Barclays Sell The Share To 'Muslims' To Avoid Help From 'Taxpayers'

[Min-Fadhli-Rabii]

Barclays Sell The Share To 'Muslims' To Avoid Help From Govenment

:salam2:

Barclays raises more than £7bn from Middle East investorsComments (1) Graeme Wearden and Jill Treanor guardian.co.uk, Friday October 31 2008 08.29 GMT
Article history

Barclays is raising up to £7.3bn from Middle East investors, who could end up owning more than a third of the UK's second largest bank. The move allows the bank to strengthen its balance sheet without taking help from the taxpayer.

The cash injection is coming from the royal families of Abu Dhabi and Qatar, who have both agreed to pump billions into Barclays to bolster its capital ratios. The Qataris, who already own a significant shareholding in Barclays, are providing up to £2.3bn. Once the deal goes through they will own up to 15.5% of the bank.

Sheikh Mansour Bin Zayed Al Nahyan, a member of the Abu Dhabi royal family, will provide up to £5bn and could become Barclays' largest shareholder with a 16.3% stake. The final stakes of both Abu Dhabi and Qatari groups could be less, though, as existing institutional investors will also be invited to take part in the fundraising.

The deal means that Barclays has avoided selling a stake to the UK government - the partial nationalisation option taken by Royal Bank of Scotland, Lloyds TBS and HBOS.

Barclays has been forced to raise more capital as part of the bail-out scheme which seven banks and one building society have signed up to in the government's attempt to shore up confidence in the banking system.

The chief executive, John Varley, said the deal would enables Barclays to meet the capital issuance plan agreed with the UK authorities earlier this month, following the decision by the FSA to increase the capital ratio requirements for all UK banks.

"Today's capital raising provides certainty and speed of execution, and combined with the strong third-quarter performance in a volatile operating environment enables us to continue to implement our strategy and build our business by serving clients and customers around the world," said Varley.

When the UK banking bail-out was being agreed with the Treasury earlier this month, Varley had convinced government officials and the Financial Services Authority, that it had one backer prepared to stump up £1bn. Roger Jenkins, a colleague of Barclays executive Bob Diamond, is believed to have led the negotiations to find backers prepared to put more cash into the bank.

http://www.guardian.co.uk/business/2008/oct/31/barclay-banking1

 

[Optimist]

Such news make my blood boil. Why muslim governments are investing is usury promoting companies is just beyond me ... they surely don't have to.

Perhaps they should build large desalination projects in their countries with this money instead ? Do Qatar & UAE really need to have shares in Barclays? And why now, when these institutions are failing ?

I can already see the day when the UK will simply "freeze" (take over) this money for the slightest political friction (which they can manufacture). Disgusting.

"Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners."

Qura'an 2:276

 

[abuayesha]

Salaam to all

Yes, why can't the middle eastern governments develop their countries?

Why they can't remember the bank : Islamic Development Bank, AlFaysaliyah Bank and so on through which they can initiate to wipe poverty out among Muslim Ummah.

The money they got is - Ni ima minallaah - from Allaah. These countries will not lose anything by helping poor, not only Muslims but also non-Muslims too. May Allaah show the leaders the right path.

Wassalaam

NB: They may think that we are stupids.

 

[Skywalker]

As-salamo'alaikum,

The growing presence of Middle Eastern investors reflects the "significant shift" in the availability of capital and economic power.

 

[Optimist]

As-salamo'alaikum,

The growing presence of Middle Eastern investors reflects the "significant shift" in the availability of capital and economic power.

power and wealth that is used to do the wrong thing is a curse ... I'd rather Muslims stayed weak and continued to do the right thing instead.

 

[Zafran]

salaam

this shows the obvious corruption of the wealthy people in the muslim world. I mean what are they doing promoting riba???

 

[Skywalker]

power and wealth that is used to do the wrong thing is a curse ... I'd rather Muslims stayed weak and continued to do the right thing instead.

:salam2:

This is self deception of a high degree. In reality this world is as much for the Muslims as it is for those of other faiths.

If we want Islam to be respected, to win support – if not convert non-Muslims – we have to show that Muslims are good, successful people. In the first place we must develop a good capacity for governing our
communities and countries. Most Muslim countries today are not well-governed and are not capable of development.They are largely consumer communities or nations incapable of industrialising and producing their modern needs. The education standards are low and they do not produce great scholars as they did in the past. In a fast changing world they are not innovative, always depending on others to come up with new ideas or products which they then buy at inflated prices.

I am in no way saying that the wealth and power should be used for the wrong reasons.

