Critical Thoughts

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This news from The Korea Herald is quite revealing to me. We are financing rogue states (I hesitate to use the word “terrorism” or anything related) now? The bank in question is not named but if this is true, it certainly does show the lack of security where banking is concerned.

N.K. using Malaysian bank to deal weapons with Myanmar

North Korea sought payment through a bank in Malaysia for its suspected shipment of weapons to Myanmar that is being carried on a freighter tracked by the U.S. Navy, a source said Saturday, according to Yonhap News.

The visit by a U.S. envoy to Malaysia this weekend will focus on ways to cut off the payment transaction for the cargo from the bank in Malaysia to North Korean leader Kim Jong-il, the source said.

“Kim will have a hard time collecting his money,” the high-level source said, speaking strictly on condition of anonymity. The source declined to identify the bank due to diplomatic concerns.

Philip Goldberg, the U.S. coordinator for the implementation of a U.N. Security Council resolution that punishes North Korea for its May 25 nuclear test, is scheduled to arrive in Malaysia on Sunday.

The visit comes after the White House said late last month that U.S. President Barack Obama discussed North Korea and financial regulations with Malaysia’s Prime Minister Najib Razakon by phone.

It also comes as North Korea’s Kang Nam freighter is apparently returning home after being tracked by a U.S. Navy destroyer that suspects it is carrying cargo banned under the resolution.

(Source)

I have to admit that the Sukuk Simpanan Rakyat currently being issued by Bank Negara Malaysia has really caught my interest. According to the press release:

Ministry of Finance wishes to announce the issuance of Sukuk Simpanan Rakyat 01/2009 amounting to RM2.5 billion on 14 May 2009. This is the first issue of the two series of 3-year RM2.5 billion sukuk each in 2009. Bank Negara Malaysia has been appointed to issue the sukuk on behalf of the Government.

The sukuk, which will be scripless and based on Shariah principles, is an additional investment instrument for Malaysian citizens who are 21 years and above. The RM2.5 billion sukuk, which has a 3-year tenure, offers a return of 5% per annum and provides the flexibility for early redemption before the maturity date.

Those wishing to subscribe may apply for Sukuk Simpanan Rakyat 01/2009 during the sales period, commencing from 14 April to 13 May 2009.

I think I will dump around RM3,000.00 for the purpose of the Sukuk as a long-term investment. I have already downloaded and printed out the application form and I plan to apply for the Sukuk at Bank Simpanan Nasional (BSN). For Malaysians who are interested in applying for the Sukuk Simpanan Rakyat, you can download the form (in .pdf format) at this link.

The position of inheritance in Islam is a fundamental aspect of the religion. The Prophet (P) was in fact reported to have said with regard to the issue above, that “Learn the laws of inheritance and teach it to people, for it is half of knowledge”. It has been referred to as such because it involves various aspects of knowledge such as distribution of wealth, economics, mathematics, etc. as well as involving whether directly or indirectly with all forms of worship. Therefore an inheritance advance is certainly provided for in the religion, as the Qur’an and hadith literature contain abundant information on each family member’s share. Thus this ensures that everyone receives his or her fair share and justice in distribution of an inheritance is preserved.