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Islamic banking

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Islamic banking (or participant banking) (Arabic: المصرفية الإسلامية‎) is banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles may have been applied to historical Islamic economies, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.^[1]^[2]

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[edit] History of Islamic banking

[edit] Introduction

An early market economy and an early form of mercantilism were developed between the 8th-12th centuries, which some refer to as "Islamic capitalism".^[3] The monetary economy of the period was based on the widely circulated currency the gold dinar, and it tied together regions that were previously economically independent.

A number of economic concepts and techniques were applied in early Islamic banking, including bills of exchange, partnership (mufawada) such as limited partnerships (mudaraba), and forms of capital (al-mal), capital accumulation (nama al-mal),^[4] cheques, promissory notes,^[5] trusts (see Waqf),^[6] transactional accounts, loaning, ledgers and assignments.^[7] Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced during that time.^[8]^[9] Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards.^[4]

[edit] Riba

The word "Riba" means excess, increase or addition, which according to Shariah terminology, implies any excess compensation without due consideration (consideration does not include time value of money). The definition of riba in classical Islamic jurisprudence was "surplus value without counterpart", or "to ensure equivalency in real value", and that "numerical value was immaterial."

Applying interest was acceptable under some circumstances. Currencies that were based on guarantees by a government to honor the stated value (i.e. fiat currency) or based on other materials such as paper or base metals were allowed to have interest applied to them.^[10] When base metal currencies were first introduced in the Islamic world, the question of "paying a debt in a higher number of units of this fiat money being riba" was not relevant as the jurists only needed to be concerned with the real value of money (determined by weight only) rather than the numerical value. For example, it was acceptable for a loan of 1000 gold dinars to be paid back as 1050 dinars of equal aggregate weight (i.e., the value in terms of weight had to be same because all makes of coins did not carry exactly similar weight)....

[edit] Modern Islamic banking

(1946), Naiem Siddiqi (1948) and Mahmud Ahmad (1952) in the late forties, followed by a more elaborate exposition by Mawdudi in 1950.^{[citation needed]} The writings of Muhammad Hamidullah 1944, 1955, 1957 and 1962 should be included in this category.^{[citation needed]} They have all recognised the need for commercial banks and their perceived "necessary evil," have proposed a banking system based on the concept of Mudarabha - profit and loss sharing.^{[citation needed]}

In the next two decades interest-free banking attracted more attention, partly because of the political interest it created in Pakistan and partly because of the emergence of young Muslim economists. Works specifically devoted to this subject began to appear in this period. The first such work is that of Muhammad Uzair (1955).^{[citation needed]} Another set of works emerged in the late sixties and early seventies. Abdullah al-Araby (1967), Nejatullah Siddiqi (1961, 1969), al-Najjar (1971) and Baqir al-Sadr (1961, 1974) were the main contributors.^{[citation needed]}

The early 1970s saw institutional involvement. The Conference of the Finance Ministers of the Islamic Countries held in Karachi in 1970, the Egyptian study in 1972, the First International Conference on Islamic Economics in Mecca in 1976, and the International Economic Conference in London in 1977 were the result of such involvement. The involvement of institutions and governments led to the application of theory to practice and resulted in the establishment of the first interest-free banks. The Islamic Development Bank, an inter-governmental bank established in 1975, was born of this process.^[11]

The first modern experiment with Islamic banking was undertaken in Egypt under cover without projecting an Islamic image—for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the political regime.^{[citation needed]} The pioneering effort, led by Ahmad Elnaggar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in country.^[12]

This section requires expansion.

In 1972, the Mit Ghamr Savings project became part of Nasr Social Bank which, currently, is still in business in Egypt. In 1975, the Islamic Development Bank was set up with the mission to provide funding to projects in the member countries.^[13] The first modern commercial Islamic bank, Dubai Islamic Bank, opened its doors in 1975. In the early years, the products offered were basic and strongly founded on conventional banking products, but in the last few years the industry is starting to see strong development in new products and services.

Islamic Banking is growing at a rate of 10-15% per year and with signs of consistent future growth.^[14] Islamic banks have more than 300 institutions spread over 51 countries, including the United States through companies such as the Michigan-based University Bank, as well as an additional 250 mutual funds that comply with Islamic principles. It is estimated that over US$822 billion worldwide sharia-compliant assets are managed according to The Economist.^[15] This represents approximately 0.5% of total world estimated assets as of 2005.^[16] According to CIMB Group Holdings, Islamic finance is the fastest-growing segment of the global financial system and sales of Islamic bonds may rise by 24 percent to $25 billion in 2010.^[17]

Addressing the Oman Investment Forum in October 2011, all conventional banks in Oman can offer Sharia-based financial services upon approval from the Central Bank of Oman (CBO).^[18]

The Vatican has put forward the idea that "the principles of Islamic finance may represent a possible cure for ailing markets."^[19]

[edit] Largest Islamic banks

[edit] Principles

Islamic banking has the same purpose as conventional banking: to make money for the banking institute by lending out capital. Because Islam forbids simply lending out money at interest (see riba), Islamic rules on transactions (known as Fiqh al-Muamalat) have been created to avoid this problem. The basic technique to avoid the prohibition is the sharing of profit and loss, via terms such as profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah), and leasing (Ijar).

In an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, while allowing the buyer to pay the bank in installments. However, the bank's profit cannot be made explicit and therefore there are no additional penalties for late payment. In order to protect itself against default, the bank asks for strict collateral. The goods or land is registered to the name of the buyer from the start of the transaction. This arrangement is called Murabahah.

Another approach is EIjara wa EIqtina, which is similar to real estate leasing. Islamic banks handle loans for vehicles in a similar way (selling the vehicle at a higher-than-market price to the debtor and then retaining ownership of the vehicle until the loan is paid).

An innovative approach applied by some banks for home loans, called Musharaka al-Mutanaqisa, allows for a floating rate in the form of rental. The bank and borrower form a partnership entity, both providing capital at an agreed percentage to purchase the property. The partnership entity then rents out the property to the borrower and charges rent. The bank and the borrower will then share the proceeds from this rent based on the current equity share of the partnership. At the same time, the borrower in the partnership entity also buys the bank's share of the property at agreed installments until the full equity is transferred to the borrower and the partnership is ended. If default occurs, both the bank and the borrower receive a proportion of the proceeds from the sale of the property based on each party's current equity. This method allows for floating rates according to the current market rate such as the BLR (base lending rate), especially in a dual-banking system like in Malaysia.

There are several other approaches used in business transactions. Islamic banks lend their money to companies by issuing floating rate interest loans. The floating rate of interest is pegged to the company's individual rate of return. Thus the bank's profit on the loan is equal to a certain percentage of the company's profits. Once the principal amount of the loan is repaid, the profit-sharing arrangement is concluded. This practice is called Musharaka. Further, Mudaraba is venture capital funding of an entrepreneur who provides labor while financing is provided by the bank so that both profit and risk are shared. Such participatory arrangements between capital and labor reflect the Islamic view that the borrower must not bear all the risk/cost of a failure, resulting in a balanced distribution of income and not allowing the lender to monopolize the economy.

Islamic banking is restricted to Islamically acceptable transactions, which exclude those involving alcohol, pork, gambling, etc. The aim of this is to engage in only ethical investing, and moral purchasing. The Islamic Banking and Finance Database provides more information on the subject.^[29]

In theory, Islamic banking is an example of full-reserve banking, with banks achieving a 100% reserve ratio.^[30] However, in practice, this is not the case, and no examples of 100 per cent reserve banking are observed.^[31]

Islamic banks have grown recently in the Muslim world but are a very small share of the global banking system. Micro-lending institutions founded by Muslims, notably Grameen Bank, use conventional lending practices and are popular in some Muslim nations, especially Bangladesh, but some do not consider them true Islamic banking. However, Muhammad Yunus, the founder of Grameen Bank and microfinance banking, and other supporters of microfinance, argue that the lack of collateral and lack of excessive interest in micro-lending is consistent with the Islamic prohibition of usury (riba).^[32]^[33]

[edit] Shariah Advisory Council/Consultant

Islamic banks and banking institutions that offer Islamic banking products and services (IBS banks) are required to establish a Shariah Supervisory Board (SSB) to advise them and to ensure that the operations and activities of the banking institutions comply with Shariah principles. On the other hand, there are also those who believe that no form of banking that involves interest payments can ever comply with the Shariah.^[34]

In Malaysia, the National Shariah Advisory Council, which has been set up at Bank Negara Malaysia (BNM), advises BNM on the Shariah aspects of the operations of these institutions and on their products and services. (See: Islamic banking in Malaysia). In Indonesia the Ulama Council serves a similar purpose.

A number of Shariah advisory firms have now emerged to offer Shariah advisory services to the institutions offering Islamic financial services. Issue of independence, impartiality and conflicts of interest have also been recently voiced. The WDIBF World Database for Islamic Banking and Finance has been developed to provide information about all the websites related to this type of banking.^[29]

Islamic Financial Accounting Standards

The Institute of Chartered Accountants of Pakistan issues Islamic Financial Accounting Standards (IFAS) for Islamic Mode of financing. IFAS 1 (issued in 2005) concerns Musharakah and Mudarabah. While, IFAS 2 (issued in 2007) relates to Ijarah.

Fundamentals of Islamic finance

The term “Islamic banking” refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). Furthermore the Shariah prohibits what is called "Maysir" and "Gharar". Maysir is involved in contracts where the ownership of a good depends on the occurrence of a predetermined, uncertain event in the future whereas Gharar describes speculative transactions. Both concepts involve excessive risk and are supposed to foster uncertainty and fraudlent behaviour. Therefore the use of all conventional derivate instruments is impossible in Islamic banking.^[35] In the late 20th century, a number of Islamic banks were created to cater to this particular banking market.

[edit] Usury in Islam

The criticism of usury in Islam was well established during the lifetime of the Islamic prophet Muhammad and reinforced by several of verses in the Qur'an dating back to around 600 AD. The original word used for usury in this text was Riba, which literally means “excess or addition”. This was accepted to refer directly to interest on loans so that, according to Islamic economists Choudhury and Malik (1992), by the time of Caliph Umar, the prohibition of interest was a well-established working principle integrated into the Islamic economic system. This interpretation of usury has not been universally accepted or applied in the Islamic world. A school of Islamic thought which emerged in the 19th Century, led by Sir Sayyed, argues for an interpretative differentiation between usury, or consumptional lending, and interest, or lending for commercial investment (Ahmed, 1958). Nevertheless, Choudhury and Malik provide evidence for “a gradual evolution of the institutions of interest-free financial enterprises across the world” (1992: 104). They cite, for instance, the current existence of financial institutions in Iran, Pakistan and Saudi Arabia, the Dar-al-Mal-al-Islami in Geneva and Islamic trust companies in North America.

Islamic financial transaction terminology

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[edit] Bai' al 'inah (sale and buy-back agreement)

Bai' al inah is a financing facility with the underlying buy and sell transactions between the financier and the customer. The financier buys an asset from the customer on spot basis. The price paid by the financier constitutes the disbursement under the facility. Subsequently the asset is sold to the customer on a deferred-payment basis and the price is payable in installments. The second sale serves to create the obligation on the part of the customer under the facility. There are differences of opinion amongst the scholars on the permissibility of Bai' al 'inah, however this is practised in Malaysia (A set of strict conditions must be complied) and the like jurisdictions.^[36]^[37] Bai' bithaman ajil (deferred payment sale)

This concept refers to the sale of goods on a deferred payment basis at a price, which includes a profit margin agreed to by both parties. Like Bai' al 'inah, this concept is also used under an Islamic financing facility. Interest payment can be avoided as the customer is paying the sale price which is not the same as interest charged on a loan. The problem here is that this includes linking two transactions in one which is forbidden in Islam. The common perception is that this is simply straightforward charging of interest disguised as a sale.

[edit] Bai' muajjal (credit sale)

Literally bai' muajjal means a credit sale. Technically, it is a financing technique adopted by Islamic banks that takes the form of murabahah muajjal. It is a contract in which the bank earns a profit margin on the purchase price and allows the buyer to pay the price of the commodity at a future date in a lump sum or in installments. It has to expressly mention cost of the commodity and the margin of profit is mutually agreed. The price fixed for the commodity in such a transaction can be the same as the spot price or higher or lower than the spot price. Bai' muajjal is also called a deferred-payment sale. However, one of the essential descriptions of riba is an unjustified delay in payment or either increasing or decreasing the price if the payment is immediate or delayed.

