Emirates Tarian plans S’pore Islamic REIT – sources

June 1 (Reuters) – Emirates Tarian, an investment firm with Middle East links, is planning to list an Islamic real estate investment trust in Singapore that will have assets of at least S$500 million ($355.4 million), three sources said on Tuesday.

Financials

The listing of the shariah-compliant property trust, called Sabana REIT, will be managed by United Overseas Bank (UOB) (UOBH.SI) and HSBC (HSBA.L), with the initial public offering slated for late 2010 or early 2011.

Sabana is in the process of acquiring warehouses and factory buildings in Singapore, and on Tuesday signed an option to buy an industrial property in the eastern part of the city-state for S$46.3 million from construction firm Sim Lian Group (SIML.SI).

“It’s (the REIT) still very much work in progress and the amount is not finalised… The market is not helping either,” a banking source said.

Sharia or Islamic law prohibits the leasing of real estate for purposes such as alcohol production or pornography, making warehouses and industrial buildings suitable for Islamic investors.

Emirates Tarian and UOB declined to comment, while HSBC could not immediately be reached for comment. ($1=1.407 Singapore Dollar) (Reporting by Kevin Lim; Editing by Muralikumar Anantharaman)

Swat military offensive has no Parliament backing: JUI-F

Islamabad, June 26 (ANI): The Jamiat Ulema-e-Islam Fazal (JUI-F) president, Fazl-ur-Rehman has criticized the PPP led government, saying that the ongoing military offensive in Swat and Malakand Divisions has no backing either of the Parliament or the National Security Committee.

Speaking at a program in Jamia Qasmia here, Rehman blamed the US led allied forces for Pakistan’s present turbulent situation.

“The foreign forces have created chaotic situation in Pakistan by imposing their war on us,” The News quoted Rehman, as saying.

He did not support the Taliban’s methodology of using violent means to force the authorities to implement the ‘Sharia’, but stressed that it was the responsibility of the government to implement the Islamic law as soon as possible.

“The government should fulfill its responsibility toward enforcement of Shariah,” Rehman said. (ANI)

Standard and Poor’s launches Canadian sharia-compliant index

Ottawa (Canada), May 28 (ANI): Standard and Poor’s is launching a Canadian stock index to give investors who follow Islamic law a guide to the country’s equity market.

According to the Globe and Mail, the index can be used as a benchmark or model for funds created to invest in Canada in a manner that is compliant with Islamic law.

The S and P/TSX 60 Shariah TXSI-I includes the biggest stocks in Canada that Islamic investors are allowed to invest in, which means no banks, no pork producers, no entertainment companies and no gambling. It also means no investment-management companies.

As a result, almost 80 per cent of the index is comprised of energy and mining companies.

It’s the second such index in the country, following on the heels of the Dow Jones Islamic Market Canada Index. For S and P, it’s one of more than 50 Shariah indexes around the world. (ANI)

Pak military divided in its resolve to counter Taliban threat: Report

New York, May 6 (ANI): Even though Pakistan has initiated a military offensive against the Taliban under immense international pressure, and the army has claimed sanitizing scores of militants, Pakistan’s military is divided in its resolve to root out the extremists from country’s soil, a leading US daily said.

A report in the New York Times said that amid the chaos in Pakistan, the United States, which has expressed concerns about the ‘existential threat’ and has vowed to provide huge financial aid to thwart it, still remains unpopular in Pakistan.

Furthermore, the report said that despite the increasing Taliban threat some religious parties still sympathize with the outlawed outfit.

The now ‘tattered’ Swat peace deal was popular among the people of the region because they hoped that the accord will bring peace to the restive valley which had been facing a war like situation for the last two years.

Large numbers of people, who are now forced to flee from regions like Buner and Swat, have criticized the military operation as it has left them homeless.

Now that the peace deal has been broken, it is also evident that TNSM chief Sufi Muhammad does not have any control over the militia.

