Germany to get first Islamic bank in October

August 30, 2012

Berlin, August 30: Turkey's Kuveyt Turk investment fund plans to open the first Islamic bank in Germany in October, the Financial Times Deutschland reported.

Kuveyt Turk plans to open its first branch, following the principles of the Islamic sharia law, in Frankfurt-am-Main in cooperation with Ernst & Young auditing company and Norton Rose law firm.

Sharia law prohibits a fixed or floating payment or acceptance of specific interest or fees on loans.

As for mortgages, the Islamic bank purchases houses and then sells it to a client for a higher price.

Other branches of the bank will be opened in German cities with large Muslim communities, particularly in Berlin.

As for other European countries, such banks are already providing their services in Britain, the paper said.

Analysts, however, doubt if such banking services will become popular in Germany where the Muslim community does not exceed five percent or 4.1 million people.

islamic_banking



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News Network
April 11,2020

Washington, Apr 11: China is considered a developing country, make the United States too a developing one, US President Donald Trump said on Friday, alleging that Beijing has taken advantage of his country.

"China has been unbelievably taken advantage of us and other countries. You know, for instance, they are considered a developing nation. I said well then make us a developing nation too,” Trump told reporters at his daily White House news conference on coronavirus.

The president was responding to a question on China.

“They get big advantages because they are a developing nation. India, a developing nation. The United States is a big developed nation. Well, we have plenty of development to do,” he said.

Reiterating that United States was taken advantage of by the World Trade Organization, Trump said the Chinese economy started booming after it joined WTO with the help of the US.

“If you look at the history of China, it was only since they went into the WTO that they became a rocket ship with their economy. They were flatlined for years and years,” he said.

“Frankly, for many, many decades. And it was only when they came into the WTO that they became a rocket ship because they took advantage of all -- I'm not even blaming them. I'm saying how stupid were the people that stood here and allowed it to happen,” he said.

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The Trump Administration will now allow that to happen, he said.

“If they don't treat us fairly, will leave. But now we're starting to win cases,” he said.

Alleging that China has taken advantage of the United States for 30 years, he said, China has taken advantage of the US through WTO and using rules that are unfair to the United States.

"They should have never been allowed it, this should have never been allowed to happen", he added.

“When China joined and was allowed to join under those circumstances the WTO, that was a very bad day for the United States because they have rules and regulations that were far different and far easier than our rules and regulations,” he said.

“Plus. They took advantage of them down to the last. China took advantage of them like few people would even think to take advantage of them and again they are considered right a developing nation,” he added.

The United States, he rued, is not considered a developing nation.

“The were given advantages (for being a developing nation). For many years China has ripped off the United States. Then I came along and right now, as you know, China is paying 25 percent," said Trump, adding that the US is now gaining "billions and billions and billions of dollars in tariffs from China”.

The US is not paying, he asserted.

“Not every country is China but China would devalue their currency and they would also pour out money and they essentially were paying most of those tariffs not us,” he said.

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Agencies
July 7,2020

Washington, Jul 7: US Secretary of State Mike Pompeo on Monday (local time) confirmed that the White House is "looking at" banning the Chinese social media apps including TikTok.

"With respect to Chinese apps on people's cell phones, I can assure you the United States will get this one right too. I don't want to get out in front of the President [Donald Trump], but it's something we're looking at," Pompeo was quoted by CNN during an interview with Fox News.

He said people should only download the app, "if you want your private information in the hands of the Chinese Communist Party."

Responding to his comments, a TikTok spokesperson said, "TikTok is led by an American CEO, with hundreds of employees and key leaders across safety, security, product and public policy here in the US."

"We have no higher priority than promoting a safe and secure app experience for our users.  We have never provided user data to the Chinese government, nor would we do so if asked," the spokesperson added.

The US politicians have repeatedly criticised TikTok, owned by Beijing-based startup ByteDance, of being a threat to national security because of its ties to China.

Recently, India banned 59 Chinese apps including TikTok following a violent standoff with Chinese troops. This move was lauded by the US officials.

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News Network
June 24,2020

Washington, Jun 24: An Indian restaurant in the Sante Fe City of New Mexico, owned by a Sikh, was broken into and vandalised with hate messages scrawled on its walls, a media report said Tuesday.

The damage caused to India Palace restaurant is estimated to be worth USD 100,000, local Santa Fe Reporter said adding that the vandalisation is being investigated by local police and the FBI.

Sikh American Legal Defense and Education Fund (SALDEF) has condemned the incident.

"This kind of hate and violence is unacceptable and swift action must be taken to ensure the safety and security of all Americans," said Kiran Kaur Gill SALDEF executive director.

According to the local daily, tables were overturned, glassware was smashed into piles on the floor, wine racks were emptied, a statue of a goddess was beheaded and computers were stolen.

The vandals also turned over and destroyed food warmers while the front desk area was devastated, plates smashed and the kitchen rendered completely unusable, it said.

"I walked into the kitchen, I saw everything and I was like, hold on, what? What is going on here?" owner Baljit Singh told Santa Fe Reporter. "White power," "Trump 2020," "go home," and far worse were spray-painted on walls, doors, counters and any other available surface.

"Some phrases contained threats of violence and derogatory racial slurs," the daily said.

"Santa Fe is a peaceful town, and the Sikh community has lived here, beautifully integrated, since the 60s," said SALDEF board member Simran Singh, who lives minutes away from the restaurant.

"Tensions have flared recently with the reinvigoration of the Black Lives Matter movement and the removal of statues associated with Spanish colonisers of this area, who committed a number of atrocities," he said.

"Nevertheless, we are seeing an outpouring of love and support around the city and in my experience, our neighbors love and appreciate us, as we love and appreciate them," he added.

SALDEF said that it has seen an unprecedented rise in hate crimes including the April 29 incident wherein a Sikh American Lakhwant Singh was brutally attacked by a man identified as Eric Breeman in Lakewood, Colorado.

Lakhwant Singh was told to "go back to your country," while being attacked. No formal hate crime charges have been brought against the attacker.

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