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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Amãna Bank goes for IPO and listing on the Bourse

Amãna Bank goes for IPO and listing on the Bourse

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glwking


Manager - Equity Analytics
Manager - Equity Analytics
Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

Dear Admin/Moderators

Is racism hate speech allowed in this forum? If yes, I can be silent. Because I cannot do any hate speech. I visit here to read only equity related subjects.

Jiggysaurus


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?


In order to talk about a dangerous IPO that is based on a (whatever) (whatever) ancient law or belief system, we have to talk and criticize that (whatever) law.

The point of this thread is to educate people about a dangerous IPO which is in turn based on a (whatever) law.

If you read the thread you can see that it is (whatever) members who came and made personal attacks on me along with the (whatever) tactic of making a death threat as well. On top of that some glwking came and tried to impose censorship because his sensitive feelings were getting hurt.

Feelings getting hurt is an absurd and crazy reason.
Look at the following scenarios
1) I'm a strict believer in fun-the-mentals when medium ville posts charts and tech analysis this hurts my feelings. Will admins give a stern warning to ville?
2) I'm a strict believer in anti splitting, when gainer comes and goes "split coming, split coming" it hurts my anti split feelings. Will admins ban gainer?
3) I'm a lover of achchis when TAH comes comes and says fib-on-achchi is broken this hurts my beleifs and feelings. Will admins allow this anti achchi hate speech of TAH?
4) I'm a strict believer in anti politics when DG Dayaratne talks about politics it hurts my anti-political feelings? Any warnings?
5) I'm a strict beliver in English when Chinwi uses sinhala fonts this hurts my belief system. any warnings?

Don't allow crazies to impose censorship on this forum. Admins can step in and give warnings if things get out of hand but crackpots can't some and demand censorship to hide and whitewash their dangerous beleifs.

Jake Sully


Manager - Equity Analytics
Manager - Equity Analytics
@Jake Sully wrote:Will Amana get the tax concessions proposed by the government if they go listed?
Will it make a change in their bottom line?
Can anyone aware of the above?

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
Yes, They will get. Though IPO is open from December, listing will happen in January.

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Jiggysaurus wrote:
@glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?


In order to talk about a dangerous IPO that is based on a (whatever) (whatever) ancient law or belief system, we have to talk and criticize that (whatever) law.

The point of this thread is to educate people about a dangerous IPO which is in turn based on a (whatever) law.

If you read the thread you can see that it is (whatever) members who came and made personal attacks on me along with the (whatever) tactic of making a death threat as well. On top of that some glwking came and tried to impose censorship because his sensitive feelings were getting hurt.

Feelings getting hurt is an absurd and crazy reason.
Look at the following scenarios
1) I'm a strict believer in fun-the-mentals when medium ville posts charts and tech analysis this hurts my feelings. Will admins give a stern warning to ville?
2) I'm a strict believer in anti splitting, when gainer comes and goes "split coming, split coming" it hurts my anti split feelings. Will admins ban gainer?
3) I'm a lover of achchis when TAH comes comes and says fib-on-achchi is broken this hurts my beleifs and feelings. Will admins allow this anti achchi hate speech of TAH?
4) I'm a strict believer in anti politics when DG Dayaratne talks about politics it hurts my anti-political feelings? Any warnings?
5) I'm a strict beliver in English when Chinwi uses sinhala fonts this hurts my belief system. any warnings?

Don't allow crazies to impose censorship on this forum. Admins can step in and give warnings if things get out of hand but crackpots can't some and demand censorship to hide and whitewash their dangerous beleifs.
besthope innam

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Jake Sully wrote:Will Amana get the tax concessions proposed by the government if they go listed?
Will it make a change in their bottom line?
What use is a tax concession to a loss making "bank", long as they make losses no change in the bottom line.

