Author: islamnewsday

The Eurasian Development Bank (EDB) is moving into Central Asia’s small but growing Islamic finance sector, with plans to open an Islamic banking window in 2025.  The regional development bank’s chairman Nikolai Podguzov told journalists during the EDB annual meeting and business forum in Almaty on June 27 that the bank sees “great demand” for Islamic finance in Central Asia, where its members include Kazakhstan, Kyrgyzstan and Tajikistan.  “Our focus is to establish an Islamic window in the Eurasian Development Bank. This is not an easy process, but I hope all the preparations will be finished by the end of the…

Published: Mon 20 Jul 2020, 4:58 PM Last updated: Mon 20 Jul 2020, 7:01 PM Emirates Islamic reported on Monday a net profit of Dh12 million for the first half of 2020, and attributed the drop “to the prudent actions taken by the bank to create higher impairment” on its financing and investment book to cater to the future impact of Covid-19.The bank’s total income declined by 15 per cent year on year to Dh1.1 billion as its total assets dropped one per cent to Dh64.2 billion in the first half, the Dubai-based Islamic finance institution said in a statement.For…

KUALA LUMPUR, June 27 (Bernama) — Central Asian countries such as the Kyrgyz Republic, Kazakhstan and Uzbekistan regarded Malaysia as an exemplary model of an Islamic country, the Dewan Rakyat was told today. Foreign Minister Datuk Seri Mohamad Hasan said this is because Malaysia adopts a moderate attitude at the international level in addition to an independent foreign policy including in defending the rights of the Palestinians. He said Prime Minister Datuk Seri Anwar Ibrahim, during his visits to the three countries last month, was welcomed with high respect by his counterparts. “The prime ministers of the three countries personally greeted our Prime…

The issuance received tremendous response from international investors, attracting orders that peaked at $1.5 billion Read more… By WAM Published: Thu 27 Jun 2024, 9:32 PM Sharjah Islamic Bank (SIB) successfully closed a $500 million sukuk in the international capital markets on Wednesday. The issuance received tremendous response from international investors, attracting orders that peaked at $1.5 billion meaning more than 3x over subscription. The sukuk has maturity of 5 years and was priced at spread of 105 bps + 5 years US Treasuries. The sukuk will bear a profit rate of 5.25% per annum with maturity on 3rd July…

The Bangladesh Islamic Centre, a corporate sponsor of Islami Bank Bangladesh, one of the largest commercial banks in Bangladesh, plans to sell its entire stake in the bank. In a disclosure posted on the websites of both stock exchanges today, the Islamic Centre announced its intention to sell its entire 34 lakh shares in Islami Bank. Based on Islami Bank’s current share price of Tk32.60 each at the Dhaka Stock Exchange (DSE) on Thursday, the total value of these shares amounts to Tk11.08 crore. According to the disclosure, the Islamic Centre plans to sell all the shares within 30 working…

France’s government on Wednesday ordered the dissolution of extreme right and radical Muslim groups, four days before the first round of high-stakes legislative elections that may see a surge in support for political extremes. Snap national elections called by pro-business moderate President Emmanuel Macron have plunged the country into a hasty and disorderly electoral race. Immigration, France’s retirement age and taxes emerged as top points of contention as the prime minister and two potential challengers for his job held a televised debate Tuesday night. Quick Read France’s government has banned extreme-right and radical Muslim groups ahead of legislative elections. The…

Emmanuel Macron has ordered the dissolution of far-right and radical Islamic groups amid fears they could push voters to support National Rally.The French Government announced the change on Wednesday, just four days before the firrst round of the upcoming legislative elections.Macron’s snap poll appears to have put at risk the centrist coalition that could face being outflanked on the left and the right.Interior Minister Gerald Darmanin ordered the shutdown of several groups accused of peddling extremist hatred.Emmanuel MacronREUTERSGUD, known for violence and antisemitism, is included in the banned list.The group is known to have members who supported Marine Le Pen…

Following the martyrdom of Martyr Ayatollah Dr. Sayyid Mohammad Hosseini Beheshti and his disciples, Imam Khomeini said Iran nation is proud of presenting such persons who devoted themselves in the way of Islam and Muslims. People۰۳۹;s enemies martyred a group who had gathered for discussing about country’s policy… “Iran nation lost ۷۲ innocent people in this event, and the number is the same as it was in Karbala. Iran nation is proud of presenting such persons who devoted themselves in the way of Islam and Muslims. People۳۹;s enemies martyred a group who had gathered for discussing about country’s policy…..”  After…

