Further information concerning the Company and its business, including factors
that potentially could materially affect the Company 's financial results, is
contained in the Company's filings with the Securities and Exchange
Commission . The majority of
their assets were either real estate or very short-term, trading-type
activities . It provides local financial reporting and
regulatory developments, in-depth industry coverage, lively debates
and "nuts and bolts" articles containing practical applications. Its
membership includes the world's 63,000 CFA charterholders, as well as
131 affiliated professional societies and chapters in 52 countries and
territories.

islamic nafis

381. A modern
example is a mutual fund that invests in securities that have been
filtered for Shariah compliance such as the FTSE Global Islamic Index
and the Dow Jones Islamic Market. CFA Institute is headquartered in Charlottesville, Va.cfainstitute.

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If the announcement caught some in the investment
community off guard, it was old news to those who had been following
the evolution of Islamic finance. Now you're
actually getting quite sophisticated product offerings .

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Religion Writers/Business Editors/Financial Editors

CHARLOTTESVILLE, Va.

islam gregorian

com/cgi-bin/prnh /20041215/CGW049LOGO )
President Bush has called for an end to the escalating violence.
The European Union has reportedly reminded 18 Muslim countries that they
are obliged under the Vienna Convention on Diplomatic Relations to protect
foreign embassies, Austria has expressed concern for the safety of diplomatic
missions to the Organization of the Islamic Conference and the prime ministers
of Spain and Turkey have appealed for calm. Backed by broad resources, industry knowledge and technical
expertise, Aon professionals help a wide range of clients develop effective
risk management and workforce productivity solutions.

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,
USA, with additional offices in London and Hong Kong.S., 44-207 -712-1719 in London or 852-2868-2700
in Hong Kong.

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The
peripheral nature of such events can touch countries worldwide," he says.
Musharakah is similar to the conventional concepts of partnership and
joint-stock ownership, where mudarabah is essentially profit and loss
sharing.

islamic islam

This press release contains certain statements related to future results,
or states our intentions , beliefs and expectations or predictions for the
future which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995.
"From the mid-1980s to mid-1990s, you had the second generation,
whereby Islamic banks were developing slightly more sophisticated
corporate and retail-banking structures, trying to come up with better
products and a better level of service.
A challenge for Islamic investors and investment professionals
alike is the lack of uniform standards on how to interpret Shariah
law. "Islamic finance is based on the premise that interest is
prohibited in Islamic law, but this is a controversial issue," says
Bashir Ahmed, a financial training consultant in Toronto.

gregorian wuthnow

"
Squibb points out that while religious fundamentalism in and of itself
does not necessarily have any detrimental impact on global trade or equity
investments , "extreme reactions to events often impact greatly on trade."
CFA Magazine is the bimonthly practice -based magazine for CFA
Institute members.
As Islamic finance closely follows the word of the Qu 'ran, there
are business activities that are both acceptable (halal) and
unacceptable (haram) for Muslims to participate in. "Depending
on whom you ask, commentators on the Qur'an have defined riba (a
forced, or demanded, exchange of quantities that gives one party an
advantage over another ) in various ways, ranging from usury (laws) to
bank interest.

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"Multinational
corporations have to create business risk scenarios, and monitor supply,
assembly and distribution channels.

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CHICAGO , Risk managers of multinational
corporations would do well to follow closely the escalating protests over
Danish cartoons satirizing the Prophet Muhammad in Europe and the Middle East,
according to Aon Trade Credit Managing Director Bryan Squibb. On
Monday, Afghan troops opened fire on some 2,000 protesters, while Iranian
police used tear gas to disperse hundreds of protesters hurling stones and
firebombs at the Danish Embassy in Tehran. So, in practice, it depends on the interpretation of
the Islamic law.
Nonmember subscriptions are $75 annually.

About CFA Institute

CFA Institute is the global, non-profit professional association
that administers the Chartered Financial Analyst(R) curriculum and
examination program worldwide and sets voluntary, ethics-based
professional and performance-reporting standards for the investment
industry. More information
may be found at www.

muhammed rempel

Omar Marwan Kamal,
executive manager of the Islamic Financial Services Group of Ernst +
Young in Bahrain during the World Islamic Banking Conference in
December 2004.

ottoman caliphate

622 ussr

These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from either historical or anticipated
results depending on a variety of factors.
Compared to conventional banks, Islamic banks carry more than nine
percent excess liquidity, according to Dr. CFA Institute has 75,000 members in 118 countries.