The extent of unwillingness of some of the military officials to fight against the Taliban can be gauged from the statements of a Supreme Court lawyer Anees Jillani.

Jillani recently visited Swat and found out that there were many army officials who were hesitant to fight against the extremists.

“When you ask them why you are not defeating them, they ask: ‘Why should we?’ And you ask about Sufi Muhammad, they say: ‘What’s wrong with him?” the newspaper quoted Jillani, as saying.

Some political parties are also against the offensive, and have blamed the government of breaking the deal.

General Secretary of the Jamiat-u-Ulama-i-Islam-S, Yousuf Shah said the government failed to keep its part of the Swat deal that is why the TNSM chief Sufi Muhammad failed to convince the Taliban fighters.

“For 20 years these people have been struggling peacefully for Shariah, but it was no use.It is a natural thing when democratic avenues are not working to take up arms,” Shah said. (ANI)

Jihad not compulsory in Kashmir : Sufi Muhammad

Rawalpindi,May 3 (ANI) : The Tehrik Nifaz Shariat-e-Muhammadi (TNSM) chief Sufi Muhammad has said that ‘jihad’ or the holy war was not compulsory in Kashmir as the people there are struggling for freedom and a new state and not for implementing ‘shariah’

In an interview to a private television channel, Muhammad once again attacked the democratic system terming it as ‘Kufar’ (infidelity).

Muhammad said it was useless to back democratic forces in the country.

“Even I do not offer prayer under pro-democracy people,” the Daily Times quoted Muhammad, as saying.

When asked about the countries such as Saudi Arabia and Iran where Islamic law had been in practice for years, Muhammad said such countries do not practice real Islamic shariah system.

He said ‘jihad’ was not being carried out across the world to establish the Islamic law all over.

“Today there is no place in the world where ‘Jihad Bil Qataal’ (holy war) is taking place,” Muhammad added.

Explaining about the don’ts that females must obey under the Islamic rule, Muhammad added : “Women were not allowed to go out of their homes except for Haj, and there was no need for a wife’s permission in ‘jihad’. (ANI)

Shariah cannot be enforced at gunpoint: Pak Tableeghi Jamaat

Islamabad, Apr 28 (ANI): Pakistan’s Tableeghi Jamaat has denounced the enforcement of the Sharia at gunpoint, religious extremism, militancy and terrorism.

Leaders of the Jamaat also called for promoting inter-faith harmony, tolerance, human rights, social justice and peace.

They were speaking at the conclusion of a three-day congregation near here, The News reports.

“Shariah cannot be enforced at gunpoint,” declared Haji Abdul Wahab, Amir of the Tableeghi Jamaat, Pakistan.

Had that been the case, Allah Almighty would have sent fierce angels to protect prophets and enforce their faiths, he added.

The scholar cited the example of Prophet Mohammad (PBUH), and said the Prophet never used force. Instead he spread the word of God only by peaceful means.

Haji Abdul Wahab also condemned extremism and militancy in the name of Islam.

Maulana Jamshaid, Maulana Mohammad Ahmed and Mualana Fahim also addressed the congregation of tens of thousands of people. (ANI)

‘Pakistan right at this minute is a more acute problem than Iran,’ says expert

Washington, Apr.24 (ANI): A senior fellow at the Washington Institute for Near East Policy, who served as an adviser in the Clinton and Bush State Departments, has warned that as of now the evolving situation in Pakistan is more acute than Iran’s alleged nuclear ambitions.

According to David Pollock, the situation in both countries is serious and a matter of grave concern to the international community.

“Iran is also pretty serious and quite an urgent problem as well. I don’t think we have the luxury of putting Iran on hold while we deal with Pakistan. …We have to really be able to try to work on a number of different issues at the same time,” Fox News quoted Pollock, as saying.

Iran has been high on the list of foreign priorities for the U.S. because of its nuclear program. Oil-rich Iran says it is building nuclear reactors to generate electricity, but Washington believes it is secretly aiming to build atomic weapons, in violation of Tehran’s treaty commitments. .

