“Can an individual (by the assistance of consent) rise above 'animalistic' (biological) kind of identity? Or can what is now mistakenly called the 'Somali Self' form 'an identity' through the employment of consent? I've asked the last question because I am yet unaware of any 'formed' identity by a Somali, which is beyond biological. Can you, as an individual, after thinking rationally of social, clan and familial relations, develop an independent identity that is purely consensual, that no longer adheres to biological/animalistic lineage but rather on own consent? What are 'YOUR' (individual and consensual) thoughts on these questions?†In simpler words; can a thinking man who is not awfully impressed with certain things about his cultural heritage sherry pick certain stuff from it and abandon the rest in the dustbin of archaic cultural norms? The pacesetter of this topic deserves deference for he is intending to initiate a far reaching idea which if it is to be followed (I suspect it won’t; labels will be hurled against those who will propagate this idea; and deservingly so many rational thinkers will not be astonished as to why) rescinds the very essence of being Somali; but in Somalia; the culture is not made in books or intelligent pamphlets; but indeed our cultural heritage has been in a state of collective continual metamorphoses for donkeys years; the last serration taking form in early 90s when the Islamic movement (Saxwa Islaamiya) took its hold on our society. The idea though, that one has the ability to sherry pick is the one I would like to deal with-most of the other areas of contention had been dealt with; thus I won’t spill more ink on to them. The author of this idea, my good fellow Jamaal is threading a jungle full of sharp thorns, but I trust he is accordingly attired to escape any discomfort. Sherry picking is a very neat thought, for we should all be masters of our actions; I might even agree with that (being masters…) but this assault against the very nature of what makes us Somali is just pusillanimous action taken by those who are afraid of labels because of their actions against what is seen as Somali culture. For example; a man marrying a woman in secret is an action frown up culturally. But the believer of ‘Consensual Somalism’ might argue fallaciously that oh bugger; I have not consent to that particular cultural norm; both of us are adults and as such should not be dictated by some norms which we do not give credence to. Where is the line? Perhaps my good fellow may accuse me that I have not actually fathomed his thoughts; oh well what hope did I have to begin with when great minds of SOL had painfully fallen from their intellectual seats while trying to decipher this knotty idea.

