| November 27, 2002 | Wednesday | Ramazan 21, 1423 |
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Consulates in Karachi
More police reforms needed
Poverty in India
Muslim foreign investment
A mother’s appeal
Judges’ age of retirement
Islam in Arab countries
Work in progress?
Nadra praised
White paper not needed
Austerity measures
Plight of Umra pilgrims
FOR Pakistan to attain and sustain economic growth similar to that of the newly-industrialized countries (NICs) and the Asean countries, it must improve its ability to mobilize investment funds. This means that mobilization of savings should be enhanced.
A factor integral to savings’ mobilization is the development of capital market and improvement in financial intermediation so that a wide array of financial instruments is made available.
Mutual funds serve as a catalyst in the development of capital market because they can pool savings from thousands of small investors and convert these funds into long-term sources of investment funds. The experiences of the United States and several countries in Asia, including India, Japan, Malaysia, Thailand, Singapore and Hong Kong, bear this fact out.
Mutual funds also provide small investors the opportunity to earn better returns of their monies through professional fund management.
It is time the government and the private sector gave due attention to the development of the mutual funds industry. Foremost, the government should provide a legislative framework that allows an environment of prudent regulation, balanced with adequate flexibility, to encourage participants in the industry, as well as promote stability and security.
Encouraging management companies to offer different types of funds that would cater for various kinds of investors and permit them to switch from one fund to another at minimal cost, the bill should allow lower capitalization requirements for subsequent funds managed by existing management companies, which have already complied with the minimum paid-up capital.
Furthermore, mutual funds or open-ended investment companies will be allowed to increase their authorized capital stock without requiring them to subscribe to the increase in authorized capital stock.
This is because the whole idea of mutual funds are to be able to sell the shares to many small investors.
The bill would allow investment companies to change their investment policy without the approval by the Securities and Exchange Commission (SEC), provided that such a change is approved by at least two-thirds vote of the stockholders. This will allow investment companies to react quickly to changes and opportunities in the market without unnecessary bureaucratic delays.
The bill would also promote investor protection by granting powers to the SEC to issue rules and regulations that will compel investment companies to conduct their business operations on the basis of full disclosure and transparency.
SYED ZAFAR MAJID
Karachi
THIS refers to the letters, “Why have consulates at all?” (Nov 17 and 23).
The presence of consulates in the heart of the city of Karachi and along its major arteries gives birth to a number of problems for citizens.
First, these consulates look like fortresses, thus damaging the beauty of the city. A case in point is the American consulate building that, otherwise a very attractive building, resembles a fortress due to erection of fences and concrete walls. In fact, it gives the appearance of a building under siege.
Second, as the US consulate is located along a thoroughfare, it requires much more security (even when it is performing no functions) than what would be needed in an isolated place. In order to provide security to the building of the consulate, many police personnel from the already understaffed police department are deployed round the clock.
Third, whenever a threat to the consulate is perceived, the road is immediately blocked for traffic. As the road is a busy one, the diversion of traffic results in wastage of fuel and time and creates traffic jams on adjacent roads, causing great hardships to commuters and motorists.
This is very sad that, at a time when life for Pakistanis and people from other Muslim countries is being made difficult in foreign countries, we are facing problems in our own country.
Fourth, in case the consulates in Karachi resume their operations, they should be relocated to an area reserved for diplomatic offices just like the diplomatic enclave in Islamabad.
Should the concerned authorities decide to reserve a diplomatic enclave for the consulates, the area should be an isolated one, away from the downtown. Such an area could be found near the seaside in Defence or Clifton.
Relocating the consulates in proximity would help visitors and normal life would not be disturbed, specially if roads leading to the consulates are blocked.
Fifth, security concerns may be addressed by the consulates themselves by hiring joint forces for their enclave in addition to the normal police presence.
S. FAIZ JALAL
Karachi
I WANT to draw the attention of the police authorities, the home department and the ministry of interior to the Police Reforms Act 2002, according to which separate wings of watch and ward and investigation and prosecution would be created in the police department.
This step would definitely lessen the burden of investigators, prosecutors and other police officials, but some other important reforms, such as provision of residence to police officials (from constable to inspector ranks), good salary package as is being given to the motorway police and fixed duty hours, should also be introduced.
These reforms are also necessary to improve the efficiency of the police department. There is also a need for better police-press relations.
The press generally highlights the shortcomings of the police but seldom mentions their genuine problems, such as non-availability of proper conveyance and lack of equipment.
Most of the police stations/posts are without proper buildings or are in small, rented houses. It is suggested that the training institutes of the police should be upgraded to meet the international standards.
So, it is time the government allocated sufficient funds for this important department.
QAZI ASIM NAEEM
Hyderabad
SHAFIQUE Ahmed’s letter about poverty in India and his offer of help from Pakistan borders on a fantasy and I have to applaud his self-propelled delusionary state of mind.