Pakistan, which is supposed to be a key ally of the U.S. in the war against the Taliban and Al Qaeda in Afghanistan, is already rich in nuclear weapons.

US Secretary of State Hillary Clinton said Wednesday that the Pakistani government is “basically abdicating to the Taliban and the extremists.”

The secretary of state’s comments came after Pakistani President Asif Ali Zardari approved Islamic Shariah law in the northwestern Swat valley, which has been overtaken by Taliban forces.

President Obama has invited Zardari and Afghan President Hamid Karzai to the White House early next month, and Clinton made clear that Washington expects Zardari in particular to take a much harder line against extremists.

Richard Perle, former chairman of President George W. Bush’s Defense Policy Board and now a resident fellow at the American Enterprise Institute, said the Obama administration needs to be working around the clock on Pakistan “because that’s a very serious situation.”

Perle, however, doesn’t believe the administration’s efforts toward Iran are taking up much time.

“If Clinton and others were shuttling around the globe to put together a coalition with the Iranians, you could argue that it is a drain on resources,” he said. “But I don’t think there’s a lot of heavy lifting,” Perle said. (ANI)

Swat Sharia laws rock Pakistan’s Senate

Islamabad, April 20 (IANS) The Sharia laws imposed in Swat Valley and other parts of Pakistan’s restive northwest Monday rocked the Senate, the upper house of parliament, with the Muttahidda Quami Movement (MQM) and other opposition parties walking out in protest against the remarks of a Taliban-linked radical cleric on the country’s judicial system.

Prior to this, a heated exchange of words and sloganeering against the promulgation of the Nizam-e-Adl Regulation rocked the Senate as Parliamentary Affairs Minister Babar Awan tabled it in the house, Geo TV said.

The move was a mere formality as the regulation has already come into force with the National Assembly, the lower house of parliament April 13 passing it by a majority vote after an MQM walkout and President Asif Ali Zardari quickly ratifying it the same night.

The opposition members were incensed over the remarks Sunday of Maulana Sufi Mohammad of the Tehrik-e-Nifaz-e-Shariat Muhammadi (TNSM) that Pakistan’s existing judicial system was un-Islamic and his vowing to impose Sharia across the country.

In the midst of the pandemonium, Senate Chairman Farooq H. Naek reserved his ruling on the regulation.

The situation in the Senate was far different than in the National Assembly, where only the MQM had raised the voice of dissent as other opposition parties quietly acquiesced to the Nizam-e-Adl Regulation.

In fact, Ports and Shipping Minister Babar Khan Ghauri went to the extent of requesting the house chairman to pass a ruling over Sufi Mohammad’s statement terming parliament ‘unlawful’ under Shariah.

Ghauri accused the cleric of violating the sanctity of the judiciary and parliament.

Leader of Opposition Waseem Sajjad saw little purpose behind the Nizam-e-Adl Regulation being tabled in the upper house.

The Pakistani government said Monday it was examining Sufi Mohammad’s remarks and had sought a recording of his speech.

At his rally Sunday at Mingora city in Swat, Sufi Mohammed termed judges, lawyers and pro-democracy clerics of Pakistan as ‘rebels’.

‘Opposition to enforcement of (the law as per) the holy Quran is infidelity,’ the Nation newspaper quoted the radical cleric as saying.

Pakistan’s judicial system, he said, was un-Islamic and the judgments of Sharia courts could not be challenged in these courts.

‘High courts and the Supreme Court were ‘ghair sharaiee’ (un-Islamic) institutions and going for appeal in ‘ghair sharaiee’ institutions was ‘haram’ (prohibited as per Islamic code),’ he added.

Sufi Mohammed’s TNSM and the NWFP government Feb 16 inked a controversial peace deal under which Sharia laws would be imposed in Swat and six other districts of Malakand in return for the Taliban laying down their arms.

Thousands had gathered to attend Sufi Muhammad’s rally.

