By Faten Omar

KUWAIT: Finance Minister Nayef Al-Hajraf yesterdaysaid the CBK-IFSB conference was an opportunity tomeet Islamic finance industry experts, who contributeto the development of the industry by proposing solu-tions and recommendations. He pointed out that Kuwaitis a leader in launching and developing the Islamicfinance industry regionally and globally, adding thatthese efforts are not limited to moral or legislative sup-port, but rather due to the keenness of Kuwait to buildgovernment institutions on which the modern economyis based. Meanwhile, Fitch Ratings affirmed Kuwait’s

sovereign credit for 2018 at “AA” with a stable outlook,the agency said yesterday. (See Page 5)

In his opening speech at the conference organizedby the Central Bank of Kuwait and the Islamic FinancialServices Board, Hajraf stressed that Kuwait is keen tofind the necessary infrastructure for the functioning ofthe banking system, both conventional and Islamic.“This is represented by a stable financial and monetarysystem and a regulatory environment that adopts poli-cies that support growth and stability.

Regarding the importance of this role, the govern-ment is sparing no effort to enhance the independenceof the Central Bank of Kuwait in the management ofmonetary policy, the performance of its oversight roleand all its functions stipulated in the law of its estab-lishment,” Hajraf said. He added that the conferencecoincides with the 50th anniversary of the establish-ment of the Central Bank of Kuwait.

Governor of the Central Bank of Kuwait MohammedAl-Hashel said many countries have followed the modelset by Kuwait’s successful experience in Islamicfinance, adding that Islamic finance has grown at theinternational level over the past four decades at an

exceptional rate to reach $2.2 trillion.He affirmed that Kuwait has achieved within a

decade a financial system among the strongest, mostsecure and stable in the region and a dual banking sys-tem that stimulates the flourishing of Islamic and con-ventional banks alike.

Continued on Page 11

ISSUE NO: 17522

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Qatari leader receives letter from HH the Amir

IMF warns Arab states against debt complacency 113 West sparks new outrage

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conspiracy theories

Our wasted potential

badrya_d@kuwaittimes.net

By Badrya Darwish

Amir lauds democratic exchangebetween parliament and Cabinet

Voting on no-confidence motions next week • Oil minister denies resignation

Sajid Javid was appointed home secretary a fewdays ago in the UK. Javid is the child of immi-grants from Pakistan who landed in Britain in

1960 - of course a Muslim family. His father workedas a bus driver in Bristol and the family lived in amodest two-bedroom flat for most of his youth. Butdespite his humble beginnings, British Prime MinisterTeresa May chose him to serve as home secretary(sort of like the interior minister in the Arab world) -not a small position. Of course, Javid is a highly-qual-ified young man. He served as an investment bankerand held several high positions in the government,including as a parliamentary and cabinet minister.

I was laughing when I heard about his appoint-ment, and I thought how people in the Arab stateswould be able rise to such a high position if their par-ents had been immigrants who arrived even as farback as 100 years previously. Everyone will bemocking, saying: What’s this wafed holding this posi-tion? Are there no original nationals worthy of thisposition? Does it have to be given to a newcomerwhose father was a bus driver?

I didn’t see one article in the British press or oneWhatsApp or one social media message onInstagram or Snapchat or Facebook, etc, etc mockingor criticizing Ms May for her choice. This is puredemocracy, guys. And this is how countries advanceon all levels. First you have to advance in your men-tality, in your head, in your culture, in your educationand in your behavior. Then you have to respect andhonor merit over wasta or connections.

This is why the Arab world continues to stagnateand we are still importing from A to Z from outside.There isn’t a country among us which has developedsignificant new technologies, let alone old ones likecars. Even the needles we sew our clothes with aremade outside, be it China, Turkey or the US. Forgetairplanes, cars, industries, medical equipment, medi-cines, manufacturing, etc. I’m not talking about thingswe’ve licensed and replicate like simple mathematics.I’m talking about what we innovate or rather don’tinnovate.