Well, a certain PTV programme (under the nose of the military govt) showing poverty in India has to be authentic.
I am not saying that India is now a first-world economy or it does not have poverty, but I would request the writer to look no further, but to read the article by Anjum Niaz published in Dawn on Nov 21.
She writes: “Look at the experience of the former Soviet Union. It crumbled with all its nuclear weapons because it could not compete militarily or economically with America. The situation for Pakistan vis-a-vis India is even worse. Throughout the Kashmir conflict, India has continued to grow and is now the second fastest economy in the world, while Pakistan is the only country in South Asia where poverty has worsened. Our economy is bleeding, we cannot sustain this arms race.”
I hope this will help Mr Ahmed to shed his delusion. If he is insistent, I would recommend him to look at the country watch section of CNN to analyse the comparison of the economic strengths of India and Pakistan.
DR DEBKANT JENA
Los Angeles, USA
AMONG other things, the war against terrorism has adversely affected the traditional flow of capital from the oil rich Middle East and other Muslim countries of Asia and Africa to the West.
The constant watch, now imposed in the West over holdings, fund transfers, investments and international transactions involving Muslims, has given rise to apprehensions of insecurity among Muslim investors.
The scare that the American-led Western probe worldwide into Muslim money has created is not likely to subside in the near future. Oil profits, other huge cash investments and individual funds, which originate globally but carry Muslim identity, have been disrupted in such a way that a need for alternative investment avenues is being acutely felt internationally.
This has created an opportunity for Muslim countries, like Pakistan, to seriously think and devise ways of attracting some of this large pool of floating, or suspended, capital. A step in this direction can be initiated by creating a body to look into the possibilities of attracting and channelling such funds, including coordination on this subject with other Muslim countries. Both long-term and short-term investment applications can be devised.
One such area, which can be exploited to attract capital from the Muslim capital, is tourism. The war against terror has made it harder for many Muslim holidaymakers, specially families, to go to the West as easily as they could before the Sept 11 attacks in the US.
With our huge potential in the tourism industry, along the coastline and in the mountains, we can attract projects like public resorts. Health and education are other potential areas for the foreign investment.
In the long-term investment applications, the development of basic infrastructure projects to attract Muslim capital can have multiple benefits for the country, economically and socially. These include roads and water/power projects.
Perhaps the new civilian government may like to consider this matter as one of top priority. As they say, an opportunity is never lost, it just goes to somebody else.
IMTIAZ PIRACHA
Karachi
According to Dror Paley, MD, FRCSP, Sinai Hospital of Baltimore, USA, my six-year-old daughter, Sheeza, is a case of congenital femoral deficiency (leg thigh/femur shortening) since birth. For being able to walk, she needs to undergo a surgery which is not possible in Pakistan.
She can, however, be operated upon at a hospital in Baltimore, USA. Her operation will take place in four steps, each costing from approximately $50,000 to $75,000.
As I cannot arrange such a big amount on my own, I request all philanthropists to help me in this regard.
MRS SABA TABASSUM KHAN
Bank Account No. PLS 30814-4, Habib Bank, Paposh Nagar Branch, Karachi
Phone: 021-4975006
Karachi
THIS is with reference to the letter by Hafeez Akhtar (Nov 24), stating that, in the United States of America, the convention is that judges conventionally cease to function after attaining the age of 70. This is not correct.
The US Supreme Court does not have any age of retirement and judges continue working well into their 80s.
Today, out of the nine judges on the bench, Chief Justice William H. Rehnquist is 78 years of age, Justice John Paul Stevens is 82 and Justice Sandra Day O’Conner is 72.
Chief Justice Rehnquist was appointed judge of the Supreme Court by President Nixon in 1972 and Chief Justice by President Reagan in 1986. He still continues to hold this post.
TAFFAZUL H. RIZVI
Lahore
THIS is in reference to the letter, “Islam in Arab countries” (Nov 25).
Islam, which is the true religion, and the culture of a country are two separate things. Most people in Arab countries (even in Pakistan) confuse the culture of an “Islamic” country with Islam.
People in these countries have chosen what they like and abandoned what they dislike about Islam in order to please their Western masters.
I agree with the writer that Islam should not be thrust upon people by their government but, then, the recommendations of the Council of Islamic Ideology, Pakistan, that prayer (Salaat) should be compulsory in government organizations and air hostesses should wear hijab are Islamic.
Namaz is one of the pillars of Islam and if anyone does not believe so for any reason, he is not a Muslim. Hijab, too, is a part of Islam. Its core aim is to portray women as respectable citizens of society.
Islam forbids mixing of men and women and playing or listening to music because these things lead to immorality and fitnah (evil). And we, as Muslims, are to stay away from all evil things.
