which was established by aiming to keep up the true spirit of international standard in its all sub-organs, laws, procedures, professionalism, functions, culture and decisions. Such judicial paradigm aimed at standing as an acceptable precedent in other part of the world. But undesirably, if in case some how rather it (ICT-BD) is artificially localized by diminishing the international fair spirit in view of achieving any hidden micro-agenda (be one political or otherwise), this may constitute as an “abuse of the true spirit of ICT-BD”. <o:p></o:p></span></span><br />
<br />
<span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="font-family: Calibri;">To avoid any element of self-agenda basing on the ICT-BD platform while keeping the noble image of the ICT-BD and the Country as well untouched, the following possible suggestions purely based on “universal right as to freedom of expression & thoughts for the humanitarian concern” with neither personal, political nor otherwise agenda, are shared:<o:p></o:p></span></span><br />
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<b><span style="color: #c00000; font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">STAGE 1<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Resolving the Crisis haunting the existing ICT-BD<o:p></o:p></span></span></b></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-themecolor: text1;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">1.</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="font-family: Calibri;">Since the credential / credibility of the existing ICT-BD in its capacity as the fair judicial entity besides its attitude towards ‘due process of law’, have been seriously and authentically questioned equally at local, regional and also at the international levels thus, the existing ICT-BD shall be dissolved with no delay by aiming at re-establishing it with acceptable structure and spirit. <o:p></o:p></span></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-themecolor: text1;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">2.</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="font-family: Calibri;">Because of the existing ICT-BD is suggested to be dissolved due to its doubtful credibility thus, all judicial process (documentary or otherwise) established under the existing ICT-BD shall be declared / ruled out non-admissible <i>per se</i>.<o:p></o:p></span></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-themecolor: text1;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">3.</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="font-family: Calibri;">While the judicial culture & professionalism with fairness of ICT-BD is questionable thus, all accused under the existing ICT-BD either detainees or charged shall be freed / acquitted with no condition by virtue of the general principles of <i>per incuriam</i>.<o:p></o:p></span></span></div>
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<span style="color: black; font-size: 2pt; line-height: 115%; mso-themecolor: text1;"></span><br /></div>
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<b><span style="color: #c00000; font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">STAGE 2<span style="mso-spacerun: yes;"> </span>Standardizing the ICT-BD with globally appreciated institution<o:p></o:p></span></span></b></div>
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<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-themecolor: text1;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">1.</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="font-family: Calibri;">The entity of ICT-BD shall be re-structured along with redesigning its governing Laws, policies, procedures, guidelines & professional etiquette by harmonizing it with internationally acceptable standard.<o:p></o:p></span></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-themecolor: text1;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">2.</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><span style="font-family: Calibri;">Genuine war accused shall rightfully be identified and duly listed before the actual investigation takes place.<o:p></o:p></span></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">3.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> As a noble personality of the government & the nation as well, it may be wise for the government to rule out a "general forgiveness to the war accused" by forgetting the past of 41 years while looking forward by focusing on "high achiever plan" to glorify the country & its people in this advance tech-reality. </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">4.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> <span style="color: #0b5394;"></span></span></span></span><span dir="LTR"></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="color: #0b5394;">BUT, IF THE GOVERNMENT STICK TO ITS "NO FORGIVENESS RULE", THE FOLLOWING MAY BE SUGGESTED:</span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">5.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">To dismiss any element of culture of judicial corruption or adapting ‘mischief rule’ or judicial mal-practices, no government authority or any unauthorized person shall legally be appreciated to interfere with undue influence or otherwise on any aspect of proceedings or judicial culture of ICT-BD.</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">6.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> Investigating</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> team shall comprise right members from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international). </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">7.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Prosecuting</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> team shall comprise right members from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international). </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">8.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Defence</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> <b>counsel </b>(team) shall comprise right members from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international). </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">9.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Panel of <b>judges</b> (judicial team) shall comprise right members from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international) while the team shall be presided by an international judge. </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">10.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">External <b>advisory body</b> (subject expert) shall comprise subject legal experts from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international) which shall be judicially appointed with express terms of reference as to task & limitation.</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">11.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Media</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> team shall comprise right media reporters from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international) in their capacity as the independent media team with just information. </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: 14.65pt; margin: 0cm 0cm 0pt 54pt; mso-add-space: auto; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="mso-list: Ignore;">12.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span dir="LTR"></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Independent <b>observers </b>shall comprise right members from mixed jurisdictions (1/3 local, 1/3 regional while 1/3 shall be international). Among them are authorised professionals, academia, NGO, politicians, law makers, enforcement body & family members of the defendant.</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 54pt; mso-add-space: auto; text-align: justify;">
<span style="color: black; font-size: 12pt; line-height: 115%; mso-themecolor: text1;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-43178381958694296582013-01-02T17:11:00.003-08:002013-04-13T23:05:06.988-07:00eco-Democracy may Lead to a modern "World Peace" for all"eco-democracy" may play a vital role to create a modern world peace. <br />
Thus, among the pillars of "eco-democracy" is the fair & just distribution with utmost care & concern for all humanity by having no element of nepotism or self-orientation, in a noble view of creating a self-reliant enterprising and an entrepreneur based community with wise & maturity. <br />
In other word, a "world peace" may (<em>inter alia</em>) be lead by "deporting the povertiness to museum with <span style="color: #e06666;">goodbye</span>" and, that may rationally be possible by a true spirit of "eco-democracy". <br />
- <span style="color: #660000;">mohd. ma'sum billah</span> Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-68068148677966744722012-12-11T20:49:00.004-08:002012-12-11T20:59:26.129-08:00Shari'ah Standard of Wealth Management<div class="Section1">
<div class="MsoBodyTextIndent" style="margin: 0cm 0cm 0pt;">
<span style="color: #38761d;"><span style="color: #38761d;"><span lang="EN-US" style="color: #38761d;">Wealth plays an important role in human life.
It is the subject matter of trade and other business transactions such as sales.
Wealth can be in many forms. It can be in the form of money to some people and
to other it can be in the form of property like houses, cars and lands. In order
for men to obtain this wealth he has to work hard because it does not come like
that, even though some times it can be inherited.</span><span style="color: #a64d79;"> </span></span></span><br />
<span style="color: #38761d;"></span><br />
<span style="color: #38761d;"><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">In
Islam wealth is known as “mal”. In Islam something can be recognized as mal or
wealth only when it satisfies the following conditions that are only when you
possessed, secured it or stored it. For example, the birds in the sky, the
minerals underground and the fish in the river are not recognized as wealth in
the Islamic perspective. Only when you have possessed, secured and stored these
things can they be recognized as wealth. It is different from the conventional
point if view which wealth is recognized even if it has not been possessed
secured and stored.</span></span><br /><span style="color: #a64d79;"> </span><br /><span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US">In conventional perspective wealth is
totally owned by man. Man can use the wealth in any way he feels like using it.
They utilize their wealth only for this world purposes without concerning about
the Hereafter. This way of thinking is totally contrast with what Islam thought.
It is stated in the Holy Quran that wealth in all its forms is a thing created
by Almighty Allah as a trust for man. Thus, man only have right to uses the
wealth only according to the shariah. Allah s.w.t said in the Holy
<em>Qur'an</em>:</span><span lang="EN-US"><o:p> </o:p></span></span><span lang="EN-US"><o:p></o:p></span><span style="color: #a64d79;"> </span><br /><span lang="EN-US"><o:p></o:p></span></span></span><span style="color: #38761d;"><span lang="EN-US">“<em>Give to them from the property of Allah which he has bestowed
upon you” </em></span><span lang="EN-US">(24:33)</span></span><br />
<span style="color: #38761d;"><span style="color: #a64d79;"><br /><span style="color: #a64d79;"> </span></span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">At
this point we can bring in the management. Wealth management is an important
aspect in Islam. Since we are not the absolute owners of the wealth in this
world, we have the duty or responsibility to manage it in the best way we can.
Absolute ownership is to the Almighty Allah. We have only been entrusted upon
this wealth. As I said above, our responsibility is to manage it accordance to
shariah. By managing wealth according to the shariah, we also can seek our
reward in hereafter, for example paying zakat.</span> </span><br /><span style="color: #a64d79;"> </span><br /><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Management of wealth is quite complicated because you have to look at
someone intentions, how the wealth is earned, how it’s grown, how it’s spent and
the right of the poor and needy. As we know, in Islam money is not an end in
itself, it is a means to higher values. These means that if it is earned,
invested and spend in the right way, it brings rewards or ‘barakah’ to not only
the individual but also his family and the ummah as a whole.</span> </span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">With that thinking
in mind, we now can safely say that in Islam, any human undertaking of which
wealth management is one is guided by certain beliefs. These beliefs are
described as philosophic foundations in an Islamic society. According to Kurshid
Ahmad</span></span><a href="http://www.blogger.com/blogger.g?blogID=7101557101807536516#_ftn2" name="_ftnref2" style="mso-footnote-id: ftn2;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span lang="EN-US" style="color: #a64d79; font-family: "Times New Roman", "serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><span style="color: #38761d;">,</span></span></span></span></span></a><span style="color: #a64d79;"><span style="color: #38761d;"> they
include the following:</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 54pt; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Tawhid – belief in
the oneness of Allah</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 54pt; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Rubbubiyah – divine
guidelines for striving towards all is good </span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 54pt; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">3.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Khalifah – the role
of man as the vicegerent of God </span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 54pt; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">4.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Tazkiyah – achieving
purity and growth</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 54pt; mso-list: l0 level1 lfo1; tab-stops: list 54.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">5.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Accountability – the
belief that man will be answerable for his actions in this world on the
Judgments Day.</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoBodyTextIndent" style="margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">From the above beliefs, an economics agent in
Islam learns that the existence in this world is not from without, and thus, he
has to conduct himself and administer his wealth in line with divine
arrangement. Being God’s vicegerent on earth is an opportunity to function
normally – and direct his activities for the betterment of his life and of those
around him.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Wealth management in
Islam can be looked from different perspectives. These include the zakat
management, inheritance, wills and testaments, estate planning, managing cash
and saving, managing of tax and state duty, and different business transactions.
