ALKHOBAR, 25 June — Today we start off with three quick Internet security tips. First, if you receive an e-mail with the subject "Shakira’s Pictures," and the message, "Hi: i have sent the photos via attachment have funn...," do not open the attachment! The destructive worm VBS_VBSWG.AQ is contained in the attachment ShakiraPics.jpg.vbs. The worm has been upgraded from low to medium risk, and it is spreading like an e-mail plague throughout networks and PCs in the Kingdom.
Next, if you are a Hotmail user who has received lots of weird mail, there may be a simple reason. It seems that MSN Hotmail has been sharing subscriber information including e-mail addresses and personal details. It’s all been perfectly legal. The morality of it is something else.
MSN Hotmail users should click on the "Options" section at the Hotmail site. Then click on "Personal Profile," and scroll down to the bottom of the profile information. There you may find to your horror that the options, "Share my e-mail address," "Share my first and last names," and "Share my other registration information," have been checked. If that is so, perhaps you will be desperate to reach out into cyberspace and strangle a Hotmail administrator. Unfortunately, such an option is not yet available.
All you can do is click off all three checkmarks. Then make sure you click "Update" so your Personal Profile is updated in the system. Also, under "Options," go to the "Hotmail Member Directory" section and make sure that you aren’t listed there either.
Our last security tidbit today is actually a "heads up" warning on possible misery to come on the malicious code front.
McAfee Security has announced that they have discovered the first instance of a virus that is able to cross from program infection to data files. Previously, malicious code could only infect program files; those are files that can run on their own. Data files such as text, pictures and music could not be infected.
The virus, called Perrun can enter a system through e-mail or a floppy disk, as an executable file. Once the file is opened and run, an "extractor" component is placed onto the victim’s hard drive. When a computer user clicks on a graphics file with the extension .jpg, the file is infected before it appears. Because the picture displays normally it isn’t apparent that the file has been infected and so the virus is easily passed on. As of yet, there are no infected .jpg files out in the wild, but McAfee’s experts believe it is only a matter of time before picture files become a terrible network danger.
On that unhappy note, let’s move on to our primary topic today — Islamic finance. The International Islamic Finance Forum is to be held July 22-24, 2002 in Geneva, Switzerland (www.iiff.net). At the forum, Bahrain will be attempting to strengthen its position as the Middle East’s pre-eminent financial center. Shaikh Ahmad ibn Muhammad Al-Khalifa, governor of the Bahrain Monetary Agency, will be delivering the keynote address. Bahrain is already hosting nearly 200 banks and other financial institutions applying both conventional and Islamic principles.
However, Dubai has announced that it wants to become the Hong Kong of the Middle East for financial services with the establishment of an International Finance Center. An overview of the IIFF’s organizers and sponsors shows that there will be much jockeying for position at the event. The IIFF is organized by the Institute for International Research, Dubai, in association with the New York offices of Dow Jones. Some of the sponsors are: National Commercial Bank (KSA), Faisal Finance (Switzerland), part of Dar Al-Maal Al-Islami Trust, and the Bahrain Monetary Agency.
Speakers from Saudi Arabia at the forum include: Nassif L. Aoun, division head, Investment Services, National Commercial Bank; Abdulrazak El-Khuraijy, division head, Islamic Banking, National Commercial Bank; Mohamed Ali Elgari, professor, Islamic Economics, King Abdul Aziz University; and Dawood Yousef Taylor, assistant general manager and head, Takaful Taawuni Division, Bank Al-Jazira.
Why is Islamic finance such a hot topic these days? Think profitability. The Islamic finance market worldwide is worth an estimated $200 billion and growing at 15 percent a year. The 10 largest Muslim states have a combined GDP of $1.2 trillion and there are 150 million Muslims living in non-Islamic countries, demonstrating the sector’s phenomenal potential for further growth.
Next week, this column will be focusing on how IT is enabling Islamic finance and we’ll be featuring an interview with Ramzi Abukhadra, chief executive officer, iHilal Financial Services. To get ready for that, everyone should take a look at four sites that discuss the subject.
The Saudi domain is the location of alrajhibank.com.sa, an excellent general information site on Islamic finance. The site has been created by Al-Rajhi Banking and Investment Corporation, one of the largest joint stock companies in the Kingdom, with a paid up capital of SR2,250,000,000. The bank operates exclusively within the framework of Shariah principles.
At alrajhibank.com.sa click to the section on Islamic Banking and discover everything from the principles of an Islamic economy to Islamic finance activity around the world. One important section gives background on some of the most important personalities in the area of Islamic finance including Prince Muhammad Al-Saud Al-Faisal, Frank Vogel and Dr. Masudul A. Choudhury.
If you are completely clueless about Islamic finance and don’t even understand such terms as Shariah, haram and zakah, then proceed directly to the Muslim Investor (muslim-investor.com). The goal of the site is, "to help Muslims help themselves and each other by getting rich in an Islamically correct way." This is an excellent site for anyone who needs to know the basics of Islamic finance. The site discusses all sorts of financial transactions and advises on their acceptability from an Islamic point of view. It gives links to novice tutorials on investment and has a special section for Muslim entrepreneurs looking for venture capital. Do not miss the highly educational topics, "Pitfalls of Islamic Banking and Investment," and "Be a Millionaire."
For those individuals who are looking for something more sophisticated in the area of Islamic finance, there are two excellent locations to view. At Zawya.com get informed about the latest developments in Islamic finance. Read Zawya’s three-part Industry Insight, a comprehensive and timely update on all that’s making the headlines — the latest products, services, innovations, transactions, challenges and much more. Click directly to the report at http://www.zawya.com/special/islamic/insight/insight_page_one.cfm.
Gain even more in-depth knowledge through the Institute of Islamic Banking and Insurance (islamic-banking.com/index.php). IIBI is the only organization of its kind in the world. It has made a significant contribution to the education and training of people in Islamic banking and insurance through an online post graduate diploma course, publications, lectures, seminars, workshops, research, and Shariah advisory services. Globally, its website is highly regarded by professionals in the Financial Services field.
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