Zaiban


Senior Equity Analytic
Senior Equity Analytic
this jiggy guy is a racist.......... who has no interest in shares but just here to cause racial disharmony.... and wut is pathetic is ... our darling moderators... are passively tolerating him... as they them selves inwardly support him.... this is exactly wut is happening in the outside world... think about it... "passive support"

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Zaiban wrote:this jiggy guy is a racist.......... who has no interest in shares but just here to cause racial disharmony.... and wut is pathetic is ... our darling moderators... are passively tolerating him... as they them selves inwardly support him.... this is exactly wut is happening in the outside world... think about it... "passive support"
True facts hurt, not a single (whatever) member have countered the facts I have presented.
You are trying to sweep the facts under carpet and censor this thread because you know what I'm saying is true and you are unable to face facts.
You can see the implicit racism within this (whatever) by the number of (whatever) members who have ganged up to try and censor this thread. This is the same inbuilt racism that leads these (whatever) members to back Pakistan in a cricket match. The racist rules within this (whatever) gives a higher weightage to the rules of this (whatever) than the rules and laws of the country and civilized world.
This is why the Amana IPO is so dangerous because they operate on weird belief systems and rules.

Any one reading this thread can see that it is the (whatever) members who are dragging this discussion away from the topic by making personal attacks. This seems to be the usual (whatever) tactic.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

Dear Admin/Moderators

Is racism hate speech allowed in this forum? If yes, I can be silent. Because I cannot do any hate speech. I visit here to read only equity related subjects.
Direct answer to your question "Is racism hate speech allowed in this forum?" is NO..

At some point when talking about this Amana bank, the forum will run into talking about their beliefs, practices and so many things. U also know that Buddhists, Christians are among the front liners opposing acts in sharia law. Therefore, I dont really want to welcome racism but there are disturbing factors with Amana. And many are opposing discussion of this based on the fact that these disturbing factors are come into light.. In addition, a person cannot talk about a bank operate in a niche market and way of out of normal banking concepts without talking about those concepts too..

see the below post;

@realman wrote:hi
I heard about Amana bank is asset based attractive valuation  and it is fully fledged shariah based Bank .
Now what do u think of the above statement, a person creating an account to just talk about a sharia based bank? This must be an insider just raising curiosity amongst  members..

Amana bank believes in the below lines. Hopefully, let me ask u, ur offended of what Jiggy said cuz ur a Muslim, rite? If so do u also believe in the following?

√ We believe that you have a right to be treated fairly
√ We believe that one should not gain at the expense of another
√ We believe that being responsible and ethical is as important as making profits and gains
√ We believe that entrepreneurship should be encouraged and given a fair opportunity to succeed
√ We believe that the best of actions are the ones which create true happiness in people
√ We believe that you feel the same way we do

source: http://www.amanabank.lk/index.php/en/amana-bank/our-belief

Now think about the 2nd and 5th points... If one should not gain at the expense of another, how can u buy and sell shares?
By buying a share lower - u can gain cuz u can sell higher to another, then the person who sold to you will not be happy cuz he may've made a loss by selling to you.
On the other hand, if the share goes up and u sell it to another with a good profit, does it create true happiness for you? In the meantime, the person who bought ur shares may have no chance of selling it with a profit cuz he bought at high. Yes.. its his mistake but will he be happy then?

Ok.. exploring more on Amana bank's web site, "why you should bank with us", they say this;

"The interest based system allows a person to deposit Rupees 1000 in a one year fixed deposit and assures that the capital is guaranteed and will be given back in one year's time. It also assures to pay a guaranteed return at an agreed rate (Ex: 10%) where the person will be able to generate Rupees 100 extra. In summary the person is able to invest Rupees 1000 today and be assured of getting Rupees 1,100 in one year. How is this possible? Where is the element of risk which is naturally part of wealth creation and investments?"

Where is the element of risk which is naturally part of wealth creation and investments? The risk an investor takes here is what if the entity (Financial institution) that the person invests his money goes bankrupt.. Yes less chance but not a guarantee right? We saw what happened to Vanik, Pramuka, Sakvithi, etc...