In this paper we will discuss some of the above scope of Islamic wealth
management.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><br /><span lang="EN-US"><o:p></o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">CENTRAL IDEA</span></b></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoBodyTextIndent" style="margin: 0cm 0cm 0pt; tab-stops: 27.0pt;">
<span style="color: #38761d;"><span lang="EN-US">This
project is centered upon gaining an understanding of how wealth is managed from
an Islamic frame, work together with the worldview of Islam. While the former
looks at the human behavior actions undertaken in dealing with the problem
choose, the latter looks at the different stages of human existence in Islamic
in addition to the concept of God, religion and prophet hood.<span style="mso-spacerun: yes;"> </span></span><br /> <br /><span lang="EN-US">The
consideration of the worldview in Islamic in our discussion helped outline a
clear distinction between managing wealth from Islamic perspective and a
conventional perspective. Take a capabilities notion for instance, ownership of
resources is absolute, and can be utilized in any manner deemed right in one’s
own good and best interest in this world. This is not so in Islamic perspective
where ownership is regarded as a trust from God, and thus, can be used with the
intention of obtaining the pleasure of God. Knowing that the concept of
ownership is limited in Islam, human behavior thus directed at seeking
prosperity in this world and in the Hereafter. This entails the maximum
utilization of natural resources and human capabilities leading to higher
productivity, which in turn brings about success, happiness and growth to the
individual and the society at large.</span><br /> <br /><span lang="EN-US">The
project paper is designed to discuss shariah rulings and the framework that
governs wealth management in Islam. Among other issues, these rulings touch on
the utilization and administration in different circumstances pertaining to the
question of ‘how to utilize the wealth?’ and ‘who is capable of administrating
the wealth?’ These shariah rulings act as a benchmark against which efforts at
managing wealth are measured, and thus, ascertain that those involved in
managing wealth do so in line with the Quran and Sunnah.</span><br /> <br /><span lang="EN-US">In
order to have a clear picture of the topic, we have included practical assertion
applicable in different situations of wealth management in Islam. Following thus
is a plan to provide room for further improvement through research on the
practicalities of managing wealth, and recommendations. We hope that this paper
is beneficial to all of us and that it is an avenue towards a better tomorrow
where wealth management is concerned.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #38761d;"><o:p> </o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">SHARI'AH
RULINGS</span></b><br /> <br /><span lang="EN-US">Shari'ah rulings provide a basic upon
which guidelines and instructions of a course of action or undertaking are
formulated and implemented. Despite cleat rulings on the use and management of
wealth, the Quran is not devoid of hypotheses in general about wealth and its
consequences, how man views wealth, and words of wisdoms for man with regards to
wealth. The following are some of the example:</span><span lang="EN-US"><o:p> </o:p></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #38761d;"><o:p> </o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US"><span style="color: #38761d;"><em>“Fair in the
eyes of men is the love of things they covet: woman and sons; heaped – up hoards
of gold and silver; horses branded (for blood and excellence); and (wealth of)
cattle and well – tilled land. Such are the possessions of this world’s life;
bit in nearness to Allah is the best of the goals (to return to)”</em><span style="mso-spacerun: yes;"> </span>(<st1:time hour="15" minute="14" w:st="on">3:14</st1:time>)</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<v:shape id="_x0000_s1151" style="height: 40.2pt; left: 0px; margin-left: 126pt; margin-top: 0.65pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 189pt; z-index: 7;" type="#_x0000_t75" wrapcoords="-96 -300 -96 21600 21600 21600 21600 -300 -96 -300"><v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image003.gif"><w:wrap type="through"><span style="color: #38761d;"></span></w:wrap></v:imagedata></v:shape><br /></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><em>“And violent is he in his
love of wealth”</em> (100:8)</span><br /><span lang="EN-US"></span> <br /><span lang="EN-US">The
above verses indicate man’s desire for wealth in different forms – gold and
silver, horses, cattle and lands, which vary, includes all kinds of machines in
our contemporary world.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<v:shape id="_x0000_s1152" style="height: 54pt; left: 0px; margin-left: 297pt; margin-top: 11.45pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 125pt; z-index: 8;" type="#_x0000_t75" wrapcoords="-129 -300 -129 21600 21600 21600 21600 -300 -129 -300"><v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image006.gif"><w:wrap type="through"><span style="color: #38761d;"></span></w:wrap></v:imagedata></v:shape><span style="color: #38761d;"><span lang="EN-US"><span style="mso-spacerun: yes;">
</span><span style="mso-spacerun: yes;"> </span></span><span lang="EN-US"><em>“If I had knowledge of the unseen, I should have multiplied all
goods, and no evil should have touch me”</em> (7:188)</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><o:p> </o:p></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US"><span style="color: #38761d;"><em>“Nor does
anyone know what it is that he will earn on the morrow.”</em><span style="mso-spacerun: yes;"> </span>(31:34)</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><br /><span lang="EN-US"><o:p></o:p></span><span lang="EN-US">These two verses indicate among other things,
the uncertainty in the future pertaining to out present doings. ‘No man knows
what the morrow may bring forth’. This is another distinction between the
conventional and Islamic point of view in the sense that the former answer
‘perfect foresight’ in some theories.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<v:shape id="_x0000_s1156" style="height: 89pt; left: 0px; margin-left: 54pt; margin-top: 36pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 375pt; z-index: 12;" type="#_x0000_t75" wrapcoords="-43 -182 -43 21600 21600 21600 21600 -182 -43 -182"><span style="color: #a64d79;"><v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image009.gif"><w:wrap type="through"><span style="color: #38761d;"></span></w:wrap></v:imagedata></span></v:shape><br /></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">“<em>If Allah were to
enlarge the provisions for His Servants, they would transgress beyond all bounds
through the earth. But He sends (it) down in due measures as the please. For He
is with His servants well – acquainted, watchful”</em><span style="mso-tab-count: 1;"> </span>(42:27)</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><em>“Nay, but man does transgress all bounds, in the looks upon
himself as self – sufficient”</em> (96: 6 – 7)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">In the above verse God
indicates the consequences of increased wealth on man. This verses as a warning
to those with bestowed with wealth looking beyond the riches of the
world.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">While God has subjected all that is in the
earth for the use of man as His vicegerent on earth, He has bestowed His favors
more freely on some, than on others. In these are tests from God. In the Quran
man is advised to seek his sustenance and remember God so that he attains
success in this world and in the Hereafter. Allah s.w.t
says:</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“And when the prayer is finished,
then may ye disperse through the land, and seek the bounty of Allah: and
celebrate the Praise of God often (and without stint): that ye may
prosper.”</em><span style="mso-spacerun: yes;">
</span>(62:10)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">One of the ways by which wealth is managed in
Islam is trade. This helps transfer of goods and services from one to another to
satisfy different wants. In addition, it helps minimize, if not eliminate the
possibility of excessive wealth remaining in the hands of selected few. In the
regards, the Quran says:</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<v:shape id="_x0000_s1159" style="height: 54pt; left: 0px; margin-left: 162pt; margin-top: 12.6pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 177pt; z-index: 15;" type="#_x0000_t75" wrapcoords="-92 -300 -92 21600 21600 21600 21600 -300 -92 -300"><span style="color: #a64d79;"><v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image012.gif"><w:wrap type="through"><span style="color: #38761d;"></span></w:wrap></v:imagedata></span></v:shape><v:shape id="_x0000_s1160" style="height: 54pt; left: 0px; margin-left: 126pt; margin-top: 12.6pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 39pt; z-index: 16;" type="#_x0000_t75" wrapcoords="-415 -300 -415 21600 21600 21600 21600 -300 -415 -300"><span style="color: #a64d79;"><v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image013.gif"><w:wrap type="through"><span style="color: #38761d;"></span></w:wrap></v:imagedata></span></v:shape><span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><em>“In order that it may not (merely) make a circuit between wealthy
among you”</em> (59:7)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Moderation in expenditures is commended in Islam, and excesses, waste
and extravagances denounced. The Quran equates such doings to the works of the
devil, as in the following:</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><o:p> </o:p></span></span></span><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“Verily spendthrifts are brothers of
the Evil Ones and the Evil Ones to his Lord (Himself) ungrateful”</em><span style="mso-spacerun: yes;"> </span>(<st1:time hour="17" minute="27" w:st="on">17:27</st1:time>)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">“… <em>eat and drinks: but waste not by
excess, for Allah loves not the wasters”</em> (<st1:time hour="19" minute="31" w:st="on">7:31</st1:time>)</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><o:p> </o:p></span></span></span><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">Aside prohibiting extravagance and spendthrift
ness, Islam too has no place for meanness and stinginess. If recommends striking
a balance, and to this effect, the Quran says:</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“Make not thy hand tied (like a
niggard’s) to they neck, nor stretch it forth to its utmost reach, so that thou
become blameworthy and distillate”</em><span style="mso-spacerun: yes;">
</span>(<st1:time hour="17" minute="29" w:st="on">17:29</st1:time>)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><v:shape id="_x0000_s1166" style="height: 54pt; left: 0px; margin-left: 297pt; margin-top: 36.65pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 2in; z-index: 22;" type="#_x0000_t75" wrapcoords="-119 -300 -119 21600 21600 21600 21600 -300 -119 -300"><em><span style="color: #a64d79;"><span style="color: #38761d;"> <v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image020.gif"><w:wrap type="through"></w:wrap></v:imagedata></span></span></em></v:shape><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“Those who, when they spend, are not
extravagant and not niggardly, but hold a just (balance) between those
(extreme)”</em><span style="mso-tab-count: 1;">
</span>(25:67)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<v:shape id="_x0000_s1168" style="height: 54pt; left: 0px; margin-left: 304pt; margin-top: -23.95pt; mso-wrap-edited: f; position: absolute; text-align: left; width: 137pt; z-index: 24;" type="#_x0000_t75" wrapcoords="-118 -300 -118 21600 21600 21600 21600 -300 -118 -300"><span style="color: #a64d79;"><v:imagedata o:title="" src="file:///C:\Users\User\AppData\Local\Temp\msohtmlclip1\01\clip_image024.gif"><w:wrap type="through"><span style="color: #38761d;"></span></w:wrap></v:imagedata></span></v:shape><span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><em>“For Allah loves not arrogant, the vainglorious; - (nor) those
who are niggardly, or enjoin niggardliness on others, or hide the bounties which
Allah has bestowed on them….”</em><span style="mso-spacerun: yes;">
</span>(4: 36 – 37)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Another example by which wealth is managed in
Islam is through zakat and sadaqat, commonly referred to as almsgiving. The
donor may give the latter directly to the recipient or through the state
government collectively. The former is usually administered through the
treasury, knows as Baitul Mal. Here is what the Quran says in this
regard:</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“So give what is due to kindred, the
needy, and the wayfarer. That is the best for those who seek the countenance of
Allah, and it is they who will prosper”</em><span style="mso-tab-count: 1;"> </span>(30:38)<span style="mso-spacerun: yes;"> </span></span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“And in their wealth and possessions
(was remembered) the right of the (needy), him who asked, and him who (some
reasons) was prevented (from asking)”</em><span style="mso-tab-count: 1;"> </span>(51:19)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><o:p> </o:p></span></span></span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">In order to wind up the discussions in shariah
rulings – though we primarily looked at the Quran injunctions here, we will
consider both the Quran and the Sunnah as we talk about practical scenarios of
individual cases of wealth management – let us look at the following verse of
Quran:</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><em>“But seek, with the (wealth) which
Allah has bestowed on thee, the home of the Hereafter, nor forget thy portion in
this world: but do thou good, as Allah has been good to thee, and seek not
(occasions for) mischief in the land: fro Allah loves not those who
mischief”<span style="mso-tab-count: 1;"> </span></em>(28:77)</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">In the above verse are many implications
concerning wealth and its management in Islam. These can be outlined as in the
following sense:</span></span></div>
<span style="color: #38761d;">
</span><br />
<ol start="1" style="margin-top: 0cm;" type="1"><span style="color: #a64d79;"></span><span style="color: #38761d;">
</span>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l2 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Wealth is entrusted upon
man by Allah</span></span></li>
<span style="color: #a64d79;"></span><span style="color: #38761d;">
</span>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l2 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">The management of this
wealth should be directed at seeking the pleasure of God in other world
(Hereafter).</span></span></li>
<span style="color: #a64d79;"></span><span style="color: #38761d;">
</span>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l2 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Being a trust from God,
wealth need be used and exploited in accordance to God’s commandments.
</span></span></li>
<span style="color: #a64d79;"></span><span style="color: #38761d;">
</span>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l2 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Being the owner of
wealth, God has the right command on man to use wealth for the good of other as
He has done well on him, and prohibit man using wealth in a manner that is
likely to cause harm on earth.</span></span></li>
<span style="color: #a64d79;"></span></ol>
<span style="color: #38761d;">
</span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">From these implications of the verse, we see a
distinction between the Islamic point of view and the socialist and capitalist
point of view. While capitalism propagates ‘an absolute and unconditional right
to private property and socialism totally denies the right to private property’,
Islam poses a balance by allowing the right to private property but from that
angle of it being a trust.</span></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">PRACTICAL SCENARIOS AND
APPLICATIONS<o:p></o:p></span></b></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">ZAKAT PLANNING<o:p></o:p></span></span></span></b></div>
<span style="color: #38761d;">
</span><span style="color: #38761d;"><br /><span lang="EN-US"><o:p></o:p></span></span><span style="color: #38761d;"><span lang="EN-US">Another
important issue that can be brought about in the management of wealth in Islam
is the paying of Zakat. Every Muslim who has the ability to pay the Zakat is
obliged to do so. It is one of the five pillars of Islam. So now, you can see
the great importance of paying the Zakat. Mostly in Islam Zakat is paid by the
wealthy Muslims. Allah made the paying of Zakat compulsory for a reason. This
was in order to help the poor and the needy Muslims or the Muslims who are
completely unable to support themselves. I say paying the Zakat is a form of
wealth management because the wealthy Muslims will be able to deliver some of
there wealth to other needy Muslims. Therefore, in doing so the wealthier will
not become more and more wealthy, but moderate. This is why God (Allah) made
some people in this world rich and some poor. Wealth can be a very dangerous
element because once a human being becomes possessed with this wealth. He will
forget about his religion and God altogether. In order to get rid of this, Allah
made compulsory for every Muslim to pay the Zakat.</span><br /> <br /><span lang="EN-US">However if you look at the conventional or the capitalist advocates,
you will discover that most people have became inclined to their wealth that
they do not have or follow any religion. In short they have become pagans. They
also do not believe in the hereafter. This is so, because there is no form of
wealth management such as paying the Zakat to the needy people around the world.