caliphs gregorian

About Aon
Aon Corporation ( AOC) is a leading provider
of risk management services, insurance and reinsurance brokerage, human
capital and management consulting, and specialty insurance underwriting. Potential factors that could impact
results include: general economic conditions in different countries in which
we do business around the world, changes in global equity and fixed income
markets that could affect the return on invested assets, fluctuations in
exchange and interest rates that could influence revenue and expense, rating
agency actions that could affect our ability to borrow funds, funding of our
various pension plans, changes in the competitive environment, changes in
commercial property and casualty markets and commercial premium rates that
could impact revenues, changes in revenues and earnings due to the elimination
of contingent commissions, other uncertainties surrounding a new compensation
model, the impact of regulatory investigations brought by state attorneys
general and state insurance regulators related to our compensation
arrangements with underwriters and related issues, the impact of class actions
and individual lawsuits including client class actions, securities class
actions, derivative actions, and ERISA class actions, the cost of resolution
of other contingent liabilities and loss contingencies, and the difference in
ultimate paid claims in our underwriting companies from actuarial estimates.

The cover story,
"Islamic Finance: Can centuries-old religious law incorporate modern
investment theory ," looks at how Islamic finance applies issues of
centuries-old faith to modern capital markets.

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To arrange an interview, please contact a member of the Aon Public
Relations Team (Al Orendorff at 312-381-3153, Thaddeus Woosley at 312.

sultans 622

"This industry is now going through a third generation of
evolution," said Yavar Moini, senior manager of Islamic-structured
finance at Dubai Bank. "It really started with the formation of
Islamic banks in the Middle East in the mid-1970s.
Also on the haram list is investing in companies that take part in the
marketing or manufacturing of alcohol , gambling, pork and/or
pornography. Kamal noted that liquidity-management problems arise
because many banks do not yet have the infrastructure to better match
assets to liabilities.

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Complimentary subscriptions are available to financial journalists.

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newscom. In Syria, both the
Danish and Norwegian missions were burned.

Islamic Finance: A Look Behind the Practice of Merging Faith and Financials; CFA Magazine Examines History and Current Practice of Centuries-Old Investment Tec

ottomans wahhabism

(Logo: http: //www. A teenager in Somalia was killed
as police, dispersing protesters, triggered a stampede.- ---The latest
edition of CFA Magazine explores the fascinating history and
methodology of Islamic finance and the balance between religion and
financial regulation among practicing Muslims. The article begins:
"One of the more unusual developments in finance in 2004 (or 1425,
according to the Islamic calendar) was the introduction of the first
fund of hedge funds compliant with the principles of Shariah, or
Islamic law. From the mid-to-late 1990s to
present day is really the third generation of institutions.

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"
Journalists may receive complimentary copies of the March/April
edition of CFA Magazine by contacting CFA Institute.

avicenna razi

This category contains sites that are specifically about the history of the Islamic community.

nafis sultans

381.2446
or Dave Van de Walle at 312.
There are 47 ,000 employees working in Aon's 500 offices in more than 120
countries.
Normally, a bank acts as a lead borrower and manages the funds of
the depositors to generate profits that depositors share .org or by calling 1-800-247-8132 or
1-434-951-5499 in the U.

wahhabism islamic

"The spread of violence emanating from the original publications in Danish
press has clearly demonstrated how the 'domino' effect can impact trade
relations and equity and investment decisions," Squibb says.5028)."
The following articles provide background on the principles of
Islamic finance and explore the enigmatic nature of the sector:

The cover story (mentioned above): "Islamic Finance: Can
centuries -old religious law incorporate modern investment
theory? A new generation exploring the possibilities ," by
Susan Trammell, CFA

"A Great Leap Forward," a biographical look at Islamic finance
practitioner Yavar Moini, by Susan Trammell, CFA

"The Essence of Islamic Finance, " a commentary by Brian
Ingram, CFA

"Islamic Finance can be just as effective and sophisticated as
conventional finance," a point/counterpoint debate by Usman
Ilahi Malik, CFA , director of planning and development, Punjab
Oil Mills Limited, Islamabad, Pakistan, and Amin Dawood Saleh,
CFA, Northern Gulf at Standard Chartered Bank, Manama, Bahrain

Among the key points to Islamic finance discussed throughout the
articles is the basis of the sector--mudarabah and musharakah--which
are two main principles intended to level the playing field between
parties involved in a transaction while promoting a sound work ethic. Among the
activities that are listed as haram are certain interest-related,
fixed-income securities such as mortgages, credit card debt and loans.

rightly islam

Aon's Aon Trade Credit Chief Recommends Vigilance by Multinational Corporations As Protests Over Muhammad Drawings Grow

About CFA Magazine

CFA Magazine is a bimonthly, practice -based magazine for CFA
Institute members worldwide.