// Riba banking loses almost half it's value in saudi
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Author Topic: Riba banking loses almost half it's value in saudi  (Read 3963 times)
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cheese
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« on: Oct 09, 2008 09:13 PM »


Gulf states poised to weather financial crisis

By Julia Wheeler
BBC News, Dubai

Kuwaiti trader
Gulf stock exchanges are apt to exaggerate volatility felt elsewhere

Gulf stock markets are not immune to the global battering the current tornado of volatility has brought.

In Saudi Arabia, there has been a 45% Cheesy drop in share values this year and it is the same story in the United Arab Emirates' commercial capital, Dubai.

It began with foreign investors pulling out. Local investors followed suit.

Across the region - including in Saudi Arabia where 90% of those investing in markets are estimated to be locals - the plummet has continued as investors became nervous, more risk averse and felt the need to deleverage.

   
The world becomes flat. There are no island economies anymore
Mahdi Mattar, of Shuaa Capital

The layman's finance crisis glossary
Credit crisis: World in turmoil
"Cash is king," says Dr Mahdi Mattar, Chief Economist at Shuaa Capital, based in the high-rise, hi-tech, Dubai International Financial Centre.

"This is not just a slowdown in the US or Europe, it is one of the biggest financial crises we have seen," he said. "In those circumstances the world becomes flat. There are no island economies anymore."

Oil cushion

The Gulf markets are risky and volatile at the best of times; now with global volatility so high, events on the markets are playing out exponentially in this region.

However, the fundamentals of the economy are solid, say the analysts.

Dubai property exhibition
Dubai is not expecting to taste the austerity many countries will experience
The Gulf has an advantage over other emerging markets such as India or China in that its main export is oil - something that, despite recent massive jumps and falls is still trading above average prices.

Certainly demand slows in times of global recession, but the oil price has a long way to fall before that becomes a big worry for Gulf governments.

These governments have a huge budget surplus. Indeed, the Gulf and the Middle East are being looked upon by others as a source of capital for the West.

If problems develop closer to home, these surpluses can act as a cushion domestically.

Economists here still see potential for growth in the region, despite the troubles in the global economy.

Soft landing

"We expect to see a slowdown in the GCC (Gulf Co-operation Council) next year, but there will still be a positive rate of growth for the Gulf into 2009," says Marios Maratheftis, Regional Head of Research at Standard Chartered Bank in Dubai.

"I'm talking of between 2% and 3% - certainly lower rates than there have been, but still very respectable growth."

In Dubai, there is also talk of a slowdown - a soft landing rather than a crash - from the huge property price increases of the past few years.

That, say the analysts, is a good thing given high levels of inflation as well as how frenetic things were this time last year in the property market.

Optimism

Dubai is a city that has built a reputation on being able to put a positive spin on most things.

A survey released in conjunction with this week's Cityscape property exhibition (pitched as the largest business-to-business real estate show in the world) says Middle Eastern property markets are expected to outperform all other regions by a significant margin.

Take away the "Well, they would say that, wouldn't they" and actually, the economists believe, the Gulf is likely to be reasonably well insulated - although clearly not isolated - from the global situation.

That is certainly something many expatriate professionals are feeling as they watch what is happening in their home countries.

Those in the financial sector and elsewhere are expecting their numbers to swell as it becomes easier for the region to attract good quality human capital to the knowledge-based economies of Dubai, Abu Dhabi and Qatar.

Those who are already in the region feel happy to sit tight and weather the doom and gloom in the Arabian sunshine.

"In my industry, there are worse places to be at the moment than Dubai," said one British banker, who wishes to remain anonymous.  Cheesy
jannah
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« Reply #1 on: Oct 10, 2008 10:38 AM »

Question: Why are you happy about Muslims losing money? The stocks in Saudi are Islamically compliant.

Again your responses seem very child-like. When you lose your job and don't have any help from the government and can't feed your family or get medical help, then you might look back and realize you shouldn't have been so happy about economic depression.
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« Reply #2 on: Oct 10, 2008 01:24 PM »

Can you be happy about things like this? Be sure there will be more.

