Soundings 8/28/07
Visiting Rotarians: Ed Hook, Mel Hollender, and Rick Staeb, Kim Boss
Guests: Rob and Ian Slater, Elizabeth Schmidt, Venessa Blackburn, Bob Jone's son Skyler , Doug White.
Announcements:
Tonja Myers is chair of International Activities. We need to find applicants for the Rotary "group study exchange" trip to the Philipinnes in 2009. The group will be comprised of young professionals aged 25-40 (not related to a Rotarian). Please send her the names of possible candidates if you can think of any. Tonja will send an Email reminder. Application deadline is Sept 14th!
Tim McEvoy says Grape and Gourmet is starting to gear up. Next week we'll have short meeting.
Stephanie is chair of the youth committee.
The District Governor will be here next week so we need good attendance!
Bucks in the Bay
Orphalee for a birthday party on Waldron Island with lots of friends;
Robin Schmidt for a great date to Chateau St Michelle to listen to a band;
Curt Smith asks for support (participants) for the upcoming ABC Golf Open, $75/each, forms for Sept 21 Skagit GC;
Anna Williams for this Thursday wine tasting at Big Fay Fish;
Patti Imhof for successful Pro-Am Golf Tournament last week at BGCC, and a great dinner hosted by Alan and Frank Z last Saturday;
Mike Kirkland for successful Pro-Am golf tournament, especially for the help of Barry and Carol!
Bill Geyer Food Bank update - Medina Foundation looking at supporting the project, also the building permit going into City this afternoon - let's hope for a quick turnaround;
Bob Jones taking the day off, and sad bucks for his uncle passing away;
Jack Grant's new office in the Crown Plaza building, new firm specializing in real estate;
Christine Palmerton for dinner with Stew and Ms. Cheldelin on Friday, then some weekend shopping, and a stressful week with her chartering business;
Brent Walker for Curt Smith's organizing the "campus school" reunion at WWU;
Bob Newell for his annual trip to Oregon Coast trip with family, and for 52-nd wedding celebration;
John Templeton thanks for dinner with Alan and Frank, and successful golf tournament
Cy Lindberg for good yacht trip;
Curt with "rebuttal buck";
Sergeant at Arms by Bryant Engerbretson
Fines for Carol Beecher, non-boat-owners, Cy Lindberg employment, Bob Jones, Todd Ramsay, Bill Boyd, Barry Kramer and Nick Kaiser, Matt Rose, Curt Smith, Tim McEvoy (via Stowe biking), Stew Ellison also biking.
Program
Cy Lindberg introduced Nick Kaiser, president of Saturna Capital who talked about the fundamentals of Islamic Finance. Saturna manages several mutual funds that adhere to Shaia law.
There are 1.4 billion Muslims, second only to Christians in number. Generally, they fall into the Sunni and Shi-a sects.
The Five Pillars of Islam is the term given to the five duties incumbent on every Muslim. These duties are Shahadah (profession of faith), Salah (ritual prayer), Zakah (alms tax), Sawm (fasting during Ramadan), and Hajj (pilgrimage to Mecca). These five practices are essential to Sunni Islam. Shi'a Muslims subscribe to eight ritual practices which substantially overlap with the Five Pillars.
Sharia is the dynamic body of Islamic law. The term means "way" or "path to the water source"; it is the legal framework within which the public and some private aspects of life are regulated for those living in a legal system based on Muslim principles of jurisprudence. Sharia deals with many aspects of day-to-day life, including politics, economics, banking, business law, contract law, family, sexuality, hygiene, and social issues. There is no strictly static codified set of laws of sharia. Sharia is more like a system of devising laws, based on the Qur'an (holy book of Islam), hadith (sayings of Muhammad), ijma , qiyas and centuries of debate, interpretation and precedent.
Interest (riba) is forbidden: anything paying or earning interest on a debt is prohibited. Zakah is the obligatory charity tax. Sharia-compliant finance and banking is expanding rapidly around the world. Common stocks and mutual funds are allowed: Saturna's investments are monitored by Sharia advisors, which gives investors piece of mind. How? The advisors make sure individual companies are not dealing with prohibited activities (alcohol, gambling, interest, pornography, etc). Those companies with more than 33% debt are not allowed or those that derive most of their revenue from interest investment. About half of the stocks that are screened are eventually ruled out. Amana Growth is Saturna's biggest, with $500 million in assets. The world outlook is that Islamic investing is growing rapidly, and Saturna is growing too.
Respectfully submitted,
Stowe Talbot