He also criticized the country’s rulers, saying ‘they were appeasing the West by thrusting the Nizam of Kufr (rule of infidelity)’.

He said that he wanted peace and affection among the Muslims and ‘wish to set up an environment of brotherhood.’

‘But the Muslims were divided in different parties, we direly need unity at this time,’ he maintained.
Indo Asian News Service

SWAT cleric terms democracy un-Islamic

Hardline cleric Sufi Muhammad, who played a key role in enforcing Islamic law in Pakistan’s restive northwestern SWAT valley, said on Sunday that there is no room for democracy in Islam and it contravenes the Quran.

Addressing a gathering of thousands of people at Mingora, the main city in Swat district, the chief of the banned Tehrik-e-Nifaz-e-Shariah Muhammadi (TNSM) described democracy as an un-Islamic system.

The existing political system in the country contravenes Islam and the Quran, he claimed.

Asserting that there is no room for democracy in an Islamic system, he accused Pakistan’s rulers of appeasing the West by thrusting the system of ‘kafirs’ or infidels on the people of the country.

Muhammad said many years of struggle for implementing Shariah or Islamic law in Malakand division, which includes SWAT, were now bearing results. He claimed all un-Islamic laws will soon be abolished in Malakand.

The radical cleric, who set up Qazi or Islamic courts in SWAT even before President Asif Ali Zardari ratified a controversial law to enforce Shariah in the region, said no appeal could be made against a decision by a Qazi court in civil courts.

Such decision could be appealed only in Darul Qaza, or superior courts in the Shariah system, he added.

High Courts and the Supreme Court contravene Shariah and appeals in such institutions would be ‘haram’ or unlawful, Muhammad said.

The final decisions of the Darul Qaza too cannot be challenged in High Courts or the Supreme Court, he said.

Muhammad, who has been negotiating with the Taliban on behalf of the government, said Pakistan’s judicial system should be in accordance with Shariah. Instead of being divided into different parties, Muslims need unity, he said.

Taliban fighters led by Maulana Fazlullah, the son-in-law of Sufi Muhammad, currently control most parts of SWAT, located just 160 km from Islamabad.

Pak Parliament endorses move to enforce Shariah in Swat

Pakistan’s parliament on Monday endorsed a move to enforce Islamic laws in the restive northwestern Swat valley, which is largely controlled by the Taliban, and asked the President to accord approval to the measure to usher in peace across the country.

The National Assembly or lower house of the parliament adopted a resolution recommending that President Asif Ali Zardari should accord approval to the Nizam-e-Adal Regulation to implement Shariah or Islamic laws in Swat.

The resolution was passed following a debate in the House. Parliamentarians of the Muttahida Qaumi Movement, which is part of the PPP-led ruling coalition, stayed away from proceedings during the voting on the resolution.

The North West Frontier Province government drafted the Nizam-e-Adal Regulation after reaching an agreement in February with the Tehrik-e-Nifaz-e-Shariah Muhammadi (TNSM), a group of religious hardliners, on enforcing Shariah in Swat.

In return, the TNSM began peace parleys with the local Taliban, who called a truce in the region located just 160 km from Islamabad.

Western powers, including Britain and the US, as well as India have expressed concerns about the peace deal in Swat. Observers have said it would embolden the militants to demand the enforcement of Shariah in other parts of Pakistan.

Taliban fighters to get immunity from prosecution: Cleric

pro-Taliban hardline cleric in the restive SWAT valley has stirred a controversy by saying that the newly imposed Islamic law in the region will protect militants from prosecution, confirming the worst fears of the West about the spread of extremism in Pakistan.

Tehrik-e-Nifaz-e-Shariah Muhammadi chief Maulana Sufi Muhammad, who brokered a peace deal with the Taliban, also said that verdicts by Islamic courts cannot be challenged in the superior judiciary and that he intended to strive to extend the Shariah to most of the NWFP.