Hmmm... lets explore more; Here's the director & management team list;

BOARD OF DIRECTORS
Osman Kassim (Chairman)
Faizal Salieh (Managing Director)
Dato A Tajudin B H Abdul Rahman (Senior Director and Non-Executive, Independent Director)
Tyeab Akbarally (Non-Executive, Non-Independent Director)
Dr A A M Haroon (Non-Executive, Non-Independent Director)
Harsha Amarasekara (Non-Executive, Non-Independent Director)
Angelo M Patrick (Non-Executive, Independent Director)
Mohamed Jazri Magdon Ismail (Non-Executive, Independent Director )
Ruzly Hussain (Non-Executive, Independent Director )
Haseeb Ullah Siddiqui (Non-Executive, Non-Independant Director)
Jeroen P.M.M. Thijs (Non-Executive, Non-Independent Director)
Wahid Ali Mohd Khalil (Non-Executive, Non-Independent Director)
Badrul H Khan (Non-Executive, Non-Independent Director)

MANAGEMENT TEAM
Faizal Salieh (Managing Director / CEO)
Mohamed Azmeer (Chief Operating Officer)
M. M. S. Quvylidh (Vice President - Operations and Business Support)
M. Pharis Jazeel (Vice President - Treasury and Financial Institutions)
Amrit Canagaretna (Vice President - Business Banking)
Ajmal Naleer (Vice President - Credit)
Preeni Koralege (Chief Compliance Officer, Company Secretary)
Ali Wahid (Chief Financial Officer)
Chandralal Wickramapathirana (Chief Information Officer)
M. Irshad Halaldeen (Vice President - Strategic Planning & Business Processes Re-Engineering)
Roomy Rahim (Vice President - Human Resources)
Fairoze Burah (Vice President - Administration)
Mahesha Thirimanne (Head of Legal)
Shahul Hameed Giado (Chief Internal Auditor)
Siddeeque Akbar (Vice President - Consumer Banking & Strategic Marketing)
Irshad Iqbal (Risk Officer)
Moulavi Siraj Najubudeen (Head of Sharia Supervision)
Fazly Marikar (Head of New Product Initiatives/ Gold Unit)
Nista Badurdeen (Head of Central Operations & Trade Services)
Chaminda De Silva (Assistant Vice President - Leasing and Home Finance)

Now tell me, aren't there more Muslim directors in this bank?
Like in any other bank, how many Sinhalese and Tamils are employed in this so called bank? Other banks would not be giving chances to a specific religion or a race but mostly to the knowledge, positive attitudes and thinking an individuals possess. So are we to think that all the above are
comprised of such?

I'm not biased towards any race,religion or anyone here.  Comments made here are personal views of individuals.. But I also don't agree with Sharia law if it accepts or enforces any barbaric acts (like we've seen in many videos).

Jiggy,

Be careful of what you say.. As much as u can, u need to be careful with your words so that it wont hurt other religions and races. Hope u can talk about Amana bank without hurting the others..

glwking,

I just saw this banks financials. After losses they boast of their 2012 success and its cuz they more got customers. Non-Muslims are mostly with other banks so I'm skeptical on their performance.
But if you can bring facts to support these, I'd appreciate bringing those to light so you dont have to accuse anyone being racist.

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@smallville wrote:

Jiggy,

Be careful of what you say.. As much as u can, u need to be careful with your words so that it wont hurt other religions and races.
Accepted and agreed but this so called other religion and race should respect others and other religions and not try to impose censorship and try to curb free speech and criticism of dangerous practices.

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics
@smallville wrote:
@glwking wrote:Jiggy, if your intention is to educate others about the danger of upcoming IPO. You have total freedom. But for the last three years many IPOs came in to the market. How many people lost their money. Where you were all these days?

Dear Admin/Moderators

Is racism hate speech allowed in this forum? If yes, I can be silent. Because I cannot do any hate speech. I visit here to read only equity related subjects.
Direct answer to your question "Is racism hate speech allowed in this forum?" is NO..

At some point when talking about this Amana bank, the forum will run into talking about their beliefs, practices and so many things. U also know that Buddhists, Christians are among the front liners opposing acts in sharia law. Therefore, I dont really want to welcome racism but there are disturbing factors with Amana. And many are opposing discussion of this based on the fact that these disturbing factors are come into light.. In addition, a person cannot talk about a bank operate in a niche market and way of out of normal banking concepts without talking about those concepts too..

see the below post;

@realman wrote:hi
I heard about Amana bank is asset based attractive valuation  and it is fully fledged shariah based Bank .
Now what do u think of the above statement, a person creating an account to just talk about a sharia based bank? This must be an insider just raising curiosity amongst  members..

