BRICS

Protestant Liechtenstein recently held a conference on making banking shariah compatible, to attract capital from Muslim countries. And no doubt also because the big survivors of the 2008 crisis were China and Muslim countries; China because the focus is not only growth but lifting the bottom up – increasing domestic demand and less dependence on trade in 1991-2004 – Muslim countries because of Islamic banking. A common Western misunderstanding is that Islam forbids interest; what is forbidden are relations that are only monetary; they should be economic, social, more human, in a broad sense. Just to make money available against interest is out. Purely financial deals selling and buying financial objects–derivatives at any level–for commissions are also out. Banks and other companies have to be in it together. There is more to it. A bank has to be trustworthy, not at the brink of collapse. A leading Islamic banker in...

It should never have come to this horrible situation in Ukraine. The local population of Donetsk, Lugansk, Slavyansk and other eastern Ukrainian cities is living through a true nightmare. Residential areas are being bombed, shelled and burned. Non-combatants i.e. elder, women and children are lying dead in the streets. We’re talking about thousands of deaths. No water supply, no heating, no security – this is the grim reality for the population. 700.000 Eastern Ukrainians have already escaped from the war scene, most of them are living in refugee camps in Russia. It is worth noting that they have not fled to Kiev or elsewhere to the west. Surprisingly the Western media hardly pay any attention to the horrors in Eastern Ukraine. But that is not all. Ukraine is in total disruption socially, politically and not least economically and financially. Furthermore, the mental scars in Ukraine will continue for at least...