ISSUE: July 2012 EXCLUSIVE WEEKLY PUBLICATION FOR FGKC STUDENTS (FREE COPY)

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2 The Finance Ministry is considering the establishment of a special-purpose Buddhist bank similar to the Islamic Bank of Thailand, says Deputy Finance Minister Wirun Techapaiboon. The ministry estimates that temples across the country have a combined savings of more than 200 billion baht, driven by those large temples famed for merit-making and donations such as Wat Sothorn in Chachoengsao province. Mr Wirun said the first stage will involve a particular outlet of the Government Savings Bank as an alternative for temples to make deposits. The deposits will not be lent to any entities such as bars and massage parlours that contravene the rules of Buddhism. If the idea succeeds, then the bank will be upgraded to the first Buddhist bank in Thailand. The Sangha Supreme Council of Thailand came up with the idea of a bank that operates in accordance with religious principles. Such a bank could fund monks' residences, monasteries and Buddhism schools. It could distribute 10% of profits to temple maintenance. A Finance Ministry source said the idea is fairly awkward for the Fiscal Policy Office, which strongly disagrees with the concept of a Buddhist bank. The source said it would be hard for the bank to control its non-performing loans and manage collateral. For instance, if a temple failed to repay its debt, seizing its collateral is against societal norms. "Furthermore, even if the law lets a temple administrator be a loan guarantor, it doesn't make sense, as they mostly cannot repay debt anyway, and how to make religious activities commercially viable? It is unacceptable," said the source. Continue reading HERE

3 We look at banking institutions that claim to put principles before profits. The fallout from the Barclays scandal has left many pondering the allure of so-called "ethical" alternatives to the big high-street brands. Navigating the various ethical banking options can be arduous, while different organisations may have different ideas of what constitutes an "ethical" option. The following explanations may help you to understand what is available. The Co-operative Bank This Manchester-based organisation is one of only two "ethical" banks that offer a personal current account and it is expanding fast. It has been operating since Despite its name, it is not a technical co-operative as it is not owned directly by its members. Instead, it is wholly owned by the Co-operative Banking Group, which is in turn owned by the memberowned Co-operative Group. If you bank with the Co-op you have the option to become a member of the Co-operative Group. It also owns Smile, the internet bank. It is merged with Britannia Building Society.The Co-operative has the benefit of very high customer satisfaction ratings, although the interest rates it offers to its customers are seldom market leading. Its standard current account does not pay interest on credit balances. Although the Co-op currently has few branches it does allow you to do most of your banking via a local post office and you can also bank over the internet with both the Co-op and Smile, its internet brand. The Lloyds deal announced this week will give it a far wider branch network, with an extra 632 branches when the changeover is complete. As well as its current account the Co-op offers mortgages, loans and credit cards as well as having an insurance arm. Again, the rates are not always competitive its current cash Isa rate is 0.5pc. Fixed-term bonds offer a better value solution, including a three-year bond paying 3.93pc interest on a monthly basis. On the ethical side of things, the Co-op's members decide its investment policy. The Cooperative says it has withheld over 1bn of funding from business activities that its customers say are unethical. These include extremist organisations, arms manufacture, organisations that use child labour or businesses that restrict access to vital medicines in the developing world. Continue reading HERE

4 When beginning the fast- Suhur و ب ص ى م غ د ن ى ي ت م ن ش ه ر ر م ض ان Wa bisawmi ghadinn nawaiytu min shahri ramadan I intend to keep the fast for tomorrow in the month of Ramadan [abu Dawud] When breaking the fast- Iftar ال ل ه م ا و ى ل ك ص م ث و ب ك امى ث ]و ع ل ي ك ج ى آ ل ث [ و ع ل ى ر ز ل ك ا ف ط ر ت Allahumma inni laka sumtu wa bika aamantu [wa 'alayka tawakkaltu] wa 'ala rizqika aftarthu O Allah! I fasted for You and I believe in You [and I put my trust in You] and I break my fast with Your sustenance ["wa 'alayka tawakkaltu" is quoted in some books of knowledge - but not all, hence it is in brackets] [abu Dawud] ذ ه ب ال ظ م أ واب ح ل ث ال ع ر وق وث ب ث األج ر إن ش اء ال ل ه dhahabadh-dhama'u wab-tallatil 'urūūqi, wa thabatal arju inshaallah The thirst is gone, the veins are moistened and the reward is confirmed, if Allah [Ta'ala] Wills [abu Dawud 2:306] ال ل ه م إ و ي أ سأ ل ك ب ر ح م ح ك ال ح ي و س ع ث آ ل ش ي ء أ ن ج غ ف ر ل ي Allaahumma inni as aluka birahmatika al-lati wasi'at kulli shay in an taghfira li O Allah, I ask You by Your mercy which envelopes all things, that You forgive me. [a du'a that Abdullah ibn Amar (radiallahu anhu) used to say when breaking his fast - as reported by Ibn abi Mulaykah (radiallahu anhu)]

5 Upon breaking the fast in someone's home أف ط ر ع ى د آ م ال ص ائ م ىن و أ آ ل ط ع ام ك م األب ر ار وص ل ث ع ل ي ك م ا ل م الئ ك ة Aftara 'indakumus saa'imuna, wa akala ta'aamakumul-abraaru, wasallat 'alaikumul mala'ikat May those who are fasting break their fast in your home, and may the dutiful and pious eat your food and may the angels send prayers upon you. [abu Dawud 3:367, ibn Majah 1:556, an Nasa'i] On Lailatul Qadr - the Night of Power Aishah (radhiya Allahu Ta'ala anha), that she said: "O Messenger of Allah! What if I knew which night Lailatul-Qadr was, then what should I say in it?" He said 'Say ا ل ل ه م ا و ك ع ف ى ج ح ب ال ع ف ى ف اع ف ع ى ي Allahumma innaka 'affuwwun tuhibbul 'afwa fa'fu 'anni' " O Allah You are The One Who pardons greatly, and loves to pardon, so pardon me. [at Tirmidhi] Upon Sighting of the new Moon آك ب ر ا ال ل ه ا ل ل ه م ا ه ل ه ع ل ي ى ا ب اآل م ه و ال يم ان و ال س ل ام ة و اال س ل ام و الح ى ف ي ك ل م ا ج ح ب ر ب ى ا و ج ر ض ى ر ب ى ا و ر ب ك ال ل ه Allahu Akbar. Allahumma ahillahu 'alayna bil-amni wal-imaani, was-salaamati, wal-islami, wat-tawfeeqi lima tuhibbu Rabbana wa tardha. Rabbuna wa RabbukAllahu Allah is the Greatest. O Allah bring us the new moon with security and faith, with peace and in Islam, and in harmony with what our Lord Loves and what pleases Him. Our Lord and your Lord is Allah [at-tirmidhi 5:504, ad-darimi 1:336]

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