Amana bank believes in the below lines. Hopefully, let me ask u, ur offended of what Jiggy said cuz ur a Muslim, rite? If so do u also believe in the following?

√ We believe that you have a right to be treated fairly
√ We believe that one should not gain at the expense of another
√ We believe that being responsible and ethical is as important as making profits and gains
√ We believe that entrepreneurship should be encouraged and given a fair opportunity to succeed
√ We believe that the best of actions are the ones which create true happiness in people
√ We believe that you feel the same way we do

source: http://www.amanabank.lk/index.php/en/amana-bank/our-belief

Now think about the 2nd and 5th points... If one should not gain at the expense of another, how can u buy and sell shares?
By buying a share lower - u can gain cuz u can sell higher to another, then the person who sold to you will not be happy cuz he may've made a loss by selling to you.
On the other hand, if the share goes up and u sell it to another with a good profit, does it create true happiness for you? In the meantime, the person who bought ur shares may have no chance of selling it with a profit cuz he bought at high. Yes.. its his mistake but will he be happy then?

Ok.. exploring more on Amana bank's web site, "why you should bank with us", they say this;

"The interest based system allows a person to deposit Rupees 1000 in a one year fixed deposit and assures that the capital is guaranteed and will be given back in one year's time. It also assures to pay a guaranteed return at an agreed rate (Ex: 10%) where the person will be able to generate Rupees 100 extra. In summary the person is able to invest Rupees 1000 today and be assured of getting Rupees 1,100 in one year. How is this possible? Where is the element of risk which is naturally part of wealth creation and investments?"

Where is the element of risk which is naturally part of wealth creation and investments? The risk an investor takes here is what if the entity (Financial institution) that the person invests his money goes bankrupt.. Yes less chance but not a guarantee right? We saw what happened to Vanik, Pramuka, Sakvithi, etc...

Hmmm... lets explore more; Here's the director & management team list;

BOARD OF DIRECTORS
Osman Kassim (Chairman)
Faizal Salieh (Managing Director)
Dato A Tajudin B H Abdul Rahman (Senior Director and Non-Executive, Independent Director)
Tyeab Akbarally (Non-Executive, Non-Independent Director)
Dr A A M Haroon (Non-Executive, Non-Independent Director)
Harsha Amarasekara (Non-Executive, Non-Independent Director)
Angelo M Patrick (Non-Executive, Independent Director)
Mohamed Jazri Magdon Ismail (Non-Executive, Independent Director )
Ruzly Hussain (Non-Executive, Independent Director )
Haseeb Ullah Siddiqui (Non-Executive, Non-Independant Director)
Jeroen P.M.M. Thijs (Non-Executive, Non-Independent Director)
Wahid Ali Mohd Khalil (Non-Executive, Non-Independent Director)
Badrul H Khan (Non-Executive, Non-Independent Director)

MANAGEMENT TEAM
Faizal Salieh (Managing Director / CEO)
Mohamed Azmeer (Chief Operating Officer)
M. M. S. Quvylidh (Vice President - Operations and Business Support)
M. Pharis Jazeel (Vice President - Treasury and Financial Institutions)
Amrit Canagaretna (Vice President - Business Banking)
Ajmal Naleer (Vice President - Credit)
Preeni Koralege (Chief Compliance Officer, Company Secretary)
Ali Wahid (Chief Financial Officer)
Chandralal Wickramapathirana (Chief Information Officer)
M. Irshad Halaldeen (Vice President - Strategic Planning & Business Processes Re-Engineering)
Roomy Rahim (Vice President - Human Resources)
Fairoze Burah (Vice President - Administration)
Mahesha Thirimanne (Head of Legal)
Shahul Hameed Giado (Chief Internal Auditor)
Siddeeque Akbar (Vice President - Consumer Banking & Strategic Marketing)
Irshad Iqbal (Risk Officer)
Moulavi Siraj Najubudeen (Head of Sharia Supervision)
Fazly Marikar (Head of New Product Initiatives/ Gold Unit)
Nista Badurdeen (Head of Central Operations & Trade Services)
Chaminda De Silva (Assistant Vice President - Leasing and Home Finance)

Now tell me, aren't there more Muslim directors in this bank?
Like in any other bank, how many Sinhalese and Tamils are employed in this so called bank? Other banks would not be giving chances to a specific religion or a race but mostly to the knowledge, positive attitudes and thinking an individuals possess. So are we to think that all the above are
comprised of such?