This is why, the capitalist always concentrate on material satisfaction and not
spiritual. They only seek material satisfaction and think of maximizing there
wealth through all the means available, weather the right or wrong way. They
also have this misconception of saying that their scarce resources and unlimited
needs in the world. It is like saying that God did not know what he was doing.
Because God created this world and made sure that people would be satisfied with
whatever there is available.” The imposition of Zakat is to purify oneself as
well as one’s own property.”“Islam believes if a wealthy person is accustomed to
paying Zakat, his infatuation for wealth will be softened and it will be a
source of advantage to him and the society in the end.”</span></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US"><span style="color: #38761d;"><em>“Alms are for
the poor and the needy and those employed to administer the (funds); for those
whose hearts have been (recently) reconciled (to the truth); for those in
bandage and indebt; in the cause of Allah; and for the wayfarer: (thus is it)
ordained by Allah and Allah in full of knowledge and wisdom”.</em><span style="mso-tab-count: 2;"> </span>(9: 60)</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span style="color: #38761d;"><span lang="EN-US">Prophet Muhammad (PBUH) is reported to have
said, “Zakat is not permissible for someone who is not in need except in five
cases; someone fighting in the way of Allah, someone who collects Zakat, someone
who has suffered (financial) loss (at the hands of debtors), someone who buys it
with his own money, and someone who has a poor neighbor who receives some Zakat
and gives some as a present to the one who is not in need.”</span><br /> </span><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Zakat
is obligatory on all Muslims capable of paying it. Capability is referred to as
nisab, a taxable minimum. It is used for specific purpose and paid to specific
groups of people or individuals. The Quran lists eight (8) recipients as in the
above verse. The role that Zakat plays in the distribution</span> <span style="color: #38761d;">of wealth and income
is, without doubt, very important. It reduces the gap between the haves and the
have-nots, and induces saving and consumption behaviors in addition to the fact
that it helps mobilize income for redistribution.</span></span></span><span style="color: #38761d;"> <br /><span lang="EN-US">Islam
discourages funds to remain idle, simply because there is no interest, as
compared to the conventional system which makes up for earned income with no
effort involved. If we look at the saving decision, we notice that idle savings
in Islam are penalized because a Muslim is expected to pay Zakat. At the end of
the day he remains worse off because for every RM100 that he saves, he loses
RM2.50 (2.5% Zakat ratio). Hence, his rational option would be to incorporate
investment expectations into his savings decisions. Assuming he sees no light in
the direction of investment expectations, he might cut savings and increase
consumption in the process, which does not go along with the poor investment
expectations. Thus, inclusion of these expectations in the savings decision
paves way for a balanced system. Zakat allows a minimum living standard for all
residents in an Islamic society, unlike in the capitalist system where the
savings of the haves double and multiply through interest, and the have-nots
have no social insurance because there is no Zakat.</span><br /> <br /><span lang="EN-US">In a
capitalist system an individual might give out part of his wealth if and only
when he denies to do so with out clear guidelines as to what, how, and how much
he should give, because there is a possession kind of ownership. In an Islamic
framework, Zakat illustrates a utilization kind of ownership and not that of a
possession kind. The former kind of ownership accrues when wealth is utilized
for its purpose and benefits derived from that wealth, else, the right of
ownership is withdrawn, more especially in the case of land
ownership.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Islam on the other hand, has clear guidelines as to what should be
given out as Zakat, who should give out Zakat and how much he should give out
(see Zakat at a glance). Zakat is obligatory on every eligible Muslim male or
female, and is given for the pleasure of god and to earn his grace. On the
things liable for Zakat, the prophet (PBUH) is reported to have
said,</span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 1;"> </span><em>“There is no Zakat on less than
five Awsaq </em><em>of dates, there is no Zakat on less than five awsaq’ of
silver and there is no Zakat on less than five camels.”</em></span></span></span></div>
<span style="color: #38761d;">
</span><span style="color: #38761d;"><span style="color: #a64d79;"> </span></span><span lang="EN-US" style="color: #38761d;">And in another Hadith, the prophet (PBUH) is
reported to have said,</span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 1;"> </span><em>“On’ land that is watered by
rain or springs or any natural means there is (Zakat to pay of) a tenth. On
irrigated land, there is (Zakat of) a twentieth (to
pay).”</em></span></span></span></div>
</div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<v:rect id="_x0000_s1182" style="position: absolute;"><span style="color: #a64d79;"><v:textbox><span style="color: #38761d;"></span></v:textbox></span></v:rect><span style="color: #38761d;">
</span><v:rect id="_x0000_s1183" style="position: absolute;"><span style="color: #a64d79;"><v:textbox></v:textbox></span></v:rect><span style="color: #38761d;"><span style="color: #38761d;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">ZAKAT IN CASE TWO PERIODS ARE ASSESSED
TOGETHER<o:p></o:p></span></b><br /></span>
</span><br />
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Assuming one capable of
paying Zakat does not pay in one period until the next period when the
calculation of Zakat will involve two periods, it is a procedure that the
assessment of Zakat is based on what the person is currently capable of paying
regardless of his previous condition of wealth. If, for example, after the
assessment of Zakat on his wealth he is unable to pay in the event his wealth is
reduced below nisab (the minimum requirement), he is not liable to pay Zakat for
the period that has passed.</span></span></div>
<span style="color: #38761d;">
</span><br />
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span style="color: #a64d79;"><span style="color: #38761d;"> </span></span></div>
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">As reported by Yahya, Malik
said, “The position with us concerning a man who has Zakat to pay on one hundred
camels but then the Zakat collector does not come to him until Zakat is due for
a second time and by that time all his camels have died except five, is that the
Zakat collector assesses the two amounts of Zakat that are due from the owner of
the animals from the five camels, which in this case is only two sheep, one for
each year. This is because the only Zakat which an owner of livestock has to pay
is what is due from him on the day that the Zakat is (actually) assessed. His
livestock may have died or it may have increased, and the Zakat collector only
assesses the Zakat on what he (actually) finds in his possession, and if his
livestock has died, or several payments of Zakat are due from him and nothing is
taken until all his livestock has died, or has been reduced to an amount below
that on which he has to pay Zakat, then he does not have to pay any zakat, and
there is no liability (on him) for what has died or for the years that have
passed.”</span></span></div>
<span style="color: #38761d;"><span lang="EN-US" style="color: #a64d79;"><o:p> </o:p></span><br /><span style="color: #38761d;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">ZAKAT ON SEEDS AND OLIVES</span></b><br /></span>
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">This
presents a scenario of the application of Zakat as to what are the Zakatable
items, how much is Zakatable and when it is Zakatable. This clearly illustrates
the management of wealth in Islam not prevalent in the conventional approach.
Malik said,” The tenth that is taken from olives is taken after they have been
pressed and the olives must come to a minimum amount of five awsaq and there
must be at least five awsaq of olives. If there are less than five awsaq of
olives, no Zakat has to be paid. Olive trees are like date palms in so far as
there is a tenth on whatever is watered by rain or springs or any natural means,
and a twentieth on whatever is irrigated. However, olives are not estimated
while on the tree. The sunna with us as far as grains and seeds which people
store and eat is concerned is that a tenth is taken from whatever has been
watered by rain or springs or any natural means, and a twentieth from whatever
has been irrigated, that is, as long as the amount comes from five awsaq or more
using the aforementioned Sa’, that is the Sa’ of the prophet, may Allah bless
him and grant him peace. Zakat must be paid on anything above five awsaq
according to the amount involved.”<span style="mso-spacerun: yes;">
</span></span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">BUSINESS TRANSACTIONS</span></span></b><br />
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US">Business transactions in an Islamic framework come in various ways
and cater to different parties or groups of people in various circumstances and
situations. This might involve a Mudarabah agreement, where one party, say a
bank, provides capital and another entrepreneurship; a Mudarabah transaction,
which briefly can be described as a partnership between investors and borrowers
in a profit-sharing agreement involving re-sales; Al-ijarah contract, which is
literally, a contract of letting; and Qirad, which is wealth entrusted upon an
agent by an investor for commercial use. All of these transactions indicate how
wealth in its various forms is used or managed from an Islamic point of view.
Here is a look at the application of some of the above.</span></span></span><br />
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">MUDARABAH AND MUSHARAKAH
MODE OF FINANCING<o:p></o:p></span></b></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span><span lang="EN-US">Banking institutions
have a unique way of managing wealth. Banks manage wealth through their various
modes of financing such as Mudarabah, Musharakah, and Murabaha
e.t.c.</span></span></span></div>
<span lang="EN-US"></span><span style="color: #38761d;"><span style="color: #a64d79;"> </span><br /><span style="color: #38761d;"><span lang="EN-US">Let
as for example the Mudarabah mode of financing. As we know Mudarabah involves
two or more parties coming together and agreeing upon, one party contributing
labor and the party contributing the wealth (capital) to carry out a business.
So through this definition you will discover or find out that there is sharing
of wealth, effort and responsibility. If one party or person has the effort but
not the means, he can go to the bank and obtain Al-qard-hasanah and start a
business, which at the end of the day will involve the sharing of
profits.</span><br /><span lang="EN-US"><o:p> </o:p></span><br /><span lang="EN-US">Therefore, banks indirectly manage wealth by giving Al-qard-hasanah
to the needy people who have the ability but not the means to carry out the
business without funds.</span><br /><span lang="EN-US"></span> <br /><span lang="EN-US">Unlike the conventional banks, were they give loans and charge
interest (Riba) upon the borrower. This is not called managing wealth or helping
the needy, but it is called exploiting the borrower. The borrower has to pay on
top of the money that he/she has got a fixed amount of interest, in which Islam
has forbid this. That’s why is Islam it is stated that absolute ownership of
wealth is towards the almighty Allah and we are merely entrusted upon it.
Therefore man cannot do whatever pleases him</span><br /><span lang="EN-US"></span> </span><span style="color: #38761d;"><span lang="EN-US">As you can see the above manner in which
wealth is distributed is a form of wealth of management. This is because the
needy or the have-nots are assisted by providing them with the needed funds to
start a business. Firstly, money or wealth is not left lying idle and secondly
the wealthier people do not become more and more wealth. They share their wealth
with the have-nots. The same goes with the other form or mode of financing which
is Musharakah. Where two or more people come together to carry out a business
and the profits are shared in equal proportions at the end of the
day.</span><br /></span>
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Let me provide with an example, so that you
can get a clear picture of how Musharakah is a form of wealth management
element.</span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">For
example a person is interested in starting a business of selling books. That
business needs a capital of RM 200,000. This person interested in that business
has not that kind of money. He has RM 100,000 which not sufficient enough to
start that business. So he goes and sees his fellow friend asks him if he is
interested in that type of business. Let’s say the friend’s response to the
request is positive. So he tells the friend that he has only RM 100,000 and
needs another RM 100,000 to get started with the business. So the other friend
would provide the other hundred to start the business. In this way they of
formed what we call a partnership in conventional terms and Musharakah in Islam.
