KARACHI: Upset over the previous governments’ lackadaisical attitude, Pakistan’s religious scholars said that while Prime Minister Imran Khan shows promise in making religious schools a part of the mainstream educational framework, it’s unlikely his plans will be brought to fruition.
Khan has repeatedly called for reforms in the education system to bring the seminaries, also known as madrassas, in line with the modern education system.
Last week, during a meeting with the delegation of the Ittehad-e-Tanzeemat-e-Madaris-e-Deeniya Pakistan, an alliance of religious schools in the country, Khan had said that uniformity in the basic educational system was imperative to work toward nation building. The delegation was headed by Mufti Muneeb-ur-Rehman and comprised heads of all madrassa boards, while the premier was accompanied by federal ministers of education, religious affairs and a coterie of other officials.
Yaseen Zafar, head of the Wafaqul Madaris Al Salfia — the board of religious seminaries representing the Salafi school of thought — told Arab News that Khan’s government and past leaders, including former Prime Ministers Nawaz Sharif, Benazir Bhutto “were also sincere in their efforts to mainstream the seminaries,” adding that the madrassas never opposed the plans either.
“It’s the bureaucracy, which hampers the process by raising objections to the key demand of registration of the board,” Zafar said, adding that he feared Khan’s plans would meet a similar fate.
Aamir Tauseen, former chairman of the Pakistan Madrassa Education Board, agrees that when it comes to meeting the demands of clerics, specifically granting them the status of official education boards, the bureaucracy has always raised various objections, treating religious schools as unequal or as a hotbed for terrorism. “Since they are educated through the modern system, they have a specific mentality and consider the religious schools backward,” he said.
Taking cognizance of the issues discussed, Khan said: “It was unjust to ignore the contributions of madaris (seminaries) and associate them with terrorism.”
Maulana Hanif Jalandhari, chief of Wafaqul Madaris Al-Arabia Pakistan (the board of Arabic religious seminaries of Pakistan), said that in the meeting with the prime minister, it was decided that all measures agreed upon with the previous governments would be implemented.
He added that Khan had formed a committee comprising ministers of education and religious affairs which, “after consultation with the madrassa leadership would draft the recommendations”.
Detailing the limitations of including the seminaries in the mainstream educational framework, Jalandhari said: “To us, the madaris are already mainstreamed as they’re imparting Islamic education in a country, which was carved out of (pre-partition) India for implementation of Islamic teachings. For the government, however, the mainstreaming is that graduates of madrassas should be able to work in other fields of life. For this, the madrassas will have to start teaching English language, science, mathematics and social studies. In return, the government will have to recognize our degrees.”
One solution to the problem could be if “the basic education in schools and madrassas is the same till grade 10,” he said, adding that: “The religious seminaries should teach modern subjects whereas modern schools should incorporate religious subject in their syllabus.”
Tauseen said the timeline of efforts for mainstreaming madrassas dates backs to the 1970s when an educational commission headed by Air Marshal Noor Khan recommended introducing modern subjects in religious seminaries.
In 1974, after the recommendations failed to see the light of day, all five boards were accredited by the University Grant Commission of Pakistan, which accepted the highest madrasa degree of “Shahadat Aalia” as equal to a Master of Arts (MA), Tauseen said.
“Almost every government formed a commission in this regard but in vain. In 1999, Mahmood Ahmed Ghazi recommended the establishment of a Pakistan Madrassa Education Board, which was setup in 2001. This board was aimed at mainstreaming the madrassas but all five boards rejected the proposal,” he said.
Tauseen, who took charge of the board in August 2014, said that it remained dysfunctional for 11 years primarily due to the “adverse attitude of the Religious Affairs Ministry”.
Inclusion of the madrassas in the mainstream became a part of the National Action Plan, which was formulated in the aftermath of the December 2014 attack on the Peshawar Army Public School. “Several meetings of different committees, education ministry, National Anti-Terrorism Authority and Interior Ministry were held and I, being head of the Pakistan Madrasa Board, was part of all of them. Several recommendations were prepared; however, with a change of government none were implemented,” he said.