I'm not biased towards any race,religion or anyone here.  Comments made here are personal views of individuals.. But I also don't agree with Sharia law if it accepts or enforces any barbaric acts (like we've seen in many videos).

Jiggy,

Be careful of what you say.. As much as u can, u need to be careful with your words so that it wont hurt other religions and races. Hope u can talk about Amana bank without hurting the others..

glwking,

I just saw this banks financials. After losses they boast of their 2012 success and its cuz they more got customers. Non-Muslims are mostly with other banks so I'm skeptical on their performance.
But if you can bring facts to support these, I'd appreciate bringing those to light so you dont have to accuse anyone being racist.
Your point relating to composition of the director board and management is very naive.
You can not have directors who doesn't know the underlying subject I.e. Islamic finance.

Whether the existing directors possess at least a diploma in the subject is a separate matter. I work in the Middle East and I have seen non Muslims heading the Islamic finance units.

If Amana explicitly states that they will not employ non Muslims then it is racism from their side. I don't think they have said so.

I ve been following the thread ignoring the unnecessary details but I thought just to put forward the above just for argument sake.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Jake Sully wrote:
Your point relating to composition of the director board and management is very naive.
You can not have directors who doesn't know the underlying subject I.e. Islamic finance.

Whether the existing directors possess at least a diploma in the subject is a separate matter. I work in the Middle East and I have seen non Muslims heading the Islamic finance units.

If Amana explicitly states that they will not employ non Muslims then it is racism from their side. I don't think they have said so.

I ve been following the thread ignoring the unnecessary details but I thought just to put forward the above just for argument sake.
Thanks for your input and I accept the fact that's its very difficult of not knowing the underlying subject by non-Muslim directors. I also dont think they've clauses as such preventing others from getting in. However, look at the next level.. That's also 80% Muslims..

Now, not only Muslims but also other religions & races will deposit in this bank... And if others dont this bank will have no future considering the 8% Muslim population in SL compared with a majority of 69% Buddhists.
But, surely they'll have business from business enterprises since majority are again owned by Muslims but these entities also need to be with other banks for the sake of customers and business partners.

Fresher


Moderator
Moderator
I think enough of going into detail of religions, the beliefs and so on.

What I, as an investor in equity, would like to understand is if this is a good buy or not. The numbers I have seen in the prospectus makes me think this is quite over-valued. Then again I would like to know this business model as I have zero knowledge in islamic finance. At the end of the day, I want a return on my investment and thus want to know whether this loss making 'bank' will be able to show profits in future.

For that I request one of you (I can see many who are familiar with the subject) to tell explain the business model. (Sorry i have not read the prospectus nor searched the web)

Since I believe that I cannot consider this as a 'bank' and value it in that way, a more useful discussion on this point will be greatly appreciated

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
npp wrote:I think enough of going into detail of religions, the beliefs and so on.

What I, as an investor in equity, would like to understand is if this is a good buy or not. The numbers I have seen in the prospectus makes me think this is quite over-valued. Then again I would like to know this business model as I have zero knowledge in islamic finance. At the end of the day, I want a return on my investment and thus want to know whether this loss making 'bank' will be able to show profits in future.

For that I request one of you (I can see many who are familiar with the subject) to tell explain the business model. (Sorry i have not read the prospectus nor searched the web)

Since I believe that I cannot consider this as a 'bank' and value it in that way, a more useful discussion on this point will be greatly appreciated
Exactly, Let some body come forward and explain this model in simple terms!

glwking

glwking
Manager - Equity Analytics
Manager - Equity Analytics
@smallville wrote:
glwking,

I just saw this banks financials. After losses they boast of their 2012 success and its cuz they more got customers. Non-Muslims are mostly with other banks so I'm skeptical on their performance.
But if you can bring facts to support these, I'd appreciate bringing those to light so you dont have to accuse anyone being racist.
I think you misunderstood me. Did I ever said Amana IPO is worth? I never defend or oppose this IPO. You can read my previous comments. In fact, I have no idea to apply this IPO. I can find many attractive companies easily in CSE than this IPO.