[edit] Musharakah

Musharakah (joint venture) is an agreement between two or more partners, whereby each partner provides funds to be used in a venture. Profits made are shared between the partners according to the invested capital. In case of loss, no partner loses capital in the same ratio. If the Bank provides capital, the same conditions apply. It is this financial risk, according to the Shariah, that justifies the bank's claim to part of the profit. Each partner may or may not participate in carrying out the business. A working partner gets a greater profit share compared to a sleeping (non-working) partner. The difference between Musharaka and Madharaba is that, in Musharaka, each partner contributes some capital, whereas in Madharaba, one partner, e.g. A financial institution, provides all the capital and the other partner, the entrepreneur, provides no capital. Note that Musharaka and Madharaba commonly overlap.^[38]

Mudarabah

"Mudarabah" is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise. The capital investment comes from the first partner, who is called the "rabb-ul-mal", while the management and work is the exclusive responsibility of the other party, who is called the "mudarib".

The Mudarabah (Profit Sharing) is a contract, with one party providing 100 percent of the capital and the other party providing its specialist knowledge to invest the capital and manage the investment project. Profits generated are shared between the parties according to a pre-agreed ratio. Compared to Musharaka, in a Mudaraba only the lender of the money ("rabb-ul-mal") may incur a loss.

[edit] Murabahah

Main article: Murabahah

This concept refers to the sale of goods at a price, which includes a profit margin agreed to by both parties. The purchase and selling price, other costs, and the profit margin must be clearly stated at the time of the sale agreement. The bank is compensated for the time value of its money in the form of the profit margin. This is a fixed-income loan for the purchase of a real asset (such as real estate or a vehicle), with a fixed rate of profit determined by the profit margin. The bank is not compensated for the time value of money outside of the contracted term (i.e., the bank cannot charge additional profit on late payments); however, the asset remains as a mortgage with the bank until the default is settled.

This type of transaction is similar to rent-to-own arrangements for furniture or appliances that are common in North American stores.

Musawamah

Musawamah is the negotiation of a selling price between two parties without reference by the seller to either costs or asking price. While the seller may or may not have full knowledge of the cost of the item being negotiated, they are under no obligation to reveal these costs as part of the negotiation process. This difference in obligation by the seller is the key distinction between Murabahah and Musawamah with all other rules as described in Murabahah remaining the same. Musawamah is the most common type of trading negotiation seen in Islamic commerce.

Bai Salam

Bai salam means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver, or currencies based on these metals. Barring this, Bai Salam covers almost everything that is capable of being definitely described as to quantity, quality, and workmanship.

[edit] Basic features and conditions of Salam

The transaction is considered Salam if the buyer has paid the purchase price to the seller in full at the time of sale. This is necessary so that the buyer can show that they are not entering into debt with a second party in order to eliminate the debt with the first party, an act prohibited under Sharia. The idea of Salam is normally different from the other either in its quality or in its size or weight and their exact specification is not generally possible.
Salam cannot be effected on a particular commodity or on a product of a particular field or farm. For example, if the seller undertakes to supply the wheat of a particular field, or the fruit of a particular tree, the salam will not be valid, because there is a possibility that the crop of that particular field or the fruit of that tree is destroyed before delivery, and, given such possibility, the delivery remains uncertain. The same rule is applicable to every commodity the supply of which is not certain.
It is necessary that the quality of the commodity (intended to be purchased through salam) is fully specified leaving no ambiguity which may lead to a dispute. All the possible details in this respect must be expressly mentioned.
It is also necessary that the quantity of the commodity is agreed upon in unequivocal terms. If the commodity is quantified in weights according to the usage of its traders, its weight must be determined, and if it is quantified through measures, its exact measure should be known. What is normally weighed cannot be quantified in measures and vice versa.
The exact date and place of delivery must be specified in the contract.
Salam cannot be effected in respect of things which must be delivered at spot. For example, if gold is purchased in exchange of silver, it is necessary, according to Shari'ah, that the delivery of both be simultaneous. Here, salam cannot work. Similarly, if wheat is bartered for barley, the simultaneous delivery of both is necessary for the validity of sale. Therefore the contract of salam in this case is not allowed.
This is the most preferred financing structure and carries higher order Shariah compliance.

[edit] Hibah (gift)

This is a token given voluntarily by a debtor to a debitor in return for a loan. Hibah usually arises in practice when Islamic banks voluntarily pay their customers a 'gift' on savings account balances, representing a portion of the profit made by using those savings account balances in other activities.

It is important to note that while it appears similar to interest, and may, in effect, have the same outcome, Hibah is a voluntary payment made (or not made) at the bank's discretion, and cannot be 'guaranteed.'{akin to Dividends earned by Shares, however it is not time bound but is at the bank's discretion) However, the opportunity of receiving high Hibah will draw in customers' savings, providing the bank with capital necessary to create its profits; if the ventures are profitable, then some of those profits may be gifted back to its customers as Hibah.^[39]

Ijarah

Ijarah means lease, rent or wage. Generally, the Ijarah concept refers to selling the benefit of use or service for a fixed price or wage. Under this concept, the Bank makes available to the customer the use of service of assets / equipments such as plant, office automation, motor vehicle for a fixed period and price.

Ijarah thumma al bai' (hire purchase)

Parties enter into contracts that come into effect serially, to form a complete lease/ buyback transaction. The first contract is an Ijarah that outlines the terms for leasing or renting over a fixed period, and the second contract is a Bai that triggers a sale or purchase once the term of the Ijarah is complete. For example, in a car financing facility, a customer enters into the first contract and leases the car from the owner (bank) at an agreed amount over a specific period. When the lease period expires, the second contract comes into effect, which enables the customer to purchase the car at an agreed to price.

The bank generates a profit by determining in advance the cost of the item, its residual value at the end of the term and the time value or profit margin for the money being invested in purchasing the product to be leased for the intended term. The combining of these three figures becomes the basis for the contract between the Bank and the client for the initial lease contract.

This type of transaction is similar to the contractum trinius, a legal maneuver used by European bankers and merchants during the Middle Ages to sidestep the Church's prohibition on interest bearing loans. In a contractum, two parties would enter into three concurrent and interrelated legal contracts, the net effect being the paying of a fee for the use of money for the term of the loan. The use of concurrent interrelated contracts is also prohibited under Shariah Law.

[edit] Ijarah-wal-iqtina

A contract under which an Islamic bank provides equipment, building, or other assets to the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period, the ownership in the asset would be transferred to the lessee. The undertaking or the promise does not become an integral part of the lease contract to make it conditional. The rentals as well as the purchase price are fixed in such manner that the bank gets back its principal sum along with profit over the period of lease.

[edit] Musharakah (joint venture)

Musharakah is a relationship between two parties or more that contribute capital to a business and divide the net profit and loss pro rata. This is often used in investment projects, letters of credit, and the purchase or real estate or property. In the case of real estate or property, the bank assess an imputed rent and will share it as agreed in advance.^[38] All providers of capital are entitled to participate in management, but not necessarily required to do so. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by each partner strictly in proportion to respective capital contributions. This concept is distinct from fixed-income investing (i.e. issuance of loans).^{[citation needed]}

[edit] Qard hassan/ Qardul hassan (good loan/benevolent loan)

This is a loan extended on a goodwill basis, and the debtor is only required to repay the amount borrowed. However, the debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor. In the case that the debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan. Some Muslims consider this to be the only type of loan that does not violate the prohibition on riba, since it is the one type of loan that truly does not compensate the creditor for the time value of money.^[40]

[edit] Sukuk (Islamic bonds)

Main article: Sukuk

Sukuk, plural of صك Sakk, is the Arabic name for financial certificates that are the Islamic equivalent of bonds. However, fixed-income, interest-bearing bonds are not permissible in Islam. Hence, Sukuk are securities that comply with the Islamic law (Shariah) and its investment principles, which prohibit the charging or paying of interest. Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets.

Takaful (Islamic insurance)

Main article: Takaful

Takaful is an alternative form of cover that a Muslim can avail himself against the risk of loss due to misfortunes. Takaful is based on the idea that what is uncertain with respect to an individual may cease to be uncertain with respect to a very large number of similar individuals. Insurance by combining the risks of many people enables each individual to enjoy the advantage provided by the law of large numbers. See Takaful for details.

[edit] Wadiah (safekeeping)

In Wadiah, a bank is deemed as a keeper and trustee of funds. A person deposits funds in the bank and the bank guarantees refund of the entire amount of the deposit, or any part of the outstanding amount, when the depositor demands it. The depositor, at the bank's discretion, may be rewarded with Hibah (see above) as a form of appreciation for the use of funds by the bank.

[edit] Wakalah (power of attorney)

This occurs when a person appoints a representative to undertake transactions on his/her behalf, similar to a power of attorney.

[edit] Islamic equity funds

Main article: Sharia investments

Islamic investment equity funds market is one of the fastest-growing sectors within the Islamic financial system. Currently, there are approximately 100 Islamic equity funds worldwide. The total assets managed through these funds currently exceed US$5 billion and is growing by 12–15% per annum. With the continuous interest in the Islamic financial system, there are positive signs that more funds will be launched. Some Western majors have just joined the fray or are thinking of launching similar Islamic equity products.

Despite these successes, this market has seen a record of poor marketing as emphasis is on products and not on addressing the needs of investors. Over the last few years, quite a number of funds have closed down. Most of the funds tend to target high net worth individuals and corporate institutions, with minimum investments ranging from US$50,000 to as high as US$1 million. Target markets for Islamic funds vary, some cater for their local markets, e.g., Malaysia and Gulf-based investment funds. Others clearly target the Middle East and Gulf regions, neglecting local markets and have been accused of failing to serve Muslim communities.

Since the launch of Islamic equity funds in the early 1990s, there has been the establishment of credible equity benchmarks by Dow Jones Islamic market index (Dow Jones Indexes pioneered Islamic investment indexing in 1999) and the FTSE Global Islamic Index Series. The Web site failaka.com monitors the performance of Islamic equity funds and provide a comprehensive list of the Islamic funds worldwide.

[edit] Islamic derivatives

[edit] Islamic laws on trading

The Qur'an prohibits gambling (games of chance involving money). The hadith, in addition to prohibiting gambling (games of chance), also prohibits bayu al-gharar (trading in risk, where the Arabic word gharar is taken to mean "risk" or excessive uncertainty).

The Hanafi madhab (legal school) in Islam defines gharar as "that whose consequences are hidden." The Shafi legal school defined gharar as "that whose nature and consequences are hidden" or "that which admits two possibilities, with the less desirable one being more likely." The Hanbali school defined it as "that whose consequences are unknown" or "that which is undeliverable, whether it exists or not." Ibn Hazm of the Zahiri school wrote "Gharar is where the buyer does not know what he bought, or the seller does not know what he sold." The modern scholar of Islam, Professor Mustafa Al-Zarqa, wrote that "Gharar is the sale of probable items whose existence or characteristics are not certain, due to the risky nature that makes the trade similar to gambling." Other modern scholars, such as Dr. Sami al-Suwailem, have used Game Theory to try and reach a more measured definition of Gharar, defining it as "a zero-sum game with unequal payoffs".^[41]

There are a number of hadith that forbid trading in gharar, often giving specific examples of gharhar transactions (e.g., selling the birds in the sky or the fish in the water, the catch of the diver, an unborn calf in its mother's womb etc.). Jurists have sought many complete definitions of the term. They also came up with the concept of yasir (minor risk); a financial transaction with a minor risk is deemed to be halal (permissible) while trading in non-minor risk (bayu al-ghasar) is deemed to be haram.^[42]

What gharar is, exactly, was never fully decided upon by the Muslim jurists. This was mainly due to the complication of having to decide what is and is not a minor risk. Derivatives instruments (such as stock options) have only become common relatively recently. Some Islamic banks do provide brokerage services for stock trading.