Citing a lack of coordination and understanding as the main reasons for the delay in the implementation of plans, Tauseen suggested that madrassas should first have the complete data on hand, which should be shared with the government, as the first step toward mainstreaming. This could be followed up with the introduction of a uniform syllabus in the second phase.
There are three types of seminaries: Maktabs (schools for day scholars), madrassas (seminaries with boarding and lodging) and darul uloom (seminaries for higher studies). Together, they are responsible for more than 37,000 institutions, with nearly 4 million students acquiring education from them.
Jalandhari said that around 30,000 madrassas are registered with the five boards representing various schools of thought in Islam. Abdul Kabir Qazi, home secretary of the Sindh province, said there are a total of 10,033 madrassas in Sindh out of which 7,724 are operational while 2,309 were shut down after the geo-tagging exercise. “We have registered all the seminaries in Sindh province,” Qazi told Arab News. “All the madrassas in the province have been geo-tagged,” he added.
Wakeel Ahmed Khan, former secretary of religious affairs, refutes the allegations and instead blames the ‘inconsistency of policies’ of the succeeding governments for hampering the development of the madrassas.
“For mainstreaming madrassas, modern disciplines should be taught and religious education should be an additional focus,” the former secretary told Arab News.
Drawing a comparison with the religious seminaries in the UK, he said: “They are accredited with the UK education boards on their terms and simultaneously to their branches in Pakistan… they have accepted this mainstreaming happily.”
Pakistani scholars question PM Khan’s plans to reform madrassas
Pakistani scholars question PM Khan’s plans to reform madrassas
- Previous governments unsuccessful in mainstreaming seminaries despite detailed plans
- Move to ensure religious schools are on par with those providing modern education
Russia says it struck Ukrainian energy plants in response to Kyiv targeting its own energy sector
Ukraine has systematically targeted Russian oil refineries and other facilities in drone attacks in recent weeks
MOSCOW: The Russian Defense Ministry said on Saturday that its forces had carried out 35 strikes in the last week against Ukrainian energy facilities, defense factories, railway infrastructure, air defenses, and ammunition stocks.
It said in a statement that the strikes, which spanned April 20-27, were “in response to attempts by the Kyiv regime to damage Russian energy and industrial facilities.”
Ukraine has systematically targeted Russian oil refineries and other facilities in drone attacks in recent weeks, ignoring US requests not to do so.
Ukrainian officials said Russian missiles had pounded power facilities in central and western Ukraine on Saturday, increasing pressure on the ailing energy system as the country faces a shortage of air defenses despite a breakthrough in US military aid.
The Russian Defense Ministry said its campaign of strikes had been conducted using sea- and air-launched long-range precision weapons, including Kinzhal hypersonic missiles and drones.
It said it had also targeted and hit Ukrainian troop formations as well as what it described as foreign mercenaries.
Philippine capital’s financial center to become halal hub
- Makati Halal Hub to act as a platform for manufacturers, traders and consumers
- Philippines’ central business district is perceived as trendsetter for other regions
MANILA: Philippine businesses in Makati City are joining hands with the Department of Trade and Industry to make the country’s financial center a halal hub, the head of the Philippine Chamber of Commerce and Industry’s Makati branch said on Saturday.
Makati City in Metro Manila is often referred to as the Philippines’ central business district. It has the highest concentration of banks and multinational and local corporations in the country. Foreign embassies are also based there.
The predominantly Catholic Philippines — where Muslims constitute about 10 percent of the nearly 120 million population — plans to raise 230 billion pesos ($4 billion) in investments and generate around 120,000 jobs by expanding its domestic halal industry by 2028.
The DTI signed on Friday a memorandum of understanding with PCCI Makati to join the government’s efforts to tap into the global halal market, which is estimated to be worth more than $7 trillion.