I oppose for those who are spreading racist hate speech. This jiggy is not only making hate speech in this topic. Wherever, Muslims are involved, he starts his usual hate speeches. You can view his past comments for more information.

K.Haputantri

K.Haputantri
Co-Admin
As for the complaint that Mods tolarate hate speech here I should say that I always appreciate the felings of some members hurt by this thread owing to the tricky nature of the subject matter which invariably connects it to religious matters. However, the discussion should continue respecting each other without allowing feelings to take over. So long as the posters do not exceed their limit of free speech the thread can continue.

Guys, let us concentrate on the subject matter. Please refrain from using hate speech in what ever form. Especially, do not use words referring to any religion, cults, or specific religious laws (I know the subject matter canot be discussed without some but try to use genaric words such as "religious laws"), God, God fearing etc which may hurt the feelings of some members, because we need healthy discussion with all who are interested in the subject matter.

Thanks smallville for your comprehensive analysis and advise.

Fresher


Moderator
Moderator
Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.
Even the ppl who are affected by hate speech dont bother explaining this.. Subjects such as this are always drag conversations in diverse directions due to the involved criteria which is also sensitive. All express their views and ask for censorship but nobody wants to explain for the rest of us to know this in detail.

glwking

glwking
Manager - Equity Analytics
Manager - Equity Analytics
@smallville wrote:
npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.
Even the ppl who are affected by hate speech dont bother explaining this.. Subjects such as this are always drag conversations in diverse directions due to the involved criteria which is also sensitive. All express their views and ask for censorship but nobody wants to explain for the rest of us to know this in detail.
Dear Admin

You are holding a respectable title. Be responsible when you commenting some thing. We know you are already hammered in BLUE discussion.

Do any one need to know the business model of Amana bank to defend any racism hate speech? (I already disclosed, I have no interest on Amana or it's IPO and thier business model)

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.
Seetu schemes based on (whatever) laws cannot be explained. That's why no explanation is forthcoming

Once tough questions are asked the dangerous, crazy aspects of this (whatever) law start coming out. The members of (whatever) don't won't this exposed too much that's why the concentrated attempt to shut down this thread through censorship.

Now the (whatever) members are attacking the Admin as well since he didn't give into their attempt to force (whatever) laws into the forum.

Zaiban


Senior Equity Analytic
Senior Equity Analytic
please refer to this link

read the entire PDF file.... and trust me u will appreciate the system and the way of life much better without the racist hate speech promoted by ppl like Jiggy... who use their personal agendas of being dumped by a muslim girl... to make derogatory statements about an entire faith...

http://auscifwp.files.wordpress.com/2013/10/an-introduction-to-islamic-finance.pdf

npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Pls call these nos for more info,

CSE- 112356456
Acuity partners-112206206
Amana bank-117756756




npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Zaiban wrote:please refer to this link

read the entire PDF file.... and trust me u will appreciate the system and the way of life much better without the racist hate speech promoted by ppl like Jiggy... who use their personal agendas of being dumped by a muslim girl... to make derogatory statements about an entire faith...

http://auscifwp.files.wordpress.com/2013/10/an-introduction-to-islamic-finance.pdf  

npp wrote:Not to dig anything up, but what I conclude is that no one really wants to talk about the subject in this thread.
What I asked was a genuine question to explain the business model.
Asking tough questions about crazy, dangerous (whatever) and belief systems is not hate speech.

Trying to censor questions and criticisms and attempting to impose censorship shows the danger caused by weird belief systems.

Giving a link to a 170 page pdf is a joke and an attempt to hide without clearly answering the questions raised in this thread.

I have asked 3-4 questions as have chinwi, smallville and npp, I have also clearly highlighted the dangers of an IPO based on a barbaric stone age (whatever) law. Why don't you clearly provide answers?

How is anyone going to understand this nonsense which is there in your 170 page PDF?