[edit] Microfinance

Microfinance is a key concern for Muslims states and recently Islamic banks also. Microfinance is ideologically compatible with Islamic finance, capable of Shariah-compliancy, and possesses a sizeable potential market. Islamic microfinance tools can enhance security of tenure and contribute to transformation of lives of the poor.^[43] The use of interest found in conventional microfinance products and services can easily be avoided by creating microfinance hybrids delivered on the basis of the Islamic contracts of mudaraba, musharaka, and murabahah. Already, several microfinance institutions (MFIs) such as FINCA Afghanistan have introduced Islamic-compliant financial instruments that accommodate sharia criteria.

[edit] Controversy

In Islamabad, Pakistan, on June 16, 2004: Members of leading Islamist political party in Pakistan, the Muttahida Majlis-e-Amal (MMA) party, staged a protest walkout from the National Assembly of Pakistan against what they termed derogatory remarks by a minority member on interest banking:

Taking part in the budget debate, M.P. Bhindara, a minority MNA [Member of the National Assembly]...referred to a decree by an Al-Azhar University's scholar that bank interest was not un-Islamic. He said without interest the country could not get foreign loans and could not achieve the desired progress. A pandemonium broke out in the house over his remarks as a number of MMA members...rose from their seats in protest and tried to respond to Mr Bhindara's observations. However, they were not allowed to speak on a point of order that led to their walkout.... Later, the opposition members were persuaded by a team of ministers...to return to the house...the government team accepted the right of the MMA to respond to the minority member's remarks.... Sahibzada Fazal Karim said the Council of Islamic ideology had decreed that interest in all its forms was haram in an Islamic society. Hence, he said, no member had the right to negate this settled issue.^[44]

Some Islamic banks charge for the time value of money, the common economic definition of Interest (Riba). These institutions are criticized in some quarters of the Muslim community for their lack of strict adherence to Sharia.

The concept of Ijarah is used by some Islamic Banks (the Islami Bank in Bangladesh, for example) to apply to the use of money instead of the more accepted application of supplying goods or services using money as a vehicle. A fixed fee is added to the amount of the loan that must be paid to the bank regardless if the loan generates a return on investment or not. The reasoning is that if the amount owed does not change over time, it is profit and not interest and therefore acceptable under Sharia.

Islamic banks are also criticized by some for not applying the principle of Mudarabah in an acceptable manner. Where Mudarabah stresses the sharing of risk, critics point out that these banks are eager to take part in profit-sharing but they have little tolerance for risk. To some in the Muslim community, these banks may be conforming to the strict legal interpretations of Sharia but avoid recognizing the intent that made the law necessary in the first place.^{[citation needed]}

The majority of Islamic banking clients are found in the Gulf states and in developed countries. With 60% of Muslims living in poverty^{[citation needed]}, Islamic banking is of little benefit to the general population. The majority of financial institutions that offer Islamic banking services are majority owned by Non-Muslims. With Muslims working within these organizations being employed in the marketing of these services and having little input into the actual day to day management, the veracity of these institutions and their services are viewed with suspicion. One Malaysian Bank offering Islamic based investment funds was found to have the majority of these funds invested in the gaming industry; the managers administering these funds were non Muslim.^[44] These types of stories contribute to the general impression within the Muslim populace that Islamic banking is simply another means for banks to increase profits through growth of deposits and that only the rich derive benefits from implementation of Islamic Banking principles.

Hence, the controversy that surrounds Islamic Banking continues. The question of whether or not Islamic banking really is Islamic is still a matter of debate among the Muslim academia.

[edit] See also

[show] v t e Islam topics

[edit] Notes

^ Rammal, H. G. and Zurbruegg, R. (2007). Awareness of Islamic Banking Products Among Muslims: The Case of Australia. Journal of Financial Services Marketing, 12(1), 65-74.
^ Saeed, A. (1996). "Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretation". Leiden, Netherlands: E.J.Brill.
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), p. 79-96 [81, 83, 85, 90, 93, 96].
^ ^a ^b Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", Historical Materialism 15 (1), pp. 47–74, Brill Publishers.
^ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Constable (2001), Medieval Trade in the Mediterranean World: Illustrative Documents, Columbia University Press, ISBN 0-231-12357-4.
^ Timur Kuran (2005), "The Absence of the Corporation in Islamic Law: Origins and Persistence", American Journal of Comparative Law 53, pp. 785–834 [798–9].
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [92–3].
^ Said Amir Arjomand (1999), "The Law, Agency, and Policy in Medieval Islamic Society: Development of the Institutions of Learning from the Tenth to the Fifteenth Century", Comparative Studies in Society and History 41, pp. 263–93. Cambridge University Press.
^ Samir Amin (1978), "The Arab Nation: Some Conclusions and Problems", MERIP Reports 68, pp. 3–14 [8, 13].
^ (Badr 1989, p. 424)
^ 4.1 Historical development
^ http://www.usc.edu/dept/MSA/economics/islamic_banking.html^{[dead link]}
^ Warde, I. (2000). "Islamic Finance In The Global Economy". Edinburgh: Edinburgh University Press.
^ http://www.imf.org/external/pubs/ft/wp/2008/wp0816.pdf Islamic Banks and Financial Stability: An Empirical Analysis pg. 5
^ "Sharia calling". The Economist. 2009-11-12.
^ Slater, Joanna (2007-01-10). "World's Assets Hit Record Value Of $140 Trillion". The Wall Street Journal.
^ ^a ^b http://www.iran-daily.com/1388/12/11/MainPaper/3630/Page/5/Index.htm
^ "Islamic banking open to all commercial banks, says CBO". October 11, 2011.
^ Lorenzo Totaro (2009-03-04). "Vatican Says Islamic Finance May Help Western Banks in Crisis". Bloomberg L.P.. Retrieved 2009-04-13.
^ http://iran-daily.com/1386/2860/html/focus.htm
^ http://www.payvand.com/news/09/nov/1122.html
^ http://www.zawya.com/Story.cfm/sidZAWYA20091211065734/Iran%202nd%20in%20Islamic%20Banking%20Assets%20
^ http://www.presstv.com/detail.aspx?id=104662&sectionid=351020102
^ http://www.presstv.com/detail.aspx?id=117077&sectionid=351020102
^ http://www.radicalmiddleway.co.uk/topics/finance/top-500-islamic-financial-institutions
^ http://in.bsi.ir/default.aspx?scn=News-Details&&news_dtid=e75d2324-fb20-4edb-b14a-7c4ef2bd2677&lid=c845e22d-2f63-49fc-9b4b-855986b2af20&mln=News_DetailPage
^ http://www.thebanker.com/news/fullstory.php/aid/6129/Iran_dominates_sharia_ranking_as_newcomers_make_their_mark.html
^ http://top500islamic.thebanker.com/index.cfm?fuseaction=top500.home&CFID=1277573&CFTOKEN=93128769
^ ^a ^b World Database for Islamic Banking and Finance
^ http://faculty.capebretonu.ca/mchoudhu/money.htm
^ http://web.archive.org/web/20070716151628/http://www.islamibankbd.com/page/ih_12.htm
^ Gabriel Rozenberg, Nobel prizewinner using micro-credit for macro benefit, The Times, December 16, 2006.
^ Zeeshan Hasan, The Redefinition of Islamic Economics, The Daily Star, August 27th, 1994.
^ http://zakatpages.com/2007/01/19/alhamdulillah-for-lloyds-tsb-bank/
^ Mervyn K. Lewis, Latifa M. Algaoud: Islamic Banking Cheltenham, 2001
^ http://www.badralislami.com/glossary/a-h.asp
^ http://www.azmilaw.com/Article/Article_8_&_9/Article_9_Tawarruq_00093603_.pdf
^ ^a ^b Nomani, Farhad; Rahnema, Ali. (1994). Islamic Economic Systems. New Jersey: Zed books limited. pp. 99–101. ISBN 1-85649-058-0.
^ "Learn more about Islamic Banking - Returns on deposits are competitive". RHB Banking Group. 2006-05-17. Retrieved 2009-03-26.
^ http://www.irfi.org/articles/articles_301_350/is_islamic_banking_islamic.htm
^ http://www.irti.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IRTI/CM/downloads/IES_Articles/Vol%207-1%20and%202%20..%20Sami%20Al-Suwailem..Measure%20of%20Gharar..dp.pdf
^ http://www.ruf.rice.edu/~elgamal/files/gharar.pdf
^ Sait, Siraj; Lim, Hilary (2006). Land, Law and Islam. New York: UN-HABITAT. p. 175.
^ ^a ^b http://www.dawn.com/2004/06/17/top2.htm

[edit] Further reading

Financial planning key to Islamic banking growth
How Islamic Finance and Investments work and availability in the US and Canada
Partnership, Equity-Financing and Islamic Finance: Whither Profit-Loss Sharing? by Dr. Mohammad Omar Farooq
Historic Judgment on Interest Given by the Supreme Court of Pakistan
Library of essential reading list of Islamic Banking and Insurance
Guide to Islamic Banking
Mufti Taqi Usmani's book on Islamic Finance
Islamic Banking references (GDRC)
Risk & Compliance Management in Islamic Banking
Bringing morality into finance - an opinion piece by Dr. Hayat Khan of La Trobe University
Mahlknecht, Michael (2009). Islamic Capital Markets and Risk Management. London: Risk Books. ISBN 978-1-906348-17-5.
Encyclopedia of Islamic Finance, by Dr Aly Khorshid, published by Euromoney PLC, July 2009
Islamic Finance as a Progenitor of Venture Capital, by Benedikt Koehler in: Economic Affairs, December 2009
Rosly, Saiful Azhar (2006). Critical Issues on Islamic Banking and Financial Markets: Islamic Economics, Banking and Finance, Investments, Takaful and Financial Planning. AuthorHouse. ISBN 978-1-4208-3737-7.

[edit] External links

This article's use of external links may not follow Wikipedia's policies or guidelines. Please improve this article by removing excessive or inappropriate external links, and converting useful links where appropriate into footnote references. (January 2011)

My name is Terry Welch AL_shhri this is my uncle Harry Orr who taught me alot

My name is Terry Welch

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Rush Street (Chicago)

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This article is about the Chicago street. For the Richard Marx album, see Rush Street (Richard Marx album).

Rush Street Bridge (1890) Rush Street

Rush Street is predominantly a northbound one-way street in the Near North Side community area of Chicago in Cook County, Illinois, United States. The street which starts at the Chicago River between Wabash and State Streets runs directly north until it slants on a diagonal as it crosses Chicago Avenue then it continues to Cedar and State Streets, making it slightly less than a mile long.^[1]

One lane also runs southbound from Ohio Street (600N) to Kinzie Street (400N) as part of a two-way street segment. It runs parallel to and one block west of the Magnificent Mile on the two-way traffic North Michigan Avenue, which runs at 100 east up to 950 north.^[2] The street, which is also one block east of the one-way southbound Wabash Avenue, formerly ran slightly further south to the Chicago River where over time various bridges connected it to the Loop, Chicago's central business district.

Rush Street's history traces back to the original incorporation of the city in the 1830s. It has since hosted important residences, such as the house of the first Mayor of Chicago, and significant commerce.^[3]

Today, it continues to be part of one of the wealthiest neighborhoods in the country and has businesses that correspond to the demands of its residents. The neighborhood hosts highly rated restaurants, five-star hotels, four-star spas, an elite senior citizen residence and prominent bars.

The street, which was named after Declaration of Independence signator Benjamin Rush,^[1] is currently known for its nightlife, especially at the northern end, which features entertainment that attracts locals and visitors.^[4]^[5] The southern end of the street was an integral part of the city as a main river crossing at various incarnations of the Rush Street Bridge across the main branch of the Chicago River from the mid-19th century until the 1920s.^[6]^[7] The Rush Street Bridges have a rich cultural history, which includes both a prominent role in facilitating vehicular land traffic and a prominent role as a commercial port location. However, commerce on the Chicago River has declined since the 1930s and the Michigan Avenue Bridge has taken over the role as the primary river crossing for this neighborhood

Raymond McCartney (born 1954 in Derry, Northern Ireland) is a Sinn Féin politician, and a former hunger striker and volunteer within the Provisional Irish Republican Army (IRA).