He said the new laws will protect militants accused of brutal killings from prosecution. His comments have already evoked sharp reaction from visiting US Senator John Kerry, who said Washington always had reservations about such pacts.

“I have expressed concerns and others have expressed concerns about this agreement,” said Kerry, chairman of the powerful Senate Foreign Relations Committee. “I have personally serious reservations about whether or not it will hold”.

The ratification of the Swat pact by President Asif Ali Zardari also evoked strong criticism by the US and Pakistan’s neighbour Afghanistan, with Kabul saying it will have “dire consequences” for the region.

In one of its most pointed criticism of the Swat deal, the White House described it as infringement of human rights.

Pak Taliban still in control of several areas in Buner

Peshawar, Apr 16 (ANI): Pakistan Taliban militants are still holding several areas of Buner, carrying out armed patrol to keep up a campaign for recruiting fighters, and having no impact of the enforcement of Nizam-e-Adl Regulation, as demanded by their Swat counterparts.

The repetition of Swat-like scenes could now be seen in parts of Buner district as barbers displayed “shave is banned” papers at their shops while tailors put notices inscribed with “sewing of un-Islamic dresses is prohibited.”

There were no threats, locals said, to barbers or tailors but they put a self-imposed ban on shaving off beards and sewing modern dresses to avoid wrath of the militants, as they had forced their co-professionals in Swat into stopping such practices.

Though there were no clashes between people-militants or militants-police, locals from Swarai and Daggar said, the militants rigorously kept up their campaign to recruit fresh fighters in their force, The News reported.

The militants’ commander along with his armed fighters addressed a big gathering of people at College Masjid, or mosque, in Swarai and Elai on Wednesday and asked people to join their ranks.

Maulana Fazlullah-led militants had time and again said they would stop militant activities and lay down arms if Nizam-e-Adl was enforced, but it was not the case even after the enforcement of Shariah.

Tanzim Nifaz Shariat-e-Muhammadi (TNSM) chief, Maulana Sufi Muhammad, had also guaranteed peace after enforcement of Nizam-e-Adl Regulation.

Expressing surprise over the continuing activities of militants, TNSM spokesman Amir Izzat Khan said that it was not helpful for building trust and bringing peace.

However, he said Sufi Muhammad was going to make an important announcement in April 19 public meeting about militants role. He said if the militants did not stop activities, they would withdraw from the peace process or consider another option. (ANI)

Taliban intrudes Buner, 12 killed in clashes

Peshawar, Apr. 8 (ANI): Around a dozen people have been killed in violent clashes between locals and Taliban militants, who invaded Gokand area of Buner District, authorities have confirmed.

The violence broke on Monday evening when locals constituted a Lashkar for defending their areas from intruding Taliban militants, The Nation reports.

Earlier, The Taliban militants shot dead three policemen, including an Assistant Sub Inspector and one civilian in the violent clashes. The policemen were assassinated after being abducted.

Later, the locals cordoned off the Gokand valley, and targeted Taliban militants with guns and rifles.

The NWFP Information Minister Mian Iftikhar Hussain during a press conference informed that the officials reported killing of eight Taliban militants.

Hussain also confirmed that people from all over Buner district were unhappy over the entrance of Taliban, and they were demanding their early return to Swat.

The situation in Buner further deteriorated when the Taliban militants refused to leave the area after killing four people.

The Talibani militants even rejected the mediation of Commissioner Malakand Syed Mohammad Javed and Tehrik Nifaz Shariah Mohammadi (TNSM) Deputy leader Maulana Mohammad Alam. (ANI)

Altaf demands public hanging of culprits behind flogging of Swat girl

Karachi, Apr 6 (ANI): Muttahida Qaumi Movement (MQM) chief Altaf Hussain has asked President Asif Ali Zardari, Prime Minister Yousuf Raza Gilani and Interior Adviser Rehman Malik to publicly hang those who had flogged a young girl in Swat.