But in Islam Musharakah can be made between Banks, institutions and other normal
businessmen.</span></span></span></div>
<span lang="EN-US"></span><span style="color: #38761d;"><span style="color: #a64d79;"> </span><br /><span style="color: #38761d;"><span lang="EN-US">Unlike in the conventional were it can be done between institutions
only and between businessmen and not a mixture of both. This is a mode of
financing and a form of wealth management.</span></span><span style="color: #a64d79;"></span><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">AL-IJARAH FACILITY<span style="mso-spacerun: yes;"> </span></span></b></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Al-ijarah, also known as Al-kira’ refers to rent, lease or usage. In
an Islamic financial system, Al-ijarah is a contract of selling of benefits or
use or service for a fixed price or rent. Technically, Al-ijarah in fiqh is used
“to express the sale (Bay’) of a known benefit in return for its known
equivalent” (The Majelle Art.405). Being a contract like that of sale, Al-ijarah
is concluded with offer and acceptance.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">CONCEPT
<o:p></o:p></span></b></span></span></div>
<span lang="EN-US"></span><span style="color: #38761d;"><span style="color: #a64d79;"> </span><br /><span style="color: #38761d;"><span lang="EN-US">With
the Ijarah facility, the main idea behind the contract is the transfer of usage
or benefit and not ownership. For this contract to be legally operational, the
following guiding principles are required:</span><br /></span>
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">1)
The usage/benefit must be clarified with regards to the period of lease and the
types of usage.</span></span></span></div>
<span style="color: #38761d;"><span style="color: #a64d79;"> </span><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span lang="EN-US">2) The lessee is capable of utilizing the
benefit of the lease fully.</span><br /><span lang="EN-US"></span> <br /><span lang="EN-US"><b style="mso-bidi-font-weight: normal;">CONDITIONS</b></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Al-ijarah facility can only be valid if it meets the following
conditions from an Islamic perspective.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><span style="mso-list: Ignore;">1)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The owner of the
asset or lesser</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">2)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The user or holder of
the asset or lessee</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">3)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The
asset/equipment</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">4)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Benefit/service</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">5)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The
rent/price</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">6)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Offer and
acceptance</span><span lang="EN-US"><span style="mso-spacerun: yes;"> </span></span></span></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Have all been stated clearly in the contract
of Al-ijarah.</span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">EARTURES<o:p></o:p></span></b></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p> </o:p></span></b><span lang="EN-US"><span style="mso-list: Ignore;">1)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Al-ijarah financing
extends from short to medium financing in equipment, motor vehicles, machines,
computers, and consumer goods among other things.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l5 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">2)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The usage of the
asset should not contain any elements of Haram
(forbidden).</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l5 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">3)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">A consideration of
the used industrial equipment markets, second hand value and capital allowance
when extending Al-ijarah financing to the customer</span><br /><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"></span></b> <br /><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">MODE OF
OPERATION<o:p></o:p></span></b></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">The
banks manner of financing Al-ijarah contract generally follows the following
procedures:</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><span style="mso-list: Ignore;">1)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Determination of the
needs of the customer where the equipment and the lease period is concerned
under the shariah principles.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l6 level1 lfo5; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">2)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Purchasing the
required equipment by the Bank.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l6 level1 lfo5; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">3)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Leasing the equipment
to the customer at an agreed price and period. The total lease rental of the
Bank is a combination of the cost of the equipment and the margins of profit for
the Banks.</span></span></span></div>
<span lang="EN-US"></span><span style="color: #38761d;"><span style="color: #a64d79;"> </span><br /><span style="color: #38761d;"><span lang="EN-US">As
mentioned earlier, the purpose of this kind of contract is the transfer of usage
or benefit, but the bank retains the ownership of the asset. In the event the
customer dishonors the agreement, the Bank can repossess the equipment
immediately. For instance, if a horse is hired to be ridden by someone and it
happens that someone else other than the person who hired the horse rides it,
this can invalidate the contract. However, the lesser can also not rescind the
contract anytime he wishes to. The Mejelle (Art. 441) says, “After a contract
has been completed which is a lawful letting, if another person offers
additional rent, however much it may be, the lesser cannot for this alone annul
the letting.”</span><br /></span>
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><o:p> </o:p></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">AL-IJARAH OPERATION<o:p></o:p></span></b></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span style="color: #38761d;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">EXAMPLE<o:p></o:p></span></b></span><span style="color: #a64d79;"></span><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Assuming the Banks purchases equipment for RM
30,000 and leases it to a customer for a period of 5years at 8% rate of profit
per annum; we can calculate the following:</span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Total Lease Rentals (TLR) = CF + (CF * I * n),
where</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 4;">
</span>CF = Cost of Financing</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 4;">
</span>I = Rate of Return per Annum</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 5;">
</span>(Flat)</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 4;">
</span>n = Period of financing in years</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><span style="mso-tab-count: 2;"> </span>Hence,
TLR = 30,000 + (30,000* 8% * 5)</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;"><span style="mso-tab-count: 4;">
</span>= <b style="mso-bidi-font-weight: normal;"><u>RM
42,000<o:p></o:p></u></b></span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Monthly Lease Rental = RM 42,000/ (5 * 12)</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-tab-count: 3;"> </span></span><span lang="EN-US"><span style="mso-tab-count: 3;">
</span>= RM 42,000/ 60</span></span></span></div>
<span style="color: #38761d;"><span lang="EN-US"><span style="color: #a64d79;"><span style="mso-tab-count: 3;"> </span>=</span><span style="color: #38761d;"> <b style="mso-bidi-font-weight: normal;"><u>RM
700<o:p></o:p></u></b></span></span><br /></span><span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #38761d;"><o:p> </o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #38761d;">Amount of Profit<span style="mso-spacerun: yes;"> </span>= RM 42,000 – RM
30,000</span></div>
<span style="color: #38761d;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="color: #38761d;"><o:p> </o:p></span></div>
<span style="color: #38761d;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-spacerun: yes;"> </span>= <b style="mso-bidi-font-weight: normal;"><u>RM
12,000<o:p></o:p></u></b></span></span><span style="color: #a64d79;"></span><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">TERMINATION <o:p></o:p></span></span></span></b></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><span style="mso-list: Ignore;">(1)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Being a finance
lease, Al-ijarah contract is non-cancelable. In the event this happens, say due
to the involuntary of the asset, the lesser will have to be
compensated.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l4 level1 lfo6; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">(2)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">According to the
Income Tax Act 1967 schedule 3 para 71 , there is no allowance for plant and
machinery if held for less than 2years.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l4 level1 lfo6; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">(3)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Early termination of
the lease is classified into 2:</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 72pt; mso-list: l4 level2 lfo6; tab-stops: list 72.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">(a)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Within 24months from
the commencement of the lease date.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 72pt; mso-list: l4 level2 lfo6; tab-stops: list 72.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">(b)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">After 24 months from
the start of the lease date.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l4 level1 lfo6; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">(4)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The Income Tax Act
1967 under para 71 provides indemnity for the lesser by the lessee against any
balancing charge incurred by the lesser if the lease contract is terminated
within 2 years.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 36pt; mso-list: l4 level1 lfo6; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><span style="mso-list: Ignore;">(5)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The rate of tax
indemnity is at 33% per annum.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt 18pt; text-align: justify;">
<span lang="EN-US" style="color: #a64d79;"><o:p><span style="color: #38761d;"> </span></o:p></span></div>
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">UNIT TRUST<o:p></o:p></span></span></span></b></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Unit
trust is investment instruments in which many investors who share similar
investment objectives pool their resources together which are then invested by
specified fund managers in specified or authorized securities. There is no
profit sharing between the fund manager and the investors but a fee known as
ujrah is incurred by the investor for the professional services under Al-wakalah
contract. </span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">In
the Islamic unit trust, there is usually a shariah panel (shariah supervisory
board) which decides which share to fund by using the Activity or Structure
Method. Aside al – Wakalah agreement, Islamic unit trust also involves on
indirect Musharakah system (equal to unequal share partnership) between investor
and companies trading stocks or bonds. Capital gains and dividends are for
investor but every purchase or sale of units, the company (fund manager)
receives a fee. Any losses incurred due to adverse market conditions do not
affect the shareholders wealth.</span></span></span></div>
<span lang="EN-US"></span><span style="color: #38761d;"><span style="color: #a64d79;"> </span></span><span lang="EN-US" style="color: #38761d;">There
is a sharii and tabii dimension to the Islamic unit trust. The former inculcates
akhlaq (ethic) in the agreement following the concept of Tawhid. This helps
weigh actions from the reasoning point of view as well as spiritual values. The
latter is a brainchild of natural and common sense. For the fact that the
management receive a fee, if it is incumbent on the conduct research and use
fundamental and technical analysis in the stock selection; so that the element
of gharar (uncertainty) and maisir (gambling), among others are eliminated. Fund
managers are expected to follow price changes as caused by company performances
so that losses are minimized and capital gains achieved.</span><v:line from="5040,6855" id="_x0000_s1055" style="position: absolute;" to="7740,6855"><span style="color: #a64d79;"><v:stroke endarrow="block"></v:stroke></span></v:line><v:rect id="_x0000_s1056" style="position: absolute;"><span style="color: #a64d79;"><v:textbox><span style="color: #38761d;"></span></v:textbox></span></v:rect><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">Another way or means by
which Islam manages wealth on a small scale is by inheritance. We say on a small
scale because this is done at the family level. As you know inheritance is the
acquiring of the wealth or property left by the deceased parent. This wealth is
to be divided among immediate family members in an appropriate manner stated in
the Quran and Sunnah. Allah s.w.t has already stated the shares that are to be
given to the immediate family members. Allah knows if He hadn’t done so there
would be lot problems that would have come up. Some people would have been
treated unfairly by giving or offering them a little or none of the wealth they
deserve to get.</span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">In the conventional there is no
proper laid down manner in which the wealth is to be inherited. Although the
deceased leaves behind a will to who suppose the wealth goes, but it still some
weaknesses or injustice occurred.<span style="mso-spacerun: yes;"> </span>The
weakness is that it has no room for the distribution of income sometime. For
example, if the rich only marry the rich and the poor also marry the poor, the
wealth will just circulate among the rich and the poor will remain poorer.
Therefore it has no room for the distribution of income or wealth. But if this
looked into and across manages take place like the rich marry the poor then this
would be a better way to distribute wealth among the
people.</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span lang="EN-US" style="color: #a64d79;"><span style="color: #38761d;">The Holy Quran has given
a line out on how the wealth should be managed in the verse 10 – 12 surah An –
Nisa. Allah s.w.t says:</span></span></div>
<span style="color: #38761d;"><span lang="EN-US" style="color: #a64d79;"><o:p> </o:p></span><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p><em> </em></o:p></span><span lang="EN-US"><em>“Those who unjustly
eat up the property of orphans, eat up a fire into their own bodies: They will
soon be enduring a blazing fire.</em> (10) </span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify; text-indent: 36pt;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US"><em>God (thus) directs you as
regard your children’s (inheritance): to the male, a portion equal to that of
two females: if only daughters, two or more, their share is two-thirds of the
inheritance; if only one, her share is a half. For parents, a sixth share of the
inheritance to each, if deceased left children; if no children, and the parents
are (only) heirs, the mother has a third; if the deceased left brothers (or
sister) the mother has sixth. (The distribution in all cases) after the payment
of legacies and debts. You know not whether your parents or your children are
nearest to you in benefit. These are settled portions ordained by God; and God
is All – Knowing and All – Wise. </em>(11)</span></span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p><em> </em></o:p></span><span lang="EN-US"><em>In what your wines leave, your share is half, if they left a
child, you got fourth; after payment of legacies and debts. In what you leave,
its share is a fourth, if you leave no child; but if you leave a child, they get
an eighth; after payment of legacies and debts. If the man or woman whose
inheritance is in question, has left neither ascendants nor descendants, but has
left a brother or a sister, each one of the two gets sixth; but if more that
two, they share in a third; after payment of legacies and debts; so that no loss
is caused (to any one). Thus is it ordained by God; and God is All – Knowing,
Most Forbearing.</em> (12)”</span></span></span></div>
<span style="color: #38761d;"><span style="color: #a64d79;"> </span><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US"><span style="color: #a64d79;"><span style="color: #38761d;">RECOMMENDATIONS<o:p></o:p></span></span></span></b></div>
<span lang="EN-US"></span><span style="color: #38761d;"><span style="color: #38761d;"><span style="color: #a64d79;"> </span></span></span><span style="color: #38761d;"><span lang="EN-US">If goes beyond the reasonable doubt that
zakat clearly illustrates the manner of wealth managements in Islamic framework.