[hide]

[edit] IRA membership

McCartney took part in the civil rights march in Derry on 30 January 1972, an event widely known as Bloody Sunday.^[1] His cousin, Jim Wray, was shot and killed by the 1st Battalion of the British Parachute Regiment, and as a result of this McCartney joined the IRA several months later.^[2] On 12 January 1979 at Belfast Crown Court McCartney and another man, Eamonn MacDermott, were convicted of the murder of Detective Constable Patrick McNulty, who was shot several times outside a garage in Derry on 27 January 1977. McCartney was also convicted of IRA membership and the murder of Jeffrey Agate in February 1977, and was sentenced to life imprisonment.^[3] As noted below these convictions were overturned in 2007.

Imprisonment

McCartney was involved in the blanket and dirty protests, then took part in the 1980 hunger strike, along with fellow IRA members Brendan Hughes, Tommy McKearney, Tom McFeely, Sean McKenna, Leo Green, and Irish National Liberation Army member John Nixon.^[4] McCartney spent 53 days on hunger strike, from 27 October to 18 December.^[5] From 1989 to 1991 he was Officer Commanding of the IRA prisoners in the H Blocks, and was released in 1994.^[6]

Freedom and reversal of convictions

Since his release he has been active with ex-prisoners' groups Tar Abhaile and Coiste na n-Íarchimí, and was the first member of Sinn Féin to have their own voice heard on television after the lifting of the broadcasting ban in 1994.^[7] McCartney was arrested on 4 April 2002 following a breach of security at Belfast's police headquarters, but released without charge the next day.^[8] Later that year on 5 September McCartney was the first former IRA member to appear before the Bloody Sunday Inquiry, and encouraged anyone, including paramilitaries, with information to come forward.^[9] McCartney has been the Member of the Legislative Assembly for Foyle since 15 July 2004, when he replaced Mary Nelis.^[10]

On 15 February 2007 McCartney and MacDermott had their murder convictions quashed by the Court of Appeal, following an investigation by the Criminal Cases Review Commission in 2002.^[11] Notwithstanding the normal expectation of compensation for a wrongful conviction and wrongful imprisonment, the Secretary of State for Northern Ireland declined to compensate McCartney and McDermott on the grounds

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Yoko Ono


Yoko Ono at the Museum of Contemporary Art of the University of São Paulo, Brazil
Background information
Born	February 18, 1933 (age 79) Tokyo, Japan
Genres	Avant-garde, rock, pop, electronica, Shibuya kei, Fluxus, dance
Occupations	Artist, film director, peace activist
Instruments	Vocals, piano
Years active	1961–present
Labels	Apple, Geffen, Polydor, Rykodisc, Astralwerks, Chimera Music
Associated acts	John Lennon Plastic Ono Band

Yoko Ono (オノ・ヨーコ（小野洋子） Ono Yōko^?, born February 18, 1933) is a Japanese-American artist, author and peace activist, known for her work in avant-garde art, music and filmmaking as well as her marriage to John Lennon. Ono brought feminism to the forefront in her music which prefigured New Wave music (whether she was a direct influence is still debated)^[1] and is known for her philanthropic contributions to the arts, peace and AIDS outreach programs.

Early life

Yoko Ono was born in Tokyo in 1933 to mother Isoko Ono, the great-granddaughter of Zenjiro Yasuda of the Yasuda banking family, and to father Yeisuke Ono, a banker and one-time classical pianist^[1] who was a descendant of an Emperor of Japan.^[2] The name "Yoko" means "ocean child".^[3]^[4] Two weeks before she was born, her father was transferred to San Francisco by his employer, the Yokohama Specie Bank.^[5] The rest of the family followed soon after and Yoko met her father when she was two.^[1] Her younger brother Keisuke was born in December 1936. In 1937, her father was transferred back to Japan and Ono was enrolled at Tokyo's Gakushuin (also known as the Peers School), one of the most exclusive schools in Japan.^[5]

In 1940, the family moved to New York City, where Ono's father was working. In 1941, her father was transferred to Hanoi and the family returned to Japan. Ono was then enrolled in Keimei Gakuen, an exclusive Christian primary school run by the Mitsui family. She remained in Tokyo through the great fire-bombing of March 9, 1945. During the fire-bombing, she was sheltered with other members of her family in a special bunker in the Azabu district of Tokyo, far from the heavy bombing. After the bombing, Ono went to the Karuizawa mountain resort with members of her family.

Ono has said that she and her family were forced to beg for food while pulling their belongings in a wheelbarrow; and it was during this period in her life that Ono says she developed her "aggressive" attitude and understanding of "outsider" status when children taunted her and her brother, who were once well-to-do. Other stories have her mother bringing a large number of goods with them to the countryside which they bartered for food. One famous anecdote has her mother bartering a German-made sewing machine for sixty kilograms of rice with which to feed the family. Her father remained in the city and, unbeknownst to them, was believed to have been eventually incarcerated in a prisoner of war camp in China. In an interview by Democracy Now's Amy Goodman on October 16, 2007, Ono explained, "He was in French Indochina which is Vietnam actually... in Saigon. He was in a concentration camp."

By April 1946, Gakushuin was reopened and Ono was enrolled. The school, located near the imperial palace, had not been damaged by the war, and Ono found herself a classmate of Akihito, the future emperor of Japan.^[6] She graduated in 1951 and was accepted into the philosophy program of Gakushuin University, the first woman to enter the department. However, after two semesters, she left the school.^[5]

Education and marriages

Ono's family moved to Scarsdale, New York after the war. She left Japan to rejoin the family and enrolled in nearby Sarah Lawrence College. While her parents approved of her college choice, they were dismayed at her lifestyle, and, according to Ono, chastised her for befriending people they considered to be "beneath" her. In spite of this, Ono loved meeting artists, poets and others who represented the "bohemian" freedom she longed for herself. Visiting galleries and art "happenings" in the city whetted her desire to publicly display her own artistic endeavors. La Monte Young, her first important contact in the New York art world, helped Ono start her career by using her Chambers Street loft in Tribeca as a performance space. At one performance, Ono set a painting on fire; fortunately John Cage had advised her to treat the paper with flame retardant.

In 1956, she married composer Toshi Ichiyanagi. They divorced in 1962 after living apart for several years. On November 28 that same year, Ono married an American named Anthony Cox. Cox was a jazz musician, film producer and art promoter. He had heard of Ono in New York and tracked her down to a mental institution in Japan, where her family had placed her following a suicide attempt. Ono had neglected to finalize her divorce from Ichiyanagi, so their marriage was annulled on March 1, 1963 and Cox and Ono married again on June 6. Their daughter, Kyoko Chan Cox, was born two months later on August 8, 1963.^[7]

The marriage quickly fell apart but the Coxes stayed together for the sake of their joint career. They performed at Tokyo's Sogetsu Hall with Ono lying atop a piano played by John Cage. Soon the Coxes returned to New York with Kyoko. In the early years of this marriage, Ono left most of Kyoko's parenting to Cox while she pursued her art full-time and Tony managed publicity. After she divorced Cox on February 2, 1969, Ono and Cox engaged in a bitter legal battle for custody of Kyoko, which resulted in Ono being awarded full custody. However, in 1971, Cox disappeared with eight-year-old Kyoko, in violation of the custody order. Cox subsequently became a Christian and raised Kyoko in a Christian group known as the Church of the Living Word (or "the Walk"). Cox left the group with Kyoko in 1977. Living an underground existence, Cox changed the girl's name to Rosemary. Cox and Kyoko sent Ono a sympathy message after Lennon's 1980 murder. Afterwards, the bitterness between the parents lessened slightly and Ono publicly announced in People Magazine that she would no longer seek out the now-adult Kyoko, but still wished to make contact with her. In 1994, Kyoko made contact with Ono and established a relationship.^[8]

Artwork

Wish Tree for Washington, DC by Yoko Ono. Live tree and mixed media, 2007.

Ono was a sometime member of Fluxus, a loose association of Dada-inspired avant-garde artists that developed in the early 1960s. Fluxus founder George Maciunas, a friend of Ono's during the 1960s, admired her work and promoted it with enthusiasm. One of Ono's well known examples is when she took a fly as her alter ego and was inspired by this for her work.^[9] Maciunas invited Ono to join the Fluxus group, but she declined because she wanted to remain an independent artist.^[10] John Cage was one of the most important influences on Ono's performance art. It was her relationship to Ichiyanagi Toshi, who was a pupil of John Cage's legendary class of Experimental Composition at the New School, that would introduce her to the unconventional avant-garde, neo-Dadaism of John Cage and his protégés in New York City.

Almost immediately after John Cage finished teaching at the New School for Social Research in the summer of 1960, Ono was determined to rent a place to present her works along with the work of other New York avant-garde artists. She eventually found a cheap loft in downtown Manhattan at 112 Chambers Street that she used as a studio and living space.^[11] Composer La Monte Young urged Ono to let him organize concerts in the loft, and Ono agreed.^[11] Both artists began organizing a series of events in Ono's loft, and both Young and Ono claimed to have been the primary curator of these events,^[12] but Ono claims to have been eventually pushed into a subsidiary role by Young.^[13] The Chambers Street series hosted some of Ono's earliest conceptual artwork including Painting to Be Stepped On, which was a scrap of canvas on the floor that became a completed artwork upon the accrual of footprints. Ono suggested that a work of art no longer needed to be mounted on a wall, inaccessible, but an irregular piece of canvas to be completed by being stepped on by viewers

Ono was an explorer of conceptual art and performance art. An example of her performance art is "Cut Piece" (this instance of performance art is also known as a "happening"), first performed in 1964 at the Sogetsu Art Center in Tokyo. Cut Piece had one destructive verb as its instruction: "Cut." Ono executed the performance in Tokyo by walking on stage and casually kneeling on the floor in a draped garment. Audience members were requested to come on stage and begin cutting until she was naked. Ono performed this piece again in London and other venues, garnering drastically different attention depending on the audience. In Japan, the audience was typically shy and cautious, while London participators were a bit more zealous.

An example of her conceptual art includes her book of instructions called Grapefruit. First published in 1964, the book includes surreal, Zen-like instructions that are to be completed in the mind of the reader, for example: "Hide and seek Piece: Hide until everybody goes home. Hide until everybody forgets about you. Hide until everybody dies." An example of Heuristic art, Grapefruit was published several times, most widely distributed by Simon and Schuster in 1971, and reprinted by them again in 2000. Many of the scenarios in the book would be enacted as performance pieces throughout Ono's career and have formed the basis for her art exhibitions, including one highly publicized show at the Everson Museum in Syracuse, New York, that was nearly closed when besieged by excited Beatle fans who broke several of the art pieces and flooded the toilets.^[14]

In addition to conceptual art, Ono has also created participatory art, including her 1996 project entitled "Wish Tree" in Japan.

"Wish Piece by Yoko Ono (1996)

Make a wish

Write it down on a piece of paper

Fold it and tie it around a branch of a Wish Tree

Ask your friends to do the same

Keep wishing

Until the branches are covered with wishes".^[15]

Ono was also an experimental filmmaker who made sixteen films between 1964 and 1972, and gained particular renown for a 1966 Fluxus film called simply No. 4, but often referred to as "Bottoms."^[16] The film consists of a series of close-ups of human buttocks as the subject walks on a treadmill. The screen is divided into four almost equal sections by the elements of the gluteal cleft and the horizontal gluteal crease. The soundtrack consists of interviews with those who are being filmed as well as those considering joining the project. In 1996, the watch manufacturing company Swatch produced a limited edition watch that commemorates this film. (Ono also acted in an obscure exploitation film in 1965, Satan's Bed.)^[17]

Contributions to Yoko Ono's Wish Tree

John Lennon once described her as "the world's most famous unknown artist: everybody knows her name, but nobody knows what she does."^[18] Her circle of friends in the New York art world has included Kate Millett, Nam June Paik, Dan Richter, Jonas Mekas, Merce Cunningham, Judith Malina, Erica Abeel, Fred DeAsis, Peggy Guggenheim, Betty Rollin, Shusaku Arakawa, Adrian Morris, Stefan Wolpe, Keith Haring, and Andy Warhol, as well as Maciunas and Young.

