25-10-2021
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MONDAy, OCTOBER 25, 2021
4
Fears of a Hamas takeover of the West Bank are exaggerated
Acting Editor & Publisher : Jobaer Alam
e-mail: editor@thebangladeshtoday.com
Monday, October 25, 2021
Financial sector :
relieving strains
There is no need to explain why the financial
sector of a country needs to be well
regulated for the obvious reasons. National
economies can be strained from under
management of the financial sector.
But it does not seem that some policymakers in
Bangladesh realize, yet, the supreme importance
of protecting the financial sector from the taking
of actions full of potentially harmful
consequences. A former and now deceased
highly respected Deputy Governor of the
Bangladesh Bank (BB) in a media interview
underlined the importance of shaking off
political influences by the BB for the healthier
running of the financial sector as a whole. For
example, theBB for long was arm twisted into
considering proposals for establishing new
private sector banks.
Earlier, the BB as the guardian of the country's
banking sector and the specialist official
organization to judge the merit or not in
establishing new banks, had been opposing the
idea tooth and nail. But it had to buckle down
finally to intense political pressures specially
from the former finance minister who shocked
all concerned by saying that it was the political
decision of the government to set up more banks
regardless of BB's opposition to the move.
BB had been struggling for the government to
see the point that there is just no room
forproliferation new banks as many of the
existing banks were in difficult conditions from
their classified loans and overexposure to the
risky capital markets. BB insisted on completing
banking reforms and restoring the health of the
banking system as a whole before allowing new
banks.
Even a delegation chief of the IMF told the
media that permission for new banks must not be
given when in varying degrees many of the
existing banks remained gripped by serious
liquidity and other problems. Besides,
economists, well intentioned bankers and other
experts in this sphere, have been urging the
government not to succumb to pressure from
some interest groups and invite setbacks to the
financial sector by admitting new banks.
The financial sector of the country also faces
difficulties from government's over borrowing.
Government's borrowing from the banking
system in the last two years has surpassed past
records . As a result, the banks generally are
suffering from a liquidity crisis.
The credit-deposit ratio (CDR) of a good
number of scheduled commercial banks has
started rising again posing a threat to the
country's banking system. "Despite the central
bank's close supervision, CDR of 12 banks, both
in the public and private sectors, has gone
beyond absolute safe limit that might lead to
institutional great stresses , " a senior officer of
the Bangladesh Bank told a front rank Dhaka
daily recently.
Banks' credits to the private sector have
declined to satisfy government's appetite for
borrowing. The borrowed amounts are going into
unproductive spending in many cases on
political considerations and the increased money
supply has fuelled inflation.
According to recent credible media reports the
amount of total classified loans in the financial
sector has crossed Taka 2 lakh and 20 thousand
crore Taka . And the trend continues unchecked.
The amount of classified loans and other
irregularities in the country's financial sector as a
whole do not suggest that the sector and the
country's economy is about to pass over the cliff.
Our macro economy and financial sector is
comparatively healthier than many other
countries.
But the present situation certainly points to the
need of closely and very strictly monitoring the
financial sector from the highest level of the
government and pushing through timely
curative and reformative actions steadily but
decisively against all odds specially the political
ones. All concerned would only hope that the
government would start seriously taking
rectification measures before the financial sector
faces further strains.
Over the past few months, there
has been an escalation of
violence in the occupied West
Bank. Armed clashes between
Palestinians and the Israeli army in
Jenin and Jerusalem and elsewhere
have resulted in the deaths of several
Palestinian fighters and civilians and
the injuries of several soldiers from
the Israeli occupation forces. There
have been also stabbings, carramming
attacks, and shootings at
different locations targeting Israeli
soldiers and settlers.
These incidents coincided with the
escape of six Palestinian political
prisoners from the Israeli Gilboa
prison.
In view of these developments,
Israel's security services have
expressed increasing concern about
the growing resistance in the West
Bank. More specifically, Israeli
officials have raised the spectre of a
Hamas takeover of the occupied
Palestinian territories currently under
the nominal control of the Palestinian
Authority (PA). But how realistic is
this prospect?
Since Hamas's victory in the 2006
Palestinian legislative elections, Israel
has perceived the movement as a
grave threat.