What is required then is proper vehicle through which zakat funds can be
channeled. This involves knowing not only by the nature of zakat, the criteria
of zakat, but also the zakatable items in our modern day Muslim societies,
minding the changing circumstances. Kahf (1989) suggest a reconsideration of the
fiqh views where the actual implementation of zakat is concerned. He however
places much emphasis on the social and economics justice together with its
impact on development. Hence, we are tempted to suggest further research on the
administration of zakat and what actually constitutes the elements of zakat in
our contemporary Muslim societies, which may not have been suggested in the
period of Prophet Muhammad s.a.w.<span style="mso-spacerun: yes;">
</span></span><br /><span lang="EN-US"></span> <br /><span lang="EN-US">Since
Malaysian’s system of government is secular in nature, the zakat system has not
been seriously taken into consideration. In short it has fallen on deft ears and
got no response. As paying zakat is one of the five pillars of Islam, it is of
great important that the government <st1:country-region w:st="on"><st1:place w:st="on">Malaysia</st1:place></st1:country-region> has to look into it. It is
not only an individual responsibility but also a nationwide responsibility to
see to it that zakat is paid by the able Muslim.</span><br /><span lang="EN-US"></span> <br /><span lang="EN-US">Therefore, here is some recommendation that
could put in place an effect zakat system in <st1:country-region w:st="on"><st1:place w:st="on">Malaysia</st1:place></st1:country-region>:</span><br /><span lang="EN-US"><span style="mso-list: Ignore;"></span></span> <br /><span lang="EN-US"><span style="mso-list: Ignore;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">Is to educate the
massage of people in <st1:country-region w:st="on"><st1:place w:st="on">Malaysia</st1:place></st1:country-region> both publicly and privately
about the important of paying zakat. In order for this effective, we should
start from those people who are at the top. This can be done holding seminars
and regular talks on zakat.</span><br /><span lang="EN-US"><span style="mso-list: Ignore;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">They should also try
to incorporate the zakat system into the countries fiscal policy. If the paying
of government taxes by the people to the federal and state government is
effectively working, why can’t the payment of zakat be imposed as a law by the
government? Through this, we think that more people will be well informed of the
zakat payment.</span><br /><span lang="EN-US"><span style="mso-list: Ignore;">3.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span dir="ltr"></span><span lang="EN-US">The government should
also put in place a centralized zakat institution where people can get
information and pay zakat. Try to avoid any differences among the states in
terms of implementation of zakat. By this, we can prevent any misunderstanding
and confusion between people.</span><br /><br />
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US">CONCLUSION</span></b></span></div>
<span style="color: #38761d;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Wealth management from an Islamic perspective follows proper guidance
principle of shariah, which, to a large extent, take a different route from the
conventional point of view. Throughout the paper, there was an intention to show
that distinction. Any shortcomings on that purposes is owing to the technical
know – how on the part of authors. However, the paper sought to convey that
owning wealth in Islam does not make anybody the absolute owner of that wealth.
Wealth is merely entrusted upon us by God and thus, it has to be used and
arranged in accordance with God’s approval as stated in shariah rulings.
Ownership can be acquired through many ways as in a sale contract or gift;
making someone the successor of another as in inheritance, and the acquiring of
a thing which free for the public use. In all of these circumstances, Islam has
a way in managing wealth.</span></span></div>
<span style="color: #a64d79;"></span><br />
<span style="color: #38761d;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: #a64d79;"><span style="color: #38761d;"><span lang="EN-US"><o:p> </o:p></span><span lang="EN-US">Man
as the vicegerent on this world is expected to seek this wealth and use it in
manner that will help him obtain the pleasure of God in this world and
hereafter. With that, the paper provided some practical scenarios as to how
wealth can be used in Islam for this purposes. It was therefore illustrated in
zakat planning, al – Ijarah financing and Islamic unit trust. The main purpose
is to show the approach to wealth management in Islam not prevalent in the
conventional way. Then the paper looked at some recommendations as a vehicle for
further improvement, particularly on zakat activities.</span></span></span></div>
</div>
</div>
</div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-69620124406143468362012-12-07T02:45:00.002-08:002012-12-07T06:27:46.750-08:00ICT-BD vs the Economist? an observation.............. <br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">In an ongoing trial (judicial hearing or process) it is
vital to analyze the following issues with an urgent & greater concern: </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">1.
Can there be any justification for a JUDGE in chamber to consult any 3rd party
by sharing the info of the trial concerned with who the Judge does not have any
Judicial relationship (by express judicial ruling)?</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;"> 2. If the judge wishes to
seek the expert opinion from any 3rd party, does the Judge obtain any written
judicial permit to do so? if yes... what are the limitation? does the 3rd party
sign any confidentiality agreement (CA)? </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">3. Can such consultation in issue be
justified in carrying out through e-mail, Skype or social media (FB, LinkedIn
or twitter) which are some how universally known as accessible to others by
hacking or otherwise? </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">4. Does the judge in the above scenario, is careless in
observing his / her due professionalism? </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">5. If so... can the judge be legally
fit to sit in the trial or rule out any order or decide on the fate of others
by giving any enforceable judgement?</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;"> 6. Can a media (the Economist) hold its
legitimate position (Locus standi) in view of public interest to access to any
info extracted from e-mail, Skype or social media by way of hacking or
otherwise?</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">7. The origin of the info had already been accessible by loose
mechanisms, can the Economist be liable for or accountable to the narrators?</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">8.
Does the Judge have any justification to make a ruling in local jurisdiction
against the Economist who is accused to have extracted the info from borderless
sources (FB, e-mail, Skype etc)? </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">9. If in case the Judge issues any summon
against the Economist, can it be amounting to 'act beyond the jurisdiction or
power)? </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: Calibri;"><span style="color: #3d85c6;">10. if so... shall the judge be accountable in his country of
jurisdiction or to the country of origin of the Economist or to the
International court of justice as the issue is the borderless one?<span style="mso-spacerun: yes;"> </span></span></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #3d85c6; font-family: Calibri;">The above concerns shall be seriously
analyzed with immediate effect but sustainable solution to protect the image of
BD & its Sovereignty with Democratic spirit.</span></div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-32052597258724895492012-11-18T23:27:00.004-08:002012-11-18T23:31:58.105-08:00NOBEL PRIZE WINNER?<span style="color: #a64d79; font-size: x-small;">Among the prime criteria for qualifying one to
be the Nobel Prize Winner perhaps be: <br />
</span><br />
<span style="color: #a64d79; font-size: x-small;">One shall be beyond the so called self-interest, nationalist or racist.</span><br />
<span style="color: #a64d79; font-size: x-small;"><br />
Hence, the candidate shall be proven beyond reasonable doubt a person with a
practical track record of universal interest of humanitarian concern towards
peace, progress and prosperity for all regardless of one's micro-issue of
religion, race, gender, status, nationality, profession, affiliation or
personality.<br />
<br />
Because, all human beings are naturally and undeniably part and blood of the
world mankind with humanitarian concern.</span><br />Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-88381285326494699332012-11-16T16:58:00.003-08:002012-11-16T16:58:51.442-08:00A Friendly Message to President Barak Obama with World Democratic Concern !<br />
<br />
<span style="color: #a64d79;">Your Excellency President Obama,</span><br />
<span style="color: #a64d79;"></span><br />
<span style="color: #a64d79;">It is timely to conduct a through post-mortem on to the spirit & the practicality of DEMOCRACY across the contemporary world and let people of all levels realize the real status quo while dismissing the chance of opportunists through their misuses & abuses.</span><br />
<span style="color: #a64d79;"> </span><br />
<span style="color: #a64d79;"> It may thus, be suggested here that, a "World Prime Forum on the Reality of Democracy & the Way Forward towards Peace and Progress for the Global Humanity" shall be organized.</span><br />
<span style="color: #a64d79;"></span><br />
<span style="color: #a64d79;">This forum shall be the 1st step followed by the acceptable strategic action plan with fullest legitimate professionalism.</span><br />
<span style="color: #a64d79;"></span><br />
<span style="color: #a64d79;">The total strategy shall aim at achieving the true spirit of democracy for all humanity by no issue of one's religion, status, gender, nationality, color or race.</span><br />
<span style="color: #a64d79;"></span><br />
<span style="color: #a64d79;">Thus, let the world be free from oppression & suppression while enjoying with legitimate rights, peace & harmony within the holistic universal spirit of brotherhood, solidarity with mutual cooperation, utmost care & concern among all mankind.</span>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-53168050114032522742012-11-15T05:35:00.001-08:002012-11-15T05:35:02.421-08:00My Financial & Corporate Views in Global Media<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: Calibri;"><span class="usercontent"><strong><span style="color: #6aa84f;">Financial, Investment, Corporate & Industrial Views in Global Media</span></strong> <em><span style="color: #e06666;">Prof. Dr. Mohd. Ma'sum Billah</span></em></span></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<a href="https://www.facebook.com/media/set/?set=a.370876489670740.87943.100002451768069&type=1" target="_blank"><span style="color: blue; font-family: Calibri;">https://www.facebook.com/media/set/?set=a.370876489670740.87943.100002451768069&type=1</span></a></div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-50875098276031411532012-11-14T16:36:00.003-08:002013-01-05T20:13:04.364-08:00My Corporate / Professional Lecture Series<span class="userContent"><strong><span style="color: #6aa84f;"></span></strong></span><br />
<span class="userContent"><strong><span style="color: #6aa84f;">CORPORATE /
PROFESSIONAL LECTURE SERIES</span></strong></span><br />
<span class="userContent" style="color: black;">By:</span><br />
<span class="userContent"><span style="color: #990000;"><em><span style="color: #cc0000;">Prof. Dr. Mohd. Ma'sum
Billah</span></em>:</span> </span><br />
<span class="userContent" style="color: blue;"><a href="https://www.facebook.com/media/set/?set=a.369757549782634.87683.100002451768069&type=3" rel="nofollow" target="_blank">https://www.facebook.com/<wbr></wbr><span class="word_break"></span>media/set/<wbr></wbr><span class="word_break"></span>?set=a.369757549782634.87683.10<wbr></wbr><span class="word_break"></span>0002451768069&type=3</a></span> <br />
<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;"><span style="color: #0b5394;"><strong><span style="color: #b45f06;"></span></strong></span></span></span><br />
<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;"><span style="color: #0b5394;"><span style="color: #b45f06;"><span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;"><span style="color: #0b5394;"><strong><span style="color: #b45f06;">APPLIED ISLAMIC, MODERN & COMPARATIVE SUBJECTS OF:</span> </strong></span></span></span><br />
<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><span style="font-family: Calibri;"><span style="color: #444444;">Finance, Banking, Capital Market, Money, Bond, e-Commerce, Insurance, Takaful, Shares, Investment, Public finance, Financial reform, Government financial & investment strategies and Policies, Privatization, Industrialization, BOT, Investment cooperation, Wealth & Asset management, Business, Petroleum trade & finance, Barter trade, International trade, Company, Cyber law, Entrepreneurship, Cooperative Micro-finance, Contract & other applied corporate / professional / industrial subjects.<o:p></o:p></span></span></span></span></span></span></span><br />Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-61443595670320498262012-11-14T16:33:00.003-08:002012-11-14T16:38:08.587-08:00My Books<strong><span style="color: #6aa84f;"><u></u></span></strong><br />
<strong><span style="color: #6aa84f;"><u>PUBLISHED BOOKS</u>
</span></strong><br />
<em><span style="color: #ea9999;">Prof. Dr. Mohd. Ma'sum
Billah</span></em><br />
<strong><span style="color: #6aa84f;"></span></strong><br />
<strong><span style="color: #6aa84f;">Finance, Banking, Money, e-Commerce, Insurance, Takaful,
Shares, Investment, Wealth, Business & other applied corporate
subjects:</span></strong><br />
<strong><span style="color: #6aa84f;"> </span></strong><a href="https://www.facebook.com/media/set/?set=a.369755086449547.87681.100002451768069&type=1"><span style="color: #804000;">https://www.facebook.com/media/set/?set=a.369755086449547.87681.100002451768069&type=1</span></a>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-82318170458635305122012-11-10T16:39:00.004-08:002012-11-10T16:39:52.837-08:00DEMOCRACY?
