Passion Islam I October 2008 ORLD NEWSW I 15
Leading Australian Mufti says
embrace Aussie culture
Muslims should embrace Australian Sheikh Fehmi said: “Extremism has “It is a blessing that everyone who
culture by playing footy, going to the no place in Islam and people who take was either born here or chosen to come
beach and having barbecues, the nation’s innocent lives in name of God are outside and live here should be thankful for.
most senior Islamic cleric says. the fold of Islam.” “I am confident that Australia will
Sheik Fehmi Naji el-Imam, the Mufti of In his first wide-ranging newspaper continue to prosper as a free, open,
Australia, says Australians are blessed to interview, he also said: democratic society.”
live in a country that is “a bastion of hope” AUSTRALIA faced a disturbing crisis
and a “free and open” society. of faith and rising materialism.
He said Muslims were increasingly THE Rudd Government was more
playing roles in wider society, citing inclusive than the Howard administration.
Essendon footballer Bachar Houli and FIGHTING climate change was a
SES volunteers as examples. religious duty.
Speaking as the trial of would-be THE nation needed to be vigilant in
terrorist Abdul Benbrika and his followers condemning and abolishing racism.
concluded last week and as the Bali “Sheikh Fehmi, who was involved
bombers await a date for their executions, in establishing Victoria’s first Islamic
he told the Sunday Herald Sun terrorists Society, in 1957, said he was confident
and would-be terrorists should be dealt about Australia’s future. Australia is a
with under the law. peaceful society if you look in comparison
Refusing to comment on the trial, with other countries,” he said.
Deutsche Bank to launch
sharia hedge fund platform
Deutsche Bank AG’s prime brokerage Capital’s Al Safi sharia-complaint platform
business is preparing to launch a sharia- in June and the launch last year of a
compliant hedge fund platform within the similar product by Newedge, the broker
next month, as part of its Middle East platform joint venture of Credit Agricole’s
expansion plans, a senior official said. Calyon and Societe Generale.
Deutsche Bank will expand an existing Sharia-compliant transactions demand
service on a selective basis, regional transparency throughout the investment
head for Middle East Structuring Geert process.
Bossuyt told Reuters, and the platform - Short selling is banned because it
Al Istithmar, which is 55 percent owned by
- or range of financial products -- will offer amounts to selling an asset not owned and
the German financial group.
techniques for hedge funds to adjust to risk management must accommodate the
The Islamic hedge fund industry is still
Islamic investment rules. exclusion of certain types of derivatives
at least two years away from reaching the
‘It is a bit like the case of the chicken because of their speculative nature.
tipping point where the product offering
and the egg, you will never have demand Bossuyt said the platform will offer
is large and sophisticated enough to
if there is no offer. So Deutsche Bank, and ‘conceptual solutions’ to hedge funds,
make costs and returns very similar to its
others, offer product,’ he said. advising on techniques to replicate
mainstream counterpart, Bossuyt said.
Deutsche will target existing hedge traditional shorting, as well as screening
My estimate of the immediate flow
funds who want to run sharia strategies of underlying equity and derivative
is that it is not going to be great at the
alongside their ongoing investment transactions.
beginning. We are in a learning curve
activities. The service has been approved by the
phase,’ he said.
It will follow the launch of Barclays sharia board of investment company Dar
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