Gaala-Leged: Somali Text [1] Awel maanso9 waataan gudboo10 guriyey waayaaye [2] Waataan galbeedkaas u diray guga hortiisiiye [3] Aan gaasheeyo tii xalay hurdada gama’a ii diidday [4] Galladaha Ilaahay ka badan geedahaas baxaye [5] Guushuu inoo yeelay baan idin garwaaqsiine [6] Guddiyey I maqal waxaa tihiin gacaladaydiiye [7] Najiska gurta xumaa hadduu shalayto geeryooday [8] Godka lagu cadaabkii haddaan gowrac ugu jiiday [9] Uu guduri cunay waa waxay galabsanaayeene [10] Dhurwaagii ka giigaan u diri gacan salaameede [11] Isagay gargaaroo dugaag iiga gooniyahe11 [12] Haddaan garan gunaan siin lahaa gooriyo ayaane [13] Gandaldheere waataan wax badan guuyaduu maraye [14] Gef hadduu ku sii daray wixii lagu gufeynaayey [15] Anigu wow garaad qabay inuu gigi waraabuuye [16] Giriirixis aan jrin waa wixii gaabshay oo rogaye [17] Gaalleefta12 waataan la dhacay gucurradoodiiye [18] Haddeeyaan abaal gadin sidaa uma gadoodneene [19] Godolkiyo kasnaantaan u qabay kama galgaaleene [20] Kamana gaagexeen abid hadday nabad u13 goohaane [21] Waxse mowd ku gaardiyay markay ganafka taageene 9 Reading maanso for maano. 10 Reading gudboo for gudbo. 11 Reading gooniyahe for goonnihaye. 12 Following Keenadiid’s reading gaalleefta instead of gaaleyska. 13 Reading u for ku. 32 MURSAL FARAH AFDUB AND LIDWIEN KAPTEIJNS [22] Gabooygii14 Shuxle ahaa haddaan gowsihii jebiyey [23] Gegida Yuusuf jiifaa tukuu gabas-dhebaayaaye [24] Geesaaska dumarkaa sidii galow la moodaaye [25] Geed-joogahoodii haddaan gudurigii siiyey [26] Guska Taajir15 baa ii hadhaan ugu gamuumaaye [27] Cismaan iyo waxaan gaadayaa gabannadiisiiye [28] ******teenka kale inaan ku gudo wayga garanuuge [29] Garacyada Bahdira haatanaa guuto loo wiciye [30] Waa lagu gadaal16 xoorayaa gurigi reer Nuure [31] Gabagaba-rogaalkaa warmaha lagu ganaayaaye [32] Goobbay ku wada le’an sidii goosan weer helaye [33] Gafuurraxun sidee Eebbahay guuldarro u raacshay *** [34] Afartaa geddii aan bartiyo gololo’daydii dheh [35] Gerbidaan ka soo hoorin jiray godol naqaygii dheh [36] Madfac gow yidhaahdiyo rasaas gininigtoodii dheh [37] Guulaamo roob da’ahayiyo gababaxdiisii dheh [38] Onkod guguguclayn iyo hillaac galalacdoodii dheh [39] Gufaaciyo gudgude soo curtiyo garamahoodii dheh [40] Guluuliciyo mayay laysku daray galangalkoodii dheh [41] Gal xareeda daad soo gabraday gal iyo duufaan dheh [42] Bad gariirtay mowjada gurxamay gacammadii Ayl dheh [43] Shir la gooday waayeel gab yiri garagangartiisii dheh [44] Xariir lagu gimaamadahayiyo gola firaasheed dheh 14 Following Keenadiid’s reading gabooygii instead of gobeygii. 15 Keenadiid’s reads *** -ka-taajir, an insult, meaning ‘he who makes money with his penis’. 16 Reading gadaal for galaal. ‘THE DEFEAT OF THE INFIDELS’ 33 [45] Xaajada ninkii garanayiyo gig iyo sheeggeed dheh [46] Gobo’ kalana waa aniga iyo ged iska sheeggayga [47] Galiilyoodayeey caro miyey gubatay laabtaydu [48] Gogoshii la ii dhigay miyaan geydh la qaban waayay [49] Gabbal dhiciyo waaberi miyaan socod ku gaarraaday [50] Giddi17 maalin oo idil miyaan gaafka sare meeray [51] Sidii awr gabraareed miyaan gululubluu rooray [52] Ma gudoodigiyo suudigaa gubadka ii yeelay [53] Ma geddaabadhabadkaa sidii geri i boodheeyay [54] Gooxii aan yuururay miyaan gibil madoobaadey [55] Raggii igu gadaanna miyaa aakhira u guuray [56] Goortaan gaqwaaqsaday miyaan gocoshadii eeday [57] Gamiinkaan xanuunsaday miyaan gorodda laadlaadshay [58] Hadba gees miyaan deyay intaan gownaxyada buuray18 [59] Gelin haddii aan foororay miyaan giirka kor u qaaday [60] Guhaad iyo calool xumo miyaan geyrtayoo diriray [61] Guntigaan maroorsaday miyaan labada low geeyay [62] Gaashaanka iyo tiirigiyo gamas miyaan qaatay [63] Ma genbaan u taagnahay intay gaadho noloshaydu [64] War ma Dhooddi baa gaamuuroo garabku weynaaday [65] Ma galaasya miidaan19 ku shubay gamashigii Dayrta [66] Gorgor kacay la moodyow durduro ma igu gooraamay 17 Reading giddi instead of gadiid. 18 Following Keenadiid, we take this line as the 58th rather than the 60th line. 19 Reading miidaan instead of midaan. 