Issue was oversubscribed more than three times Read more… Published: Thu 27 Jun 2024, 7:07 PM Last updated: Thu 27 Jun 2024, 7:08 PM Sharjah Islamic Bank (SIB) successfully closed a $500 million sukuk in the international capital markets on Wednesday. The issuance received tremendous response from international investors, attracting orders that peaked at $1.5 billion, meaning that the issue was oversubscribed more than three times. The sukuk has maturity of five years and was priced at spread of 105 basis points + five years US Treasuries. The sukuk will bear a profit rate of 5.25 per cent per annum…

OSCE High Commissioner on National Minorities Kairat Abdrakhmanov met with the leadership of the Organization of Islamic Cooperation (OIC) in Saudi Arabia on 24 June 2024 to discuss tangible ways to reinforce co-operation on issues of mutual interest.Abdrakhmanov discussed conflict prevention, and peaceful resolution of conflicts, mediation, promoting youth and women’s empowerment with the OIC Secretary-General Hissein Brahim Taha and the members of his cabinet. He stressed the importance of multilateral organizations coming together to create opportunities for all to achieve goals common to both organizations. Additionally, they explored approaches to managing diversity in the OSCE and OIC areas, focusing…

France’s government on Wednesday ordered the dissolution of extreme right and radical Muslim groups, four days before the first round of high-stakes legislative elections that may see a surge in support for political extremes. Snap national elections called by pro-business moderate President Emmanuel Macron have plunged the country into a hasty and disorderly electoral race. Immigration, France’s retirement age and taxes emerged as top points of contention as the prime minister and two potential challengers for his job held a televised debate Tuesday night. Interior Minister Gerald Darmanin announced Wednesday that the government ordered the dissolution of multiple extreme-right and…

Bushra Bibi is the third wife of Imran Khan, a former cricketing hero (File)Islamabad: A district and sessions court in Islamabad declined the pleas of former Pakistan Prime Minister Imran Khan, as well as his wife, Bushra Bibi, to suspend their seven-year sentences in the Iddat Case on Thursday, reported Dawn.The verdict, which had been reserved on Tuesday was notably announced by Additional District and sessions judge (ADSJ) Afzal Majoka today.Lawyers, women activists, and members of civil society all harshly condemned the Iddat conviction as a “blow to women’s right to dignity and privacy.”The ruling had been met with protests…

A court had ruled in February that the marriage of the former prime minister and Bushra Bibi violated Islamic law.Islamabad, Pakistan – A court in Pakistan has rejected an appeal by former Prime Minister Imran Khan and his wife to suspend a February ruling that their 2018 marriage violated Islamic law. The decision by the court in Islamabad on Thursday means that Khan and his wife, Bushra Bibi, will remain behind bars. The seven-year jail sentence, handed on February 3, was announced five days before the country’s general elections and followed two other convictions for Khan in separate cases. Both…

Trend expected to continue in 2024–2025 Read more… GCC countries, Malaysia, Indonesia, and Turkiye are increasingly major emerging-market (EM) debt issuers, Fitch Ratings says. In the first five months of 2024, they accounted for 51 per cent of all US dollar debt issued by EMs (excluding China; 2023: 43.7 per cent; 2020: 32.8 per cent). “We expect this growth to continue in 2024–2025, driven by government initiatives to develop the debt capital markets (DCM), diversify funding, finance fiscal deficits, government projects, and maturing debts. Sukuk is also maturing as a key funding and policy tool, accounting for 12.4 per cent…

The International Criminal Court (ICC) on Wednesday convicted Al-Qaida-linked militant leader Ag Abdoul Aziz Ag Mohamed Ag Mahmoud of war crimes and crimes against humanity for his alleged role in terrorizing the civilian population of the Malian city of Timbuktu.The case centered on the 2012-2013 northern Mali conflict, which began with an uprising by the local Tuareg population, and quickly escalated after a military coup created a power vacuum. Islamist groups, including Ansar Dine and Al-Qaeda in the Islamic Maghreb (AQIM), seized control of major northern cities, imposing strict Sharia law and committing human rights abuses. Their southward advance in…

A group representing U.S. special forces warned in a letter this week that the U.S. faces an ultra-high threat of getting hit by a major Islamic terrorist attack because of President Joe Biden’s disastrous foreign policy and open border policies.Special Operations Association of America (SOAA) Chairman Christopher Miller, who served as Acting Secretary of Defense at the end of President Donald Trump’s first term in office, said in a letter that the organization was “gravely concerned by the current heightened risk of terrorist attacks against targets inside the United States and both U.S. and allied interests abroad.”The organization — which…