Father kills family and himself, despondent over financial losses
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« Reply #3 on: Oct 10, 2008 05:12 PM »

assalamualaikum

mr cheese, if you really are a muslim, you are a horrible person.  good muslims do not jump up and down in glee over other's misfortunes, whether they are muslim or nonmuslim.

my father saw his IRA sliced, my sister's college funds have been hit hard.  and cheese is happy about that?!! what a bad person.

the only good thing i can see from this at the moment is that Roman Abramovich has has lost $20 billion!! And the crook who wants to take over Arsenal has lost $11 billion!  Malcolm Glazer, since he owes huge amounts of money to hedge funds who financed his takeover of Man United, is probably also stuffed.  And well Liverpool was a basketcase to begin with.

http://www.thisislondon.co.uk/standard/article-23571214-details/Roman+loses+12bn+on+bad+day+for+London%27s+club/article.do

So who remains standing?  ARSENAL!!!!!!!!!!!!!!

ARSENAL!!!

ARSENAL!!!!!!!!

ARSENAL!!!!!!!!!!!!!!!!!!!

yeah, baby -- its ARSENAL!!!!!
cheese
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« Reply #4 on: Oct 10, 2008 06:23 PM »

Question: Why are you happy about Muslims losing money?
In this case yes because I don’t believe “The stocks in Saudi are Islamically compliant.”
If this is what it takes for them to learn the lesson they need to, to do business Islamicly then all the better for them because what they lose in this life due to the crash is nothing compared to what they will lose in the next due to copying the Kaffir in the ways of business.
 
“When you lose your job and don't have any help from the government and can't feed your family or get medical help, then you might look back and realize you shouldn't have been so happy about economic depression”

Just think about what you have written, along with the article.
Which country are you talking about?
Saudis don’t work there; all but a fraction take money from the government and spend their days in perpetual relaxation.
No Saudi has problems feeding his family and medical help is free for everyone including me a foreigner when I am there!
It is the poor Indians, Africans and Indonesians who clean, cook and care for them that you need to worry about. And they were treated really bad when the Saudis were rich, worse when the Saudis got richer, may be some lose of money will get them to treat their workers better?

So I’m going to look forward and pray for a great big “economic depression” I see it as Allah punishment.

Some people have accepted money as their god. This Hindu man who named his children after the gods his people worship instead of Allah should have named them after money. He killed his children because his shares went down.
Not because his children are starving like is happening in Gaza due to the blockade imposed by Israel and Egypt, not because his wife has to work as a prostitute to feed his children like is happening for Iraqi refugees.
Were his children starving? Did they fear for their next meal? Was their any indication of that?
There is no indication of that on the article. So I don’t mind the destruction of the money idol, I do mind that he would worship money to such an extent that he would kill his family and himself for it.
But when it comes to the poor getting poorer I’m more worried about the real poor, and not rich people who lose some of their riches.

 Lucid we all get happy when bad things happen to bad people. I see share dealing as no different to gambling, so couldn’t careless when people lose money when fiddling in such silly ventures. And you hate all those opposed to your football team and are happy when they lose money.
Does this mean we maybe more similar than you are comfortable with?
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« Reply #5 on: Oct 10, 2008 08:09 PM »

the football stuff was merely a joke.

in any case abramovich and usmanov's wealth are stolen -- they got sweatheart deals which allowed them to pick up prime russian assets at pennies to the dollar.  they did not earn the money.  only glazer earned his money, and he probably didn't lose too much, and if he did -- he deserves it, because he put a great club like man united (who i hate nevertheless) under such perilious debt.  so many man united fans protested against this.  he didn't care.  arsenal are the only big 4 club not to take on massive debt.  their debt on the emirates stadium is a fixed rate and poses no danger to the solvency of the club.  they will get hurt because of their highbury developments -- but instead of making a huge profit, they will only perhaps make a small profit.
cheese
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« Reply #6 on: Oct 10, 2008 08:26 PM »

“the football stuff was merely a joke.” I know and so was the similarity thing I posted.

I can’t see much of a difference between what “abramovich and usmanov'” did to what stock brokers are doing. “pennies to the dollars” is the name of the game. When it comes to Ribba bankers and stoke brokers “they did not earn the money” they just fiddle with figures and use their immense wealth to get richer. What I mean is shop keepers provide a service, they provide a point of purchase, street cleaners and doctors provide a service, and their actions are needed in the betterment of everyone’s lives.
But commodity brokers, stock brokers and ribba bankers are just useless parasites.
If all suddenly committed mass suicide, I’m not sure that many people will even notice other then the fact that the world will become richer due to the absences of their blood sucking.
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