معايدات

'This is only the start of something that should have happened months ago.' Brian Cowen announces the recapitalisation of the banks yesterday

By Joe Brennan
Monday December 22 2008
AND so, the Government has finally quit dithering and agreed to inject €5.5bn into the main lenders to prevent the system deteriorating into a bunch of zombie banks.
But this is only the start of something that should have happened months ago, when the rest of Europe went a step further than Ireland's €440bn guarantee scheme by pumping fresh money into its banks.
The Government thought it could buy time until January when it revealed it was prepared to lead an investment of up to €10bn into the sector.
However, talks intensified into the weekend as the once high-flying Anglo Irish Bank became embroiled in the controversy over €87m of hidden loans to chairman Sean Fitzpatrick -- which claimed the scalps of the grandee of Irish banking, his chief executive David Drumm and non-executive director Lar Bradshaw.
Anglo is set to receive €1.5bn to bolster its capital reserves against an unexpected loss as bad loans to the property sector mount. This should really only be seen as a stopgap measure, as analysts believe it will need to raise anywhere between €2.5bn and €3.5bn of fresh funds.
Anglo said earlier this month that it expects to take a hit of up to €2.76bn on bad loans as it prepares to write off as much as 1.2pc of its loan book in each of the next three years.
Anglo also indicated that it could absorb these losses and remain profitable over this time. This would allow the group to avoid dipping into the reserves sitting on its balance sheet. Indeed, the group's top executives insisted that it would be able to beef up its coffers naturally by retaining profits and not paying out dividends.
The problem is that the market just doesn't believe the group's worst-case scenario. Anglo's shares have tumbled 59pc since then. Its market value has plummeted to just €266m from its peak at about €13bn at the start of 2007.
There appears to be little appetite among Anglo's existing shareholders or private investors to pump more money into Anglo. But Bank of Ireland and Allied Irish Banks have been told to go out into the market in the New Year and top up the €2bn each is receiving from the State -- albeit with a guarantee from the Government that it will buy any shares which can't be flogged.
But has the Government weakened its own bargaining position by going in before other investors? And, will the damaged reputation of Ireland Inc following the Anglo loan scandal leave it owning more of BoI and AIB than originally intended as some foreign investors give their share sales a wide berth?
Taxpayers, however, are likely to find themselves putting more money into Anglo over the coming years as it goes about either winding it down or merges with a larger rival. It is likely the National Treasury Management Agency (NTMA) will play a prominent role in the management of bad debts.
Of Anglo's €73.2bn loan book, €21.1bn is out to customers in the UK and a further €9.3bn on loan in North America. The Government is likely to insist that the foreign business would be wound down as a matter of priority -- by drastically limiting new lending or even selling off these loan books.
While all the banks have made a huge fuss about funds they have set aside to lend to hard-pressed small- to medium-sized enterprises (SMEs) and ordinary customers, there is plenty of anecdotal evidence that they are still sitting tightly on their chequebooks.
There was plenty of bickering between the Government and the three banks included in the plan on elements of a "credit package" that the Department of Finance insisted on putting together as part of yesterday evening's announcement.
But in the end, the banks have agreed to increase lending to SMEs by 10pc next year and provide an additional 30pc in lending to first-time buyers. They have also conceded to hold of for at least six months on taking any legal action on mortgage holders from the them when arrears first arise.
Small businesses will also be relieved that the Financial Regulator and Irish Banking Federation (IBF) will set up a new code in January to make sure lenders do not pull fast ones by changing banking facilities without notice. The code will also set out how banks deal with SMEs in difficulty.
Minister for Finance Brian Lenihan argued yesterday that the Government has avoided the mistakes of other countries as they rushed to recapitalise their banks too quickly. The question is, has he waited too long to make any impact in a rapidly deteriorating economy?
jbrennan@independent.ie
- Joe Brennan

The awful truth in the USA economy Plunder

The USA economy been suffering since a while, due to wars caused by Bush and his administration.

The following video talks about the USA wasteful economy.
or the Curse of Iraq back fires on the Bushes administration and the World economy.


http://www.wimp.com/awfultruth/

Steering commitee for the next local election 2009

It is essential for us Muslims to have a steering commitee for the next local election.
Our community should start a mechanism of how to create an interest and awarness to participate in the coming election.
you could elect any candidate whether a Muslim or not as long as set criteria are followed

He/she should be sympathetic to our cause

what is his/her attitude to muslim issues

Against discrmination and racisim

Fully supports the human rights issues

You can add to this list other conditions.