Amãna Bank goes for IPO and listing on the Bourse - Page 4 Forum_10

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Here are the list of questions raised on this thread. Members of the (whatever) who support this (whatever) law should answer the questions without giving the phone number to the CSE or posting 170 page pdfs (filled with Arabic nonsense letters).

1)Why is the chairman starting his statement with a religious (whatever) mantharey? Not even BFL or PCH does this in their annual report.
2) Why is a seetu scheme following an ancient barbaric law allowed to raise money from peeple who don't have any knowledge or know the dangers of this law?
3) The employment in this "bank" seems to be based on racism. More than 90% of the directors and senior management are from a specific (whatever). How many Sinhalese and Tamils are employed in this so called bank?
4) Pages 156-160 of the prospectus clearly show that only a certain (whatever) peeples have only been given shares in this seetu scheme. There is not a single Sinhalese or tamil in that list.
So this seetu scheme which is loss making is now asking money from non cult peeples because they are loss making and can't meet central bank capital requirements?


Question from Chinwi
My question is,
If I do not believe in a creator God or follow orders given by such a God, have I got ethical rights to own such an institute which is strongly functioning as per the teachings of such a God ?

Question from smallville
Now tell me, aren't there more Muslim directors in this bank?
Like in any other bank, how many Sinhalese and Tamils are employed in this so called bank? Other banks would not be giving chances to a specific religion or a race but mostly to the knowledge, positive attitudes and thinking an individuals possess. So are we to think that all the above are
comprised of such?

Question from npp
For that I request one of you (I can see many who are familiar with the subject) to tell explain the business model

If these questions can't be answered then we have to draw the conclusion that this is a dangerous seetu scheme based on an even more dangerous stone age law system.

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Scandal-hit Vatican bank publishes accounts for first time


The Catholic Church took another significant step towards greater financial transparency and accountability on Tuesday, when the scandal-plagued Vatican bank published its annual report for the first time.
Net profit at the institution, known as the Institute for Religious Works, jumped more than 325 per cent in 2012 to €86.6m from €20.3m the previous year, “mainly due to favourable trading results and higher bonds values, resulting from the general decrease of interest rates in the financial markets throughout the year”, the report said.
Its balance sheet was €5bn with equity of €769m. It has 18,900 customers and oversees about €6.3bn in customer assets.

This year is expected to be tougher. “Overall, we expect 2013 to be marked by the extraordinary expenses for the ongoing reform and remediation process, and the effects of rising interest rates,” Ernst von Freyberg, the bank’s president, said in a statement.

The bank’s supervisory processes have repeatedly been questioned since Italian prosecutors began an investigation into money laundering at the institution in 2010.

The Moneyval Committee, the Council of Europe’s anti-money laundering agency, gave the bank a mixed assessment last year and is expected to undertake another review by the end of this year.

Reform has accelerated in the past eight months.

Mr von Freyberg, a German lawyer and manager, was appointed in February by pope Benedict XVI shortly before he abdicated. He has hired Promontory Financial, a US group that specialises in improving banks’ regulatory performance.

Then, in June, another scandal broke when a Vatican cleric under investigation for alleged fraud involving the bank, a former secret service agent and a financial broker were arrested in connection with an alleged plot to smuggle €20m into Italy from Switzerland on a government aircraft.

Earlier that month, Pope Francis established a commission to assess how to reform the bank. It has yet to report. He also appointed Father Battista Ricca, a close friend, to be prelate of the institution to help accelerate reform.

In July the bank’s director, Paolo Cipriani, and his deputy, Massimo Tulli, resigned in the wake of the scandals.

The following month a decree was passed assigning a function of prudential supervision to the Financial Information Authority. It extends relevant economic compliance laws to all the structures of the Church’s administration and to other institutions and entities dependent on the Holy See.

The institution stressed in the report that it is not a traditional bank, but sees its mission “to serve the global mission of the Catholic Church by protecting and growing the patrimony of and providing payment services to the Holy See and related entities”.

“We do not serve business customers, and we do not provide loans out of our deposit base, and barely offer loans at all,” Mr von Freyberg said. “We also do not engage in financial transactions such as hedges or swaps with our clients
http://www.ft.com/cms/s/0/065a563c-2a76-11e3-8fb8-00144feab7de.html#axzz2mOBvW9wu

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