 

[Zafran]

salaam

The problem with the muslim world is that after colonalism the muslim world seriously went to a set back. they relied on the west to think for them and followed suit. What Muslims have to do is find there own tradition again of Islam and rebuild it. However i believe this will never happen while captalism, Nationalsim (a new idea in the muslim world), secterianism and corruption is widespread.

The muslim world has to ask the questions which nobody is serioulsy asking

Why did we mess up?

and

How do we become a great nation again?

 

[Skywalker]

Solution

salaam

The problem with the muslim world is that after colonalism the muslim world seriously went to a set back. they relied on the west to think for them and followed suit. What Muslims have to do is find there own tradition again of Islam and rebuild it. However i believe this will never happen while captalism, Nationalsim (a new idea in the muslim world), secterianism and corruption is widespread.

The muslim world has to ask the questions which nobody is serioulsy asking

Why did we mess up?

and

How do we become a great nation again?

:salam2:

There is Fard al-Kifayah, which must be performed by a member or some
members of the Muslim community. Failing which, the whole community would bear the sin, which the individual performance of Fardal-’Ayn cannot expiate. Thus it is incumbent upon a Muslim community to have experts
in the fields of defence, in agriculture and food production, in medicine and so on, so that the community is well provided for and can look after its well-being.

There are so many reasons because of which we messed up things and I hope we restrain from repeating them again.

 

[Optimist]

Dear brother skywalker. Please don't be upset. I did not mean to attack you directly and certainly did not accuse you of calling to use wealth in an improper way.

World domination is not the target of Muslims. We strive to please Allah (glorified He may be).

We should present the alternative, not work to out perform the sinners in their sins. If we are to become like them, then what is the point of us?

The best times was the time of the prophet (peace be upon him). Yet, it was not a time of great wealth. It has been reported that the prophet (peace be upon him) used to tie his abdomen with a stone due to hunger. His household used to go on for two months without cooking even once.

Yet, it was a time of justice, light and revelation. People were full of purpose and were content, unlike us today. This is the main reason of our decline IMHO.

Be safe.

 

[cmelbouzaidi]

:salam2: i would like to see a lot more availability of islamic banking for muslims in western countries. it would be so much better if the richer muslim countries really put their first efforts into helping out their less fortunate muslim brothers and sisters instead of building the tallest skyscraper in the world as in dubai at the moment

another problem is also some of the greatest young talents in muslim countries end up in western countries improving those countries as there are no opportunities where they come from. also, i believe that muslim immigrants from india/bangladesh and philippines in rich gulf countries often make a disgustingly low wage when we think of the wealth that the rulers of some of these countries have.

doesn't say much for us taking care of our ummah but this is just my opinion/observation with no proper stats also, i believe that in an effort to please ALLAH, we must help out the ummah in this world as much as we can as we have a mandate to seek knowledge in this dunya and look after those less fortunate. ALLAH knows best.

 

[Skywalker]

Islamic Banking

:salam2: i would like to see a lot more availability of islamic banking for muslims in western countries. it would be so much better if the richer muslim countries really put their first efforts into helping out their less fortunate muslim brothers and sisters instead of building the tallest skyscraper in the world as in dubai at the moment

another problem is also some of the greatest young talents in muslim countries end up in western countries improving those countries as there are no opportunities where they come from. also, i believe that muslim immigrants from india/bangladesh and philippines in rich gulf countries often make a disgustingly low wage when we think of the wealth that the rulers of some of these countries have.

doesn't say much for us taking care of our ummah but this is just my opinion/observation with no proper stats also, i believe that in an effort to please ALLAH, we must help out the ummah in this world as much as we can as we have a mandate to seek knowledge in this dunya and look after those less fortunate. ALLAH knows best.

:salam2:

There is an outright euphoria about ‘Islamic Banking’.Interestingly, the Western banking giants such as HSBC, Citibank and UBS can be seen striving the hardest to attract previously neglected Muslim customers with their ‘Islamic Banking’ schemes. I think ‘Islamic Banking’ as nothing more than an insignificant variation on the Western banking model, and in no way an acceptable alternative to it, from an Islamic perspective. The only difference is in the semantics and the calculation model through which the banks siphon off their profits from the customer. Since they haven’t changed the basics – such as the mythical reproduction of money, the means of payment
without inherent value, and so on – ‘Islamic Banking’ is just as weak and sickly as the Western model.

 

[cmelbouzaidi]

:salam2: You may well be right, brother Skywalker. There are surely plenty of thieves in this world under all kinds of guises. My family just wants to find a Shariah compliant institution so we can eventually buy a place here without dealing in riba.

May ALLAH guide us to the Straight Path.