Ripple Effect in the Mid East
April 12, 2007-
Scene: Global insurer holding a hotel press conference in Dubai.
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American CEO Speaker: The history of our company existing within MENA can be traced several decades ago, but we’re expanding our coverage by establishing a regional head quarters here in Dubai because we believe in the great potential that this market can give… A***** Takaful have a committee to guarantee that we are indeed sharia’h compliant.
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Press: But where did you get the funding for the incorporation of this Takaful?
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Speaker: From the mother company…
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Press: So how can you guarantee that these funds coming from the mother company is sharia’h compliant?
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Sheikh Zayed: *mind speaking* Company deals with insurance that earns on interest fees by investing and lending funds from profit generating industries like banking, real estate, stock market. These people are way utopian thinking these funds could be coming from a sharia’h compliant fund. Oh well, bravo Dubai for revolutionising its country by opening up to the global market. It’s about time our arab brothers start to commercialise and maximise its oil money. With UAE starting the economic boom, I could only hope that it will have a ripple effect to the Middle East region as a whole and focus on the economic reforms than political wager.
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<takaful- is a non-traditional insurance availed mostly by our muslim brothers given that it is sharia’h compliant. Sharia’h is a muslim code, law that rejects transactions involving interests and the like.>
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