STRESS AND ANXIETY ATTACKS DURING EXAM TIME!!!!!

I will be having my semester exams at the end of the month and I am having stress and anxiety attacks – I have tons of work to do (which includes never ending assignments etc etc), I’m sleep deprived, I’m tired and miserable. Worse, I have not even opened any books and/or lecture notes – I am as good as GONE!!!!! I need serious HELP!!!!!

So today – I am not going to write up anything on Islamic finance – but just to focus on stress and anxiety related to exams. Yes people, believe it, after taking more than a dozens of major exams since my childhood years, I am still hopeless at controlling my stress level when it comes to exams.

I ‘googled’ on stress relief and guess what, most of the articles wrote that the best stress relief can be achieved through hypnosis therapy. Huh? Where can I get one in short notice? Better still, I have never heard of hypnosis therapy before……

The more articles I read, the more depressed I became – so I decided to do one thing – STOP ‘GOOGLING’, SHUT THE LAPTOP AND GO TO SLEEP!!!!!!!

I hope that once I wake up tomorrow morning (insha allah/god’s willing), I will be okay – I put my life in God’s hand – He is the ultimate one – after all, only ALLAH KNOWS BEST!!!!

Good night all – Sleep tight – Sweet dreams!!!!!

WOMEN AND ISLAMIC FINANCE

When I read this article in Islamic Banking and Finance Issue 21, I know that I have to share this article with you....

The first wife of the Prophet Muhammad, Khadijah binti Khuwaylid, is considered to be one of the greatest women in Islamic history. A widely respected and successful businesswoman who inherited her father’s business, Khadijah is known as the first female entrepreneur in Islam. Her title of al-Tahira (“the pure one”) was earned through her purity, generosity and service to others.

Khadijah employed Muhammad as an agent to trade her merchandise to Syria and, impressed by his sense of responsibility and business skills, she proposed to him. She was also the first to declare faith in Islam. Khadijah’s example sets a standard for aspiring businesswomen across the Islamic world—her success in a male-dominated society provides inspiration for women to pursue their own careers. But how easy is it, in modern times, for a woman to gain acceptance from her male peers and become successful in an environment such as Islamic finance? And what does the future hold for women in the sector?

The Western view of a successful woman generally relates to an accomplished career and financial independence. But in Islam, although a Muslim woman can pursue a career, her primary role as wife and mother are considered more important. The status attached to the role of mother is equal to, or more than, that associated with the father as provider:

A man came to the Prophet and said: “O Messenger of God! Who among the people is the most worthy of my good companionship?” The Prophet said: “Your mother.” The man said: “Then who?” The Prophet said: “Then your mother.” The man further asked: “Then who?” The Prophet said: “Then your mother.” The man asked again: “Then who?” The Prophet said: “Then your father.”
(Bukhari and Muslim hadith)

Although Western attitudes towards career women are actively promoted in most industries, women in the Middle East, North Africa and emerging Asia (MENASIA) regions can still be faced with chauvinistic attitudes and lower salaries. In an industry based on Islamic laws, attitudes towards women in Islamic finance are more traditional and conservative. But attitudes towards businesswomen in the sector are becoming more liberal, as female role models prove they can balance both a family and career. Women are finding they are increasingly regarded as equals in the workplace, and steps are being taken across many regions to encourage female entrepreneurship.

ISLAMIC FINANCE GROWTH AND DEVELOPMENT IN MALAYSIA

Amidst the global financial turmoil and harsh critiques that conventional banking is facing, Islamic banking system has emerged as a vibrant alternative in Malaysia. In this nation of 25 million people, few financial sectors have grown as quickly as the Islamic banking industry, whose religious precepts have struck a nerve not only with the older generations but with younger investors as well. An interesting point to note is that, Islamic finance in Malaysia is generally well accepted among all Malaysians—non-Muslims lead in subscribing to Islamic finance products and services.