The Last Sermon of the Prophet خطبة حجة الوداع في يوم 10 من ذي الحجة

The Mountain of Light
جبل النور

On this very same mountain Messenger Muhammed Peace be upon him delivered his last sermon.
على هذا الجبل خطب الرسول صلى الله عليه وسلم خطبة الوداع

The Last Sermon of the Prophet

The last sermon of the Prophet-peace be upon him- is known as Khutbatul Wada'. It is mentioned in almost all books of Hadith. Following Ahadith in Sahih Al-Bukhari refer to the sermon and quote part of it. See Al-Bukhari, Hadith 1623, 1626, 6361) Sahih of Imam Muslim also refers to this sermon in Hadith number 98. Imam al-Tirmidhi has mentioned this sermon in Hadith nos. 1628, 2046, 2085. Imam Ahmed bin Hanbal has given us the longest and perhaps the most complete version of this sermon in his Masnud, Hadith no. 19774.

This Khutbah of the Prophet-peace be upon him- was long and it contained much guidance and instructions on many issues. The Prophet-peace be upon him- gave this sermon in front of a large gathering of people during Hajj.

Whosoever heard whatever part of the sermon reported it and later some scholars put it together. It is a great khutbah and we should all pay attention to its message and guidance. Following are the basic points mentioned in this khutbah:

O People
Lend me an attentive ear, for I know not whether after this year, I shall ever be amongst you again. Therefor listen to what I am saying to you very carefully and take these words to those who could not be present here today.

O People
Just as you regard this month, this day, this city as sacred, so regard the life and property of every Muslim as a sacred trust. Return the goods entrusted to you to their rightful owners. Hurt no one so that no one may hurt you. Remember that you will indeed meet your Lord, and that He will indeed reckon your deeds. Allah has forbidden you to take usury (interest); therefore all interest obligation shall henceforth be waived. Your capital, however, is yours to keep. You will neither inflict nor suffer any inequity.

Allah has Judged that there shall be no interest and that all interest due to Abbas Ibn ‘Abd al Muttalib (the Prophet's uncle) shall henceforth be waived.

Beware of Satan for the safety of your religion. He has lost all hope that he will ever be able to lead you astray in big things, so beware of following him in small things.

O People
It is true that you have certain rights in regard to your women, but they also have rights over you. Remember that you have taken them as your wives, only under Allah's trust and with His permission. If they abide by your right then to them belongs the right to be fed and clothed in kindness. Do treat you women well and be kind to them, for they are your partners and committed helpers. And it is your right that they do not make friends with anyone of whom you do not approve, as well as never to be unchaste.

O People
Listen to me in earnest, worship Allah, say your five daily prayers (Salah), fast during the month of Ramadan, and give your wealth in Zakat.

Perform Hajj if you can afford to.

All mankind is from Adam and Eve, an Arab has no superiority over a non-Arab nor a non-Arab has any superiority over an Arab; also a white has no superiority over a black, nor a black has any superiority over a white- except by piety and good action. Learn that every Muslim is a brother to every Muslim and that the Muslims constitute one brotherhood. Nothing shall be legitimate to a Muslim, which belongs to a fellow Muslim unless it was given freely and willingly. Do not therefor, do injustice to yourselves.

Remember one day you will appear before Allah and answer for your deeds. So beware, do not stray from the path of righteousness after I am gone. People, no prophet or apostle will come after me and no new faith will be born. Reason well therefore, O people, and understand words which I convey to you. I leave behind me two things, the Quran and the Sunnah (Hadith), and if you follow these you will never go astray. All those who listen to me shall pass on my words to others and those to others again; and may the last ones understand my words better than those who listened to me directly. Be my witness, O Allah, that I have conveyed your message to your people."

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خطبة حجة الوداع في يوم (10 من ذي الحجة)

