Thursday, May 19, 2011
Monday, May 9, 2011
Human Eye Detects Sound
Human Eye Detects Sound
The human eye can detect millions of colors and is sensitive to light and sounds. Yes, sound. University research studies show that mild and incidental noises cause the pupils of the eyes to dilate.
According to David Louis's book of Fascinating Facts, it is believed that this is why surgeons, watchmakers, and others who perform delicate manual operations are so bothered by uninvited noise: the sounds cause their pupils to change focus and blur their vision.
The “millions of colors” that the eye can detect are the three primary colors of red, green and blue and the millions of combinations that result from these three colors. (In 1878, Ewald Hering proposed the theory that the four unique hues of red, green, blue, and yellow form the basis of all colors.)
The eye is, of course, just a lens for the brain. You actually see with your brain.
Courtsey: http://didyouknow.org
The Mind Set
"THE MIND SET”
A man saw an Elephant, a huge creatures were being held by only a rope tied to their legs. It was obvious that that elephants could, at any time, run away by breaking the ropes but these beautiful, magnificent animals just stand there and make no attempt to run away. After asking for the reason, the trainer said: “When they are very young and much smaller we use the same size rope to tie them and at that age, it is enough to hold them. As they grow up, they are conditioned to believe that they cannot break the rope. They believe the rope can still hold them, so they never try to break it."
Like the elephants, how many of us go through life holding onto a belief that we cannot do something,simply because we failed at it once before? How many of us refuse to attempt something new and challenging because of our so called MINDSET?
“The powerful and gigantic creature has limited its present abilities by the limitations of its past”
Your attempt may fail, but never fail to make an attempt....
CHOOSE not to accept the false boundaries and limitations created by the past...
India and the Islamic Banking System
India and the Islamic Banking System
 |
| Dr. Naved Khan |
Islamic Banking System has been gradually gaining footholes in many countries. But heated arguments have been going on whether this system would be more stable than the traditional banking system. Not surprisingly India too has been drawn into the debate. Arguments for both sides have been made by economists and political leaders.
Islamic banks are organized on the same structural pattern as conventional banks. But the use of interest is eliminated from their operations. (Siddiqui, 1983) The Islamic banking and finance sector has been increasing its market share day by day in global finance industry. Today, over 300 Islamic banks and finance organizations have been successfully running their businesses from Dubai, LOs Angeles, London, Karachi, Jakarta, Cairo, Riyadh and many other cities in the world. Total assets of all these are well in reach of the mile-stone of $ 400 billions. (Bakhsh, 2011) HSBC bank also started its branches as “HSBC Amanah” in some parts of the world. It is the global Islamic financial services business of the HSBC Group. It was established in 1998 with the aim of making HSBC the leading provider of Islamic financial services worldwide. With established and successful operations in the Middle East, Asia-Pacific and Europe, HSBC Amanah represents the largest and most comprehensive Islamic proposition of any international bank. (HSBC Bank, 2011)
The debate in India has also been going on a wide scale. Prime Minister, Dr. Mahmohan Singh said that he would ask RBI to take a look at the demand for establishing Islamic banking in India. He said that he would seek the Central Bank's views on the matter. The statement is significant as it comes against the backdrop of the RBI governor D. Subbarao's statement that Islamic banking cannot be allowed within the current rules of the RBI. “With the present set of Banking Regulation Act, Islamic banking just cannot take place as many of the banking principles in place are based on interest payments. However, Islamic banking is possible through a separate legislation.” (Ramesh, 2010)
The Muslim countries of the world have not been investing in Indian banking sector owing to the RBI policies based on interest. If India adopts the Islamic banking, capital inflow would increase to a great extent because of the investment of the Gulf countries. India is aggressively pitching for $1 trillion worth of Sharia-compliant funds from the Gulf countries for investments in its infrastructure development; the UPA government has drafted a report on Islamic banking and RBI and finance ministry are jointly working on necessary legislative changes to implement the same. (TNN, 2010) A committee headed by the Cabinet Secretary and comprising secretaries from other ministries, including finance, has submitted a report to the government recently on the prospects of Islamic banking in the country and on drawing investments from abroad. Rajya Sabha deputy chairperson K. Rahman Khan said the government has already started similar initiatives with UTI and SBI where certain mutual fund alternatives are available for people to invest in such funds. (TNN, 2010)
No doubt, the conventional banks have been vigorously flourishing with the interest REGIME. On the other hands, the Islamic banks have also been thriving by making their transactions without, charging or offering, interest because interest is prohibited in Islam. Conventional system of banking has been successfully using the tool of credit creation for making money and for controlling money market. Islamic banks have also been creating credit but unlike the conventional banks, they have not been charging or offering interest. In lieu of charging interest Islamic banks have been using some other tools, like Mudaraba, Musharka, Murabaha, Ijarah etc for credit creation or for controlling money market.