34 MURSAL FARAH AFDUB AND LIDWIEN KAPTEIJNS [67] Godobtaydu waa wada jirtaa goonyohoo idile [68] Gashi niman ku leeyahayba waa dabagelaayaaye [69] Waxaan goosan karo anigu waa gurubsanaayaaye [70] Gardarradiyo maaggii i helay waan ka geyllamiye [71] Gartay weeye dunidaba inaan galalafeeyaaye [72] Giyigaba waxaan doonayaa inaan gumeeyaaye [73] Nin ganaananayaan ahaan gabarna dhaafayne [74] Waxaan geysto oo idili way gun iyo rayrayne [75] Wixii guul darraystaba naflaha wow gaggabayaaye [76] Anigaba geddey igu faleen waa gaggaab culusee [77] Gallad nimaan ka qabo laguma oga gebiga Daaroode [78] Giddigoodba waatay girliga nagu garaaceene [79] Anaa gaafahaaygii hadhaye geyste nabarkiiye [80] Anna waxaan rasaasta u gingimay gini colaadeede [81] Gabagabaha Bari waxaa ku xigi go’aha ******e [82] Guban iyo Burciyo Looyo waa gaalib weerara e [83] Gooddiga Arooraa fardaa lagu garmaamayne [84] Gaaroodi iyo waa la tegi buurihii Golise [85] Galaayuubta Hagar-Aadan baan gaaddadow marine [86] Gembi wowgu ridi fulayadii ganafka dheeraaye [87] Geeltoosiyaha waa la siin gucurradoodiiye [88] Sidii garow hadhuudh baan kurtiis guran ********e [89] Galaamaha haddii aanan ka deyn goor walbaba jooga [90] Inshaa Ilaahu waa gurahayaan sida gal miireede [91] Gurraasiyo Iljeex waa la qaban gooshka haatana e [92] Malahayga waa lagu galgalan gaanka reer Dalale [93] Gaas baa ku caran reer-Subeyr goborra weyntiiye ‘THE DEFEAT OF THE INFIDELS’ 35 [94] Kolaan Goora-cobolley ka dayo amase Geel-loo-kor [95] Huwan waa ka gabangaabsan jirey gelin ma waayaaye [96] Haaruun xagee baa la geyn20 Goha miyuu dhaafi? *** [97] Afartaa gudbaye balaan mid kale soo gadaal celiye [98] Sidii goray garraar sare ka baxay garabka maan taago [99] Waxa guudka iga fuushan iyo galayax maan muujo [100] Gabgabtiyo galaydheyntu waa godol hortiisiiye [101] Ninkii goomman wow shubahayaa galaxa caanoode [102] Gabbaan laguma sooree nin raga balaan ganuun siiyo [103] Waa gaaxsanaan jiray tan iyo garashadaydiiye [104] Sidii goodir dhalay haatanaan gaawa leeyahaye [105] Aan gafleeyo geerarshahaas gaafan baan ahaye [106] Xaajada nin gunaan ahee aan u garaaddeeyo [107] Markab aashi gaambiyi sidiis balaan u guurreyo [108] Meeshuu garraarkeedu jiro gow aan kaga siiyo [109] Nimaan gedo yarayn baan ahoo Gaaddaweyn jiraye [110] Waa ii garaad li’i dantay inaan ka gaaftaaye [111] Gobo’ kalana waa Eebbahay midaan galliimeystay [112] Eebbow geyiga oo dhan waa nala ka guulaaye [113] Waa noo gedleeyaan dadkii gaalada ahaaye [114] Eebbow Giriig kolay ku tahay nala gamuunneeye [115] Go’na lagama qaadine dulmey nagu gelaayaane [116] Gabbaad kale hadday noo helaan waa gam’i lahaaye [117] Eebbow waxay nagu gabreen diinta soo gala e 20 Following Keenadiid’s geyn instead of geyaden. 36 MURSAL FARAH AFDUB AND LIDWIEN KAPTEIJNS [118] Eebbow gadhka haddaan qabsaday gaaxshe nabaddiiye [119] Eebbow gammaan iyo waxaan gini cas dhiibaayey [120] Eebbow garow kagama helin goolashaan wadaye [121] Gambalaaligii bay warmaha nagu garraaxeene [122] Eebbow waa gumaadeen raggii gaanaha ahaaye [123] Eebbow waxay gabawareen Gaagguf iyo Xayde [124] Xirsigii garaaraha lahaa gaarufkii dile e [125] Geydhaale Aw-Aadan bay galowda taabteene [126] Eebbow geesigii Ina-Dherey ugu guduudhseene [127] Guxushaaga Baynaxa ilmadu waatan gabaxleyne [128] Gorroska Muusa-Taaganaa wadnuu ila gariiraaye [129] Eebbow ways gamaamaa markuu gaarka soo maro e21 [130] Guuleedku wuxuu noo ahaa guurti loo hiranne [131] Nimankii garaaddada ahaa waa gadow jabane [132] Eebbow sidii gaanti maro waa la gaasiraye [133] Eebbow gaari bay reer Warfaa guradii saareene22 [134] Gubni baa ku dhacay reerihii gaannanaan jiraye [135] Eebbow goonni baa laga heliyo guri qalaadeede [136] Gaaggii ka hadhay reer Shawaa caydh la golosleyne [137] Waxa goday sidii qaanso waa gaajo iyo ciile [138] Eebbow waxa gorof ku raray duul Geshiishaaye23 [139] Caligeri sidii loo gondoloy gobolba meel aadye [140] Waa gelengal nimankii fadhiyay guriga Ciideede [141] Eebbow gurbood baa hadhiyo gaban agoomeede 21 This line is absent from Keenadiid’s text. 22 This line is absent from Keenadiid’s text. 23 This line is absent from Keenadiid’s text. ‘THE DEFEAT OF THE INFIDELS’ 37 [142] Eebbow goonji weyn iyo xaq bay naga gullaafteene [143] Guullow ma helayaan waxay nagu gubaayaane [144] Eebbow waxay naga gocdaan24 waa galoof olole25 [145] Eebbow sidii guun haween giidu waa aniye [146] Eebbow nin goba baan ahoo guni rifaysaaye [147] Eebbow waxaa noo gurmaday gaaya alifleeye [148] Ma garaysni Eebbow waxaa guufanneyska ahe [149] Eebbow gabooddii dorraad waan ka gara’layne [150] Eebbow markaan geyllamey guulmiyo biqiye [151] Eebbow guddoonkii sharciga gooye bahashiiye [152] Eebbow kufriga gedeftaley gacanta haystaane [153] Eebbow anaa kugu garlee guusha ha i seejin