Then Israeli Prime Minister Ehud
Olmert made it clear that his
government was not going to
cooperate with a Hamas-led cabinet,
the way it had with the Fatah-led PA.
The subsequent tensions between
Fatah and Hamas, fuelled by external
forces, escalated into armed clashes,
in which Hamas fighters were able to
take control of the Gaza Strip. Israel
imposed a debilitating siege on the
strip and in the following years
launched repeated deadly wars on its
people, killing thousands and
destroying civilian homes and
infrastructure.
Meanwhile, the PA, now under
Fatah's control again, launched a
massive security operation to uproot
Hamas from the Wes Bank. Working
with Israel, it arrested hundreds of
Hamas members, closed its offices
and associations and clamped down
on its supporters.
The same happened with Islamic
Jihad, an ally of Hamas.
Since then, the movement has been
able to set up small cells to carry out
limited operations against Israeli
forces. But the violence of the past few
months raised concerns within the
Israeli security community about the
extent of Hamas's penetration of the
West Bank and its ability to rally other
groups to carry out resistance
activities.
Some have perceived the new
"security infrastructure" Hamas has
built as different from the limited
cells it had in the past and more
difficult to trace. Such a development
can be considered a major failure of
the Israeli occupation forces and
intelligence, which over the past few
years have tightened their grip on the
West Bank. Hamas also appears to be
increasingly coordinating on-theground
activities with other
Palestinian factions. In mid-
September, as the violence escalated
and fears emerged of an Israeli
assault on Jenin, Hamas, along with
the armed wing of Fatah and Islamic
Jihad, announced a joint "operations
room" to fight off any Israeli attack.
One major consequence of these
developments is the increasing feeling
of insecurity in Israel and among
Israeli settlers in the West Bank.
There are fears that the West Bank
and Jerusalem might plunge into
violence, as they did during the socalled
Knife Intifada of 2015-16, when
hundreds of Palestinians and dozens
of Israelis were killed, or during the
series of bombings in the 1990s and
the second Intifada in the 2000s.
These attacks have taken place
despite the Israeli army's regular
arrest campaigns, security summons,
and repeated round-the-clock
incursions into cities, villages and
refugee camps across the West Bank,
as well as the continuous Israeli
security coordination with the PA.
It is important to note that the
recent armed attacks took place in the
context of growing anger at the PA.
In April, President Mahmoud Abbas
cancelled the Palestinian legislative
elections for fear of Fatah, which
dominates the PA, losing to Hamas.
ADNAN ABU AMER
ANDREA BUSFIELD
This drew sharp condemnations from
various Palestinian political factions
and the Palestinian people.
Palestinians were also angered by
the feeble response of the PA to Israeli
aggression against worshippers at Al-
Aqsa Mosque and forced evictions of
Palestinian residents of Jerusalem.
Likewise, the Palestinian government
did little to counteract the deadly
Israeli assault of Gaza in May.
The death of Nizar Banat at the
hands of the PA's security forces in
late June was another event that
fuelled Palestinian rejection of Abbas.
The assassination drew large crowds
of Palestinians to the streets, where
they faced a brutal crackdown by
Palestinian security forces. This only
caused further outrage and amplified
calls for Abbas's resignation.
A poll conducted by the Palestinian
Center for Policy and Survey Research
and published in September revealed
that 80 percent of the respondents
want the president to resign. At the
same time, 45 percent believe that
Hamas should lead the Palestinians,
while only 19 percent said Fatah
deserves this role.
The popular opposition to Abbas
and the armed military struggle
against the Israeli occupation in the
West Bank have ignited fears in some
circles that Hamas might benefit from
these events and mobilise other
factions for its own ends.
Some Israeli and foreign analysts
have been vocal about the possibility
of such mobilisation leading to
Hamas taking control of the West
Bank as it did in Gaza.
It is true that Hamas would like to
be the dominant force in Palestinian
politics and end Abbas's dictatorial
rule, but statements about the
possibility of a Hamas takeover of the
West Bank seem greatly exaggerated
for several reasons.