ألقاها الرسول صلى الله عليه وسلم في حجة الوداع يوم عرفة من جبل الرحمة وقد نزل فيه الوحي مبشراً أنه "اليوم أكملت لكم دينكم وأتممت عليكم نعمتي ورضيت لكم الإسلام ديناً"
الحمد لله نحمده ونستعينه ونستغفره ونتوب إليه، ونعوذ بالله من شرور أنفسنا ومن سيئات أعمالنا من يهده الله فلا مضل له ومن يضلل فلا هادي له، وأشهد أن لا إله إلا الله وحده لا شريك له وأشهد أن محمداً عبده ورسوله.
أوصيكم عباد الله بتقوى الله وأحثكم على طاعته وأستفتح بالذي هو خير. أما بعد أيها الناس اسمعوا مني أبين لكم فإني لا أدري لعلى لا ألقاكم بعد عامي هذا في موقفي هذا.
أيها الناس إن دماءكم وأعراضكم حرام عليكم إلى أن تلقوا ربكم كحرمة يومكم هذا في شهركم هذا في بلدكم هذا – ألا هل بلغت اللهم فاشهد، فمن كانت عنده أمانة فليؤدها إلى من ائتمنه عليها.
وإن ربا الجاهلية موضوع ولكن لكم رؤوس أموالكم لا تظلمون ولا تظلمون وقضى الله أنه لا ربا. وإن أول ربا أبدأ به عمي العباس بن عبد المطلب.
وإن دماء الجاهلية موضوعة، وإن أول دم نبدأ به دم عامر بن ربيعة بن الحارث بن عبد المطلب وإن مآثر الجاهلية موضوعة غير السدانة والسقاية والعمد قود وشبه العمد ما قتل بالعصا والحجر وفيه مائة بعير، فمن زاد فهو من أهل الجاهلية – ألا هل بلغت اللهم فاشهد.
أما بعد أيها الناس إن الشيطان قد يئس أن يعبد في أرضكم هذه، ولكنه قد رضي أن يطاع فيما سوى ذلك مما تحرقون من أعمالكم فاحذروه على دينكم، أيها الناس إنما النسئ زيادة في الكفر يضل به الذين كفروا يحلونه عاماً ويحرمونه عاماً ليوطئوا عدة ما حرم الله فيحلوا ما حرم الله ويحرموا ما أحل الله. وإن الزمان قد استدار كهيئته يوم خلق الله السماوات والأرض، وإن عدة الشهور عند الله اثنا عشر شهراً في كتاب الله يوم خلق الله السماوات والأرض، منها أربعة حرم ثلاثة متواليات وواحد فرد: ذو القعدة وذو الحجة والمحرم ورجب مضر الذي بين جمادى وشعبان – ألا هل بلغت اللهم فاشهد.
أما بعد أيها الناس إن لنسائكم عليكم حقاً ولكم عليهن حق. لكم أن لا يواطئن فرشهم غيركم، ولا يدخلن أحداً تكرهونه بيوتكم إلا بإذنكم ولا يأتين بفاحشة، فإن فعلن فإن الله قد أذن لكم أن تعضلوهن وتهجروهن في المضاجع وتضربوهن ضرباً غير مبرح، فإن انتهين وأطعنكم فعليكم رزقهن وكسوتهن بالمعروف، واستوصوا بالنساء خيراً، فإنهن عندكم عوان لا يملكن لأنفسهن شيئاً، وإنكم إنما أخذتموهن بأمانة الله واستحللتم فروجهن بكلمة الله فاتقوا الله في النساء واستوصوا بهن خيراً – ألا هل بلغت....اللهم فاشهد.
أيها الناس إنما المؤمنون إخوة ولا يحل لامرئ مال لأخيه إلا عن طيب نفس منه – ألا هل بلغت اللهم فاشهد.
فلا ترجعن بعدى كافراً يضرب بعضكم رقاب بعض، فإني قد تركت فيكم ما إن أخذتم به لن تضلوا بعده: كتاب الله وسنة نبيه، ألا هل بلغت ... اللهم فاشهد.
أيها الناس إن ربكم واحد وإن أباكم واحد كلكم لآدم وآدم من تراب أكرمكم عند الله اتقاكم، وليس لعربي على عجمي فضل إلا بالتقوى – ألا هل بلغت....اللهم فاشهد قالوا نعم – قال فليبلغ الشاهد الغائب.
أيها الناس إن الله قد قسم لكل وارث نصيبه من الميراث ولا يجوز لوارث وصية، ولا يجوز وصية في أكثر من ثلث، والولد للفراش وللعاهر الحجر. من ادعى إلى غير أبيه أو تولى غير مواليه فعليه لعنة الله والملائكة والناس أجمع ين لا يقبل منه صرف ولا عدل.

والسلام عليكم.

Wishing you the best of Eid كل عام وانتم بخير

The Eid will be on Monday 8th Dec 2008 10th Zul Hejjah 1429 H

Wishing you the Best of Eid and Many Happy Returns

كل عام وانتم بخير بمناسبة عيد الاضحى المبارك اعاده الله علينا وعلى الامة الاسلامية بالخير واليمن والبركات
لعشرة خلون من ذي الحجة 1429 من هجرة رسول الله صلى الله عليه وسلم

From MCLI

EUROPEAN CAMPAIGN TO LIFT THE SIEGE ON GAZA

We are calling upon all women, men, young and old to participate with us in picketing outside the Egyptian embassy.
This will be in reliance Europe united in demanding lifting of the siege and opening crossing points from Gaza and its peopleThe people of Gaza now have no medicine, no food and no electricity.Children of Gaza are dying and their mothers are screaming: Where are you from this?
Date: Saturday 06/12/2008
Time: 12:00PM
Venue: Egyptian Embassy12,
Clyde Road,
Ballsbridge,
Dublin4