In 2001, YES YOKO ONO, a forty-year retrospective of Ono's work, received the prestigious International Association of Art Critics USA Award for Best Museum Show Originating in New York City, considered one of the highest accolades in the museum profession. In 2002 Ono was awarded the Skowhegan Medal for work in assorted media.^[19] In 2005 she received a lifetime achievement award from the Japan Society of New York.^[20]

Ono received an honorary Doctorate of Laws from Liverpool University in 2001. In 2002, she was presented with the honorary degree of Doctor of Fine Arts from Bard College.^[21]

In 2008, she showed a large retrospective exhibition, Between The Sky And My Head, at the Kunsthalle Bielefeld, Bielefeld, Germany, and the Baltic Centre for Contemporary Art in Gateshead, UK.

In 2009, she showed a selection of new and old work as part of her show "Anton's Memory" in Venice, Italy.^[22] She also received a Golden Lion Award for lifetime achievement from the Venice Biennale in 2009.^[23]

Wish Tree, her installation in the Sculpture Garden – Museum of Modern Art, New York (since July 2010), has become very popular with contributions from all over the world.

In 2012, Ono was the winner of the 2012 Oskar Kokoschka Prize, Austria's highest award for applied contemporary art.^[24]

[edit] Life with John Lennon

Two versions exist of how Lennon met Ono. According to the first, on 9 November 1966 Lennon went to the Indica Gallery in London, where Ono was preparing her conceptual art exhibit, and they were introduced by gallery owner John Dunbar.^[25] Lennon was intrigued by Ono's "Hammer A Nail": patrons hammered a nail into a wooden board, creating the art piece. Although the exhibition had not yet begun, Lennon wanted to hammer a nail into the clean board, but Ono stopped him. Dunbar asked her, "Don't you know who this is? He's a millionaire! He might buy it." Ono had supposedly not heard of The Beatles, but relented on condition that Lennon pay her five shillings, to which Lennon replied, "I'll give you an imaginary five shillings and hammer an imaginary nail in."^[26] The second version, told by McCartney, is that in late 1965, Ono was in London compiling original musical scores for a book John Cage was working on called Notations. McCartney declined to give her any of his own manuscripts, but suggested that Lennon might oblige. When asked, Lennon gave Ono the original handwritten lyrics to "The Word".^[27]

Ono began telephoning and calling at Lennon's home, and when his wife asked for an explanation, he explained that Ono was only trying to obtain money for her "avant-garde bullshit".^[28] In May 1968, while his wife was on holiday in Greece, Lennon invited Ono to visit. They spent the night recording what would become the Two Virgins album, after which, he said, they "made love at dawn."^[29] When Lennon's wife returned home she found Ono wearing her bathrobe and drinking tea with Lennon who simply said, "Oh, hi."^[30] Ono became pregnant in 1968 and miscarried a male child they named John Ono Lennon II on 21 November 1968,^[31] a few weeks after Lennon's divorce from Cynthia was granted.^[32]

During Lennon's last two years in The Beatles, he and Ono began public protests against the Vietnam War. They were married in Gibraltar on 20 March 1969, and spent their honeymoon in Amsterdam campaigning with a week-long Bed-In for peace. They planned another Bed-In in the United States, but were denied entry,^[33] so held one instead at the Queen Elizabeth Hotel in Montreal, where they recorded "Give Peace a Chance".^[34] They often combined advocacy with performance art, as in their "Bagism", first introduced during a Vienna press conference. Lennon detailed this period in The Beatles' song "The Ballad of John and Yoko".^[35] Lennon changed his name by deed poll on 22 April 1969, adding "Ono" as a middle name. Although he used the name John Ono Lennon thereafter, official documents referred to him as John Winston Ono Lennon, since he was not permitted to revoke a name given at birth.^[36] After Ono was injured in a car accident, Lennon arranged for a king-sized bed to be brought to the recording studio as he worked on The Beatles' last album, Abbey Road.^[37]

Ono and Lennon collaborated on many albums, beginning in 1968 when Lennon was still a Beatle, with Unfinished Music No.1: Two Virgins, an album of experimental electronic music. That same year, the couple contributed an experimental piece to The White Album called "Revolution 9." Ono also contributed backing vocals (on "Birthday"), and one line of lead vocals (on "The Continuing Story of Bungalow Bill") to The White Album. Many of the couple's later albums were released under the name the Plastic Ono Band. The couple also appeared together at concerts. When Lennon was invited to play with Frank Zappa at the Fillmore on June 5, 1971, Ono joined in as well.

Lennon and Yoko recording "Give Peace a Chance".

In 1969, the Plastic Ono Band's first album, Live Peace in Toronto 1969, was recorded during the Toronto Rock and Roll Revival festival. In addition to Lennon and Ono, this first incarnation of the group consisted of guitarist Eric Clapton, bass player Klaus Voormann, and drummer Alan White. The first half of their performance consisted of rock standards, and during the second half, Ono took the microphone and along with the band performed an avant garde set, ending with music that consisted mainly of feedback, while Ono screamed and sang.^[38]

Ono released her first solo album, Yoko Ono/Plastic Ono Band in 1970, as a companion piece to Lennon's better-known John Lennon/Plastic Ono Band. The two albums have almost identical covers: Ono's featured a photo of her leaning on Lennon, and Lennon's had a photo of him leaning on Ono. Her album included raw and quite harsh vocals that were possibly influenced by Japanese opera, but bear much in common with sounds in nature (especially those made by animals) and free jazz techniques used by wind and brass players. The performers included Ornette Coleman and other renowned free jazz performers. The personnel was supplemented by John Lennon, Ringo Starr and minor performers. Some songs consisted of wordless vocalizations, in a style that would influence Meredith Monk, and other musical artists who have used screams and vocal noise in lieu of words. The album peaked at No. 183 on the US charts.

In 1971, Ono released Fly – a double album. On this release Ono explored slightly more conventional psychedelic rock with tracks like "Midsummer New York" and "Mind Train," in addition to a number of Fluxus experiments. She also received minor airplay with the ballad "Mrs. Lennon". Perhaps the most famous track from the album is "Don't Worry, Kyoko (Mummy's Only Looking For Her Hand In The Snow)," an ode to Ono's kidnapped daughter.

In 1971, while studying with Maharishi Mahesh Yogi in Majorca, Ono's second husband, Anthony Cox, accused Ono of abducting their daughter, Kyoko from his hotel. A large number of accusations were then made by both parents toward each other and the matter of custody. Cox eventually moved to Houston, Texas and converted to Evangelical Christianity with his new wife, who was originally from Houston. At the end of 1971, a custody hearing in Houston went against Cox. In violation of the order, he took Kyoko and disappeared.^{[citation needed]} Ono then launched a search for her daughter with the aid of the police and private investigators.^[39] Ono wrote a song about her daughter, "Don't Worry Kyoko (Mummy's Only Looking For Her Hand In The Snow)," which appears on Lennon and Ono's album Live Peace In Toronto 1969 and her album Fly. Both versions feature Eric Clapton on guitar. Kyoko is also referenced on the first line of "Happy Christmas (War Is Over)" when Yoko whispers "Happy Christmas Kyoko" followed by Lennon whispering "Happy Christmas Julian."

John Lennon & Yoko Ono by Jack Mitchell, 1980

Both the press and the public were critical of her. She was blamed for the breakup of The Beatles and repeatedly criticized for her influence over Lennon and his music. Her experimental art was not popularly understood.^[1] After the Beatles disbanded, Lennon and Ono cohabited in London and then in New York. Their relationship was strained by the threat of deportation Lennon faced (due to drug charges filed in Britain), and Ono's separation from her daughter. The couple separated in 1973 and the two began living separate lives, Ono pursuing her career in New York and Lennon living in Los Angeles with personal assistant May Pang in a period commonly referred to as his "lost weekend."

In 1975, the couple reconciled. Their son, Sean, was born on Lennon's 35th birthday, October 9, 1975. After Sean's birth, the couple lived in relative seclusion at the Dakota in New York. Sean has since followed in his parents' footsteps with a musical career, doing solo work and also forming a band The Ghost of a Saber Tooth Tiger.^[40]

John Lennon retired from music to become a househusband caring for their child, until shortly before his murder in December 1980, which Ono witnessed at close range. Ono has stated that the couple were thinking about going out to dinner (after spending several hours in a recording studio), but were returning to their apartment instead, because John wanted to see Sean before he was put to bed.^[41] Following the murder, she went into complete seclusion for an extended period.

Following Lennon's murder, Cox and Kyoko sent a message of sympathy to Ono but did not reveal their location. Ono later printed an open letter to Kyoko saying how she missed her but that she would cease her attempts to find her.^[42] Kyoko would later appear on the 1987 title track of American English by the British pop band Wax.

[edit] Memorials

Yoko Ono delivering flowers to Lennon's memorial in 2005.

Ono funded the construction and maintenance of the Strawberry Fields memorial in New York City's Central Park, across from where they lived and Lennon died. It was officially dedicated on October 9, 1985, what would have been his 45th birthday. In 1990, Ono collaborated with music consultant Jeff Pollack to honor what would've been Lennon's 50th birthday with a worldwide broadcast of "Imagine". Over one thousand stations in over fifty countries participated in the simultaneous broadcast. Ono felt the timing was perfect considering the escalating conflicts in the Middle East as well as Eastern Europe and Germany.^[43] In 2000, she founded the John Lennon Museum in Saitama, Saitama, Japan. On October 9, 2007, Ono dedicated a new memorial called the Imagine Peace Tower, located on the island of Viðey, 1 km outside the Skarfabakki harbour in Reykjavík in Iceland. Each year, between October 9 and December 8, it projects a vertical beam of light high into the sky. In 2009, Ono created an exhibit called John Lennon: THE NEW YORK CITY YEARS for the NYC Rock and Roll Hall of Fame Annex. The exhibit uses music, photographs and personal items to depict Lennon's life in New York. A portion of the cost of each ticket to the exhibition is donated to Spirit Foundation, a charitable foundation set up by Lennon and Ono.^[44]

[edit] Musical career

Ono collaborated with experimental luminaries such as John Cage and jazz legend Ornette Coleman. In 1961, years before meeting Lennon, she had her first major public performance in a concert at the 258-seat Carnegie Recital Hall (not the larger "Main Hall"). This concert featured radical experimental music and performances. She had a second engagement at the Carnegie Recital Hall in 1965, in which she debuted "Cut Piece."^[45]

In early 1980, Lennon heard Lene Lovich and The B-52's' "Rock Lobster" in a nightclub, and it reminded him of Ono's musical sound. He took this as an indication that her sound had reached the mainstream.^[46] Indeed, many musicians, particularly those of the new wave movement, have paid tribute to Ono (both as an artist in her own right, and as a muse and iconic figure). For example, Elvis Costello recorded a version of Ono's song "Walking on Thin Ice," the B-52's who drew from her early recordings^[1] covered "Don't Worry, Kyoko (Mummy's Only Looking for Her Hand in the Snow)" (shortening the title to "Don't Worry") and Sonic Youth included a performance of Ono's early conceptual "Voice Piece for Soprano" in their experimental album SYR4: Goodbye 20th century. One of Barenaked Ladies's best-known songs is "Be My Yoko Ono", and Dar Williams recorded a song called "I Won't Be Your Yoko Ono." The punk rock singer Patti Smith invited Ono to participate in "Meltdown," a two-week music festival that Smith organized in London; Ono performed at Queen Elizabeth Hall.

On December 8, 1980, Lennon and Ono were in the studio working on Ono's song Walking on Thin Ice. When they returned to The Dakota, their home in New York City, Lennon was shot dead by Mark David Chapman, a deranged fan who had been stalking Lennon for two months. "Walking on Thin Ice (For John)" was released as a single less than a month later, and became Ono's first chart success, peaking at No. 58 and gaining major underground airplay. In 1981, she released the album Season of Glass with the striking cover photo of Lennon's bloody spectacles next to a half-filled glass of water, with a window overlooking Central Park in the background. This photograph sold at an auction in London in April 2002 for about $13,000. In the liner notes to Season of Glass, Ono explained that the album is not dedicated to Lennon because "he would have been offended—he was one of us." The album received highly favorable reviews^[1] and reflected the public's mood after Lennon's assassination.^[47]

Four months after her husband's murder, Ono began a relationship with antiques dealer and interior designer Sam Havadtoy, which lasted until 2001. She had also been linked to art dealer and Greta Garbo confidante Sam Green, who is mentioned in Lennon's will.^[48] In 1982, she released It's Alright (I See Rainbows). The cover featured Ono in her famous wrap-around sunglasses, looking towards the sun, while on the back the ghost of Lennon looks over her and their son. The album scored minor chart success and airplay with the singles "My Man" and "Never Say Goodbye".