First, Hamas still does not have an
integrated, durable infrastructure in
the West Bank and therefore, does not
have the necessary strength to extend
its influence over it. Its popularity
may have increased, but the PA and
the Israeli occupation forces continue
to put serious efforts into dismantling
cells and networks loyal to the group.
This is preventing it from establishing
a deeper footprint.
Second, the PA may be rejected by
many Palestinians, but it still
commands full military power over
the West Bank. It may suffer from
internal tensions, but it is still able to
mobilise all its loyalists, who are
united in their fear of losing their
privileges if their patrons fall from
power. PA officials are ready to do
everything and anything to stay in
power and would not hesitate to seek
Israeli military help.
Third, Israel constantly seeks to
dislodge Hamas from the West Bank
at any cost, given the grave threat that
any increased Hamas capabilities
there would pose to the more than
400,000 Israeli settlers illegally
residing on occupied Palestinian land.
It is highly unlikely they would allow
Hamas to grow its power in the West
Bank to the point where it can stage a
takeover.
This fear-mongering on part of
Israeli officials about Hamas's
capabilities may be aimed at
undermining any efforts of mediation
between Hamas and Fatah, after the
recent tensions following the
cancellation of the elections. It is in
Israel's direct interest to keep
Palestinian factions divided so they
can never present a united front to its
occupation and crimes.
The Israeli leadership is also playing
up this Hamas's "resurgence" possibly
to garner more international support
for its brutal security campaigns
against the Palestinians. The
increased international spotlight on
the raids on Islam's third holiest site,
Al-Aqsa Mosque, and the forced
expulsions of Jerusalemites from
their homes has worried it. It is,
therefore, seeking to take attention
away from these crimes and dominate
the narrative on Palestine again.
What Israel and its allies, however,
cannot preclude is the spectacular
loss of legitimacy the PA has suffered,
which renders its rule over the West
Bank in the long run completely
untenable.
Source: Al Jazeera
Cyprus: From holiday island to 'holy island'
Primarily Greek Orthodox, Cyprus
is home to a small but vibrant
Latin community of more than
2,400 people who can trace their roots
to the Crusaders. And it is this historical
and religious wealth that officials are
now looking to promote, in a postpandemic
push to bolster its Covidravaged
coffers.
Steeped in myth and legend, this
small island, which takes up only 9,251
square kilometers of the
Mediterranean, has been conquered,
coveted and colonized throughout its
10,000-year history by such historical
giants as Alexander the Great and
England's King Richard the Lionheart.
But while Cyprus has long been
considered the gateway to the East -
standing at the crossroads of Europe,
Asia and Africa - some 2,000 years ago
the island was experiencing traffic
coming from the other direction, acting
as the gateway through which the
message of the Gospels was spread to
the West.
The Apostles Paul and Barnabas are
the missionaries credited with bringing
Christianity to Cyprus, and in another
religious coup for the island, its first
bishop was none other than Lazarus,
the man Jesus raised from the dead.
As the story goes, after the
Resurrection of Christ and rumors of
plots to kill him, Lazarus fled Judea for
Cyprus, where he lived for another 30
years before dying for the second, and
last, time.
Some 1,100 years later, Cyprus again
found itself as a portal between two
worlds, when Richard the Lionheart
stopped by on his way to the Holy Land
to get married. In an unconventional
honeymoon move, he then laid waste to
the place, took it for his own and sold it
to the Knights Templar, who used it as a
military base throughout the Crusades.
Today, these snapshots of ancient
history remain embedded in the
infrastructure of modern Cyprus.
The Church of St Lazarus in Larnaca
is said to be built over the legendary
bishop's tomb, which was discovered in
Since Hamas's victory in the 2006 Palestinian legislative
elections, Israel has perceived the movement as a grave
threat. Then Israeli Prime Minister Ehud Olmert made it
clear that his government was not going to cooperate with
a Hamas-led cabinet, the way it had with the Fatah-led PA.
AD 890. Human remains found in a
marble sarcophagus under the altar in
1972 were later identified as part of the
saint's relics. They are now kept in a
plinth in the central aisle of the church.