ONE SOMALILAND By: Sir Gerald Reece The Late Governor General of the ex-British Somaliland Protectorate from 1948 to-1953 Though some of the Somali people are at present governed by Ethiopia and others by Kenya , there is only one Somaliland and Somali nation. In 1952 Lord Rennell wrote this: "For a brief period during the war nearly the whole of Somaliland was under British Administration. . . If we had been interested enough - and Heaven knows there was nothing to interest us except to see justice done to the people - (and if the world had been sensible enough) all the Somalis. .might have remained under one administration - ours or the United Nations. or someone else's - until they had learnt to govern themselves. But the world was not sensible enough and we were not interested enough. and so the only large part of Africa which is radically homogeneous has again been split up. . ." Only about two-thirds of the Somali people now live in the Somali Republic . Of the others. some , who belong mostly to ****** tribes. are in territory that was occupied about seventy years ago by the Emperor Menelik II of Ethiopia . and others. who are partly ****** (or ***** ) and partly Hawia tribespeople . in the desert country north of the Kenya Highlands. It is unfortunate that all these people cannot now be united under the government of the Somali Republic . but Ethiopia and Kenya are adamant in their determination not to yield even the smallest portion of the territories concerned. Their attitude is scarcely consistent with the constant demands made by the Organisation of African Unity for the handing back to their original owners of African lands that were occupied by the Portuguese in the past, but colonialism and imperialism seem be tolerated by the O.A.U. provided that European nations are not involved. Indeed every African member state, except Somalia and perhaps Morocco , has a vested interest in maintaining the old "colonial" frontiers. However, since the departure of the British and Italians from the Somalilands there has been a remarkable feeling of unity amongst all the people and a definite upsurge of nationalism. Though tribalism is by no means extinct, a universal awareness of pride derives from their connection with Mogadiscio and with a republic that is gradually taking its place in the affairs of the whole continent and setting a fine - and almost unique example of a successful African democracy. This is all the easier to understand when it is realised that, regardless of artificial frontiers, the Somali nation lives in enclave surrounded by people whose characters and way of life are different - sometimes very different - from their own. Writing about that portion of Somaliland known as the ****** which is governed by Ethiopia, John Drysdale (in "The Somali Dispute", 1964) records that "Somali resistance to Ethiopian culture equals their resistance to Ethiopian nationality", and further that "the million or so Somalis who inhabit the lowland areas the east and south-east of the Ethiopian massif seem to be almost completely untouched by Ethiopian attempts at absorption. In the desert north-east of Kenya proper much the same situation exists. Little is known about the early history of this territory, and indeed not much interest has ever been taken in Negley Farson wrote in "Last Chance in Africa " that "there one half of Kenya about which the other half knows nothing, and seems to care even less. This is Kenya 's Northern Frontier District." We do know, however, that Somali settlement in this area dates back at least to the 17th century, and though no one knows who originally occupied what is still called in Kenya "the N.F.D." the earliest known inhabitants were certainly Somali and Galla people. The Somalis thus have a historical title to occupancy of the area, and the fact that many of those who now live there derive from later waves of Somali migration in no way invalidates their title. The traveller making his way north-eastwards from Nairobi therefore finds that when he has crossed the Tana River , though it is still called Kenya , it is an entirely different world. He has left the Christian or pagan Bantu agriculturalists and the Nilotic pastoralists and is amongst Hamitic nomads who are all Muslims following the Sunni rite. These Somalis live in almost exactly the same way as those in what was formerly British Somaliland , and they share substantially the same creed, the same culture and the same traditions. Speaking at Mogadishu on 16th August, 1962 , President AdanAbdulla said that - "We are proud to be exercising the same democratic ideals as we inherited from our forefathers. It is this factor, among others, that gives us, the Somali people, the irresistible urge to live with each other and to look after each other, irrespective of the artificial boundaries that divide us. It is not surprising therefore that Somalis, not only in the Northern Frontier District of Kenya, but in French Somaliland and in Ethiopia have a longing in their hearts to be reunited." Indeed the desire of the majority of the nomadic tribesmen of the N.F.D. to secede from Kenya and to form a union with Somalia was recorded by an impartial British Commission at the end of 1962, but nothing was done about it. This article was taken from Directory of Somalia (1968-69) published by Diprepu Company Limited, for “Diplomatic Bookshelf & Review†London , 1969. For those who want to make further research the article in this booklet can be found on pages 13-15.