In 1984, a tribute album titled Every Man Has a Woman was released, featuring a selection of Ono songs performed by artists such as Elvis Costello, Roberta Flack, Eddie Money, Rosanne Cash and Harry Nilsson. It was one of Lennon's projects that he never got to finish. Later that year, Ono and Lennon's final album, Milk and Honey, was released as an unfinished demo.

Ono's final album of the 1980s was Starpeace, a concept album that she intended as an antidote to Ronald Reagan's "Star Wars" missile defense system. On the cover, a warm, smiling Ono holds the Earth in the palm of her hand. Starpeace became Ono's most successful non-Lennon effort: the single "Hell in Paradise" was a hit, reaching No. 16 on the US dance charts and No. 26 on the Billboard Hot 100 as well as major airplay on MTV.

In 1986, Ono set out on a goodwill world tour for Starpeace, mostly visiting Eastern European countries.

Ono went on hiatus until signing with Rykodisc in 1992 to release the comprehensive six-disc box set Onobox. It included remastered highlights from all of Ono's solo albums, as well as unreleased material from the 1974 "lost weekend" sessions. There was also a one-disc "greatest hits" release of highlights from Onobox, simply titled Walking on Thin Ice. That year, she agreed to sit down for an extensive interview with music journalist Mark Kemp for a cover story in the alternative music magazine Option. The story took a revisionist look at Ono's music for a new generation of fans more accepting of her role as a pioneer in the merger of pop and the avant-garde.

In 1994, Ono produced her own musical entitled New York Rock, featuring Broadway renditions of her songs. In 1995, she released Rising, a collaboration with her son Sean and his band, Ima. Rising spawned a world tour that traveled through Europe, Japan and the United States. The following year, she collaborated with various alternative rock musicians for an EP entitled Rising Mixes. Guest remixers of Rising material included Cibo Matto, Ween, Tricky, and Thurston Moore.

In 1997, Rykodisc reissued all her solo albums on CD, from Yoko Ono/Plastic Ono Band through Starpeace. Ono and her engineer Rob Stevens personally remastered the audio, and various bonus tracks were added including outtakes, demos and live cuts.

2001 saw the release of Ono's feminist concept album Blueprint for a Sunrise. In 2002, Yoko joined The B-52's in New York for their 25th anniversary concerts. She came out for the encore and performed Rock Lobster with the band. Starting in 2002, some DJs remixed other Ono songs for dance clubs. For the remix project, she dropped her first name and became known as simply "ONO," as a response to the "Oh, no!" jokes that dogged her throughout her career. Ono had great success with new versions of "Walking on Thin Ice", remixed by top DJs and dance artists including Pet Shop Boys, Orange Factory, Peter Rauhofer, and Danny Tenaglia. In April 2003, Ono's Walking on Thin Ice (Remixes) was rated No. 1 on Billboard Magazine's "Dance/Club Play Chart", gaining Ono her first number one hit. On the 12" mix of the original 1981 version of "Walking on Thin Ice", Lennon can be heard remarking "I think we've just got your first No.1, Yoko." She returned to No. 1 on the same charts in November 2004 with "Everyman...Everywoman...," a reworking of her song "Every Man Has a Woman Who Loves Him", in January 2008, with "No No No," and in August 2008, with "Give Peace a Chance." In June 2009, at the age of 76, Ono scored her fifth No. 1 hit on the "Dance/Club Play Chart" with "I'm Not Getting Enough."

Ono released the album Yes, I'm a Witch in 2007, a collection of remixes and covers from her back catalog by various artists including The Flaming Lips, Cat Power, Antony, DJ Spooky, Porcupine Tree and Peaches, released in February 2007, along with a special edition of Yoko Ono/Plastic Ono Band.^[49] Yes I'm a Witch has been critically well-received.^[50] A similar compilation of Ono dance remixes entitled Open Your Box was also released in April of that year.^[51]

In 2009, Ono recorded Between My Head and the Sky, her first album to be released as "Yoko Ono/Plastic Ono Band" since 1973's Feeling the Space. The all-new Plastic Ono Band lineup includes Sean Lennon, Cornelius and Yuka Honda amongst others. On February 16, 2010, Sean organized a concert at the Brooklyn Academy of Music called "We Are Plastic Ono Band," at which Yoko performed her music with Sean, Clapton, Klaus Voorman and Jim Keltner, for the first time since the 1970s. Guests including Bette Midler, Paul Simon and his son Harper, and principal members of Sonic Youth interpreted her songs in their own styles.^[52]

During her career, Ono has collaborated with a diverse group of artists and musicians including John Lennon, Eric Clapton, Klaus Voormann, Cornelius (Keigo Oyamada, Naoki Shimizu and Yoko Araki), Frank Zappa, Sean Lennon, Yuka Honda, Jim Keltner, Earl Slick, Peaches, John Cage, David Tudor, George Maciunas, Ornette Coleman, Charlotte Moorman, George Brecht, Jackson Mac Low, Jonas Mekas, Fred DeAsis, Yvonne Rainer, La Monte Young, Richard Maxfield, Zbigniew Rybczyński, Yo La Tengo, and Andy Warhol (in 1987 Ono was one of the speakers at Warhol's funeral). As a dance music artist, Ono has worked with re-mixers/producers such as Basement Jaxx, Pet Shop Boys, Cat Power, Bill Kates, Tricky, Thurston Moore, Keiji Haino, Nick Vernier Band, Cibo Matto, Billy Martin, DJ Spooky, Apples In Stereo, Damien Price, The Flaming Lips, DJ Chernobyl, Bimbo Jones, DJ Dan, Craig Armstrong, Jorge Artajo, Shuji Nabara, and Konrad Behr, among others.

[edit] 2000s

At the Liverpool Biennial in 2004, Yoko flooded the city with banners, bags, stickers, postcards, flyers, posters and badges, with two images: one of a woman's naked breast, the other of the same woman's vulva. The piece, titled "My Mummy Was Beautiful", was dedicated to Lennon's mother, Julia, who had died when Lennon was a teenager. According to Ono, the work was meant to be innocent, not shocking. She was attempting to replicate the experience of a baby looking up at his or her mother's body: the mother's pudendum and breasts are a child's introduction to humanity. It was created in the spirit of, and seems inspired by Gustave Courbet's L'Origine du monde.^{[citation needed]}

The Dakota, Ono's residence since 1973

Ono performed at the opening ceremony for the 2006 Winter Olympic Games in Turin, Italy,^[53] wearing white, like many of the others who performed during the ceremony, to symbolize the snow that makes the Winter Olympics possible. She read a free verse poem calling for peace in the world. The poem was an intro to a performance of the song "Imagine", Lennon's anthem to world peace.

On December 13, 2006, Ono's bodyguard was arrested after he was taped trying to extort Ono for two million dollars, threatening to release private conversations and photographs.^[54]

On June 26, 2007, Ono appeared on Larry King Live along with Paul McCartney, Ringo Starr, and Olivia Harrison. Ono headlined the Pitchfork Music Festival in Chicago on July 14, 2007, performing a full set that mixed music and performance art. She sang "Mulberry", a song about her time in the countryside after the Japanese collapse in World War II for only the third time in her life, with Thurston Moore. Ono had previously performed the song once with John Lennon and once with Sean Lennon and told the audience of thousands that she will never perform it again.^{[citation needed]}

On October 9, 2007 Ono officially lit the Imagine Peace Tower on Viðey Island in Iceland, dedicated to peace and to Lennon.

Ono returned to Liverpool for the 2008 Liverpool Biennial, where she unveiled "Sky Ladders" in the ruins of Church of St Luke, Liverpool (which was largely destroyed during World War II and now stands roofless as a memorial to those killed in the Liverpool Blitz).^[55]

In May 2009, Yoko designed a T-shirt for the second 'Fashion against AIDS' campaign/collection of HIV/AIDS awareness NGO Designers against AIDS and H&M, with the statement 'Imagine Peace' depicted in 21 different languages.^[56]

On March 31, 2009, Yoko Ono went to the inauguration of the exhibition: "Imagine: The Peace Ballad of John & Yoko" to mark the 40th anniversary of Lennon-Ono bed-in at the Queen Elizabeth Hotel in Montreal, Canada from May 26 to June 2, 1969.^{[citation needed]}

Ono appeared on-stage at Microsoft's June 1, 2009 E3 press conference with Olivia Harrison, Paul McCartney and Ringo Starr to promote The Beatles: Rock Band video game.^[57]

Ono appears on the new Basement Jaxx album Scars, featuring on the single "Day of the Sunflowers (We March On)".^[58]

[edit] 2010s

On February 16, 2010, Ono revived an early Plastic Ono Band line-up with Eric Clapton and special guests including Paul Simon and Bette Midler.^[59] (See "Musical career" above.) On April 1, 2010, she was named the first "Global Autism Ambassador" by the Autism Speaks organization.^[60] Ono appeared with Ringo Starr on July 7, 2010 at New York's Radio City Music Hall in celebration of Starr's 70th birthday, performing "With a Little Help from My Friends" and "Give Peace a Chance".^[61] On October 2, 2010, Ono and the Plastic Ono Band performed at The Orpheum Theatre in Los Angeles, California with special guest Lady GaGa.^[62]

On her 78th Birthday, February 18, 2011, Ono took out a full page advert in the UK free newspaper Metro for 'Imagine Peace 2011'. It took the form of an open letter, inviting people to think of, and wish for, peace.^[63] With son Sean, she held a benefit concert to aid in the relief efforts for earthquake and tsunami-ravaged Japan on March 27 in New York City.^[64] In July 2011, Ono was awarded the 8th Hiroshima Art Prize for her contributions in art and for peace.^[65] In December 2011, she was awarded the Austrian 20,000-euro ($26,100) Oskar-Kokoschka-Prize.^[66]

[edit] Political activism

Since the 1960s, Ono has been an activist for peace and human rights. After their wedding, Lennon and Ono held a "Bed-In for Peace" in their honeymoon suite at the Amsterdam Hilton Hotel in March 1969. The press fought to get in, presuming that the two would be having sex for their cameras, but they instead found a pair of newlyweds wearing pajamas and eager to talk about and promote world peace. Another Bed-In in May 1969 at the Queen Elizabeth Fairmont in Montreal, Canada, resulted in the recording of their first single, "Give Peace A Chance", a Top 20 hit for the newly-christened Plastic Ono Band. Other demonstrations with John included Bagism. Introduced in Vienna, Bagism encouraged a disregard for physical appearance in judging others.

In the 1970s, Ono and Lennon became close to many radical leaders, including Bobby Seale, Abbie Hoffman, Jerry Rubin, Michael X, John Sinclair (for whom they organized a benefit after he was imprisoned), Angela Davis, Kate Millett, and David Peel. They appeared on The Mike Douglas Show and took over hosting duties for a week, during which Ono spoke at length about the evils of racism and sexism. Ono remained outspoken in her support of feminism, and openly bitter about the racism she had experienced from rock fans, especially in the United Kingdom. For example, an Esquire article of the period was titled "John Rennon's Excrusive Gloupie" and featured an unflattering David Levine cartoon.

In 2002, Ono inaugurated her own peace award, The LennonOno Grant for Peace, by giving $50,000 (£31,900) prize money to artists living "in regions of conflict." Israeli and Palestinian artists were the first recipients. The award is given out every two years, in conjunction with the lighting of the Imagine Peace Tower.^[67]

On Valentine’s Day, February 14, 2003, on the eve of the Iraqi invasion by the Americans and the British, Ono heard about a romantic couple holding a love-in protest in their tiny bedroom in Addingham, West Yorkshire. She sent the couple, Andrew and Christine Gale, some flowers and wished them the best.^[68]

In 2004, Ono remade her song "Everyman... Everywoman..." to support same-sex marriage, releasing remixes that included "Every Man Has a Man Who Loves Him" and "Every Woman Has a Woman Who Loves Her."

[edit] Relationship with Paul McCartney

In 2005, Ono said, "People like to picture Paul and me in a boxing ring, feuding all the time, otherwise it's not exciting or interesting for them. People need light-hearted topics like me and Paul fighting to escape all the horror of the world, but it's not true anymore."^[69] However, they have publicly disagreed on several issues.