“To be able to implement its policies more effectively — such as the promotion and development of the country’s halal industry — they (the government) have to collaborate or strike a partnership with the business community or the businessmen who will be responsible in making this a reality,” PCCI Makati President Toots Cortez told Arab News.
“We can be the catalyst. We will begin by creating awareness, especially among the MSMEs (micro, small and midsize enterprises) because, according to the records of DTI, 99.5 percent of business in the Philippines are composed of SMEs.”
The agreement on establishing the Makati Halal Hub will position the city as a “central point for innovation and business in the halal sector, spanning a variety of industries including food production, financial services, and more,” the DTI said in a statement, as it expects the initiative to “provide substantial opportunities for Filipino entrepreneurs and international investors alike, fostering a robust economic ecosystem.”
According to the vision, the hub will act as a platform facilitating connections between manufacturers, traders, buyers, distributors and consumers in the halal sector.
“If we can group together and promote halal, I think that will be the best approach … You don’t need a big budget,” Cortez said.
“There are many Muslim embassies in Makati City, many restaurants and major establishments … Many tourists come to Makati, so if we can convince the establishments in Makati to be accredited as halal, that’s a good beginning from our side as a catalyst.”
He believes that the industry’s promotion in the city will make an impact as Makati is widely perceived as a trendsetter for other Philippine regions.
“The others, they follow the lead,” Cortez said. “They follow the lead on what’s happening in Makati City.”
US food regulator gathering information on Indian spices after alleged contamination
- MDH and Everest spices are among the most popular in India and are also sold in Europe, Asia and North America
- Hong Kong this month suspended sales of four MDH and Everest blends, while Singapore recalled Everest spice mix
HYDERABAD: The US Food and Drug Administration (FDA) is gathering information on products of Indian spice makers MDH and Everest after Hong Kong halted sales of some of their products for allegedly containing high levels of a cancer-causing pesticide.
“The FDA is aware of the reports and is gathering additional information about the situation,” an FDA spokesperson told Reuters on Friday.
Hong Kong this month suspended sales of three MDH spice blends and an Everest spice mix for fish curries. Singapore ordered a recall of the Everest spice mix as well, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.
Reuters is the first to report the US FDA’s review of alleged contamination of Indian spice products.
MDH and Everest did not immediately respond to Reuters requests for comment on this matter.
Everest has previously said its spices are safe for consumption. MDH has not responded to queries about its products so far.
MDH and Everest spices are among the most popular in India and are also sold in Europe, Asia and North America. India’s food regulator, the Food Safety and Standards Authority of India (FSSAI), is now checking the quality standards of the two companies, following the moves in Hong Kong and Singapore.
India’s Spices Board, the government’s regulator for spice exports, said on Wednesday it had sought data on MDH and Everest exports from authorities in Hong Kong and Singapore, and was working with the companies to find the “root cause” of the quality issues as inspections started at their plants.
In 2019, a few batches of MDH’s products were recalled in the US for salmonella contamination.
Taiwan reports Chinese military activity after Blinken leaves Beijing
- US Secretary State Antony Blinken has stressed the ‘critical importance’ of maintaining peace and stability across Taiwan Strait while in China
TAIPEI: Taiwan reported renewed Chinese military activity near the island on Saturday with 12 aircraft crossing the sensitive median line of the Taiwan Strait, a day after US Secretary State Antony Blinken ended a visit to China.
The United States is Taiwan’s most important international supporter and arms supplier despite the absence of formal diplomatic ties. Blinken said he had stressed the “critical importance” of maintaining peace and stability across the strait while in China.
Democratically governed Taiwan has faced increased military pressure from China, which views the island as its own territory. Taiwan’s government rejects those claims.
Taiwan’s defense ministry said that from 9:30 a.m. (0130 GMT) on Saturday it had detected 22 Chinese military aircraft, including Su-30 fighters, of which 12 had crossed the median line to Taiwan’s north and center.