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt 36pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 5;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><strong><span style="color: #6aa84f;">DEMOCRACY?</span></strong> <br />
<span style="color: #6fa8dc;">it is neither a mere........<br />
<br />
1. Socio-economic freedom, or<br />
2. Socio-cultural freedom, or <br />
3. Socio-political freedom, nor <br />
4. Socio-theological freedom.<br />
<br />
But, a FREEDOM in TOTALITY within the legal & acceptable ethical limits, is
the TRUE DEMOCRACY with holistic spirit of universal value, which is desired by
all humanity regardless of one's religion, race, colour, gender, status or
nationality. <br />
<br />
Thus, an appreciation of true spirit of Democracy may be the way out of today's
Global crises while ascertaining a world peace & harmony in reality.<o:p></o:p></span></span></div>
<span style="color: #6fa8dc;">
<span style="font-family: Calibri;"><span class="uficommentbody"><span style="font-size: 12pt;">'TRUE DEMOCRACY with
holistic spirit of universal value' in fact refers to the "DIVINE SPIRIT
OF DEMOCRACY" (ref. <i>Surah al- Nisa'</i>: 59 of the Holy <i>Qur'an</i>).</span></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></b></span></span><br />
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-82086903609385291672012-10-22T19:34:00.003-07:002012-10-22T19:34:23.146-07:00Cooperative Micro-finance: An Eco-peace for World Humanity
<span style="color: #0070c0; font-family: "Garamond","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The world of today had been suffering un-repairable damages due
to debt-based economy with risk transferring techniques, which give one an
opportunity to gain at the expense of others by diminishing the spirit of
eco-democracy thus, fails to guarantee an eco-peace in today’s world of
humanity. Such a debt-based mechanism enriches the riches with opportunities
while closing the door of poor by depriving them from enjoying with true
eco-democracy.</span><br />
<span style="color: #0070c0; font-family: "Garamond","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="color: #0070c0; font-family: "Garamond","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">To rescue the world humanity from an unjust treatment through
debt-based economy CMF a <b>debt-free asset based</b> mechanism with risk
sharing technique is timely, which may be among the right alternative moves to
day to facilitate a sustainable “Debt-free 3rd World Development with true
democracy to peace for all” with result oriented achievement by creating an
enterprising and entrepreneur based Nation aiming to have the chance to be self-reliant,
matured, esteemed and proud leading to eco-Peace, Progressive and Prosperous in
the Contemporary World of advanced socio-economic reality.</span><br />
<span style="color: #0070c0; font-family: "Garamond","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="color: #0070c0; font-family: "Garamond","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> The mechanism of
operation of CMF shall be adapted based on the micro-democratic arrangement
with holistic spirit of mutual cooperation, brotherhood and solidarity in view
of targeting socio-economic prosperity and peace among all humanity with no
issue of one’s religion, race, status, gender or nationality.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-size: 12pt; line-height: 115%;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-30847059029834969692012-10-22T19:22:00.001-07:002012-10-22T19:22:37.434-07:00Universal Understanding of Modern Finance with Shari'ah Financial SystemThe modern financial system had been serving both Muslim and non-Muslim with common benefits. Though some aspects of the Modern financial system are contrary to the principles and spirit of <em>Shari’ah,</em> but several technicalities of it are indeed in harmony with the <em>Shari’ah</em> standard. Because of some issues of modern system contradict the spirit of <em>Shari’ah</em> it may be unfair to generalise the Modern financial system as un-Islamic. <br />
<br />
<em>Shari’ah</em> standard of financial system is purely based on the Divine rulings, which do not in reality reject the practicality of some issues or procedures of Modern financial system, so long one is in harmony with the spirit and principles of Divine standard.<br />
<br />
Islamic financial system in the contemporary practicality is an able alternative parallel solution provider for global industrial needs acceptable to both Muslim and non-Muslim environments whilst modern financial system stands on its own platform with its standard and services. <br />
<br />
Despite this dual system is greatly appreciated and acceptable in the global environment respectively, but leaves some questions and confusions haunting in the mind of generals on the issues justifiably are proven to be non-contradicted. To reduce such queries while creating friendlier movement in the financial industry a 3rd position may additionally be suggested and that is, “Harmonized System”.<br />
<br />
The harmonizing of modern financial system to <em>Shari’ah</em> standard can only be recognized on those issues or aspects, which are justifiably proven not contrary to the Divine spirit and the <em>Shari’ah</em> principles per se. Thus, the burden of proof shall be on the modern financial system to ensure its subject matter is in total compliance with the <em>Shari’ah</em> standard. While the<em> Shari’ah</em> justification of such harmonization is on the basis of the principles of <em>Masaleh al-Mursalah</em> (public interest) so long the fact in issue is not contrary to the Divine spirit and standard.Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-90155704326538007972012-09-22T02:39:00.005-07:002012-09-22T02:39:42.218-07:00Cooperative Micro-bond: A Debt-free 3rd World Development MechanismHistory witnesses that, the World had been dominated by debt-based economy with risk transferring mechanisms. Factually, today the debt-based economy failed to rescue the world with material self-reliant and prosperity. Alternatively, an asset-based economy with risk sharing techniques may be a guaranteed platform to direct the world with economic prosperity ahead.<br />
<br />
It is had been a common culture of any nation particularly among the 3rd world countries, relying on borrowing habits towards any form of development be one either private or government’s project, resulting the nation carry the life-long debt curse, which eventually compels the nation and its citizens tying their necks in to paying the price of liability and thus, darkens the future of the nation as an ultimate destine. <br />
<br />
To rescue the nation and its people of 3rd world countries, <strong><span style="color: #6aa84f;">Cooperative Micro-bond</span></strong> is among the right rescuer platforms to discover a way ahead towards creating a debt-free developed nation in the wake of globalization. <br />
<br />
A <strong>Cooperative Micro-bond </strong>scheme is also justified under the broad principle of <em>Shari’ah</em> as a holistic mechanism based on mutual cooperation, brotherhood and solidarity in view of noble achievement and common good for all humanity and creatures as enshrined in the holy <em>Qur’an</em>: “… <em>cooperate amongst you in righteousness and piety</em>….” (5:2).<br />
<br />
<strong>Cooperative Micro-bond</strong> is a discovered strategic mechanism, which enables any nation develops its major sectors by having a debt-free financial power through a holistic cooperative micro-spirit with sharing and caring culture in view of creating a nation self-reliant, progressive, prosperous and proud in this advanced tech-era. <br />
<br />
The rational outlook of <strong>Cooperative Micro-bond</strong> is to make a nation enjoy with a debt-free fund solution required for any project development within the spirit of mutual cooperation, maturity and common sensitivity towards creating a self-reliant nation visioning prosperity. This is among the sustainable promising mechanisms, which may ease the nation from undesirable dependency and debt while moving forward to create an enterprising and entrepreneur based nation as the way ahead in today’s socio-economic and political reality.<br />
<br />
In the model and structure of a <strong>Cooperative Micro-bond</strong> where the government or the private sector shall first identify a sound project requires financing in its development. The project then shall be listed in the project index with accrual value (justifiable required project financing). The total project-financing shall be packaged with shares at a minimum per value affordable to all levels of citizen so to enable them to participate full-heartedly in the national development plan within the holistic spirit of mutual cooperation, solidarity and brotherhood towards common goal of national prosperity. Such move eventually makes them proud through having the profit oriented micro-stake in the national projects. The shares shall be ultimately opened for public for subscription as per one’s ability with affordable equity financing in view of profit making.<br />
<br />
The shareholders shall hold the opportunity to participate in the secondary market. In the total management with successful outcome in a <strong>Cooperative Micro-bond</strong> shall be facilitated by a team force where the government undertake the appropriate policies, securities and effective enforcement. A Project central body shall be positioned in project related decision making. The Project management office, which shall be responsible for the total management and duly operation of the project. <br />
<br />
The central bank shall be assigned in issuance of ordinary bond (profit-sharing in equity financing) with limited liability as per the central guidelines while a credible bank shall be authorized to manage the total project funds besides managing the share certificates issued in the name of the central bank as per project directives. An audit and compliance unit shall be established at both central as well as management levels to ensure the total compliance in all aspects of the policies, project, funds and the management. <br />
<br />
A special unit shall also be established comprising of several experts to advise the project board so to facilitate them in making appropriate policies and decision. There shall other vital units be established under the management office, among them are intelligence unit, which shall undertake the total risk management and attractive income oriented business plan of the project. The project management office (PMO) shall be designed under the management office, which shall be responsible for the total development of the project with successful result. For the continuing maintenance of the entire components of the completed project a project maintenance unit shall be established under the management office. <br />
<br />
In other word, the total discipline, management and operation in a <strong>Cooperative Micro-bond</strong> arrangement shall be centralized with regulatory action, but with separation of power, assignment and due accountability. <br />
<br />
The issuer of <strong>Cooperative Micro-bond</strong> shall be the Central bank in terms of capital guarantee (in its capacity as the fund guarantor) to the subscribers while the fund management bank shall hold the total accountability (in its capacity as the fund manager) to the Central bank for the fund release as per the Central bank’s guidelines and subsequently the Project board shall be the end accountable (as the Principal liability) for the right management of the fund.<br />
<br />
The total investment in the <strong>Cooperative Micro-bond</strong> scheme shall be treated as conservative Public fund by empowering neither capacity for the government nor any party to influence over or misuse the fund, which shall be strictly regulated by the standard policy and be closely audited by the Audit and Compliance Unit at both Central as well as Micro-levels. <br />
<br />
To protect the subscribers against any unexpected risk on their fund shall be ensured by a compulsory project Insurance policy to be purchased in the name of the Project board. <br />
<br />
Among the sectors may potential be included for development with the funding facilities under the <strong>Cooperative Micro-bond</strong> scheme are public, private or semi-government projects namely: highways, bridges, power plants, water supplies, gas supply, mono-rail, industrialization, digitalization, refineries, tourism spots and other commercial oriented mega projects. <br />
<br />
Subscribers in the <strong>Cooperative Micro-bond</strong> scheme may be any one regardless of one’s status, background, gender, nationality or religion so long one participates with the share price at per value. The per value of shares shall be nominal affordable to all categories of people so to give an opportunity to participate in the national development mission besides having the chance to participate in the share market in view of possible legitimate money making. <br />
<br />
The shares shall be allowed to be traded in both the primary as well as in the secondary markets so to enable the Project to be rated highly with gradual effect. <br />
<br />
The total net income of the project under <strong>Cooperative Micro-bond</strong> scheme may be suggested to be distributed as: 60% for the shareholders as dividends; 20% shall be allocated for the continuing maintenance of the project; 10% shall be reserved in a special security fund (SSF) in view of contributing to the settlement of the national debts and; 10% shall be reserved in to a project foundation account (PFA) for the possible humanitarian services. <br />
<br />
Among the general benefits for the government in the <strong>Cooperative Micro-bond</strong> scheme are: the sustainable support to the national development scheme, all categories of standard taxes to be imposed over the project income at its all components, creating a nation with utmost cooperation and maturity, political gain through a smart government’s policy and; internally popular for moving towards a debt-free self-reliant developing nation with smart planning. <br />
<br />
It is indeed submitted that, a <strong>Cooperative Micro-bond</strong> scheme is a new dimension designed in view of rescuing the 3rd world in particular from being hanged with debt, while discovering a way ahead to develop the nation with debt-free cooperative micro-bond based on holistic principles of cooperation, utmost care and concern leading to make the nation self-reliant, peace, harmony, progress, prosperity and proud in the modern reality.Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-16547112896461383422012-07-31T18:25:00.002-07:002012-07-31T20:44:01.529-07:003rd WORLD DEVELOPMENT STRATEGIES? a "Debt-Free Mechanism".<span lang="EN" style="mso-ansi-language: EN;"><span style="font-family: Calibri;">
<strong><span style="color: #6aa84f;">"Cooperative Micro-finance"</span></strong> & <span style="color: #6aa84f;"><strong>"Cooperative Micro-Bond"</strong></span>
may be among the right alternative Moves to facilitate a Sustainable <span style="color: #6fa8dc;"><strong>“Debt-free
3<sup><span style="font-size: x-small;">rd</span></sup> World National Development”</strong></span> with result oriented achievement by