But, of course, the implementation of Islamic Banking System in India is not an easy task. Almost all the RBI policies related to finance are based on interest. Adoption of this system may lead to re-framing these policies. The task is not so easy but some steps can be taken to initiate the changes through legislation. The very well known example of this system in India is Muslim Fund (an Islamic Bank) started in Deoband around 40 years ago and has been doing well even today.
As the Islamic banking system is against exploitation, it will facilitate the development of the poor and the marginalized. The system should be given a chance in developing countries like India.
Dr. Mohd Naved Khan
UGC Academic Staff College
AMU, Aligarh
Notes and References:
HSBC Bank, http://www.hsbcamanah.com/amanah/newsroom/pressreleases/qatar_ branch. html. Accessed on 12 March 2011
Ramesh, P.R., “PM to Seek RBI's Views on Islamic Banking”, The Economic Times, Kuala Lampur, 28 October 2010
Siddiqi, M.N., 'Banking Without Interest' The Islamic Foundation, Leicester, UK, 1983.
TNN “Government may allow Islamic banking, eyes $1tn funds”, The Times of India, New Delhi, 28 January 2010.
Wednesday, May 4, 2011
3-Day IOS Silver Jubilee Celebrations Conference
3-Day IOS Silver Jubilee Celebrations Conference
New Delhi, April 16 "The way forward can no longer be the destructive path of soul -development, but the less trodden path of holistic material-spiritual development of man, society, culture and State."
Expressing his above views here on the second day of the three-day international inaugural conference on "Towards Knowledge, Development and Peace---Outlining Roadmaps for the Future" to mark the silver jubilee celebrations of think tank Institute of Objective studies (IOS) being held at the India Islamic Cultural Centre, internationally renowned scholar and Kualalumpur-based International Islamic University former rector Prof M Kamal Hassan said the current uprising or social unrest brewing in a number of middle eastern societies today had its roots in long-standing economic, social and political discontent which was suppressed by the greedy and autocratic leaders whose strong grip on the political system was, nonetheless, endorsed and sustained by the Western promoters of democracy and human rights themselves.
He also said the intelligent and educated Arab youth and intelligentsia could no longer bear the hypocrisy of both national leaders and international forces of global hegemony. Quoting a number of economists, he opined emphasis on achieving human welfare involving the enlargement of all human choices whether economic, social, cultural or economic had today become the overall objective. He concluded the most important goal of development was human freedom.
Earlier, Union Law Minister Dr Veerappa Moily, in his inaugural address on Friday, said the knowledge agenda of 10S was a national agenda provided every section of the society should get a space. "IOS should get success, and if it succeeds,India would succeed," declared Moily emotionally.
Minister of State for Human Resources Development Dr D Purandeswari averred nation should be bonded by cultural internationalism instead of cultural nationalism. She said man had been reduced to a status of a consumer. Presiding over the inaugural function, former Supreme Court Chief Justice A M Ahmadi said nation could not go forward without knowledge, development and peace. He lauded 10S initiatives in this connection.
Besides, three business plenary sessions on knowledge, development and peace as well as three parallel sessions on prospects of creating knowledge societies in the 21st century, development strategies in contemporary world and peace in the era of globalization were addressed by a galaxy of eminent scholars. The conference participated by delegates from inside and outside the country, would end Sunday.
According to 10S Chairman and economist Dr M Manzoor Alam, besides the inaugural and concluding functions, there would be held 12 conferences in the state capitals during 2011-12.
Ataur Rahman,
Administrative Officer,
Institute of Objective Studies
Mob.: 9810131927
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