It is widely known that Islamic financial services are among the fastest growing fields in the banking and finance industry. In its annual intelligence report, McKinsey & Co stated that Islamic banking assets and assets under management reached US$750 billion in 2006 and are expected to reach US$1 trillion by 2010. The financial authorities in the central bank, Bank Negara, as well as the Malaysian government and Kuala Lumpur’s banking community, understood the potential of this trend and sought to create the right conditions in which the nascent industry could thrive. Capitalising on the existing infrastructure and comprehensive local Islamic financial system, which has been developed for almost 30 years, the Malaysia International Islamic Financial Centre (MIFC), a strategic body that spearheads the development of Malaysia as an international Islamic financial hub, was set up in 2006 to promote Malaysia’s expertise in Islamic banking. Also in 2006, Malaysia, again led by its central bank, founded the International Centre for Education in Islamic Finance (INCEIF) as a global university for Islamic finance.

With all systems in place and the right knowledge and human capital, Malaysia spearheaded the world’s first global sovereign sukuk, when others were still hesitant, if not resistant. It became host to the Islamic financial services board, a standard-setting body that seeks to harmonise prudential, supervisory and disclosure practices in the global Islamic finance industry.

SURVIVAL OF THE FITTEST.....

As activity slowed to a crawl last year, one joke making the rounds among Islamic finance professionals was that the only groups still making money from the industry were conference organisers. And no wonder. The rapid rise in the profile of Islamic finance and the ever-increasing amounts of money flowing into the sector have spurred equally impressive growth in dedicated conferences. Sukuk, private equity, real estate, project finance, hedge funds: as each and everything that could possibly be made Shariah-compliant became hotter, organisers have matched them with every forum, symposium, seminar or summit possible.

“The conferences focusing on Islamic finance, like the industry itself, has witnessed extraordinary growth, especially over the past three or four years, which has seen many generalist conference companies dabble in the market,” says David McLean, managing director of Mega Events, Dubai.

In the quarter to December last year alone, there were no fewer than 30 Islamic finance-themed conferences held in Asia, Europe and the Middle East. In London, last summer it was possible for a banker to network at least once a week through an Islamic finance event, which are as much about discourse as they are about the informal mingling of suits and ties.

But quantity does not always mirror quality. While attendees are reluctant to criticise any conferences publicly, the consensus is that the huge increase in the events has meant a decrease in the number genuinely productive and worth attending. Only a handful of conferences stand out when executives are asked what they won’t miss, come rain, shine or snow

ARE WE RESILIENT OR ARE WE AT RISK ?

In advertising the first Asia Sukuk Summit 2009, the Hong Kong Monetary Authority offered this quote from the International Monetary Fund: “The Islamic financial system may be in a better position to withstand shocks in the global financial system than its conventional counterpart.”

It goes on to say: “Promoting dialogue and exchanges among financial markets and industry professionals is important in addressing some of the key challenges the [Islamic financial] industry faces, such as consensus on international standards and global awareness. Greater transparency and harnessing of standards are therefore demanded to push the industry to the next level of development, and it would not have been possible without the collective efforts of regulators and market players in respective regions.”

The above quotes provide rather conflicting views of Islamic finance. On the one hand, the Islamic financial system may be more resilient yet it needs to be pushed to the next level of development for the sake of “greater transparency and harnessing of standards”. One may wonder whether the resilience of the Islamic financial system rests on its lack of development, transparency or standards and if this is true, whether the conventional wisdom must apply: “If it ain’t broke, don’t fix it.”

Since the flare-up of the international financial crisis, it has become fashionable to cite the immunity of Islamic finance to financial crises as a testament of its resilience. This is obviously a self serving argument and an exercise in delusion. Islamic finance, as practised today, places the industry in a more vulnerable situation than conventional finance. The real issue is not the intrinsic resilience of Islamic finance, but that the industry has not yet faced the same conditions as conventional finance has faced. Islamic finance will likely traverse a far more dangerous terrain if it continues on its present path.

(Extracted from Islamic banking and finance, Issue 21)