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If the announcement caught some in the investment
community off guard, it was old news to those who had been following
the evolution of Islamic finance. Now you 're
actually getting quite sophisticated product offerings. Omar Marwan Kamal,
executive manager of the Islamic Financial Services Group of Ernst +
Young in Bahrain during the World Islamic Banking Conference in
December 2004.

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Hughes, Editorial Director of
Elite Traveler.elite-traveler.jsp?userid=327974

For 2004, Mittal Steel had revenues of US$22.
"This industry is now going through a third generation of
evolution," said Yavar Moini, senior manager of Islamic-structured
finance at Dubai Bank.
"From the mid-1980s to mid-1990s, you had the second generation,
whereby Islamic banks were developing slightly more sophisticated
corporate and retail-banking structures, trying to come up with better
products and a better level of service.
Normally, a bank acts as a lead borrower and manages the funds of
the depositors to generate profits that depositors share.

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"I'm thrilled that Jessica Michault, a true fashion insider who is among
the first people to spot key luxury fashion trends and news every season, will
be sharing her views with Elite Traveler readers ," says Hughes.com. ROTTERDAM, The Netherlands, Mittal Steel
Company N.

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Michault is a veteran journalist having worked for the past nine years
under Suzy Menkes, the IHT's Fashion Editor who is the acknowledged worldwide
authority on fashion. From the mid-to-late 1990s to
present day is really the third generation of institutions. "Depending
on whom you ask, commentators on the Qur 'an have defined riba (a
forced, or demanded, exchange of quantities that gives one party an
advantage over another) in various ways, ranging from usury (laws) to
bank interest.

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"Fashion is an integral part of our readers' lives -- on average, the
Elite Traveler reader spends over $100,000 per year on fashion alone," Hughes
said.com

Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.com/ud_public. A modern
example is a mutual fund that invests in securities that have been
filtered for Shariah compliance such as the FTSE Global Islamic Index
and the Dow Jones Islamic Market. "Islamic finance is based on the premise that interest is
prohibited in Islamic law, but this is a controversial issue," says
Bashir Ahmed, a financial training consultant in Toronto.

About CFA Magazine

CFA Magazine is a bimonthly, practice -based magazine for CFA
Institute members worldwide.
Complimentary subscriptions are available to financial journalists.

Sites and pages devoted to Vasco da Gama (1469-1524).

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She will serve as a Contributing Editor for
Elite Traveler. Her reporting duties for the IHT take her
throughout Europe , Asia, the Middle East and to other fashion capitals around
the world.----The latest
edition of CFA Magazine explores the fascinating history and
methodology of Islamic finance and the balance between religion and
financial regulation among practicing Muslims.

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Mittal Steel encompasses all aspects of modern steel making, to
produce a comprehensive portfolio of both flat and long steel products to
meet a wide range of customer needs. Among the
activities that are listed as haram are certain interest-related,
fixed-income securities such as mortgages, credit card debt and loans .

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The majority of
their assets were either real estate or very short-term, trading-type
activities ."
The following articles provide background on the principles of
Islamic finance and explore the enigmatic nature of the sector:

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

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

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

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

Among the key points to Islamic finance discussed throughout the
articles is the basis of the sector--mudarabah and musharakah--which
are two main principles intended to level the playing field between
parties involved in a transaction while promoting a sound work ethic.cfainstitute .S.

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Contact: James Henderson
1-646-658-7596
JHenderson@elite -traveler.

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Hughes
http://profnet.prnewswire.

Religion Writers/Business Editors/Financial Editors

CHARLOTTESVILLE, Va.

Portuguese explorer and first European to travel by sea to India.

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Laura Q. It serves all the major steel consuming
sectors, including automotive, appliance, machinery and construction.

About CFA Institute

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

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About Elite Traveler:
Elite Traveler is a bi-monthly BPA-audited luxury travel and lifestyle
magazine published exclusively for the worldwide community of Elite Affluent
consumers (Over 400,000 readers per issue with a $5.

Mittal Steel Company Response to Media Speculation Concerning Investment in India

1 million tons.
Compared to conventional banks, Islamic banks carry more than nine
percent excess liquidity, according to Dr.
Nonmember subscriptions are $75 annually .

