VOLUME No: 72 Issue No:2

Washington, D.C. - April 8, 2005

MUSLIMS JOIN IN MOURNING FOR POPE JOHN PAUL II

The Islamic Free Market Institute Foundation (IFMIF) and the American Muslim community extend their heartfelt condolences for the recent loss of Pope John Paul II, a man commemorated for leaving behind a legacy of internationalism, conservatism and modernization for the Catholic Church. At a time of sorrow for men and women of all religions and denominations across the globe, we mourn the loss of this great man, who will be remembered as an apostle of peace who championed the cause of social justice and individual rights.

Eighty-four years old at his passing, Pope John Paul II will be revered as a man who sought to integrate the Catholic Church into a swiftly changing world and who initiated dialogue with the Muslim community. Pope John Paul II was an example to Muslims and other religious communities alike, as a defender for justice and equality.

Our thoughts and prayers reach out to all members of the Catholic Church during this difficult period. The world mourns this loss.

HOUSE MOVES ON STEM CELL RESEARCH

H.R. 810, a bill sponsored by Representatives Mike Castle (R-DE) and Diana DeGette (D-CO) intended to increase funds for stem-cell research has gained over 180 co-sponsors and appears to be making a clear path towards President Bush's desk. The bill proposes research that transcends previous experimentation done in 2001, which Bush pledged would be the extent of this research.

At this point a House majority vote in support of the bill is expected, however there are still disagreements over what the final legislation will entail. To date, President Bush has not vetoed a bill passed by the House and Senate, so if the President' chose to exercise his veto power in this case would be historical.

IFMIF has published a paper titled “A Muslim Perspective on Embryonic Stem-Cell

Research,” which can be found at: http://www.islamicinstitute.org/i3-stemcell.pdf

SENATOR SCHUMER TACKLES THE DEATH TAX

Senator Charles Schumer (D-NY), acting chairman of the Democratic Senatorial Campaign Committee was recently commended by Democrats for a plan that exempts family business from the death tax.

As a newly appointed member of the Senate Finance Committee, Senator Schumer is assumed to be working alongside Senate Minority Leader Harry Reid (D-NV) in a possible attempt to focus attention on a tax exemption for family-owned businesses now, rather than have this as an issue during the 2006 elections.

Republicans argue that Schumer's recycled plan would apply to less than 3 percent of family businesses and would resurrect a complex estate tax provision that was repealed by Congress in 2001. Businesses could spend up to $10,000 just to check if they qualify. Most republicans agree the best way to help small businesses is to permanently repeal the death tax.