A 50-minute drive from the church,
along the southern coastal road, lies
Limassol Castle, the home of the Cyprus
Medieval Museum and the low-vaulted
room, lined with tombstones of ancient
knights, where Richard the Lionheart is
said to have married. These are just two
of the historical riches that litter the
length and breadth of the island.
Christodoulos Papachristodoulou, of
the Deputy Ministry of Tourism, said:
"Due to its geographical position, the
island has played host to people coming
from all over the Middle East and
further away. All of which means
Cyprus has a unique blend of
monuments, relics and sites that form
part of our natural wealth, and we are
proud to share them with visitors from
abroad."
Before the pandemic hit, Cyprus
attracted 40,000 religious tourists a
year - a drop in the glittering
Mediterranean Sea compared with
commercial tourism's 4 million visitors
a year, but officials are hopeful they can
generate much greater interest in the
island's religious and cultural history.
"Cyprus has a wealth of historical sites
that stretch back for centuries, and the
potential is high for attracting cultural
tourists who want to explore the home
of some of Christianity's biggest
milestones," Papachristodoulou said.
Cyprus possesses no fewer than 10
UNESCO World Heritage Listed
churches as well as a staggering
collection of Byzantine art,
meticulously preserved frescos and a
number of monasteries steeped in their
own myths and legends.
Limassol Castle, where Richard the
Lionheart is said to have married.
Photo: Cyprus Deputy Ministry of
Tourism Credit: Cyprus Deputy
Ministry of Tourism
Now, the government's new Cyprus
National Tourism Strategy aims to
establish the country as a quality yeararound
destination offering religious,
cultural, green and agro-tourism
experiences, and investment agencies
have been quick to recognize the
potential of diversification.
George Campanellas, chief executive
of Invest Cyprus, said: "The draw of
religious tourism should not be
A 50-minute drive from the church, along the southern
coastal road, lies Limassol Castle, the home of
the Cyprus Medieval Museum and the low-vaulted
room, lined with tombstones of ancient knights,
where Richard the Lionheart is said to have married.
underestimated. There are 10,000
years of history on our island and, in
many respects, this is an untapped
source, not least for visitors who want
more from their holiday experiences.
"The vision of the new Cyprus
National Tourism Strategy is to turn
Cyprus into a sustainable and
technology-smart destination. Thanks
to more than 320 days of sunshine a
year, there is no 'off season' as such and
our tourism strategy aims to
incorporate other local and cultural
experiences in order to attract
investment.
"In this regard, our efforts are focused
on diversifying, enriching and
improving the quality of the touristic
product and investment opportunities
into thematic areas."
Among potential investors currently
looking into the deeper riches to be
mined from Cyprus tourism is Joseph
Borghese, an Indo-Cypriot
entrepreneur who has established two
companies on the island, Pundi X 365
and Borghese Ventures. Offering tech
solutions in tourism and hospitality,
fintech, edtech and data analytics,
Borghese is hoping to add glamping to
his business concerns.
He said: "Sustainable tourism
remains a relatively untapped market
and it is clear that there are areas of the
island that have much to offer tourists
throughout the year. The forests of
Troodos are not only very scenic and
beautiful, they offer a very different
tourism experience to the usual sun, sea
and sand image, and they are also home
to some of the country's most
impressive monasteries and historical
treasures.
"My aim, once the legislative
framework is in place, is to offer tourists
an experience that sits in harmony with
nature, offering luxury eco-friendly
cottages and villas at the heart of rural
and religious Cyprus."
The popular summer holiday image of
drunk foreigners spilling out of
nightclubs in Ayia Napa often sits at
odds with what is a deeply conservative
and traditional society - and yet the two
have co-existed quite happily for
decades. Constantinos N Phellas,
professor of sociology and senior vicerector
at the University of Nicosia, said:
"One cannot discount the unique and
enduring contribution of Christianity to
the island, dating back to [AD 45].
"Christianity was widely adopted
throughout the townships and
communities in Cyprus, bequeathing an
amazing collection of important
ecclesiastical monuments and churches
over the years and a deeply traditional
and conservative outlook in her people.
"As a result, Cyprus has become a
one-stop destination for tourists who
want it all; from the holiday hotspots to
cultural and spiritual experiences that
leave the soul enriched."
Source: Asia times