Monday, July 6, 2015

Kuwait Planning to Finance Budget Deficit by Issuing Bonds

Kuwait is considering issuing bonds among various options to finance a budget deficit created by low oil prices, Finance Minister Anas al-Saleh said on Thursday.

The Finance Minister Anas al-Saleh said on Thursday that Kuwait is considering issuing bonds among various options to finance a budget deficit created by low oil prices. In an interview with Al Arabiya television he said that there was a possibility of going to the market and issuing bonds and so on this year. A specialized team at the central bank is currently studying this issue and the most important factor will be what's best for the country and economically beneficial to the markets.

He however did not specify whether Kuwait was considering issuing international or domestic bonds. The government currently does not have outstanding dollar bonds and only a modest domestic debt.

Saleh said the figures which came as a surprise, showed a budget deficit of 2.31 billion dinars ($7.6 billion) in the last fiscal year to March 31, and it was the first since 1999/2000.

The parliament approved a budget for the current year which forecasts a deficit of 8.18 billion dinars.
Like Saudi Arabia, Kuwait may run down assets in its sovereign wealth fund in addition to issuing bonds.

The Sovereign Wealth Fund Institute, which tracks the industry estimates that the Kuwaiti fund holds $548 billion of assets.
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Thursday, July 2, 2015

Prophets Methods of Correcting Mistakes - Guiding people to what will prevent them from making mistakes



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Abu Umamah ibn Sahl ibu Haueef reported that his father told him that the Messenger of Allah went out, and they traveled with him in the direction of Makkah, until they reached the ravine of al-Khazzar near al-Juhfah. Sahl ibn Haneef did ghusl, and he was a white man with a handsome body and beautiful skin. 'Amir ibn Rabee‘ah, the brother of Banu ‘Adiyy ibn Ka‘b looked at him whilst he was doing ghusl and said, ‘I have never seen anything like what I have seen today, not even the skin of the virgin who is hidden away!’ (referring to the whiteness of Sahl’s skin). Sahl fell to the ground (he had an epileptic fit). The Messenger of Allah came and it was said to him, ‘Do you want to see Sahl? By Allah, he cannot raise his head or wake up.: He asked, ‘Whose fault is this?’ They said, 4 ‘Amir ibn Rabee‘ah looked at him.’ The Messenger of Allah called ‘Amir and rebuked him angrily, and said,
‘Why would any one of you kill his brother? If any one of you sees that his brother has something he likes, let him pray for blessing for him.’ Then he said to him, ‘Wash yourself to help him’. So he washed his race, his hands up to the elbows, his knees, the sides of his feet and inside his izar (lower garment) in a vessel. Then the Prophet said, Tour that water over him.’ So he poured the water over his head and back 
from behind, tilting the vessel, Sahl got up and went with the people and there was nothing wrong with
liim.”87
According to a report narrated by Malik (SAW) Muhammad ibn Abu Umamah ibn Sahl ihn Haneef said that he heard his father saying: “Abu Sahl ibn Haneef did ghusl in al-Khazzar and took oft' the garment he was wearing. ‘Amir ibn Rabee'ah was looking at him, and Sahl was a white man with a beautiful skin. ‘Amir ibn Rabee‘ah said to him, ‘I have never seen anything like what I have seen today, not even the skin of a virgin!’ Sahl fell down on the spot and became seriously ill. The Messenger of Allah  came and was told, ‘Sahl has fallen ill, and cannot go with you, O’ Messenger of Allah.’ Sahl told him what had happened with ‘Amir, and the Messenger of Allah said,
‘Why would any one of you kill his brother? You should have asked for blessing for him. The (evil) eye is real. Do wudoo’ to help him.’ So ‘Amir did wudoo and Sahl got up and went with the Messenger of Allah, and there was nothing wrong with him.’”88
What we learn from this story is:
—            The teacher [i.e.. the Prophet (SAW) got angry with the one who caused harm to his Muslim brother.
—            He explained the harmful effects of the mistake and that it could lead to death.
—            He pointed the way to that which would prevent harms befalling a Muslim.
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Wednesday, July 1, 2015

Digital Business in Qatar to Grow in the Coming Years

Cisco launched its 10th annual Visual Networking Index (VNI) Forecast 2015. The forecast stated that the location of Qatar is beneficial in advancing digital market and business in the country. It is estimated that the total internet users in the Middle East and Africa is slated to grow to 425 million by 2019. The growing demand for mobile devices and usage of social networking is cause of digital advancing in the Middle East. An annual growth rate of 44 percent in the Middle East and Africa is estimated by 2019. The internet users will increase by 3.9 billion from 2.8 billion last year.

The increased usage of internet, mobile devices, faster broadband speed, machine-to-machine (M2M) connections and video services are noted as the key factors that drive internet traffic growth. The social networking sites are the most exploited and will look to develop it furthermore. There are about 176 million users, say about 81 percent of residential internet users using social networks.
The business along with the consumers and societies in Qatar are pacing their way towards the era of digitization, as said by the General Manager of Cisco Qatar, Mohammad Hammoudi.


He further added that, since Internet is the fast developing technology, they will look into benefiting the Middle Eastern industries, government agencies, healthcare, sports, entertainment, education and manufacturing, transportation, oil and gas, thereby improving the lives of citizens.

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Kuwait Petroleum Corporation’s ‘Vision 2030’ focuses on Human Resources Development

On the occasion of inauguration of Vision 2030 (People Excellence for Success) by Kuwait Petroleum Corporation (KPC) at Hilton Hotel in Mangaf, the Acting CEO Mohammed Al-Farhoud said that KPC will be ensuring proper training and implementation of latest trends to strengthen their employees’ skills and capabilities. A KPC official also added that they will look at fostering their human resource as per the changing technology to survive in the market. This will ensure that the employees have a healthy work environment which will help them achieve the company’s goals.

