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Week In Review
Ramadan 25, 1441 to Shawwal 01, 1441
(2020-05-18 to 2020-05-24)

In this section, Crescent International will highlight news and events that do not attract much media Attention. We will provide our brief analysis. Hyperlinked references will be provided for confirmation, corroboration and crediting purposes.

Ramadan 25, 14412020-05-18

Iran Introduces New Islamic Oil & Gas Funding Mechanisms

As the global economy has virtually ground to a halt and most institutions are looking to take a short-cut in order to earn an extra dollar, Iran’s government has opted to follow the Islamic paradigm of economics.

As reported by www.oilprice.com, “the issuance of securities appeared on Iranian government-affiliated websites last week and was unsurprisingly ignored by the world’s international media but not OilPrice.com… the order signed last week by [Senior Vice President Is’haq] Jahangiri allows Iran’s state-run companies – which, crucially, includes the biggest players in its oil and gas sectors – to raise up to IRR 65 trillion (US$1.5 billion) through the issuance of Islamic securities (sukuk) internationally. Iranian state companies… the issuers of these Islamic (shari’ah)-compliant bonds will guarantee the repayment of the main capital and the ‘profits’ from the increased production from the same fields (for projects of the Petroleum Ministry) and project revenues (for the projects of the Ministry of Industry, Mines and Trade And the Ministry of Energy). In effect, investors into these sukuk will have their investments underwritten both by the relevant ministries of Iran and, even more enticingly, by the prospect of increased output from some of the lowest-cost, highest-quality, and most abundant oil and gas resources in the world.”

The economic resilience of Iran since it has been sanctioned from the first day of the Islamic Revolution is a strategic challenge to the US established global dominance. Iran’s economic resilience has been accepted even by its detractors.

In March 2020, Washington based al-monitor.com reported that “while the country’s economy will certainly take a massive hit by the ongoing pandemic, Iran has shown resilience toward such crises in the past.”

Courtesy: www.oilprice.com, www.al-monitor.com

Ramadan 25, 14412020-05-18

Despotic Turkmen Regime Shaken by Rare Protests

Often referred to as North Korea 2.0, Turkmenistan witnessed unprecedented public protests. On May 15, according to the US-financed propaganda mouthpiece, RFERL, “hundreds of people have taken part in a rare protest in Turkmenistan to call attention to the government's failure to help repair damage caused by recent wind and rainstorms that devastated eastern parts of the country.”

A day after the protests, Turkmenistan’s autocratic ruler, Gurbanguly Berdymukhammedov, pardoned 1,402 prisoners.

While it is not clear if the two events are connected, both occurrences are quite unusual for the most oppressive regime in Central Asia.

In February 2020, Crescent International concluded that due to the recently completed Trans-Anatolian Natural Gas Pipeline (TANAP) that will bring natural gas from the Caspian Sea to Western Europe bypassing Russia, Central Asia will witness far greater acts of instability in the coming months and years.

Courtesy: RFERL

Ramadan 25, 14412020-05-18

Rumors of Turkey and Zionist Israel Rebuilding Political Ties

Even though Turkey provides an economic lifeline to Israel, it appears not to be enough for the Zionist entity. It is seeking to restore political relations with Ankara.

“Israel's government is looking to re-establish full diplomatic relations with Turkey by jointly appointing ambassadors to each country, an Israeli official source told Middle East Eye, noting that the two have common interests such as Syria and natural gas supplies in the Eastern Mediterranean.”

The re-establishment of official ties with Israel will further undermine Turkish President Recep Tayip Erdogan’s reputation in the region.

Under Erdogan’s leadership, Turkey has demonstrated a great deal of flexibility and pragmaticism towards Zionist Israel that is totally lacking in the case of Syria.

This dichotomy is being widely noticed by the Muslim masses.  

Courtesy: Middle East Eye  

Ramadan 25, 14412020-05-18

Signs of Saudi economic desperation becoming more evident

On May 11, Saudi Arabia's state news agency said VAT will increase from 5% to 15% as of July 1 and suspend the cost of allowance for state employees from June 1.

On May 15, it was reported that the Saudi authorities have asked the puppet Yemeni officials of Abdrabbuh Mansur Hadi’s group residing in the capital Riyadh to leave, and suspended the financial support provided to them, according to Arabi21 news-website.

The latest economic policies of the Saudi regime reflect the unprecedented internal and external pressure it is facing. The current situation further undermines the regime’s claim that they are the only ones capable of administering Makkah and al-Madinah.

Courtesy: Arabi21, Middle East Eye.

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