He made this demand while delivering a telephonic address on Sunday at a MQM women wing’s rally at the mausoleum of Quaid-i-Azam Mohammed Ali Jinnah.

The MQM observed a peaceful black day all over the country, including Karachi vehemently condemning the flogging of the young girl in Swat.

Protests were also held in other parts of the country, including Mirpurkhas, Hyderabad, Umerkot in Sindh and parts of the Punjab. Protests were also registered by the MQM in parts of England and some states of the USA.

Lashing out at Ulema who had issued statements in support of flogging, Altaf said as per the Quranic verses, the girl could only be punished if four pious eyewitnesses, who prayed five times a day, were produced.

He added if these people failed to produce such witnesses, then the people who had flogged the girl should be whipped publicly 80 times, The News reported.

Altaf also lashed out at the Taliban and said they were defaming Islam. The MQM chief made it clear that he was not against the Pakhtuns, but opposing the Talibanisation of the society, adding he did not accept the Shariah of the Taliban.

He said according to investigative reports, the marriage of the girl and the boy was forcibly solemnised and now the boy was under immense mental pressure. One of the brothers of the girl works in Saudi Arabia and the victim had done intermediate from a college in Mingora, he said.

Altaf disclosed the Taliban had been chasing both the boy and the girl. He demanded of the authorities concerned to save them from these elements. In an emotional tone, Altaf said this act of the Taliban had brought shame to the entire nation. He demanded that those responsible for this act be publicly flogged to death.

He further said he had been repeatedly cautioned about the danger posed by the Talibanisation in Pakistan, including Karachi, but the authorities had turned deaf ears to his warnings and they themselves saw how the girl was flogged. (ANI)

Teenage girl’s flogging did not occur in Swat: Taliban

Islamabad, Apr.4 (ANI): The Taliban has denied that the flogging of a 17-year-girl took place in the Swat Valley.

“The act is in accordance with shariah, but the flogging did not happen in Swat,” The News quoted Tehreek-e-Taliban Pakistan (TTP) spokesperson Muslim Khan, as saying.

Khan said the punishment was according to what is described in the shariah.

“No one would be allowed to interfere in shariah, and if any man or woman commits sin, we will punish them according to sharia. Peace is directly related with the imposition of Islamic laws,” Khan added.

Khan said the video circulated in the media was a fake, and the incident shown in it was another one.

He also warned of taking stern action against the person who captured the video on his mobile.

Pakistani religious scholars have rubbished Taliban claims by saying that the sharia cannot be implemented by any group of individuals and only an authorized court can find a woman guilty on an illicit relation charge. (ANI)

Malaysian court allows Muslim convert to revert to Buddhism

George town, Mar 17 (ANI): A Malaysian Islamic Court has upheld an earlier order made by the High Court here to allow a Muslim convert, Siti Fatimah Abdullah, to revert to Buddhism.

A three-member panel who presided over the case found that the respondent did not practise Islam from the start of her conversion, which began after she took an oath of allegiance and recited holy words in Arabic.

After hearing arguments from the plaintiff, which is the state Islamic Religious Council, and the respondent’s lawyer Ahmad Jailani Abdul Ghani, Justice Ibrahim Lembut said it was proven beyond reasonable doubt that Fatimah whose birth name is Ean Huang did not practice Islam and had not embraced the religion sincerely.

“Islam was sacred so its followers must adopt its teachings faithfully. We cannot impose its teachings on non-believers nor force people to embrace Islam,” he added.

The judges took into account two main aspects before making a decision on the appeal by the ouncil to set aside the state Syariah High Court’s decision.

Fatimah who is a hawker, testified that she converted to Islam in July 1998 for the sake of marrying an Iranian named Ferdoun Ashanian. He left her a few months into the marriage.

Consequently, Fatimah maintained her Buddhist leanings.