In late 1965, Ono was in London compiling original musical scores for a book John Cage was working on.^[70] She met McCartney who declined to give her any of his own manuscripts for the book. John Lennon later gave Ono the original handwritten lyrics to "The Word", which were subsequently reproduced in Cage's book Notations published in 1969.^[27]

Writing credit on Beatles songs was another issue. While the group was together, every song written by Lennon or McCartney was credited as Lennon–McCartney regardless of whether the song was a collaboration or written solely by one of the two (except for those appearing on their first album, Please Please Me, which credited the songs to McCartney–Lennon). In 1976, McCartney released a live album called Wings Over America which credited the five Beatles tracks he included as P. McCartney–J. Lennon compositions. Neither Lennon nor Ono objected. After Lennon's death, McCartney once again^{[clarification needed]} attempted to change the order to "McCartney–Lennon" for songs such as "Yesterday" that were solely or predominantly written by him, but Ono would not allow it, saying she felt this broke an agreement that the two had made while Lennon was still alive. However, McCartney argued that such an agreement never existed. The two other Beatles agreed that the credits should remain as they always had been and McCartney withdrew his request. On the 1998 John Lennon anthology, Lennon Legend, the composer credit of "Give Peace a Chance" was changed to "John Lennon" from its original composing credit of Lennon–McCartney. Although the song was written by Lennon during his tenure with the Beatles it was both written and recorded without the help of the band and released as Lennon's first independent single under the "Plastic Ono Band" moniker. Lennon subsequently expressed regret that he had not given co-writing credit to Ono instead, who actually helped him write the song.^[71] In 2002, McCartney released another live album, Back in the U.S. Live 2002, and the 19 Beatles' songs included are described as "composed by Paul McCartney and John Lennon".

In 1995, after the Beatles released Lennon's "Free as a Bird" and "Real Love" with demos provided by Ono, McCartney and his family collaborated with her and Sean Lennon to create the song "Hiroshima Sky is Always Blue", which commemorates the 50th anniversary of the atomic bombing of that Japanese city. Of Ono, McCartney stated: "I thought she was a cold woman. I think that's wrong ... she's just the opposite ... I think she's just more determined than most people to be herself."

In 1997, Ono compared Lennon to Mozart while McCartney, she said, more closely resembled his less-talented rival Salieri.^[72] This remark infuriated Linda McCartney, who was battling breast cancer at the time. When she died less than a year later, McCartney pointedly did not invite Ono to a New York memorial service for her.^[73]

Accepting an award at the 2005 Q Awards, Ono mentioned that Lennon had once felt insecure about his songwriting, and asked her why other musicians "always cover Paul's songs, and never mine".^[69] Ono had responded, "You're a good songwriter; it's not June with spoon that you write. You're a good singer, and most musicians are probably a little bit nervous about covering your songs".^[74] McCartney responded by saying, "I don’t take any notice of her. She’s John’s wife so I have to respect her for that, but I don’t think she’s the brightest of buttons. She’s said some particularly daft things in her time. Her life is dedicated to putting me down but I attempt very strongly not to put her down."^[75] Ono later issued a statement claiming she did not mean any offense, as her comment was an attempt to console her husband, not attack McCartney; she went on to insist that she respected McCartney and that it was the press who had taken her comments out of context. "^[69] At the June 2006 Las Vegas premiere of Cirque du Soleil's Beatles performance "Love", pictures were taken of her and Paul hugging. They appeared again together in July 2007 for the show's first anniversary.

[edit] Relationship with Cynthia Lennon

Ono's relationship with John Lennon's first wife, Cynthia Lennon remains strained. In her 2006 biography, John, (London: Hodder; U.S.: Crown Publishing) Cynthia Lennon portrays Ono as a selfish, spiteful woman. In the book, she describes learning about Ono's control over John (who referred to Ono as "mother") in the period in the mid-1970s when Ono chose May Pang to be John's companion. Cynthia hypothesizes that John had a "mother complex," allowing himself to be dominated by strong women and draws a parallel between his relationship with Ono and that with his domineering aunt Mimi Smith in childhood.^{[verification needed]}

[edit] Discography

[edit] Albums

(number indicates U.S. chart peak positions)

Yoko Ono/Plastic Ono Band (1970) No. 182
Fly (1971) No. 199
Approximately Infinite Universe (1972) No. 193
Feeling the Space (1973)
A Story (1974) (Unreleased until 1997)
Season of Glass (1981) No. 49
It's Alright (I See Rainbows) (1982) No. 98
Starpeace (1985)
Rising (1995)
Blueprint for a Sunrise (2001)
Yes, I'm a Witch (2007)
Open Your Box (2007)
Between My Head and the Sky (2009)

[edit] Albums with John Lennon

Unfinished Music No.1: Two Virgins (1968) No. 124
Unfinished Music No.2: Life with the Lions (1969) No. 174
Wedding Album (1969) No. 178
Live Peace in Toronto 1969 (1969) No. 10
Some Time in New York City (1972) No. 48
Double Fantasy (1980) No. 1
Milk and Honey (1984) No. 11

[edit] Compilations, Soundtrack albums and EPs

Onobox (1992)
Walking on Thin Ice (1992)
New York Rock (1994) (Original cast recording)
Rising Mixes (1996)
Don't Stop Me! EP (2009)

[edit] Tribute albums

Every Man Has a Woman (1984)
Mrs. Lennon (2010)

[edit] Singles

Year	Song	^UK	^{U.S. Dance}	Album
1971	"Mrs. Lennon"/"Midsummer New York"	-	-	Fly
1971	"Don't Worry Kyoko (Mummy's Only Looking for Her Hand in the Snow)"	-	-	Fly
1972	"Now or Never"/"Move on Fast"	-	-	Approximately Infinite Universe
1972	"Mind Train"/"Listen, the Snow Is Falling"	-	-	—
1973	"Death of Samantha"/"Yang Yang"	-	-	Approximately Infinite Universe
	"Josejoi Banzai (Part 2)" (Japan-only)	-	-	—
	"Woman Power"/"Men, Men, Men"	-	-	Feeling the Space
	"Run, Run, Run"/"Men, Men, Men"	-	-	Feeling the Space
1974	"Yume O Motou (Let's Have A Dream)"/"It Happened" (Japan-only release)	-	-	—
1981	"Walking on Thin Ice"/"It Happened"	35	13	Season of Glass (1997 re-release), Double Fantasy (2000 re-release)
1981	"No, No, No"/"Will You Touch Me"	-	-	Season of Glass
1982	"My Man"/"Let The Tears Dry"	-	-	It's Alright (I See Rainbows)
1982	"Never Say Goodbye"/"Loneliness"	-	-	It's Alright (I See Rainbows)
1985	"Hell in Paradise"/"Hell in Paradise" (instrumental)	-	12	Starpeace
1985	"Cape Clear"/"Walking on Thin Ice" (promo)	-	-	Starpeace
2001	"Open Your Box" (remixes)	144	25	remixes compiled on Open Your Box (2007)
2002	"Kiss Kiss Kiss" (remixes)	-	20
2002	"Yang Yang" (remixes)	-	17
2003	"Walking on Thin Ice" (remixes)	35	1
2003	"Will I" (remixes)/"Fly" (remixes)	-	19
2004	"Hell in Paradise" (remixes)	-	4
2004	"Everyman… Everywoman…" (remixes)	-	1
2007	"You’re the One" (remixes)	-	2
2007	"No, No, No" (remixes)	-	1
2008	"Give Peace a Chance" (remixes)	-	1
2009	"I'm Not Getting Enough" (remixes)	-	1
2010	"Give Me Something" (remixes)	-	1
2010	"Wouldnit (I'm a Star)"	-	1	—
2011	"Move on Fast"	-	1	—
2011	"Talking to the Universe"	-	1	—
2012	"She Gets Down On Her Knees"	-	9	—

[edit] B-Side appearances on John Lennon singles

"Remember Love" (on "Give Peace a Chance") (1969)
"Don't Worry, Kyoko" (on "Cold Turkey") (1969)
"Who Has Seen the Wind?" (on "Instant Karma!") (1970)
"Why" (on "Mother") (1971)
"Open Your Box" (on "Power to the People") (1971)
"Listen, the Snow is Falling" on (on "Happy Xmas (War Is Over)") (1971)
"Sisters O Sisters" on (on "Woman Is the Nigger of the World") (1972)
"Kiss Kiss Kiss" (on "(Just Like) Starting Over") (1980)
"Beautiful Boys" (on "Woman") (1981)
"Yes, I'm Your Angel" (on "Watching the Wheels") (1981)
"O'Sanity" (on "Nobody Told Me") (1984)
"Your Hands (あなたの手）" (on "Borrowed Time") (1984)
"Sleepless Night" (on "I'm Stepping Out") (1984)
"It's Alright" (on "Every Man Has a Woman Who Loves Him") (1985)

[edit] Bibliography

Grapefruit (1964)
Summer of 1980 (1983)
ただの私 (Tada-no Watashi – Just Me!) (1986)
The John Lennon Family Album (1990)
Instruction Paintings (1995)
Grapefruit Juice (1998)
YES YOKO ONO (2000)
Odyssey of a Cockroach (2005)
Imagine Yoko (2005)
Memories of John Lennon (editor) (2005)

[edit] Films

Satans Bed (as an actress)
Eye blink (1966, 5 mins)
Bottoms (1966, 5½ mins)
Match (1966, 5 mins)
Cut Piece (1965, 9 mins)
Wrapping Piece (1967, approx. 20 mins., music by Delia Derbyshire)
Film No. 4 (Bottoms) (1966/1967, 80 mins)
Bottoms, advertisement/commercial (1966/1967, approx. 2 mins)
Two Virgins (1968, approx. 20 mins), a portrait film: superimpositions of John’s and Yoko’s faces.^[76]
Film No. Five (Smile) (1968, 51 mins)
Rape (1969, 77 mins), filmed by Nick Rowland. A young woman is relentlessly pursued by a camera crew.^[76]
Bed-In, (1969, 74 mins)
Let It Be, (1970, 81 mins)
Apotheosis (1970, 18½ mins)
Freedom (1970, 1 min), a slow-motion film showing a woman attempting to take off her bra.^[76]
Fly (1970 (25 mins), a fly crawls slowly across a woman's naked body. Made with Jonas Mekas and premiered at the Cannes film festival in May, 1971.^[76]
Making of Fly (1970, approx. 30 mins)
Up Your Legs Forever (1970, 70 mins), a film consisting of continuous panning shots up a series of 367 human legs.
Erection (1971, 20 mins), a film of a hotel’s construction over many months based on still photographs by Iain McMillan.^[76]
Imagine (1971, 70 mins)
Sisters O Sisters (1971, 4 mins)
Luck of the Irish (1971, approx. 4 mins)
Flipside (TV show) (1972, approx. 25 mins)
Blueprint for the Sunrise (2000, 28 mins)
Onochord (2004, non ending loop).^[77]