^ Words of vainly apocalyptic magnitude indeed; merrily the man marches happily into the aphotically dark chasm.

Guul aduun iyo mid aakhiro ayaan Rabi weyne uga rajeynayaa muluqdan yar ee caalamka Islaamka ku soo biirtey.

Ameenah, Cheerio my lady; you have articulated my own thoughts. Education is something that most somalis like but lack of inspiration and support derails them from gaining seats at top schools. And yes, many state school educated had went to Oxbridge-- I am a product of state school so as my two fellow somali cambridge students. It is all about guidance; education is not the easy option at this MTV age. We should encourage out youth and inspire them to be greater than those that appear our screens.

That is Jumatutu innit?

Still :confused:

Sharezade :confused:

Well done; Cambridge should be an stone throw away from Eton I am sure. Ngone; thanks for the post.

As it happens both of the pieces that our good fellow had posted were one of the same-- part of a long essay he had written couple years ago titled : Dostoevsky's syndrome; how I scaped being a self hating Somali-- ot something of that sort.

Baashii hadhiinoow kudhacdey boholo waaweyne, Ba baryoodey beynoow walee waa adigaa baadiyow galay'e --- LA ma gaw iyo naw baa laga yiraahdaa maandhoow? Waxaa farxad mudan in wadankoo dawladi kajiran ey soomalidu sidaas isuwada dhexmaraan oo uwada noolaadaan.

http://www.cnn.com/2005/WORLD/africa/02/15/somalia.peace.ap/

My dear boy Ali, The word lawyer in England is lightly used to mean anyone who studies the law at a law school hence my usage of the word. I am law student at University of Cambridge, England; will be finishing this year!.

Rahima my darling sister, Is re-establishing government in Somalia good for out plighted nation? Is the current government a legitimate government? When we agree upon the answers of the above questions can we only debate the FT issue.

I recently found a well written and lengthy piece in my inbox—49 pages long; the first thing that came to my mind was; if a man takes all that time to write something as lengthy as this with such catching name one must be obliged to give such a brother an audience and as such that is what I did. Unlike many political essays that are penned down these days, this man wrote eloquently but his idealistic approach to the “Somali problem†fouled what would have been one of the best analysis of such a grave matter; oh well I digress. This FT issue seems to blur the minds of many rational thinking Somalis. I had a discussion with fellow “educated†Somali men two nights ago. Save one of them, all were thinking while wearing their murky thinking hats. Most of them seem to loose the plot. None of them could table a logically coherent way which affords this government to work in Mogadishu without FT. Though, I despise our continual enemy (note I didn’t say historical rivals; a favourite word to many—perhaps for political correctness reasons), the idea that this government will work without FT's is ruse pretext from those who don't want the rebirth of our nation.

As my fellow cham had asked, Why appose FTs?

I am not Somalian, I am SOMALI

Ali, Perhaps you might want to contact Jama Ibrahim who is attorney in this feild. He one of the principle lawyers at www.foglelaw.com He is based in ATL, he might be able to help you. Sophist PS: It is a pleasure to see a fellow lawyer.