Furthermore, Farhoud added that KPC has already implemented some of the initiatives to train their employees. He believes that these initiatives would also help to develop their HR sector. They have already introduced an HR operating model.


The three-day Vision 2030 seminar also saw various presentations given by different companies’ HR managers. Some of the companies who attended the seminar were Total EP, Hay Group, Burgan, Ernst and Young, Accenture, Ratqa, Minagish and Wafra. The seminar also discussed subjects such as overviewing oil and gas industry’s compensation, the future of work in the oil industry, leveraging change management and major transformation and strategic workplace and planning practice in the Middle East. Various oil companies with their top management employees, senior management and HR personnel were also present for the seminar.

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Tuesday, June 30, 2015

Prophets Methods of Correcting Mistakes- Explaining to the person who is making a mistake how to put things right



          


The Prophet (SAW) did this in a number of ways, including the following:
Drawing an individual’s attention to his mistake so that he could put it right himself.
An example of this is the report narrated by Abu Sa‘eed al- Khudri, who said that he was with the Messenger of Allah, and the Prophet entered and saw a man sitting in the middle of ‘he mosque, clasping his fingers together and talking to 
himself. The Prophet (SAW) gestured towards him, but he did not notice. So he turned to Abu Sa'eed and said,
‘If one of you is praying, he should not clasp his fingers together, because this clasping comes from the Shaytan, and you are in a state of prayer so long as you are in the mosque, until you go out.’”
—            Asking the person to do something again correctly, if this is possible.
Abu Hurayrah (RA) reported that a man entered the mosque whilst the Messenger of Allah was sitting in a far comer. He prayed, then he came and greeted him with salam. The Messenger of Allah said,
“wa 'alaykas-salam, go back and pray, because you have not prayed.” So he went back and prayed, then he came back and greeted the Prophet, who said, “Wa ‘alaykas-salarn, go back and pray, because you have not prayed (correctly).” On the second occasion, or subsequently, the man said, “Teach me, O’ Messenger of Allah.” He said, “When you stand up to pray, do wudoo ’ properly, then face the Qiblah aud say Takbeer (Alla.hu Akbar']. Then recite whatever is easy for you of the Qur’an, then bow until you are at ease in rukoo ‘ (bowing), then stand up until your back is completely straight. Then prostrate until you are at ease in sujood. (prostration), then sit up until you are at ease in your sitting, then
prostrate again until you are at ease in your sujood, then sit up again until you are at ease in your sitting.
Do this in all your prayers.”
We should note that the Prophet (SAW) used to pay attention to the actions of the people around him so that he could teach them. According to a report narrated by an-Nasa’i:
“A man entered the mosque and prayed, whilst the Messenger of Allah was watching him. When he finished, he turned and greeted the Messenger of Allah, who told him, ‘Go back and pray, for you have not prayed (correctly)’...”
Among the qualities of the educator is that he should be aware of the actions of those who are with him,
—            It is a part of educational wisdom to ask a person who has made a mistake to re-do his action, so that he can notice his mistake and put it right himself, especially when it is an obvious mistake that does not befit him. He may have done it out of forgetfulness, so this will remind him.
—            If the person who has made a mistake does not realize it, it must be pointed out and explained to him.
—            Giving information to a person who is interested and has asked about it himself is more effective and is more likely to be remembered than handing it out to someone who has not made any such inquiries.
The methods of teaching are many, and the educator can choose whichever are best suited in any given circumstances.
Another example of asking a person to repeat his action correctly is given by Muslim in his Saheeh, where he reports that Jabir said: ““Umar ibn al-Khattab  told me that,
‘A man did wudoo  but missed an area on his foot in the size of a fingernail. The Prophet saw him and said, 'Go back and do your wudoo’ properly.’ So he went and did it again, then he prayed.’”
A third example was narrated by at-Tirmidhi in his Sunan from Kildah ibn Kanbal, who said that Safwan ibn Umayyah sent him with some milk, yoghurt and daghabees (cucumbers) to the Prophet, when the Prophet was at the top of the valley. He said,
“I went near him, and I did not greet him with salam or ask permission to enter, so the Prophet said, "Go out and say, ‘as-salamu ‘alaykum,’ may 1 enter?’ ”'
—            Asking the person who has made the mistake to correct it as much as he can.
Bukhari reported from Ibn 'Abbas that the Prophet said,
“No man should be alone with a woman unless he is a mahram (close blood relative to whom marriage is permanently forbidden).” A man stood up and said,
‘O’ Messenger of Allah, my wife has gone out for
Hajj and I have signed up for such-and-such a military campaign.’ He said, ‘Go back and do Hajj with your wife.’ ”
—            Putting right the consequences of the mistake.
An-Nasa’i reported in his Sunan from ‘Abdullah ibn ‘Amr that a man came to the Prophet (SAW) and said,
“I have come to pledge allegiance to you and to make hijrah (migration). I have left my parents weeping.”
He said, “Go back to them and make them smile as you made them weep.”
Offering kaffarah (expiation) for the mistake.
If some mistakes cannot be corrected or reversed, then there are other ways offered by Islam for wiping out their effects. One of these ways is kaffarat or acts of expiation, of which there are many types, such as kaffarat al-yameen (expiation for swearing an unfulfilled oath), and expiation for dhihar (a jahili form of divorce in which one says to his wife “You are to me as my mother’s back”), and expiation for manslaughter, having intercourse during the day in Ramadan, and so on.
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