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No decision has been taken by Mittal Steel as to whether it will proceed
with the investment , and the financial details referred to in the media are
without foundation. The cover story,
"Islamic Finance: Can centuries-old religious law incorporate modern
investment theory," looks at how Islamic finance applies issues of
centuries-old faith to modern capital markets."
CFA Magazine is the bimonthly practice-based magazine for CFA
Institute members.
A challenge for Islamic investors and investment professionals
alike is the lack of uniform standards on how to interpret Shariah
law . Its
membership includes the world's 63,000 CFA charterholders, as well as
131 affiliated professional societies and chapters in 52 countries and
territories. More information
may be found at www.

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Launched in 2001, each issue of Elite Traveler explores
subjects that embody the essence of luxury -- the best in travel, fashion and
jewelry, automotive, private jets and yachts.
For more information , visit http://www.V.

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

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"Jessica will bring unparalleled expertise and fashion industry insight to
our more than 400,000 readers," said Laura Q. "Jessica's knowledge of what's new, important and hot on the
fashion front, combined with a visually beautiful page design and Elite
Traveler's luxuriously oversized format, will make the new Fashion Column an
immediate must-read for elite travelers," Hughes said. The article begins:
"One of the more unusual developments in finance in 2004 (or 1425,
according to the Islamic calendar ) was the introduction of the first
fund of hedge funds compliant with the principles of Shariah, or
Islamic law. CFA Institute is headquartered in Charlottesville, Va.

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Elite Traveler Magazine Welcomes International Herald Tribune Fashion Reporter Jessica Michault As Fashion Columnist

Since 2001, Michault has also
written extensively for the IHT's Style pages and Special Reports from the
runways , showrooms, luxury boutiques and executive suites of the fashion
industry's most important companies . ("Mittal Steel") (NYSE: MT) would like to make clear its
position in response to various press articles that have appeared today
stating that it may build a steel mill and iron-ore mine in the Jharkhand
State in India.

As Islamic finance closely follows the word of the Qu'ran, there
are business activities that are both acceptable (halal) and
unacceptable (haram) for Muslims to participate in. Kamal noted that liquidity-management problems arise
because many banks do not yet have the infrastructure to better match
assets to liabilities.org or by calling 1-800-247-8132 or
1-434-951-5499 in the U.

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NEW YORK, Acclaimed fashion journalist Jessica
Michault, who covers the industry for the International Herald Tribune, based
in Paris, will be starting a dynamic and visually oriented Fashion Column for
Elite Traveler, the luxury and lifestyle magazine distributed worldwide aboard
private jets and mega-yachts. The company has operations in fourteen countries, on four
continents.
Also on the haram list is investing in companies that take part in the
marketing or manufacturing of alcohol , gambling, pork and/or
pornography. So, in practice, it depends on the interpretation of
the Islamic law."
Journalists may receive complimentary copies of the March/April
edition of CFA Magazine by contacting CFA Institute., 44-207-712-1719 in London or 852-2868-2700
in Hong Kong.

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About Mittal Steel
Mittal Steel Company is the world's largest and most global steel
company.2 billion and steel
shipments of 42.

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Michault has assisted Menkes with all of her fashion
feature articles and official appearances. "It really started with the formation of
Islamic banks in the Middle East in the mid-1970s.

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In keeping with Elite
Traveler's award-winning style and format, the column will provide readers
with pictures of the fashions discussed and easy-to-use information on where
all items can by purchased. Elite Traveler is distributed
exclusively through private jets, mega yachts , premier country clubs,
first-class lounges, professional sports locker rooms and its subscriber -base.
Mittal Steel is in discussions with the Government in Jharkhand relating
to such a project and is currently making a technical visit to the region to
make a more detailed study of any potential investment in the metal and
mining sector.,
USA, with additional offices in London and Hong Kong .

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3 million Average
Household Income). CFA Institute has 75,000 members in 118 countries.

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The company trades on the New York Stock
Exchange and the Euronext Amsterdam under the ticker symbol "MT".

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"Our readers are constantly buying right from our pages, and the Fashion
Column will further drive their desire to shop for the best products
available.
Musharakah is similar to the conventional concepts of partnership and
joint-stock ownership, where mudarabah is essentially profit and loss
sharing . It provides local financial reporting and
regulatory developments, in-depth industry coverage, lively debates
and "nuts and bolts" articles containing practical applications.

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In each issue of Elite Traveler, Michault's column will highlight a key
fashion trend for the season ahead and include such details as top looks from
the ready-to-wear or haute couture runways, luxury boutique shopping tips and
opinions from the most revered designers today." Elite Traveler already features fashion shoots in every issue,
plus extensive coverage of timepieces, jewelry and accessories.

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