You see guys what’s the reason. Sit nicely in yourhome and think wisely and think without racism orwithout grudges and ask yourself: Am I lying? Am Iexaggerating? Or being unrealistic? Or just want tocriticize? It is sad, I tell you, the situation we in theArab world are in. I hope the younger generationswill comprehend life better and figure out a way todevelop us beyond this stagnant situation.

We have all the potential to do far better than theWest, and most of all we have our guiding light fromour Prophet (PBUH) and Islam. But we need a newmindset and a new way of doing things.

Have a good day. And congratulations to Mr Javid!

MUMBAI: An Indian court yesterday sentencednotorious gangster Chhota Rajan and eight others tolife in prison for murdering a journalist in a drive-byshooting in Mumbai seven years ago. Jyotirmoy Dey,a crime reporter who specialized on gangland activ-ities for the Mid-Day tabloid, was shot dead inbroad daylight on June 11, 2011. Prosecutors saidRajan had ordered the hit because he was unhappyabout negative articles that Dey had written abouthim. A special court in India’s financial capitalMumbai found Rajan guilty of ordering the contractkilling of the 56-year-old.

The underworld don, who was appearing by videolink from a New Delhi jail where he is being held, sim-

ply said “theek hai” (“OK”) after Judge Sameer Adkarread out his verdict. The court also convicted eighthenchmen, including four shooters. They and Rajan,who is in his late 50s, were later sentenced to lifeimprisonment. Prosecutor Pradeep Gharat had calledfor a life term, saying Dey represented “the fourth pil-lar of democracy”. “The punishment must act as adeterrent,” he told the courtroom.

Reporters in the world’s largest democracy oftenface harassment and intimidation by police, politicians,bureaucrats and criminal gangs. More than forty jour-nalists have been killed in India since 1992, accordingto the US-based Committee to Protect Journalists.The judge acquitted two others of involvement,including a female journalist who had been accused ofconspiring with and abetting Dey’s killers.

Jigna Vora, who worked for the Asian Age newspa-per, was accused of passing on Dey’s home addressand motorcycle registration number to gangstersworking for Rajan. She maintained her innocencethroughout the trial and broke down in tears followingher acquittal on all charges. Police said Rajan’s gang

followed Dey and shot him five times from behind nearhis home in the northern Mumbai suburb of Powai.Officers said the gang was paid 500,000 rupees($11,000) for the killing.

They fled to towns around the country in the after-math, where most of them were arrested. Mid-Daysaid at the time of his death that Dey was “a victim ofhis fearless journalism”. His murder provoked outrageamong Indian journalists, hundreds of whom took tothe streets of Mumbai to demand greater protectionfrom the state government and a swift inquiry. Rajan,whose real name is Rajendra Sadashiv Nikalje, wasonce one of India’s most wanted men and is accusedof dozens of gruesome crimes.

Yesterday’s ruling was his first major convictionsince he was deported from Indonesia in Oct 2015after two decades on the run. Rajan was allegedly theright-hand man of Mumbai crime boss DawoodIbrahim before an acrimonious split following the 1993bomb blasts in Mumbai that killed 257 people.Yesterday’s verdict came on the eve of World PressFreedom Day. — AFP

DENPASAR: In this file photo taken on Nov 5, 2015 Indonesian policeescort Indian national Chhota Rajan from Bali police headquarters toNgurah Rai Airport during his deportation from Bali island. — AFP

Chhota Rajan sentenced to life in prison

By B Izzak and Agencies

KUWAIT: HH the Amir Sheikh Sabah Al-Ahmad Al-JaberAl-Sabah lauded yesterday the healthy democraticexchange between National Assembly MPs and Cabinetmembers. In his letter to HH the Prime Minister SheikhJaber Al-Mubarak Al-Hamad Al-Sabah, the Amir congrat-ulated the head of the Cabinet on his outstanding per-formance during his interpellation session. HH the Amiralso commended lawmakers on displaying high democrat-ic values during their interpellations of the prime ministerand two other ministers. Sheikh Sabah hoped for moreprogress in Kuwait’s democratic experience, wishing wel-fare and stability for the country and its people.

HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah sent a cable yesterday to Sheikh Jaber,also praising his performance in response to the interpel-lation. Sheikh Nawaf said the process was done in a fairdemocratic atmosphere, displaying a responsibleexchange between the Cabinet and parliament.

After a marathon grilling session that lasted almost 24hours, MPs submitted no-confidence motions against the

two ministers, while they fell short of filing a non-coop-eration motion against the prime minister. NationalAssembly Speaker Marzouq Al-Ghanem said voting onthe two no-confidence motions against Oil MinisterBakheet Al-Rasheedi and Social Affairs and LaborMinister Hind Al-Sabeeh will take place next Thursday.

Lawmakers need 25 votes to automatically oust thetwo ministers, but Ghanem expressed belief that the twoministers will survive and remain as Cabinet members. Healso said that a proposal to form a committee to investi-gate the allegations in the oil minister’s grilling will beput for voting in the same session. Ghanem said thegrilling of HH Sheikh Jaber by MP Hamdan Al-Azemiended without any non-cooperation motion, and there-fore the grilling is over. Parliamentary sources said thenon-cooperation motion against the premier was signedby eight lawmakers, short of just two members tobecome legal.

The oil minister meanwhile denied reports that he hasdecided to quit his post after the no-confidence motionagainst him. He told reporters he is staying in his postand said he is proud of the Amiri confidence in him. It

was not the first time that two ministers and the primeminister were grilled on the same day. About a decadeago, former prime minister HH Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah and three other minis-ters were grilled in the same session, which also lastedfor almost 24 hours.

MP Ali Al-Deqbasi said yesterday he was confidentthat the oil minister will survive the no-confidencemotion and continue in his post, adding that the grillingagainst him was unconstitutional because he was heldresponsible for the actions of his predecessors in theministry, which is not in line with the constitution. He saidthat the grilling had in fact targeted senior oil executivesand the minister paid the price of infighting in the oilsector. Deqbasi said that the vote against Rasheedi willnot succeed as he was grilled for violations committedby previous ministers.

Parliamentary sources said that from the outcome ofthe grillings, it appears that the government will manageto defeat the two no-confidence votes against the twoministers, and that the dissolution of the Assembly nowappears a remote possibility.

Kuwait continuesrole as Islamic finance pioneer; Fitch affirms AA

Mohammed Al-Hashel Nayef Al-Hajraf

MANILA: Philippines’ former ambassador to Kuwait Renato Pedro Villa speaksto members of the media shortly after arriving at the airport yesterday, whilePhilippine Foreign Affairs Secretary Alan Cayetano looks on. — AFP

MANILA: The Filipino ambassadorexpelled by Kuwait, which protested therescue of abused Filipina housemaids inthe country as an affront to its sover-eignty, returned home yesterday, withthe Philippines insisting it did not com-mit any infraction. Philippine ForeignSecretary Alan Peter Cayetano wel-comed Ambassador Renato Villa atManila’s international airport. Bothexpressed hope that the diplomatic rowcould be resolved soon.

Cayetano said 35 of 38 rescue effortsof Filipina housemaids by Philippine offi-cials last month were coordinated withKuwaiti authorities but three were con-ducted by Filipino officials themselvesbecause rapid action was needed. The

move, Cayetano said, “is acceptable andis a duty under international law but itcaused commotion to them”. “That’s whyI said I apologize if our actions seemedto violate your sovereignty but let meassure you it’s in the spirit of protectingour nationals,” Cayetano told reportersat the airport.

Kuwait’s foreign ministry accused thePhilippine Embassy last week of a “fla-grant and grave breach of rules and reg-ulations that govern diplomatic actionwhere staff helped Filipina house helpersrun away,” and ordered Villa to leavewithin a week. Kuwait also recalled itsambassador from Manila. Four Filipinosassociated with the embassy were alsoarrested in Kuwait for allegedly convinc-ing maids to flee their employers’ homes.

Despite the dispute, Cayetano said aresolution of what he called a “miscom-munication” between the two

Continued on Page 11

Filipino envoy returns home