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Monday, 6 October 2014

ZAKAT takes lead, distributes cattle feed

Srinagar, Oct 5: A Non-Government Organization Zakat Foundation has taken a lead in flood hit areas of south Kashmir by providing cattle feed and stocks of hay to owners of these animals.

 A spokesman of Zakat Foundation in a statement here said: When unprecedented and devastating floods hit the Valley thousands of cattle heads were washed away by it. People of south Kashmir not only lost their stored grain and standing crops but also cattle and poultry. The condition of cattle and sheep, that survived flood, is painful and agonising. The cattle heads having escaped fury of catastrophic flood are fast falling a prey to starvation. With not even a straw of grass left in submerged areas and stocks of hay, wheat bran and rice bran washed away, most of the cattle are emaciated and inching towards death. 

ZAKAT took lead in providing relief to the starving cattle. The Trust distributed truck loads of cattle feed and fodder amongst farmers of some of the affected areas. Trust proposes to organise such relief in other flood affected villages, where cattle feed, wheat bran, rice bran and fodder would be distributed amongst the affected people.”

 The spokesman said ZAKAT is also engaged in providing relief to flood affected people of south Kashmir. It has till date distributed 50,000 Kgs Rice, 6,000 Kgs Wheat Flour, 25,000 Lit.  Mineral Water, 2,500 Kgs Pulses, Truck load of vegetables and blankets and bedding amongst the flood victims. In health sector it has organised Free Medical Camps at Namblabal Pampore, Patalbagh, Hatiwara, Drangbal and Sub District Hospital, Pampore and provided free medicine to the patients, who visited the camps. It has distributed medicine including Insulin, antibiotics and 1,00,000 Chlorine tablets directly and through local hospitals amongst affected people. 

 Trust intends to organise such camps at Kakapora, Lelhar, Hajibal, Mohanvij, Reshipora, Banderpora, Goripora, Wandakpora, Dangerpora, Barsoo, Awantipora, Padgampora, Larkipora, and other flood affected areas, the spokesman added.

(Greater Kashmir Srinagar / 05 October 2014)
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Islamic finance boost for City lawyers

City firms can expect more capital markets work following an ‘extraordinary’ month of activity involving Islamic finance, experts said this week.
Earlier this year the UK became the first country outside the Islamic world to issue sovereign sukuk, the Islamic equivalent of a bond.
Farmida Bi, head of Islamic finance (Europe) at Norton Rose Fulbright, which advised Goldman Sachs on the issue of its first sukuk, said: ‘September has been an extraordinary month for sukuk activity, with issues from Hong Kong, South Africa, Goldman Sachs and Luxembourg. What all these deals have shown is that there is a demand from Islamic investors for highly rated sukuk issues by non-Islamic issuers.’
Britain’s sovereign sukuk uses the ijara structure – the most common structure for sovereign sukuk – with rents on property providing income for investors.
Goldman Sachs’ $500m sukuk is based on a wakala structure, with the underlying assets linked to commodities. The wakala structure, Bi said, ‘could be replicated by other institutions and corporates who may not have appropriate assets that they could use for an ijara transaction’.
With sukuk becoming an attractive instrument for capital markets issuers across the globe, ‘this should lead to a lot more work for capital markets lawyers in the City since London is the global financing hub for all kinds of financing structures’, Bi said.
Islamic finance specialist Imam Qazi, a partner at south-west firm Foot Anstey, said sukuk-related activity would help establish London as the global gateway for international Islamic finance. 
‘Our Islamic finance team has witnessed a marked increase in the availability of Islamic debt for real estate transactions over the last six months, with a trend in favour of residential developments in central London,’ he said.
(The Law Society Gazette / 06 October 2014)
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