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U.S. government often surreptitiously props up stock market, Sprott report says
UAE Will Decide on Conversion
of Forex Reserves into Euros
By C.L Jose
Gulf News, Dubai
Sunday, September 4, 2005
http://www.gulf-news.com/Articles/BusinessNF.asp?ArticleID=180149
DUBAI -- The United Arab Emirates Central Bank will decide this
month whether it should convert some of its foreign exchange
reserves into euros from dollars, Sultan Bin Nasser Al Suwaidi,
governor, said yesterday. He said the board will review the exchange
rate between the greenback and the euro and make a decision.
"The dollar-euro exchange rate is fluctuating and we haven't seen
the end of fluctuations," he said.
In July, a Central Bank official said the bank might convert 5
percent of its foreign exchange reserves to euros from dollars. The
euro gained nearly 60 percent against the dollar in the three years
to 2004.
Suwaidi was speaking on the sidelines of a three-day conference on
Islamic finance that began yesterday. The event, organised by Dubai
Islamic Bank, highlighted challenges facing the development of
Islamic finance.
Islamic banks should consider establishing a central bank or an
international body to enhance coordination among these institutions,
said Muslim World League Secretary-General Dr Abdullah Bin Abdul
Mohsin Al Turki, who is also chairman of the Islamic Universities
League.
He said Islamic banks lack the capital to keep pace with the latest
developments in the banking industry.
"Currently, Islamic banks do not have a reference to depend on for
identifying whether their operations comply with the Islamic finance
principles. This is considered a major barrier to the development of
Islamic banks," he said.
He also took objection to the present situation in which Islamic
banks are obliged to keep deposits in central banks, most of which
operate on systems that do not comply with guidelines that Islamic
banks follow.
The event, which is taking place in cooperation with the Islamic
Development Bank and Islamic Universities League, will feature eight
discussion sessions on the development of Islamic banks.
Dr. Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance
and Industry and chairman of Dubai Islamic Bank, said that during
the past 30 years Islamic banks have developed worldwide.
"Today there are more than 280 Islamic banks in 48 countries with
deposits approaching $400 billion. Adding to that, about 300
traditional banks have established Islamic subsidiaries or offered
Islamic products," he said.
The minister said the value of Islamic issues in the Gulf states
alone approached $4 billion last year and they invariably received
an enthusiastic response from both Islamic and non-Islamic financial
institutions and banks.
He said the contribution of non-Islamic institutions to such issues
approached 60 percent, proving that Islamic finance not only offers
an alternative to conventional finance, but also gives a wider range
of investors the opportunity to participate.
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