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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

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