creating the Nation and it’s People Self-reliant, Matured, Esteemed, Peace,
Proud, Progressive and Prosperous in the Contemporary World of advanced
Socio-economic Reality.</span></span>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-37478073531049875922012-06-28T20:18:00.000-07:002012-06-28T20:18:29.497-07:00Corporate Personality in Islamic eco-Reform<em><strong><span style="color: #93c47d;">Holistic Directions to Corporate Personality......</span></strong></em><br />
<br />
What is disapproved business conduct? It is the absence of any or all f the aforementioned constituents in one’s business conduct. Generally speaking, Islam prohibits all such transactions which results in litigations; which depend just on chance and speculation; those in which the rights of the contracting parties are not clearly defined; and which enables some to amass wealth at the expense of others.<br />
<br />
No matter what the form, the essence of disapproved business conduct comprises unjustified consumption or appropriation of other’s wealth and right. This is exactly what Al Qur’an has strictly forbidden by calling it either akl bi al-batil (unjustified consumption) or zulm (injustice). Since injustice lies at the root of all undesirable business conduct, therefore all the Qur’anic injunctions focus on the elimination of this basic evil.<br />
<br />
In some cases the injustice may not be apparent, yet it is always there. In order to nip the evil in the bud, Islam seeks to block all those channels that eventually lead to injustice. For the purpose of elaboration, it is proposed to divide the subject into three main categories; namely , (a) riba, (b) fraud, and (c) other disapproved practices. <br />
<br />
<span style="color: #93c47d;"><strong>RIBA</strong></span><br />
<br />
<em>Riba</em> literally means increase or addition. Technically, it refers to the addition in the amount of a loan in consideration of the time for which it is advanced or of the time for which the payment of loan is deferred. Juristically, however, riba signifies the additional money that is given or taken in a dollar-for-dollar exchange and uncompensated increase on one side when a commodity of the same kind is bartered.<br />
<br />
The jurists have divided riba into two categories, which are riba al nasi’ah and riba al fadl. Riba al nasi’ah also known as riba al-jahiliyyah is the one expressly prohibited in the Qur’an while riba al fadl was prohibited by the Prophet (p.b.u.h) in order to block all channels of riba’. <br />
<br />
It is the additional amount sought on loan, usually on the basis of time. This addition, irrespective of its rate or percentage, is the riba prohibited by Al Qur’an. It makes no difference whether such a loan was sought for the purpose of consumption or that of investment. Riba al fadl occurs in bartering commodities of the same kind without equality in their quantities.<br />
<br />
Basically, the process of riba enters when someone adds or demands an addition from the same quantity. In order to get clear understanding of the meaning of riba, let us consider the following ahadith and the opinion of the great authorities of Islam. <br />
<br />
Any loan that brings profit is riba. (Hadith) Anyone who recommends a person and then accepts a gift from him has committed riba. (Hadith) Acceptance of a gift from one’s debtor is riba (Ibn Mas’ud) 1.Eating in the house of one’s debtor is haram ( Hasan Al Basri)<br />
<br />
<strong><span style="color: #93c47d;">Danger in Riba</span></strong><br />
<br />
Riba is definitely involves unlawful consumption of other’s wealth. It is, therefore, abhorrent and evil. According to Sayyid Qutb, riba is evil because the lender receives an additional amount over and above his capital, “extorted from the labor or flesh of the debtor”. Riba is directly opposed to the cooperative spirit of Islam. A wealthy person is required to pay off the right of the poor attaching to his wealth by paying the zakat due thereon and the supererogatory sadaqat in addition. Mawdudi has enumerated the following vices of riba: <br />
<br />
(i) It gives rise to greed, excessive parsimony, selfishness, hard-heartedness, tyranny and money worship.<br />
<br />
(ii) It promotes hatred and enmity instead of sympathy and cooperation.<br />
<br />
(iii) It encourages hoarding and accumulation of wealth and discourages its direct investment in productive enterprise. Investment, if ever made, is invariably focused on personal gains and in total disregard for the needs of the society.<br />
<br />
(iv) It prevents the circulation of wealth by concentrating it into the coffers of the capitalists. Riba is danger because it contradicts the vital principle of al-ghurm bi al-ghunm (i.e liability must go hand in hand with advantage). Even from a purely economic standpoint, riba is plagued by several disadvantages. <br />
<br />
According to Anwar Iqbal Qureshi, interest is the fountainhead of all economic evils and is responsible, by and large, for the concentration of wealth. <br />
<br />
<strong><span style="color: #93c47d;">FRAUD</span></strong> <br />
<br />
<em>al-Qur’an</em> disapproves of fraud and cheating in whatever form they might be. Cheating is described as the predominant characteristics of the hypocrites for whom the Islam requires its adherents to be honest and trustworthy. One who is intent on resorting to frau and cheating does not deserve to be counted a genuine member of the Muslims ummah despite one’s verbal assertion of being a Muslim. Some specific forms of fraud expressly prohibited by Al Qur’an and the Hadith are discussed below. <br />
<br />
<strong><em>Tatfif</em> (Engaging In Fraud)</strong> <br />
<br />
Tatfif literally means stinting, scrimping and niggardliness. A mutaffif is he who diminishes from the due share of others for whom he measures while paying to them or receiving from them.<br />
<br />
The term is used in Al Qur’an with special reference to the practice of diminution in weights and measures, thereby depriving others of their due rights. Al Qur’an warns and condemned those who give short weight and measure to others and receive from them in full and promised a severe punishment. <br />
<br />
Some scholars, like Yusuf Musa maintains that a worker who does not do his work sincerely and efficiently is a defrauder, cheater and dishonest person. In other words, the worker who receives his wages in full but does not perform his duties honestly and efficiently is also denoted as mutaffif.<br />
<br />
<strong>Dishonesty</strong><br />
<br />
Dishonesty is one of the worst forms of fraud. A dishonest person is always prone to defraud others whenever and wherever possible. Islam forbids any misuse or misappropriation of an employer’s property by his employee, who is entitled to the mutually agreed wages only.<br />
<br />
Appropriation of anything beyond the stipulated wages is either dishonesty or stealing, both of which are expressly prohibited. <br />
<br />
<strong>Falsehood and Breach of Pacts or Promises</strong><br />
<br />
<em>al-Qur’an</em> is strongly opposed to falsehood. False assertion, unfounded accusations, concoctions and false testimonies are severely condemned and strictly prohibited. <br />
<br />
<em>al-Qur’an</em> curses the liars and the Prophet (p.b.u.h) describes lying as one of the three signs of a munafiq. Falsehood is harmful in everywhere and in every case. In the realm of business, its damaging effects are enormous and can never be overemphasized. <br />
<br />
Misstatement about merchandise not only harms the customers but the producers and traders as well. Dependability of the product and reliability of its trader play a key role in the establishment and enhancement of any business concern. Prophet (p.b.u.h) also prohibits al-najsh, the practice of offering a higher price with intention of persuading others to raise their price offers. <br />
<br />
Clearly, falsehood and deception are condemned in all their various forms. Breach of one’s pacts and promises is another evil practice strongly opposed by Islam.Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-40532965615205080292012-04-05T08:04:00.000-07:002012-04-05T08:04:55.870-07:00World Islamic Finance Law Reform?<h3 class="post-title entry-title">
<span style="color: orange;">.....................................</span></h3>
<div class="post-title entry-title">
It has
been undeniably witnessed by the applied world of socio-economy that, ever since
1963 when the first Islamic banking operation began in Egypt, the rapid growth
of it had been being counted till today by securing a sustainable place with an
achievement of almost 27 % of the total banking sectors across the applied
world.</div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
Today, at the commencement of the 21st century we shall satisfactorily be
able to observe the well-establishment of Islamic financial industries with
almost desirable product offerings, discovery of instruments and adapting
innovative/strategic plan to meet the Ummatic need for today and the time ahead.
</div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
With the greater world’s appreciation to Islamic banking and financial
offerings, it is proudly noted that, about 800 Islamic banking and financial
institutions with a growth rate of about 18% p.a. by a total size in its value
exceeds USD 1.3 trillions may easily be able to mark the world as a potential
Islamic financial component alternative to the existing conventional ones. </div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
Such
a growth in Islamic finance is systematically regulated and well governed by
Shari’ah justified Legislations, Codes, Decrees, Fatwas (Juristic Opinions) and
the collective decisions of ‘Ulema (Islamic Scholars better known as Shari’ah
councils).</div>
<div class="post-title entry-title">
<br />Today, the market segment of Islamic banking and financial
products and regulations are no longer confined within the limited territory,
but are in the web of borderless world by having an appreciation from almost all
groups of human beings with an utmost dreamed result. </div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
The market mechanisms
adapted by the potential marketers are with dynamic strategies and mechanisms of
governance to match the applied global phenomena where both Muslim and
Non-Muslim are equally participating to market the Islamic financial products
with a maximum gear of micro-macro levels. Nevertheless, numerous market risks
always await to hinder the smooth progress of the industrial movements, perhaps
caused by lack of reasonable Shari’ah justified professional enrichment ought to
be exist among the marketers. </div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
These sorts of short comings could easily be
overcome with due care and diligence, wisdom and mutual corporate respect and of
course with right professionalism by performance supported by Shari’ah
standards, Ethical paradigm, regulations and governance.</div>
<div class="post-title entry-title">
<br />The promising arena
of Islamic corporate application and governance caught the attention from both
Muslim and Non-Muslims with equal participation in establishing and offering
competitive and sound Islamic financial products. Resulting such a phenomena,
besides having almost 300 entities of full fledged Islamic financial providers
in to day’s world, almost all conventional potential players are also offering
the desirable Islamic financial products through the establishment of segregated
windows and divisions respectively by adapting suitable mechanisms of Shari’ah
Compliance.</div>
<div class="post-title entry-title">
<br />Numerous options as to the Shari’ah justified instruments are in
fact applied by the relevant product specialists and technical experts in
Islamic financial industries to develop competitive Islamic financial products
with innovative culture and dynamic corporate outcomes. As a result, expected
almost products considering investors, customers and bankers are designed to
pave the right way of Islamic financial industries with utmost competitive
achievement. The products are not only to satisfy the retail groups but also
corporate levels.</div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
If such dynamism as to products innovation continues, the
growth rate of Islamic financial business, upon considering the historical fact,
may reach to 40% to 50 % by the year 2020. But for such an achievement certainly
and rationally require rediscovery of mechanisms for the products innovations,
culture of products review, review on professionalisms and improving the
relevant policies, regulations and governing standard with ethical guidelines as
these shall not be denied in any sector in the promising Islamic industrial
movement.</div>
<div class="post-title entry-title">
<br />Strategic planning for every move of Islamic financial industry is
an utmost important to ensure a smooth growth of the industry with successful
outcome. Strategic planning shall be consolidated with dynamic actions. For this
exercise, it is essential to ensure the existence of right experts be in;
Shari’ah, decision making, technical, operational or /and marketing avenues with
proper professionalisms and rightful performance justified by Shari’ah
Standard.</div>
<div class="post-title entry-title">
<br />The modern growth of Islamic financial industry began in Egypt and
the Arab world, while Malaysia caught the wave in early 80s and subsequently
till today with a rapid gradual development by appreciation with achievement
channel through both Muslim and Non-Muslim world, Islamic and Conventional
players with utmost recognition by establishing an undeniable fact of growth.
</div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
Due to present phenomena of development and dynamic offerings of applied Islamic
financial products in Malaysia, Bahrain and UAE play among the top ranking role
in the global Islamic financial market. A part from the existing world players
the next wave of industrial growth can consciously be predicted from the
non-Muslim world with a reasonable participation. Among those countries may be
listed like, Singapore, England, Hong Kong, Germany, Canada, Russia, Australia,
China, Japan, South Africa and to name others.</div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
It may be anticipated that, in
the next 7 to 10 years time the innovative designed Islamic financial products
with required Shari’ah regulatory frameworks may be able to attract almost
60-65% of the total financial industries globally to offer Islamic financial
products to both Muslims and non-Muslims with beneficial results. </div>
<div class="post-title entry-title">
<br />Trade and
finance arranged according to Islamic principles have gained increasing
importance. Commercial transactions conducted under Shari’ah principles form a
significant portion of international commercial activities today. The Shari’ah
standard trade and finance has now developed into an important system operating
parallel to the conventional system globally.</div>
<div class="post-title entry-title">
<br />Despite this development,
quality reference materials on Islamic law of trade and finance are not in
abundance. My book “Applied Islamic Law of Trade and Finance” provides a clear
and practical exposition of the current Islamic law of trade and finance.