Bashi, this link might be of a help! http://www.getyourmoneyworking.com/

Islamic finance: unlocking the potential January 2004 With more than 1.2 billion Muslims in the world today it comes as no surprise to learn that Islamic finance/investing has really started make waves. However, is the industry’s true potential now being met or can Islamic investors still expect more to come. Wendy Jackson reports. There are sufficient Muslim investors and borrowers in both Islamic and non-Islamic countries to warrant the attention Islamic finance has been getting since MONEYworks last wrote in depth the subject in December 2001. And also to merit the increasing number of Islamic finance and banking conferences that are now being held every year. The next of which on the agenda is the ‘World Islamic Banking Conference’, held last November in Bahrain. At these conferences much is discussed about the industry and how it can be developed. I caught up recently with Christian R Mouchbahani, a senior director at The National Investor in Abu Dhabi, just after the Islamic Finance Forum, which was held in Istanbul recently, where he discussed the “Opportunities and Challenges of the Islamic Capital Markets.†But first a recap of the fundamentals of Islamic finance. The Koran is feasibly described, at a very basic level, as a set of guidelines by which Muslims lead their lives. For any religion to continue growing there has to be an element of adaptation to the modern world. And so, where the modern world now includes investing, Muslims from all over the world have had to rely on financial institutions to interpret the Koran so that whilst investing they don’t compromise their religious beliefs. Muslim scholars have thus established a set of laws, using the Koran and Hadith, to ensure that even whilst investing Muslims are living their lives in line with Koran. To put it simply, Islamic investing should, therefore, reflect the Islamic principles with which Muslims guide their lives. There are two basic principles for Islamic investing; the absence of interest, usury or Riba - used interchangeably - is prohibited on the basis of no pain, no gain; and secondly, social and ethical features avoiding undesirable investments and enhancing trade. For example, as Muslims cannot drink alcohol or eat pork, nor can they invest in a brewery of pork producing companies. Nor can they invest in a company, whose primary business is involved in Muslim-prohibited activities, i.e. buying a share in companies who are involved in tobacco, gambling or pornography etc… And when it comes to riba it means that Muslims cannot invest in financial institutions where their primary business involves interest based transactions. As such, one can be forgiven for thinking that to invest in an ‘Islamic’ way does not leave a huge amount of choice for Muslim investors – and the billions of dollars that they have to invest. But nowadays this simply isn’t the case. Fund houses are falling all over themselves to launch products aimed at the world's 1.2 billion Muslims. In fact, many Islamic funds are leaving their secular counterparts in the dust, making it a lot easier to persuade investors to jump on board. It’s amazing when you think that just 10 years ago, not even half a dozen Islamic funds existed; today there are more than 100 worldwide. Banks all over the Middle East region are starting to offer Islamic services or are going the whole way and converting all of its operations in accordance with Shari’a law. The first modern Islamic banks opened in the 60s, offering dividends and “profit sharing†rather than interest. A few Western financial institutions such as Citibank started serving the Islamic market in the late 1970s. But it is really only over the past few years that the arena has started to reach its full potential or should we say that financial institutions have at last started to create opportunities for Muslims to invest that whole big pool of money in an Islamic fashion. They have, you might say, started to meet a huge demand that had been ignored for far too long. In 1999 the Dow Jones unveiled the first global stock benchmark for Islamic investors. Called the Islamic Market Index, it follows 660 Shari’a- compliant companies in 34 countries, including Microsoft, Coca-Cola, and BP Amoco. Nowadays many banks are introducing funds tracking this index. And in November 1999 the FTSE introduced its own Islamic indexes working along the same lines. And in the region? Where do I begin? There has been an abundance of exciting launches over the past two years or so. HSBC recently became the first international bank to offer Shari’ah-compliant personal finance products with the launch of its Amanah Current Account and Amanah Personal Finance scheme; the first in a range of personal financial services in the UAE that are compliant with Shari’ah. The current account is similar to a conventional bank account, but the account has no overdraft, debit or credit interest. Money paid is to be administered in accordance with the Shari’ah and won’t be used to generate interest. The personal finance scheme is also Shari’ah-compliant – it avoids charging interest and links to metal trades. It has the same functionality of a conventional loan whilst following the tenants of Shari’ah. It will work by HSBC buying metals from international brokers and selling them on to customers at a pre-agreed price that is payable over an agreed term. The customer appoints the bank to sell the metals to a third party in the market. Proceeds are credited to the customer’s account – at no time does the customer pay interest. It has also this year launched a Shari’ah-compliant mortgage product in the UK for all those UK based Muslims wishing to borrow the money to buy property in an ‘Islamic way.’ Abu Dhabi Islamic Bank (ADIB) launched an innovative new Shari’ah-compliant financing product earlier this year, called Al Khair, based on the Islamic concept known as ‘Al Tawarruq’, which is approved by Fatwa and the Shari’ah Supervisory Board. Al Khair is essentially a consolidation loan and was launched under the banner, “For peace of mind.