The line once served as an unofficial border between the two sides over which neither sides’ military crossed, but China’s air force now regularly sends aircraft over it. China says it does not recognize the line’s existence.
Taiwan’s defense ministry said the aircraft were involved in “joint combat readiness patrols” with Chinese warships, adding that Taiwanese aircraft and ships responded “appropriately.” It did not give details.
China’s defense ministry did not answer calls seeking comment outside of office hours on Saturday.
Taiwan’s armed forces are well-equipped and well-trained but dwarfed by those of China’s, especially the navy and air force, which respond almost daily to Chinese missions.
China considers Taiwan the most important issue in its relations with the United States, and Beijing has repeatedly demanded Washington end weapons sales to Taiwan.
Taiwan President-elect Lai Ching-te takes office on May 20 after winning January’s election. Beijing considers him a dangerous separatist and has rebuffed his repeated calls for talks.
Lai said on Thursday that China should have the confidence to talk to Taiwan’s legally elected government. Like outgoing President Tsai Ing-wen, Lai says only Taiwan’s people can decide their future.
Rooting for Trump to fail has made his stock shorters millions
- Wall Street investors have collectively make millions by betting that the stock price of Trump's social media business — Truth Social — will keep dropping despite massive buying by Trump loyalists
NEW YORK: Rooting for Donald Trump to fail has rarely been this profitable.
Just ask a hardy band of mostly amateur Wall Street investors who have collectively made tens of millions of dollars over the past month by betting that the stock price of his social media business — Truth Social — will keep dropping despite massive buying by Trump loyalists and wild swings that often mirror the candidate’s latest polls, court trials and outbursts on Truth Social itself.
Several of these investors interviewed by The Associated Press say their bearish gambles using “put” options and other trading tools are driven less by their personal feelings about the former president (most don’t like him) than their faith in the woeful underlying financials of a company that made less money last year than the average Wendy’s hamburger franchise.
“This company makes no money. ... It makes no sense,” said Boise, Idaho, ad executive Elle Stange, who estimates she’s made $1,300 betting against Trump Media & Technology stock. “He’s not as great a businessman as he thinks. A lot of his businesses go belly up, quickly.”
Says Seattle IT security specialist Jeff Cheung, “This is guaranteed to go to zero.”
As of Friday’s close, a month since Trump Media’s initial public offering sent its stock to $66.22, it has dropped to $41.54. An AP analysis of data from research firms FactSet and S3 Partners shows that investors using puts and “short selling” have paper profits so far of at least $200 million, not including the costs of puts, which vary from trade to trade.
Still, amateur traders, mostly risking no more than a few thousand dollars each, say the stock is too volatile to declare victory yet. So they are cashing in a bit now, letting other bets ride and stealing a glance at the latest stock movements in the office cubicle, at the kitchen table or even on the toilet.
There have been plenty of scary moments, including last week when DJT, the ex-president’s initials and stock ticker, jumped nearly 40 percent in two days.
“I don’t know which direction the stock is going,” says Schenectady, N.Y., day trader Richard Persaud while checking his iPhone amid the surge. “It’s so unbelievably overvalued.”
Many who spoke to the AP say knowing their bets have helped slash the value of Trump’s 65 percent stake in half is an added political benefit. If some of their predictions are right, they may able to someday push it to zero, making it impossible for him to tap it to pay his hefty legal bills or finance his GOP presidential campaign.
They have a long way to go. Trump’s stake is still worth $4 billion.
Normally, investors betting a stock will fall, especially a gutsy breed of hedge fund traders called “short sellers,” will do plenty of homework. They’ll pore over financial statements, develop expertise in an industry, talk to competitors, and even turn to “forensic accountants” to find hidden weaknesses in the books.
No need in Trump Media’s case. It’s all there in the Sarasota, Florida-based company’s 100-page financial report: A firehose of losses, $58 million last year, on minuscule revenue of $4 million from advertising and other sources.
