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Archive for May 16th, 2017

LETTER TO EDITOR: Honest Trading by Col. Riaz Jafri (Retd)

LETTER TO EDITOR

15 May 2017

Honest Trading

 

The renowned Islamic scholar Maulana Tariq Jameel in a TV programme today on Business Ethics in Islam said that Hazrat Abdur Rehman Bin Auf  R.A. of Ashra Mubashara and a trader, because of  his impeccably honest practices of trading made so much profits that he left a fortune of 2 arb, 10 crores, 20 lakh dinars after him. Maulana also explained that a Dinar was 4.5 masha of pure gold.  Now there are 12 mashas in a Tola and 80 Tolas make a Seer (kilo) and 1000 Kilos make a Tonne.  Thus Hazrat Abdur Rehman Bin Auf R.A. left 9853.125 tons of gold!

 

 

 

 

 

 

 

 

 

 

 

I am just baffled as to where did he store that much of gold? And, he was not the only Meccan trader of his time.  There were other Ashaba e Karaam much richer than him, such as; Hazrat Usman e Ghani R.A., Hazrat Abu Sufian R.A.,  Hazrat Abbas R.A. (Holy Prophet’s uncle) just to name a few.

 

What kind of trading did they use to do that fetched them that huge profit (s)?

 

The largest trading caravan from Mecca used to be that of Abu Sufian R.A. comprising of  1000 camels and that too not all his own camels.  People used to send their commodities on their camels in his caravan for security reasons.  Now a very healthy camel can carry 7 to 8 maunds of a commodity. Apart from the commodity the camel(s) had to carry water and rations not only for the traders and sarbaans (camel drivers) going with the caravan but also for themselves (camels) too.  That means at the most 7000 to 8000 mounds of a commodity was carried for trading from one place to the other.  A caravan used to take two to three months to cover the distance and in one year at the most could make two round trips.  That means in all about 1500 to say 2000 maunds of commodities were traded.  Now coming to prices:  Gold was 60 rupees a Tola in 1960 and I purchased it MYSELF at that price.  It was 29 rupees a Tola in 1930, at the time of my parents’ wedding.  In 1941 and again I myself purchased wheat (and good wheat too) at 11 annas a mound.  A two mound wheat sack used to cost One rupee Six annas.  A kilo of Khalis Desi Ghee used to be for a Rupee and a quarter. Recorded history and no hearsay, tells us that at the time of  Emperor Alauddin Khilji the general commodities were around ONE Paisa a mound.  And that was about 500 years ago only.  By the same token, what would then be the average price of the commodities 1500 years ago?  Surely less than a paisa a mound.  But for argument sake let’s assume a caravan load of 8000 mounds of commodities would be worth, say, at the most 8000 paisas, that is Rs. 125/=  only  (64 paisas to a Rupee).  

 

For heaven’s sake what was their profit margin that according to  Maulana Tariq Jameel made them earn millions and billions of gold Dinars on the transactions involving a working capital of Rs. 125/- or so only!

 

Could someone more learned shed some light on such Trading, please?

 

CRJ

Col. Riaz Jafri (Retd)
30 Westridge 1
Rawalpindi 46000
Pakistan
E.mail: jafri@rifiela.com

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Scam Worth Billions Revealed in Sale of Bank of Punjab

Bank of Punjab fraud case: Supreme Court summons former board directors

 

Scam Worth Billions Revealed in Sale of Bank of Punjab

 

A big scandal has surfaced in the Bank of Punjab – where the share price of the bank was manipulated in order to offload shares and take control of the bank due to the 70% Rights issue.

The Senate Standing Committee on Finance and Revenue took the notice of this scandal recently. Chairman Senate Standing Committee on Finance and Revenue has said in a press conference that “a day light robbery has been unearthed in the sale of Bank of Punjab where the share price was brought down to gain benefits of billions”.

Pakistan People’s Party Senator Saleem Mandviwalla said that “Bank of Punjab’s share price has fallen significantly since the announcement of the Board meeting for rights issuance”.

 

During the period i.e. post rights announcement (from March 29th till April 14), the market fell by 2% whereas BOP’s share price plunged by 17%, he added.

Senator Saleem Mandviwalla said that “Market players especially those who may have inside information about the right issue would have short sold the stock to make a quick gain”.

He also said that “the announcement of 70% rights issue at a price of only Rs 12.00/= does not seem to be justified; while the stock had recently seen a high of Rs 20.37 on 9th Nov 2016” (i.e. the share price is down 35% from its recent high).

The Board of Directors should have ideally dealt with the rights issuance when market conditions were conductive (during in 2016) and thus by delaying it; they have acted against the interest of minority shareholders, Senator Saleem Mandviwalla added.

He said that the right shares @ Rs 12.00 seem all set to be sold at a throwaway price to benefit the Government of Punjab who’s looking for increasing its shareholding at the expense of minority shareholders”

Share price seems to be deliberately brought down to force people to panic and sell their shares.

Senator Saleem Mandviwalla said that the management of the bank failed to recover the looted money from defaulters of the bank and instead it resorted to increase the capital and that too at a deep discount instead. Senator Saleem Mandviwalla demanded that the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) should take immediate notice of this scandal and investigate it thoroughly.

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HAVE RAWALPINDI BRAINS THEREFORE A PLAN B? by Salman Inqalabi

HAVE RAWALPINDI BRAINS THEREFORE A PLAN B?

Salman Inqalabi

The behavour of Prime Minister Nawaz Sharif regarding the case of Indian Agent-cum-Spy-cum Organiser of Terrorism in Pakistan, Kalbhushan Jadhav remains shrouded in mystery. No one has been able to win Chaudhry Aitzaz Ahsan’s ‘bet’ that he would be prepared to lose Rs. Fifty thousand, if our patriotic Prime Minister mentioned in any of his speeches the name Kalbhushan even once. The implied meaning in Chaudhry Aitzaz’s famous bet is that for our government’s head, a person called Kalbhushan Yadhav doesn’t exist. He could well be a ‘creation’ of our ISI’s imagination. Or a tool invented by our Army to create a wedge between the developing relationship of LOVE and FRATERNITY between the families of Modi and Mian.

It was rumoured in the days before the announcement of Kalbhushan’s trial and conviction in a military court, that secret ‘parleys’ were going on between the House of Modis in India and the House of Sharifs in Pakistan to find a way to bail Kalbhushan Jadhav out. Then the earth shook for Mian. Jadhav was sentenced to death. The story didn’t end there.
The familiar character Jindal made an unexpected and unannounced entry. He came like a monarch in the darkness of an Islamabad night.
Without security clearance. Without notice. Met our Prime Minister in the mountains of Murree. Went back as secretly as he had come.
And now these International Court of Justice proceedings!
Has a wayout been found from the impasse that had been plaguing the love affair of two most powerful political families of the former sub-continent—Mians of Raiwind and Modis of Gujrat?
Behind this sinister love affair, the ‘sublime’ trophy is WEALTH. Untold wealth. Uncountable. Topless. Bottomless. Unfathomable.
The cost to Pakistan ? It’s security. It’s future. Is our Army unaware? Can’t be.
Pakistan security arrangements are not so bad as to allow Jindal’s plane to enter Pakistan’s airspace unnoticed. We have the most alert army in the world.
Have therefore Rawalpindi Brains a plan B?

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