Comparison with civil law highlights the differences between the systems and
greatly assists in the understanding of both systems. Regular quotation of
Qur’anic verses and prophetic tradition with English translation, sets out the
religious foundation underlying the applicable Islamic law of trade and finance
in practical reality.</div>
<div class="post-title entry-title">
<br />This book in fact, covers topics such as commercial
contracts, sale of goods, partnership, stock market, Islamic currency, Takaful
and the institution of Zakat. Islamic finance practitioners, bankers, lawyers,
business owners and their financial and legal advisers may gain valuable
information on the Islamic law of trade and finance with practical
solutions.</div>
<div class="post-title entry-title">
<br />Islamic finance has grown exponentially in the last few decades
and has reached over 70 countries around the world. The Islamic financial system
today comprises a sizeable asset base and there is evidence of sustained demand
for Islamic financial products and services in the global market, with demand
outstripping supply.</div>
<div class="post-title entry-title">
<br />My forthcoming title “Applied Islamic Finance” provides
a new source of reference to aid the understanding of the laws and practices of
Islamic finance from a global perspective. Besides providing an overview of the
regulatory structure overseeing the Islamic financial system, the book discusses
the sources of law and the applied principles of Shari’ah governing Islamic
financial instruments, products and policies. An entire chapter is also devoted
to surveying the laws of several countries in the Muslim world that govern
Islamic financial institutions.</div>
<div class="post-title entry-title">
<br />As Islamic finance involves a wide array of
global players including borrowers, lenders and their bankers, policy makers as
well as legal and financial advisers, harmonization and rationalization are
important to foster an efficient and dynamic system. To that end, the book
discusses the Shari’ah standard of contemporary financial business, the roles
and functions of a Shari’ah advisory body and the impact of fatwa in Islamic
financial practices.</div>
<div class="post-title entry-title">
<br />This book may be regularly consulted by banking and
finance practitioners, in-house legal counsel, business owners, policy makers,
participants, players, researchers and persons responsible for the further
development of the Islamic financial system globally.<br />The understanding of
Takaful (Islamic insurance) and modern insurance will be greatly enhanced by
reading my book “Applied Takaful and Modern Insurance" with regulatory and
practical consideration. This book makes available in clear and succinct
language the principles and practices of Takaful and modern insurance with
comparative treatment. </div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
The comparison of these two systems brings up the
differences between and coincidence of both systems to facilitate the better
appreciation of the systems, which run in parallel to cover the various risks
faced in life and reality today.</div>
<div class="post-title entry-title">
<br />The topics covered in this book include
subject matter at risk, insurable interest, good faith, insurance contracts,
risk management, insurance intermediaries, nomination, beneficiaries, claims,
distribution and legal formalities. The contemporary experience in Takaful
operation is also discussed and recommendations are given for the future
development of the industry in the contemporary world of advance economy.</div>
<div class="post-title entry-title">
<br />The
book has been useful for the Takaful, Re-takaful and insurance practitioners,
business owners, in-house Shari’ah and legal counsel, takaful or insurance
advisors and persons responsible for the risk management.<br />The increasing
volume of Shari’ah-compliant business transactions backed by Islamic financial
arrangements and the widespread use of the internet and information technology
(IT) make a good understanding of Islamic e-commerce law and practices very
important. Being a developing area, good literature is not in abundance and it
is the aim of my latest book “ Applied Islamic e-Commerce” may meet the
need.</div>
<div class="post-title entry-title">
<br />This book gives a practical and enlightening account of Islamic law
comparing with modern principles as it applies to the field of e-commerce with
comparative treatment. Part I of the book sets out the general principles of
e-commerce law, which include ethics in e-commerce and the sources of e-commerce
law. Part II discusses from the Shari’ah perspective comparing with modern
practical matters such as Internet marketing and advertising, virtual stores and
payment systems as well as personal rights and the protection of privacy.</div>
<div class="post-title entry-title">
<br />The
practices of e-commerce law under Shari’ah comparing with modern principles are
explored in Part III. These include the components of an e-contract, the
principles governing data protection and the concept and practical application
of digital signatures. Part IV surveys offences and liabilities in e-commerce,
particularly the problem with hackers and torts in e-commerce dealings under
Shari’ah comparing with modern principles.</div>
<div class="post-title entry-title">
<br />Applied Islamic e-Commerce: Laws
and Practices is illuminating and provides valuable guidance from the Islamic
law standpoint comparing with modern principles on practical issues, which arise
in the conduct of e-commerce. This is certainly a first book produced by
considering Shari’ah standard comparing with modern principles that should not
be missed by corporate lawyers, finance and business advisors, business owners,
in-house legal counsel, marketers, IT professionals and those involve in
e-commerce activities in the contemporary business reality across the
world.</div>
<div class="post-title entry-title">
<br />Indeed, the past of Islamic financial industry had been grown with
hardship strategies while the present movement is with rapid achievement through
dynamic strategic and smart applications with a potential alternative component
to the global conventional players. If such a phenomenon continues, the Islamic
banking and financial platform may undoubtedly secure a sustainable place in the
world financial growing picture. Provided that, due professionalism, public
awareness, review exercise and product innovations are strictly recommended to
be observed with sustainable routine. </div>
<div class="post-title entry-title">
<br /></div>
<div class="post-title entry-title">
Furthermore, the dynamic mechanisms shall
be discovered with continuous research habit to provide tools for the risk
management in all levels of Islamic financial industry along with adequate
applications of relevant tools of Information technology (IT) to facilitate in
the smooth running of the hi-tech Islamic financial activities with an objective
of best and competitive offerings for the present and the Ummah ahead. </div>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com1tag:blogger.com,1999:blog-5281133194226525463.post-84828611191773185332012-04-05T07:55:00.001-07:002012-04-05T07:55:30.634-07:00'MLM' ? it's true holistic objective with humanity<h3 class="post-title entry-title">
<span style="color: orange;">.....................................</span></h3>
<div class="post-header">
<div class="post-header-line-1">
The
conceptual objective of MLM is: "to create job or income opportunities for the
retrenchment or jobless communities, fresh grandaunts, single parents, low or
under incomers & other potentials on socio-eco- humanitarian grounds,
besides having an auto-opportunity of building friendly networks, brotherly
cooperation & cultural solidarity among the human environment. This
ultimately contributes to ease the socio-eco &cultural crisis faced by the
families, communities or even by the nation".<br /><br />The true objective of MLM
may be achieved through: "a binary concept with fullest transparencies of every
aspect of the transaction and of course its underlying subject matter shall be
physically exist in its right legal capacity as to be transferred on a contract
of sale".<br /><br />In contrast, an MLM by selling of membership (by competition
but not compliment) on a subject matter by imagination in paper only, may
diminish the holistic objective of MLM, which may lead to misappropriation,
destruction, threatening to peace & harmony besides giving unacceptable
opportunities to some to gain at the expense of others.<br /><br />Hence, an MLM
with holistic approach of mutual cooperation, solidarity & brotherhood for
the noble cause of socio-eco-cultural prosperity among mankind, is strongly
encouraged by the Divine principles of al-Qur'an: <em>".......cooperate each
other in righteousness & piety, but do not cooperate each other in sin &
rancour....." (al-Maidah:02). </em></div>
</div>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-9910317504651426462012-04-05T07:49:00.002-07:002012-04-05T07:49:53.677-07:00Islamic Barter Trading? an auto universal friendship..<h3 class="post-title entry-title">
<span style="color: orange;">................................</span></h3>
Enrichment
of barter trading among the G2G, G2B & B2B may not only contribute to a
quality production, standard pricing, fairness in demand & supply and threat
to the unjust money laundering, but simultaneously it may pave a holistic way to
an auto-universal-friendship with meaningful cooperation, brotherhood &
solidarity among the parties & nations participate here in. <br /><br /><span style="color: #009900;">All are friendly invited to share your intellectual /
professional views, comments, thoughts & recommendations for the common
benefits of the global <em>Ummah</em> (humanity) through the following Link:
</span><br /><br /><a href="http://www.linkedin.com/groups/World-Islamic-Barter-Traders-Forum-4051132?home=&gid=4051132&trk=anet_ug_hm"><span style="color: #3366cc;">http://www.linkedin.com/groups/World-Islamic-Barter-Traders-Forum-4051132?home=&gid=4051132&trk=anet_ug_hm</span></a><span kavlinkstatus="16" name="KavHltTag"> <span style="background-position: 50% 50%; background-repeat: no-repeat; height: 16px; width: 17px;"> </span> </span>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-8804538916515251072012-04-05T07:44:00.001-07:002012-04-05T07:44:30.017-07:00LIBOR & The Reaction of Islamic Finance<h3 class="post-title entry-title">
<span style="color: orange;">............................</span>
</h3>
Issue 1: Can
we delink sukuk & Islamic banking transactions from LIBOR?*<br /><br /><span style="color: #009900;">Comment:</span> Definitely because, LIBOR involves RIBA
(Usury), which is prohibited under Shari’ah Principles (al-Qur’an, 2:275). Sukuk
as well as Islamic banking deals expressly oppose the element of Usury in any
component of their operations. Thus, no justification for Sukuk or Islamic
banking operation to link with LIBOR per se. <br /><br />Issue 2: Would it be
possible to have Islamic banks' fees higher, even in rare occasion, than the
LIBOR Rates?<br />
<br /><span style="color: #009900;">Comment:</span> It is justifiable
for Islamic bank to impose the fees higher than the LIBOR rates. Because,
Islamic banking is (in current practice) liable to pay both income tax as well
as Zakat, in contrast, the Conventional financial institution under LIBOR rate
is liable to pay only income tax. Yet, Islamic bank offers better benefits to
its customers than the conventional ones because, its operation is asset based
with risk sharing leading profit sharing techniques, which is proven to have
been more attractive to all than the one offered under LIBOR rates.<br /><br />Issue
3: Could you elaborate on why many shari’ah scholars have been uneasy when it
comes to returns on the ijara sukuk as they are typically benchmarked to LIBOR,
an interest rate indicator?<br />
<br /><span style="color: #009900;">Comment:</span>
There are several mechanisms of rating namely: FIXED rate, INDICATIVE rate,
FIXED charge, INDICATIVE charge, FIXED income, INDICATIVE income. Some scholars
perhaps fail to differentiate among all these categorization in the eyes of
Shari’ah. Therefore, any rate FIXED by amount except the FIXED charge are within
the ambit of the standard practice of LIBOR, which is opposed by the Spirit of
Shari’ah. Thus, an INDICATIVE rate is totally different from a FIXED rate. A
Fixed rate is approved by LIBOR but opposed by Shari’ah, which proposes
alternatively the INDICATIVE rate. Hence, no confusion shall arise as far as the
practices of INDICATIVE rate adapted in SUKUK al-IJARAH. <br /><br />Issue 4: "Taqi
Usmani has suggested a benchmark based on a common pool, which invests in
Islamic instruments. If most of the assets are tangible, its units can be bought
and sold based on their net asset value which is determined on a periodic
basis", please justify your view if you are against Usmani suggestion?<br />
<br /><span style="color: #009900;">Comment:</span> I fully agree with Mufti Usmani. Because
his idea provides INDICATIVE thought by deriving the outcome from the common
pool, which is again sharing the above highlighted ‘INDICATIVE rate’ view.Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0tag:blogger.com,1999:blog-5281133194226525463.post-3827536385985393442012-04-05T05:13:00.001-07:002012-04-05T05:13:20.177-07:00World Economic Crisis & the way ahead<h3 class="post-title entry-title">
<span style="color: orange;">........................................</span></h3>
Risk
sharing techniques adapted in the modern Islamic financial paradigm has been
empirically proven to stand with sustainable existence against any unexpected
eco-financial catastrophe. To day’s unpredicted economic tsunami does not remain
in the USA but shakes the world financial corridors. Through the close
post-mortem on the existing world economic models it may be concluded that, the
one with risk sharing techniques may contribute to fight the present critical
scenario of financial chapter and that is Islamic financial model applicable
globally with the true spirit of brotherhood, solidarity, cooperation, care and
concern to every one regardless of one’s religion, race, color, nation and the
status. It does not mean to deny the fact that, a deepest revision of all the
existing eco-financial models with the holistic spirit of harmonization by
considering the current socio-economic phenomena of the world may play a rescue
role to the contemporary world-eco crisis.<br /><br />Hence, US deputy secretary of
the Treasury Mr. Robert M. Kimmitt’s recent concern is timely, which has been
published in Arab News in Riyadh on October 26, 2008 on the possibility of
Islamic finance, which may contribute to overcome the present world economic
crisis and thus, has been studied carefully by the experts of US treasury
department to re-discover the important features of Islamic Finance in
reality.<br /><br />Open investment policies, risk analysis with foreseeable test,
research & re-discovery with product innovation culture and human capital
enrichment with reviewed professional integrity, applied wisdom, mutual respect
and natural harmonization structured under Shari’ah principles may be among the
salient steps to design the way forward against the present financial
upset.<br /><br />Thus, for the eco-rescue, benefits and the way ahead for the
contemporary Ummah (Global Community), the recent dynamic concern of the US
leaders on the Islamic financial role is relevant, which shall be congratulated
and be cooperated by all regardless of one’s nation, religion, race, color,
philosophy or ideology to re-discover a right common avenue with the spirit of
harmonization by way of mutual respect and common efforts towards noble
achievement for all and that is already guided in the Holy Qur’an : “ …..
cooperate each other in righteousness and piety…” (al-Maidah 5:
2).<br /><br />Hence, the forthcoming G-20 summit to be held in Washington on Nov.
15, 2008 may be the right platform to address the practical implication of
Islamic finance to be the potential joint-force with the world eco-rescue
consortium through effective cooperation among all in to day’s financial
reality.<br />(<span style="font-size: small;"><span style="color: red; font-family: verdana; font-size: 78%;">view expressed on
November 03, 2008</span>) </span>Mohd. Ma'sum Billahhttp://www.blogger.com/profile/14029507777590329011noreply@blogger.com0