†At the launch ADIB’s CEO, AbdulRahman Abdul Malik noted that the product is launched in line with the bank’s aim of providing its customers with Shari’ah-compliant banking products and services as well as the bank’s social commitment.†The product aimed to allow customers liquidity to enable them to settle their financial liabilities and conventional loans. The pertinent features of the new loan product are as follows: - the ability to settle all financial liabilities and conventional loans to start a new transparency and steady financial relationship. - A fixed profit rate of 4.6 per cent (based on the Murabaha transaction, which Al Khair financing is based on. - Longer repayment tenor of 72 months, which enables reduction of monthly installments proportion of customer monthly salary. - No administration fees, penalty charges or late payment fees - Reward on early settlement of outstanding amounts - Eligibility to benefit from ADIB’s range of added-value products and services. ADIB has also promised the launch of an Islamic credit card in the last quarter of 2003. Dubai Islamic Bank, the first Islamic bank in the world, has been introducing innovative Islamic banking services to meet the ever-increasing demands of the customers who wish to bank in an Islamic way. And with that has recognised that financing services have become a necessity. With the newly launched ‘Ijarah Services’ the bank provides finance for essential personal needs. It is the bank’s belief that it will continue to develop new and innovative Islamic banking services which support the Islamic banking industry as well as the ever-changing needs in the lives of Muslims in the UAE and beyond. IJARAH SERVICES PROVIDES FINANCE FOR: School and university education; Medical expenses; Holiday and travel. ADVANTAGES OF IJARAH SERVICES: An innovative Islamic solution to cover your essential financial needs; Choice of high quality service providers, from schools to universities, clinics to hospitals and travel and holiday agents; Services at competitive prices; Fulfill your personal financial needs with no added burdens; Repayment in convenient installments; Transparent - no hidden charges, no penalties. DIB also offers a Visa charge card which have up to maximum of 40 days free of credit and its operations are approved by Shari’ah, mobile phone banking in Arabic, full automated ATM machines and a full range of everyday banking – Shari’ah-approved products and services. And finally, the National Bank of Sharjah has recently launched the UAE’s first Islamic credit card in association with Visa International. The new credit card is designed to meet the needs of a large section of the population who require credit card facilities in accordance with the provisions of Islamic Shari’ah. The credit card is expected to fulfil a huge market demand for Shari’ah-compliant financial products. The card, which requires a minimum monthly settlement of only 10 per cent of the utilised credit limit, has been structured competitively and will provide global usage by its cardholder’s at all Shari’ah-approved merchant outlets. Cardholders will be able to utilise Visa's acceptance at millions of point-of-sale locations in 150 countries in addition to cash withdrawal facilities from over 870,000 Visa ATMs worldwide. The card, which will initially be issued in Classic and Gold forms, will offer various benefits including the ability to obtain additional cards for members of families, emergency replacement of lost or stolen cards, and participation in all promotional activities associated with the card. Growing up And so over to Chris Mouchbahani. He sees that there is more to come and says that he sees the need for the ongoing development of the industry in order for it to fulfil its unique potential. “Product diversification is one of the keys to unlock the ongoing development of Islamic commercial banks’ products and services in the local market. Which is what I spoke about at the recent Islamic finance conference in Istanbul.“ He states, “While diverse asset-sales leasebacks in addition to cash management products have been created, the market is characterised by a lack of complex product supply and efficient market clearing mechanisms. In 2002, even Freddie MAC, the large US mortgage entity, financed Shari’ah-compliant home loans for the first time, showing the potential of this market.†In his comprehensive lecture on the topical subject of ‘Opportunities and Challenges of the Islamic Capital Markets’’, Mouchbahani firstly pointed out that “The National Investor is currently creating innovative products, such as one of the first purely Corporate Sukuk Offerings, an Islamic Real Estate Fund, as well as Islamic Financing vehicles for International Institutions.†The company sees the need to start developing niche products such as these for institutions in the region, so that eventually they maybe filtered down to the retail segment to give Muslim investors as much choice as the that available from the conventional products on offer. In his seminar Mr Mouchbahani emphasised the potential liquidity and potential of Islamic Capital Markets, with estimates ranging from US$50 –US$150 billion at an estimated annual growth range of 10 per cent to 50 per cent, but added that the market was vying for the availability of sophisticated capital market and corporate finance product supply. He said that “although some expectations were over estimated and could hurt the healthy growth of the market over the next couple of years, it is clear that there is Islamic Finance capital waiting to be deployed in a Shari’ah-compliant manner. The emerging market remains fragmented with a diverse range of new and not clearly defined players and products. It is estimated that there are around 150 Islamic banks, institutions and a diverse range of boutique advisory firms in the region. Some banks in the Gulf have also been following a trend to convert to Islamic entities. Larger Islamic Institutions are based in the Gulf (UAE, Bahrain, Saudi Arabia, Kuwait), while other markets are emerging in Asia (Malaysia, Indonesia, Iran and Pakistan).†Adding, “that in order to support the healthy growth of the market, globally recognised standards of Islamic capital markets and authorities had to emerge but even more importantly financial professionals, supported by companies and investors, had to supply the market with products and market execution clearing mechanisms.