Malaysia has a dual court system with civil courts for non-Muslims and Shariah courts for Muslims. In interfaith disputes involving Islam, the Shariah courts typically get the last word, which has upset non-Muslims who fear they cannot get justice in such courts, The Star reports. (ANI)

Truce in Pak’s NWFP just giving breathing space to Taliban: NYT

Peshawar (Pakistan), Mar.6 (ANI): The truce inked between the government in Pakistan’s North West Frontier Province (NWFP) and the defunct Tehreek Nifaz-e-Shariat-e-Muhammadi (TNSM) last month in the Swat region, seems to have allowed the Taliban a chance to expand their harsh religious rule, reports the New York Times.ust days after the truce was signed, a member of a prominent anti-Taliban family returned to his mountain village, having received assurances from the government that it was safe.

The Taliban promptly kidnapped and tortured him before killing him.he militants then erected roadblocks to search cars for any relatives who dared travel there for his funeral. None did.

This week, two Pakistani soldiers who were part of a convoy escorting a water tanker were shot and killed because they failed to inform the Taliban in advance of their movements.

The imposition of the Shariah, in the area,includes a ban on music, a requirement that shops close during calls to prayer and the installation of complaint boxes for reports of anti-Islamic behavior.

Local residents are skeptical that girls’ schools will be allowed to reopen.

Previous accords with the militants in Pakistan’s semi-autonomous tribal areas have effectively created mini-states with sanctuaries for Qaeda and Pakistani militants.

The Pakistani government has argued that the truce in Swat would free the Pakistani Army, reduce civilian suffering and satisfy popular dissatisfaction with the local judiciary.

However, hundreds of thousands of people who have fled in the past six months to camps in surrounding districts or to relatives’ homes are staying put, unsure what they would encounter if they dared to return.

The Pakistani government agreed to the cease-fire with an aging Islamic leader, Maulana Sufi Muhammad, on February 16 after the army had already ceded about 70 percent of Swat, a pocket of snow-capped peaks and fertile valleys, to Taliban fighters.

The government said it saw the truce as a way to separate what it considered to be more approachable militants, like Muhammad, from hard-line Taliban leaders like Maulana Fazlullah, his son-in-law, who is a young warlord flush with money and weapons.

There was no mention of the future of girls’ education in the accord on Wednesday, an ominous sign, said opponents of the Taliban.

The militants have burned hundreds of girls’ schools in Swat in the past year, and banished the students to their homes.

The chief minister of the North-West Frontier Province, Ameer Haider Hoti, said during a visit to Swat this week that the girls’ schools would reopen. But the provincial government is strapped for money, and there is speculation that the government cannot afford to rebuild the burned schools.

Local and provincial officials appear to be powerless in the face of the Taliban, and many remain in exile in Peshawar. Some officials have fled to Islamabad, the capital, some as far as London.

Those who have ventured into Swat to negotiate the accords with the Taliban have been shown who is in charge. (ANI)

Taliban briefly holds top civil official, 6 guards in Swat

Rezaul H Laskar Islamabad, Feb 22 (PTI) A top civil official and his six guards were today kidnapped and briefly held by the local Taliban in Pakistan’s restive Swat valley, where religious hardliners are holding talks with the militants to usher in peace. District Coordination Officer Kushal Khan, who was recently appointed to the post, and his guards were abducted on the outskirts of Mingora, the main city in Swat district.

Taliban spokesman Muslim Khan, however, claimed the official was “not kidnapped” and had been stopped by the militants so that he could be their “guest” for tea. But the officials contested the Taliban’s claim, saying Khan was held by the militants for almost four hours.

“We allowed him to go after taking care of him as a guest,” the Taliban spokesman said. Today’s incident occurred despite the government and the militants calling for separate truces in the region.

Most parts of Swat are controlled by the Taliban, who are currently holding peace parleys with the Tehrik-e-Nifaz-e- Shariah Mohammadi, an outlawed group of religious hardliners. The TNSM recently reached a controversial agreement with Pakistani authorities on implementing Shariah or Islamic laws in Swat and Malakand to counter the Taliban insurgency.

PTI.