The losses are so big, as Trump Media’s auditor wrote in the report, they “raise substantial doubt about its ability to continue as a going concern.”
A short seller’s dream? Or is it a nightmare?
Amateur trader Manny Marotta has two computer screens at home, one for work, the other showing DJT stock’s movements where he can gauge how much he’s up or down.
It wasn’t looking so good earlier this week.
The legal writer from suburban Cleveland had been up about $4,000 on “put” options purchased over the past few weeks. But the screen that morning was showing investors, presumably rich ones, buying large volumes of DJT shares, pushing up the stock once again.
“My options are worth less with every passing minute,” says Marotta, adding about DJT: “It’s being manipulated. It’s insane.”
Waiting for the stock to drop is especially painful to “short sellers,” who pay a fee to borrow shares owned by others. The idea is to quickly sell them on a hunch they will be able to buy the same number of them later for much cheaper before having to return them to the lender. That allows short sellers to pocket the difference, minus the fee, which is usually nominal.
In DJT’s case, the fee is anything but nominal.
It was costing 565 percent a year at one point earlier this month, meaning short sellers had only two months before any possible profits would be eaten up in fees, even if the stock went to zero. It’s a rate so off the charts, that only three other stocks in recent memory have exceeded it, according to data from Boston University’s Karl Diether and Wharton’s Itamar Drechsler, who have studied short selling back two decades.
Add in massive buying by Trump supporters who see it as a way to support their candidate, and losses could multiply fast.
“It’s scary,” says Drechsler, who likens buyers of Trump’s stock to unwavering sports fans. “It is everything that you hope that the stock market is not.”
Trump Media spokeswoman Shannon Devine said the company is in a “strong financial position” with $200 million in cash and no debt, and said the AP was “selecting admitted Trump antagonists.”
Another danger to the stock is a “short squeeze.” If the price rises sharply, it could set off a rush by short sellers who fear they’ve bet wrongly to return their borrowed shares right away and limit their losses. And so they start buying shares to replace the ones they borrowed and sold, and that very buying tends to work against them, sending the price higher, which in turn scares other short sellers, who then also buy, setting off a vicious cycle of price hikes.
“If DJT starts rallying, you’re going to see the mother of all squeezes,” says S3 Partners short-selling expert Ihor Dusaniwsky, who spent three decades at Morgan Stanley helping investors borrow shares. “This is not for the faint of heart.”
And if that wasn’t enough, there is a final oddball feature of DJT stock that could trigger an explosion in prices, up or down.
“Lock up” agreements prohibit Trump and other DJT executives from selling their shares until September. That leaves the float, or the number of shares that can be traded each day by others, at a dangerously tiny 29 percent of total shares that will someday flood the market. That means a big purchase or sale on any day that would barely move a typical stock can send DJT flying or crashing.
The float is smaller than that of most other notoriously volatile stocks. At their smallest levels, AMC, GameStop and Shake Shack each had more than double the float.
Seattle trader Cheung sees DJT’s freak characteristics as a reason to bet against the stock, not shy away. When the lock-up period ends, he predicts, the ex-president will indeed sell his shares, spooking the market and sending the price down sharply. And even if he doesn’t, other insiders whose lock-ups expire will fear he will do so and will move fast to get a good price before it falls.
“The first one to sell out is going make to most, ” Cheung says. “Everyone is going to sell.”
Still, he doesn’t want to lose money in the interim, so Cheung is offsetting some of his “put” bets with the purchase of “calls.” The latter are also derivatives, but they do the opposite, paying off when the stock rises. Cheung hopes that whichever makes money, the puts or the calls, he will make enough with one to more than make up for the loss of the other.
If all of this seems too complicated, there is a far simpler way to make money betting against Trump.
Offshore, casino-style betting sites are taking wagers on the 2024 election, and some have even made President Joe Biden the favorite.