†“From a market practitioner’s perspective the Islamic Finance Market is a market with certain principles, criteria, standards and demand requirements defined by the Shari’ah framework and guidelines that have to be met when structuring or completing transactions, such as equity investments, Sukuks, securitisation or other innovative products, to satisfy business needs and growth.†The challenge, it would seem, is for corporate finance institutions and players to help bridge investor’s faith based capital market demand, while providing faith based strategic financial products solutions to businesses and governments. “Today there are over 100 Islamic equity fund investments using the Dow Jones Islamic Market Index (DJIM) and FTSE Islamic Index and a few private equity funds. There has recently been the issuance of Sukuks (Islamic Bonds) by Malaysia, Bahrain, IDB, Qatar, privately placed products and the emergence cash management products. “There are challenges in the current markets which are a lack of corporate transaction deal flow, lack of precedence; identically named products have variations in structure and mechanisms and sometimes lack of coordination between different market players.†However, he states, “It is expected that the emergence of Islamic capital markets will lead to dis-intermediation and consolidation. Standardisation, regulation, transparency, international players paying attention to the market and increasing local product skills are supporting the healthy growth of the market. “In other words, Islamic Finance solutions can be adapted to a range of financial needs; from equity investments, funds, to different instruments of capital raising, securitisation, managing cash and even unexpected areas such as M&A, while adapting to all Shari’ah-compliant sectors. And therefore the potential for growth is huge.†Muslim scholars The other key to the ongoing success of the industry, is of course that very rare commodity - the Shari’ah scholar with practical knowledge of the world’s financial markets. According to most they are not easy to find and the fear is that without them, the future of Islamic investing may start to wane. Every Islamic bank or institution that offers Islamic funds has to appoint a special Shari’ah board compromising scholars intimately familiar with the intricacies of Shari’ah law. Now finding scholars with a detailed knowledge of Islam’s view of financial systems is not hard. But finding scholars with a deep insight into the workings of the world’s mainstream financial markets is difficult – and for what the likes of Mr Mouchbahani want to achieve the stakes are high if more don’t surface. According to Mouchbahani, it is easy enough for the scholars to judge the merits of a company for Islamic investment. If it is a business associated with forbidden areas, then it is ruled out. But a more complex issue, and not less important to the Muslim investor who wants to make money without breaching rules is the proportion of a company’s revenue that is servicing its annual debt. As we have already discussed devout Muslims do not save in conventional banks because they regard fixed interest payments as usurious. They also do not buy the stocks of companies that carry a corporate debt and pay an annual interest. Which is a fine until you start to put it into practice, at which point it becomes less than straightforward. It is a know fact that the present climate dictates that companies are turning heavily towards debt finance, shown in the increased popularity of corporate bonds. This one aspect alone presents scholars on Shari’ah boards with an acute problem. How much flexibility should they allow? It is clear they do allow some - hence the term "interim tolerance levels", where some degree of interest levels are allowed before the company must transform its financing to follow Shari’ah law. But this judgment requires a deep understanding of financial markets, and not all Shari’ah scholars, even those advising banks and funds, possess this. At the Islamic finance conference held in Dubai at the beginning of year, Rushdi Siddiqui, director of the Dow Jones Islamic Index, admitted that: "Many scholars are competent on Shari’ah matters but not capital markets." And as Mouchbahani pointed out to me, the task of Shari’ah scholars on the boards of banks and funds is getting more complicated. The answer? At the same conference in Dubai, where some of the world's leading Islamic investors gathered, analysts agreed that Shari’ah scholars sitting on special boards should be given training on financial systems and markets and that this is vital for the long-term growth of Islamic banking. It seems, then, that it is the education of Shari’ah scholars in the ways of modern finance stands out as one of the most important issues confronting the Islamic investment industry. If this is confronted and scholars are encouraged seek ways to develop more innovative products then Mr Mouchbahani is right when he says the Islamic finance industry still has far to go. At least in terms of the potential that could be unleashed for Muslim investors throughout the world.

Faras Suunaari ah ayaan ku duljoogey Dooxada Jiidali-yeed dhexdeeda.

Sarmaan Shirwac Abyan Quman Saxarla Ebyan My first born will be named insha allah (waa hadii wiil yahay Sarmaan-- for those of you who do not comprehend this old Somali name it means in English Stalion)

Mutakalim, sorry mate, I have yet to meet personally a Somali Mutakalim in a esteemed Kalaam institution. Rudy, brother what are you on?

Did you know that the vice-president of Morgan Stanley Alternative Investment is a Somali man? Did you know that Director and member of the investment committee to Glenwood Capital Investments is a Somali Did you also know that Tokyo and Tullip managing partner is a Somali? I thought I should share this with you. I just came across the Morgan Stanley man today and actually spoke to him—we share the Surname. It was refreshing to speak to a top dog in this industry who is our brethren and was extremely pleasant to speak to. Dadaalaa Xaaji Jaamac Waa Garaa—he who tries surpasses his potential.