NWFP government, TTP announce permanent ceasefire in Swat

Peshawar, Feb.22 (ANI): The Tehrik-e- Taliban Pakistan (TTP) and North-West Frontier Province (NWFP) government have reportedly reached an accord for a permanent ceasefire in the Swat Valley.

The NWFP government has announced re-opening of all school and educational institutions, and has asked all displaced people to return to the valley after Maulana Fazlullah agreed to accept the Nizam-e-Adl Regulations.

Confirming the report, Commissioner of the Malakand Division, Syed Muhammad Javed said: “Yes, both sides will observe a permanent ceasefire.”

He said all the schools would be re-opened from Monday, and girl students will also be allowed to appear in the examinations in ‘proper purdah’.

Fazlullah, speaking on his private FM radio channel, said that he would discontinue fighting in the valley but would not surrender to the security.

He, however, said that the war against the United States would continue until it was defeated.

“War in Afghanistan continues and so does our ‘Jihad’. A ‘Jihad’ against those who had handed over 600 ‘Mujahideen’ to the US,” Fazlullah’s voice screeched over radio-sets across the valley.

He termed Sufi Mohammad’s efforts of implementing Islamic law in the region as a ‘great achievement’.

“Now we will honour the Shariah under any circumstances. It’s also the responsibility of Ulema to work for it,” Fazlullah added.

Meanwhile, the administration has announced a compensation of 300,000 rupees and 100,000 rupees to the family members of people killed and injured during the long violence in the region, The News reports. (ANI)

Islamic finance shows resilience as London consolidates position as key western centre

London, Feb.10 (ANI): A report that may interest a lot of people in the world’s financial markets is that Islamic finance is showing resilience, even as London continues to consolidate its position as key western centre.

Incidently, the global market for Islamic financial services rose by 37 per cent to 729 billion dollars at end-2007.

In 2008, IFSL’s Islamic Finance report notes that the industry felt the influence of the credit crunch and downturn in the global economy – Sukuk issuance has more than halved and the value of equity funds has fallen.

Islamic banks, however, have been less affected than many conventional banks, as they are prohibited from activities that have contributed to the credit crunch, such as investment in toxic assets and dependence on wholesale funds.

Two Islamic banks, Gatehouse Bank and European Finance House, have been granted licences bringing to five the number of fully Sharia compliant banks in the UK.

Principal Insurance became the first Shariah compliant independent company authorised to offer Takaful to UK residents.

Four new exchange traded funds and two new equity funds were launched in capital markets.

International Financial Services London (IFSL)’s report suggests that the United Kingdom’s offering includes a total of 22 Banks, far more than in any other Western country.

Professional services are provided by 18 law firms and the Big Four accounting firms.

A cumulative total of 18 Sukuk issues raising 10 billion dollars have been listed on the London Stock Exchange, which is second only to Dubai.

With 55 institutions offering educational and training products in Islamic finance, the UK has more providers than any other country worldwide.

According to Duncan McKenzie, IFSL’s Director of Economics, : “The UK has benefitted considerably from supportive government policies intended to put Islamic services on the same footing as conventional services. Evidence of London’s growing role in Islamic finance is shown in the UK being the only western country to feature prominently, 8th with assets of 18 billion dollars in a global ranking of Sharia compliant assets by country.”

As per Sir Andrew Cahn, UK Trade and Investment’s Chief Executive Officer: “Despite its origins overseas, Islamic finance has found a natural home in the UK. Though no sector is immune to the global financial crisis, Islamic finance has shown great resilience. It is important we continue to work with our Islamic finance partners to maintain our position as the leading western centre for Islamic finance service providers.”

IFSL’s Islamic Finance Working Group is taking a leading role in the promotion of Islamic financial services available from the UK. The group is working closely with private sector and government, particularly UKTI and the City of London Corporation.

IFSL Research aims to raise awareness of the UK’s role in international financial markets and to highlight the contribution of financial services to the UK economy. (ANI)