The writer seems to be unaware of basic teachings of Islam and seems to have termed them the part of an “extremely religious life”. If following the commandments of Allah Almighty is “extreme”, then so be it.
ATIF AZIZ
Karachi
ALTHOUGH streetlights in Turbat were put up a year ago, they have not been electrified yet. One still can see workers digging roads over and over again. Their work is never pre-planned. This is the second time that they have dug up roads for laying down wire for the streetlights.
It is not certain how many more months or, perhaps years, they will take to complete the project but, obviously, roads in such conditions are causing great hardships to motorists and commuters.
Will the authorities concerned let us know as to why all underground works are not done before building roads?
MAQBOOL MOMEN RIND
Turbat
WE read many letters in these columns about Nadra, mostly criticizing its working, but I have had a very pleasant experience with it recently.
I and my wife, both in mid-sixties, visited Nadra’s Nazimabad centre with our old national identity cards.
It took us about 15 minutes to complete the whole process: change of address, photo-graphing, thumb impression, signature, etc. After five days we submitted the attested forms.
After 16 days, our computerized NICs were delivered at our home. We paid Rs60 each, the normal fee.
A GHANI TAK
Karachi
PRESIDENT Gen Musharraf need not issue any white paper on his performance during the three years of his rule.
The rising prices of essential commodities, the soaring tariffs of utility services, mounting unemployment, and the generally falling quality of life for the common man speak more eloquently than any white paper could do.
MOHAMMAD FAYYAZ
Garhi Hameed Gul
PRESIDENT Gen Pervez Musharraf set a good example by travelling to the USA on a commercial flight. Earlier a Boeing 737 aircraft, used exclusively by the head of state, was retuned to PIA. These gestures by the president are commendable.
While the president is so concerned about wasteful expenditure, this cannot be said about his governors. Although all provincial capitals are well connected with regular airline flights, still a fleet of most modern executive aircraft is maintained by different provincial heads. These aircraft with phenomenal operating cost are used to transport different provincial heads, their families and friends.
The governor of Punjab travels in a Beech 200 aircraft, purchased during Manzoor A. Watto’s tenure at an inflated cost of $12 million. This is in addition to a Cessna 441 aircraft that was previously used.
The governor of Balochistan travels in a Learjet, purchased a few years back at a cost of $15 million.
The governor of Sindh uses a Cessena 441 and the governor of the NWFP travels in a Cessena 421. These aircraft are not only very expensive but their maintenance cost is also very high.
The government has made revival of the economy its first priority and has introduced various schemes in this connection. It is necessary that austerity measures be taken at all levels.
MUNAWAR ALAM
Islamabad
A PAKISTANI wishing to perform Umra can do so only through a travel agency, which has been licensed for this purpose by the Saudi government. Saudi sponsors of the agency make travel and accommodation arrangements in Saudi Arabia and are called “Mutahad”. Thousands of Pakistanis have experienced rough and even humiliating treatment at the hands of these mostly unscrupulous “Mutahads”.
I am writing this letter from Makkah. The name of my “Mutahad” is Hamid Hussain Fayaz, Jeddah. According to the hotel voucher, issued at Karachi by the Saudi-approved Pakistani travel agency, Fatani Travels, I was to be the beneficiary of a “B-2” category travel package in Saudi Arabia. The licence number of Fatani Travels is 1207, Karachi. Bukhari Travels told me that the hotel voucher entitles me to a three or four-star hotel.
On Nov 9, I landed at Jeddah airport at 7.30pm. The travel time between Jeddah and Makkah is about one hour, but it took me and dozens of other Pakistani Umra pilgrims seven hours to reach Makkah from Jeddah.
We had to wait for about four hours outside Jeddah airport. During this time, we were ordered to change vehicles more than once.
Each time, we were asked to load and unload the heavy suitcases ourselves from the rooftop of one vehicle to the rooftop of another. Some of those who did it were old men and women. That very elderly and frail Umra pilgrims were made to go through this unnecessary ordeal was agonizing and shocking, to say the least.
After collecting his fee in US dollars in Karachi, and our passports and air tickets at Jeddah airport, the “Mutahad” simply disappeared. On reaching Makkah, another shock awaited us. The hotel turned out to be a shabby inn.
I was ordered to enter a dimly-lit room which was already occupied by four others. The attendant pointed towards a mattress which did not even have a sheet on it. This was going to be my bed under category “B-2” package.
On my refusal, I was dragged, with my suitcase, to another room of the same description and then the “Mutahad” disappeared. I, too, left it and finally found a decent room in a hotel on my own.
It would help millions of intending Umra pilgrims if this case is fully and quickly investigated by the Saudi government.
FIROZUDDIN AHMED FARIDI
Makkah, Saudi Arabia
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