DinarStandard Editors

Muslim World Business Sector continues to grow...

Today we release our Jan 2008 issue of DinarStandard and unveil the 2007 DS100.  This is an exciting issue for the DinarStandard team.  For the fourth consecutive year DinarStandard's DS100 ranking of the top 100 businesses in the Muslim World provides a reliable benchmark to understand the progress and overall state of businesses in Muslim World economies.  This year's ranking is noteworthy not only for the continuing effect of oil price driven revenue windfall for the Oil & Gas companies on the list, but also how these have impacted an even greater rise for infrastructure and service sector companies.  The 2007 DS100 had a combined US $1.08 trillion in total revenues (based on EOY 2006 data) and grew 14.5% over the year before.  As part of our efforts to highlight success stories in the corporate sector of the Muslim World this issue also includes profiles of Ulker Group of Turkey, Zain of Kuwait, and the leadership of Muhammad Alabbar of Emaar.  Readers will find with the DS100 Key Facts, brief profiles of some of the most exciting companies on the ranking and an industry breakdown.

This month DinarStandard also features an engaging question-answer with Shaikh Yusuf Talal DeLorenzo, a recognized Shariah Advisor, who recently seperated himself from the pack by questioning recent financial engineering efforts which effectively circumvent the standards of the Shariah rather than serving them. In an industry that labels itself Islamic - DeLorenzo takes up issues that will help to keep the industry on track.  To round out the finance side of things Guest Contributor, Rupert Neil Bumfrey, Principal at RNB Associates, writes about the rise of Sovereign Wealth Funds and their place in the globalized economic system. 

As always we look for our readers to write with their comments.  We are hopeful for a great 2008. 

World Economic Forum releases report of Islam-West Dialogue

The gathering of world leaders at the World Economic Forum’s annual meeting in Davos routinely generates discussion on business and economic issues.  But in recent times, the forum has taken up social issues as well.  A few years ago, the WEF formed the Council of 100 (C-100) to discuss the relationship between the Western and Muslim Worlds.  This year, the C-100 released its first annual report titled, Islam and the West: Annual Report on the State of Dialogue. 

The report aims at benchmarking the state of the dialogue by focusing on five main areas which are: international politics; citizenship and integration; religion, ethics, and ideology; education and intercultural understanding; economic and social development.  It was authored mainly by John DeGioia, President of Georgetown University in Washington, DC.  It also includes contributions from leading authorities and personalities such as John Esposito, Karen Armstrong, Ingrid Mattson, Mustafa Ceric, Anwar Ibrahim, Rabbi David Rosen, Akbar Ahmed, Mary Robinson, and Lord Carey of Clifton.  Each of the contributors is intimately involved in the policy debates on local and global platforms. 

In the report’s foreword Klaus Schwab, Executive Chairman of the World Economic forum, writes that “the remarkable feeling of proximity between people and nations is the unmistakable reality of our globalized world.”  In his view this proximity allows people to see other cultures more clearly and also see ours more clearly.  This may practically be the case but the real question whether people are willing to see others clearly.  Clearly, the C-100 is trying to facilitate this. 

We strongly urge our readers to download and read this important first work.  The report highlights the many global challenges which humanity faces and tries to highlight the need for unified responses through well organized social collaboration.  Unified responses are certainly in order for global challenges but local challenges need local responses as well.  In effect while gatherings like the WEF and intitiatives such as the C-100 will continue to facilitate dialogue and debate about global issues it is also increasingly necessary for such efforts to recognize and nurture local responses by understanding local contexts and their specific challenges.