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Showing posts from May 10, 2011

UK firms blamed for food price hike

Hedge funds seen unsuitable for Islamic finance

(Reuters) - Hedge funds basing their investment strategy on sharia, or Islamic legal principles would face significant disadvantages compared with non-sharia hedge funds, some exponents of Islamic finance say. Many strategies would be difficult to achieve because they would be too expensive to perform in a Sharia-compliant way, or because the tools themselves would be inappropriate under Sharia law. "You cannot have long-short hedge funds, because the idea of short selling, or selling something that you don't own, runs contrary to the principles of Islamic finance," Fares Mourad, Head of Islamic finance at Swiss private bank Sarasin told Reuters. "I have not seen a credible structure that resolves this," Mourad said. Toby Birch of Birch Assets Ltd said that as sharia forbids riba, or interest, most fixed-income strategies would be ineligible. Restructuring cash flows to make them sharia-compliant would send costs soaring, he said. Birch also doubts whether hedge f…

UK firms blamed for food price hike

UK hedge funds and conventional banks/financial institutions are under scrutiny for playing a part in driving up global food prices.This is precisely why hedge funds are seen unsuitable for Islamic Finance.
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Global capitalism and 21st century fascism

The crisis of global capitalism is unprecedented, given its magnitude, its global reach, the extent of ecological degradation and social deterioration, and the scale of the means of violence. We truly face a crisis of humanity. The stakes have never been higher; our very survival is at risk. We have entered into a period of great upheavals and uncertainties, of momentous changes, fraught with dangers - if also opportunities.  I want to discuss here the crisis of global capitalism and the notion of distinct political responses to the crisis, with a focus on the far-right response and the danger of what I refer to as 21st century fascism, particularly in the United States. Facing the crisis calls for an analysis of the capitalist system, which has undergone restructuring and transformation in recent decades. The current moment involves a qualitatively new transnational or global phase of world capitalism that can be traced back to the 1970s, and is characterised by the rise of truly trans…