[edit] Notes

^ ^a ^b ^c ^d ^e ^f Yoko Ono, biography. allmusic.com. Retrieved: October 31, 2010.
^ Yoko Ono at the Internet Movie Database
^ Biography yoko-ono.com. Retrieved: June 27, 2011.
^ Yoko Ono Biography The Beatles History.com. Retrieved: June 27, 2011.
^ ^a ^b ^c Murray Sayle, "The Importance of Yoko Ono", JPRI Occasional Paper No. 18, Japan Policy Research Institute, November 2000.
^ Wilks, Jon (August 27, 2011). "Yoko Ono interview". Retrieved September 2, 2011.
^ "Kyoko Ono Cox". Kyoko-ono-cox.fullmoviereview.com. August 8, 1963. Retrieved July 8, 2011.
^ Doherty, Steve, "Oh, Yes! Yoko Ono Turns 70" People Magazine, March 31, 2003, Vol. 59, No. 12
^ Frank, Peter. Yoko Ono: One Woman Show
^ Newhall, Edith. "A Long and Winding Road". ARTnews Oct., 2000: 163.
^ ^a ^b Munroe, Alexandra, and John Hendricks. YES YOKO ONO. New York: Harry N. Abrams, Incorporated, 2000. (p. 233)
^ Kotz, Liz (Winter, 2001). "Post-Cagean Aesthetics and the "Event" Score". October 95: 55–89. JSTOR 779200.
^ Munroe, Alexandra, and John Hendricks. YES YOKO ONO. New York: Harry N. Abrams, Incorporated, 2000. (p. 65)
^ Pang, May | title=Loving John | publisher=Warner Books (Paperback)| year=1983 | isbn=978-0446379168|ref=CITEREFPang1983}}
^ "a yoko ono website. wishing in yoko ono's art". aiu. Retrieved September 14, 2010.
^ http://www.imdb.com/title/tt0062510/
^ Satan's Bed. Internet Movie Database. Retrieved: October 31, 2010.
^ "Yoko Ono: Rebirth of a renaissance rebel". Asian heroes section of TIME Magazine's website. From the April 28, 2003 issue of TIME Magazine.
^ "Interior Design". Artists in Residence. Retrieved October 28, 2011.
^ "The Japan Times Online". Yoko Ono wins achievement award. Retrieved October 28, 2011.
^ "Bard College Press Release". Visual and Recording Artist Yoko Ono To Be Awarded An Honorary Degree At Bard College on Tuesday, October 29. Retrieved October 28, 2011.
^ Image Peace. imaginepeace.com
^ "La Biennale di Venezia". 53rd International Art Exhibition: Jury and Awards. Retrieved October 28, 2011.
^ http://acn.liveauctioneers.com/index.php/features/people/6723?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ACNlatestnews+%28Auction+Central+News+-+Latest+News%29
^ Harry 2000b, p. 682.
^ Sheff 1981.
^ ^a ^b Miles 1997, p. 272.
^ Harry 2000b, p. 683.
^ Two Virgins liner notes
^ Lennon 1978, p. 183.
^ Harry 2000b, p. 510.
^ Spitz 2005, p. 800.
^ Kruse 2009, p. 16.
^ Harry 2000b, p. 276.
^ Coleman 1992, p. 550.
^ Coleman 1984b, p. 64.
^ Emerick & Massey 2006, pp. 279–280.
^ "Live Peace In Toronto 1969 – John Lennon and Yoko Ono". Beatles.ncf.ca. Retrieved September 14, 2010.
^ Press conference with Lennon and Ono discussing the progress of their search (video)
^ H, Erika. "Sean Ono Lennon and Charlotte Kemp Muhl to release debut as Ghost of a Saber Tooth Tiger; win award for worst band name since Dogs Die in Hot Cars". tinymixtapes.com. Retrieved September 28, 2011.
^ "Yoko Ono Tells of Last Night With Lennon".
^ Croce, Maria. "Weekend Life: The Lost Daughter of Ono; I Thought About My Daughter Every Day of My Life" Daily Record April 2000; (Glasgow, Scotland) from Questia Online Library, subscriber access only
^ "Worldwide Broadcast Planned In Honor of Lennon's 50th Birthday". Associated Press. Retrieved August 5, 2011.
^ Spirit Foundation
^ Ono Performs Cut Piece at Carnegie Hall in 1965^{[dead link]}
^ "Rolling Stone: Review of Double Fantasy". Rolling Stone. Retrieved February 13, 2007.
^ Allmusic Season of Glass Review. Allmusic.com. Retrieved on January 1, 2012.
^ court TV becomes truTV. Courttv.com. Retrieved on April 4, 2011.
^ Plastic Ono Band (Mlps): Yoko Ono: Music. Amazon.com. Retrieved on April 4, 2011.
^ Petridis, Alexis (February 16, 2007). "Yoko Ono, Yes, I'm a Witch". The Guardian (London).
^ Basement Jaxx, Pet Shop Boys Remix Yoko Ono, 03–05–07
^ Pareles, Jon (February 18, 2010). "Review: "Amid All That Experience, Innocence"". The New York Times. Retrieved February 18, 2010.
^ Doug Elfman (February 22, 2006). "Agony of defeat: Coverage of "oh no" Games seems lackluster to callous generation of American viewers". Chicago Sun-Times (Sun-Times Media). Retrieved December 8, 2010.
^ Nina Pineda (December 13, 2006). "Yoko Ono bodyguard accused of extortion". Eyewitness News. WABC-TV (ABC). Retrieved December 8, 2010.
^ Yoko Ono: SKYLADDERS – Articles. Imagine Peace (October 21, 2008). Retrieved on April 4, 2011.
^ Designers against AIDS Website. Designersagainstaids.com. Retrieved on January 1, 2012.
^ Daniel Radosh (August 16, 2009). "While My Guitar Gently Beeps". The New York Times: p. MM26. ISSN 0362-4331. Retrieved December 8, 2010.
^ "Basement Jaxx feat. Yoko Ono – Day Of The Sunflowers (We March On)". Imagine Peace. September 1, 2009. Retrieved December 8, 2010.
^ Rob Harvilla (February 23, 2010). "Oh, Yoko Ono". The Village Voice (Village Voice). Retrieved December 8, 2010.
^ "Yoko Ono designated as 1st global autism ambassador". Japan Today (Japan Today). April 1, 2010. Retrieved December 8, 2010.
^ "Amazing Ringo 70th Birthday show – McCartney, Yoko, Joe Walsh, Little Steven and much more.". Rock Art Show Blog. Rock Art Show. July 8, 2010. Retrieved December 8, 2010.
^ "Lady Gaga Performs With Yoko Ono, Wears Sheer Jumpsuit (PHOTOS)". Huffington Post. October 23, 2010. Retrieved July 8, 2011.
^ Metro, page 30, February 18, 2011
^ March 27 JAPAN BENEFIT Concert: YOKO ONO, Sean Lennon, Sonic Youth, Mike Patton, Cibo Matto & more (Miller Theater Columbia University, NY). Imagine Peace (March 24, 2011). Retrieved on April 4, 2011.
^ The Hiroshima Art Prize – Hiroshima MOCA. Hcmca.cf.city.hiroshima.jp (March 28, 2004). Retrieved on April 4, 2011.
^ Yoko Ono to be awarded Austrian art prize. Acn.liveauctioneers.com (December 22, 2011). Retrieved on January 1, 2012.
^ Imagine Peace. (PDF). taipeitimes.com. December 24, 2008. Retrieved on January 1, 2012.
^ "Video Nation – YOKO ONO by Andrew Gale". BBC. March 10, 2003. Retrieved September 14, 2010.
^ ^a ^b ^c Paul McCartney & Beatle News article: ONO: `THE PRESS INVENTED MY FEUD WITH McCARTNEY` – Thursday, November 3, 2005 MACCA-Central, The Paul McCartney FUNsite. Macca-central.com. Retrieved on April 4, 2011.
^ Encyclopædia Britannica 2008.
^ Norman, Philip (2008). John Lennon: The Life. Doubleday Canada. p. 608. ISBN 978-0-385-66100-3.
^ Garcia, Gilbert. (January 27, 2003) The ballad of Paul and Yoko – Salon.com. Dir.salon.com. Retrieved on April 4, 2011.
^ Williams, Precious (May 19, 2002). "Eternal flame". The Scotsman (UK).
^ Herbert, Ian (October 15, 2005). "Yoko Ono claims she was misquoted over McCartney outburst". The Independent (London).
^ Stuart Heritage (October 18, 2005). "Paul McCartney Vs Yoko Ono – Handbags At Dawn". Hecklerspray. Retrieved September 14, 2010.
^ ^a ^b ^c ^d ^e Walker, John. (October 12, 2010) John Lennon: Art, film and music, artdesigncafe.
^ Ono, Yoko. "Yoko Ono: Onochord on Vimeo". Vimeo.com. Retrieved September 14, 2010.

[edit] References

John Lennon: One Day at a Time, by Anthony Fawcett (Grove Press, 1976)
Come Together: John Lennon in His Time, by Jon Wiener (Random House, 1984)
The Ballad of John and Yoko, by the Editors of Rolling Stone (Rolling Stone Press, 1982)
Spitz, Bob. The Beatles. Little, Brown, and Company: New York, 2005.
Kemp, Mark. "She Who Laughs Last: Yoko Ono Reconsidered." (July/Aug, 1992). Option, p. 74–81.
"Ono apologises for comment." (November 6, 2005). New Sunday Times, p. 29.
The Rare Films of Yoko Ono: New York 65–66 Fluxus Films + London 66–67, England 68–69, London 69–71, Around the World 69–71, New York 70 – 71 and Ann Arbor/NYC 71–72 + 2000 at the ICA, London, March
Further reading

Ayres, Ian (2004). Van Gogh's Ear: Best World Poetry & Prose (Volume 3 includes Yoko Ono's poetry/artwork). Paris: French Connection. ISBN 978-2-914-85302-6.
Ayres, Ian (2005). Van Gogh's Ear: Best World Poetry & Prose (Volume 4 includes Yoko Ono's poetry/artwork). Paris: French Connection. ISBN 978-2-914-85303-3.
Clayson, Alan et al. Woman: The Incredible Life of Yoko Ono
Goldman, Albert. The Lives of John Lennon
Green, John. Dakota Days
Hendricks, Geoffrey. Fluxus Codex
Hendricks, Geoffrey. Yoko Ono: Arias and Objects
Hopkins, Jerry. Yoko Ono
Klin, Richard, and Lily Prince, photos. "'I Remembered Carrying a Glass Key to Open the Sky.'" In Something to Say: Thoughts on Art and Politics in America. (Leapfrog Press, 2011)
Millett, Kate. Flying
Pang, May (1983). Loving John. Warner Books (Paperback). ISBN 978-0446379168.
Norman, Philip, John Lennon : the life, 1st ed., New York : Ecco, 2008. ISBN 978-0-06-075401-3.
Norman, Philip, Days in the life : John Lennon remembered, London : Century, 1990. ISBN 0-7126-3922-5
Haskell, Barbara. Yoko Ono: Arias and Objects. Exhibition Catalogue. New York: Whitney Museum of American Art, 1991.
Norman, Philip (May 25, 1981). A Talk with Yoko.
Rumaker, Michael. The Butterfly
Seaman, Frederic. The Last Days of John Lennon
Sheff, David. John Lennon and Yoko Ono: The Playboy Interviews
Walker, John. Yoko Ono in Art and celebrity, London: Pluto Press, (2003).
Wiener, Jon. Come Together: John Lennon in His Time
Wenner, Jann, ed. The Ballad of John and Yoko
Yoon, Jean. The Yoko Ono Project

External links

Wikiquote has a collection of quotations related to: Yoko Ono

Wikimedia Commons has media related to: Yoko Ono

[show] v t e Yoko Ono singles discography

[show] v t e John Lennon

[show] The Beatles

[show] v t e Grammy Award for Album of the Year (1980s)

Authority control: PND: 118590049 | LCCN: n50001903 | VIAF: 111076257 | WorldCat

( C ) Ayterion , T Welch 2011 )IP) all right rev contact 1-708-248-5421

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Thursday, September 27, 2012

Wednesday, September 26, 2012

Saturday, September 22, 2012

Contents

[edit] History of Islamic banking

[edit] Introduction

[edit] Riba

[edit] Modern Islamic banking

[edit] Largest Islamic banks

[edit] Principles

[edit] Shariah Advisory Council/Consultant

Islamic Financial Accounting Standards

Fundamentals of Islamic finance

[edit] Usury in Islam

Islamic financial transaction terminology

[edit] Bai' al 'inah (sale and buy-back agreement)

[edit] Bai' muajjal (credit sale)

[edit] Musharakah

Mudarabah

[edit] Murabahah

Musawamah

Bai Salam

[edit] Basic features and conditions of Salam

[edit] Hibah (gift)

Ijarah

Ijarah thumma al bai' (hire purchase)

[edit] Ijarah-wal-iqtina

[edit] Musharakah (joint venture)

[edit] Qard hassan/ Qardul hassan (good loan/benevolent loan)

[edit] Sukuk (Islamic bonds)

Takaful (Islamic insurance)

[edit] Wadiah (safekeeping)

[edit] Wakalah (power of attorney)

[edit] Islamic equity funds

[edit] Islamic derivatives

[edit] Islamic laws on trading

[edit] Microfinance

[edit] Controversy

[edit] See also

[edit] Notes

[edit] Further reading

[edit] External links

Contents

Contents