An exhausted Islamic Relief aid worker* in Gaza confesses the difficulty of staying strong for his children as the situation in Gaza worsens. It has been a long time since my last blog. I’d fallen into a depression, and I really couldn’t write. I remember the last time I sat down to write; it was at the start of the operation in Rafah. Since then, I’d lost hope that our misery would ever end. I’d started believing that we’re destined to endure this suffering for what remains of our lives. I was barely speaking to anyone in the house and…

Mashreq Pakistan, a division of the renowned MENA financial institution Mashreq, has achieved a significant regulatory milestone in its entry into the Pakistani market. The State Bank of Pakistan has granted Mashreq Pakistan an In-Principle Approval (IPA) to launch Islamic banking operations, marking a pivotal moment in the bank’s commitment to ethical and innovative financial solutions aligned with Shariah principles. This approval underscores Mashreq Pakistan’s dedication to enhancing Pakistan’s financial landscape and catalyzing its future growth. In parallel, Mashreq is advancing towards securing a restricted license to commence pilot digital retail banking operations in Pakistan. To commemorate this achievement, Mashreq…

ALMATY, Kazakhstan, June 27. The share of Islamic banks in the total volume of banking assets in Kazakhstan is 195 billion tenge ($419.2 million), the Deputy Chairman of the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market Olzhas Kizatov said, Trend reports. He made the remark during the session “Islamic Finance in Central Asia” within the framework of the Eurasian Development Bank (EDB) business forum in Almaty. “The development of Islamic finance contributes to the increase of financial inclusion and access to Islamic finance for broad segments of the population that cannot use standard instruments.…

Islamabad : A district and sessions court in Islamabad declined the pleas of former Pakistan Prime Minister Imran Khan, as well as his wife, Bushra Bibi, to suspend their seven-year sentences in the Iddat Case on Thursday, reported Dawn.The verdict, which had been reserved on Tuesday was notably announced by Additional District and sessions judge (ADSJ) Afzal Majoka today.Lawyers, women activists, and members of civil society all harshly condemned the Iddat conviction as a “blow to women’s right to dignity and privacy.”The ruling had been met with protests in Islamabad by activists and criticism in Karachi by demonstrators who were…

Jakarta (ANTARA) – Vice President Ma’ruf Amin accentuated that strengthening corporate governance and digitalization is the key to developing the national Islamic insurance industry.”Corporate governance must be improved so that services for consumers can be better. Apart from that, community confidence and literacy as well as digitalization are key to expanding the reach,” he noted in a statement of the Vice President’s Secretariat.He made the statement while delivering his remarks virtually at the launch event of the new logo of PT Reasuransi Syariah Indonesia (ReINDO Syariah) from the official residence of the vice president in Jakarta on Thursday.Amin noted that…

KARACHI: The State Bank of Pakistan (SBP) has granted, In-Principal Approval (IPA), to Mashreq Pakistan to commence digital Islamic banking operations within the country. Mashreq is actively progressing towards acquiring a license from the State Bank of Pakistan to initiate pilot digital retail banking operations in Pakistan. This is step is as per the Mashreq Bank’s commitment to providing ethical, innovative and robust banking system that aligns with the principles of Shariah, thereby contributing to the nation’s financial landscape and becoming a catalyst for its future growth. To mark this momentous occasion, Mashreq Pakistan organized a celebratory event with its…

Tel Aviv [Israel], June 27 (ANI/TPS): The Israel Defense Forces released photos of Palestinian Islamic Jihad rocket specialist Fadi al-Wadiya wearing the terror group’s uniform after Doctors Without Borders confirmed he was a staffer but denied he was a terrorist. Wadiya was killed in an airstrike in northern Gaza on Tuesday while bicycling to work.”A physical therapist by day and a jihadist saboteur by night,” posted the IDF’s Arabic spokesperson, Lt. Col. Avichay Adraee on X, formerly known as Twitter on Wednesday night.Adraee said Wadiya had worked for Islamic Jihad for 15 years helping manufacture rockets, adding that he was…

KUALA LUMPUR, June 27 — The study report by the Special Committee to Review the Competency of the State Legislative Assemblies to Enact Islamic Laws is expected to be completed before the end of the year. Deputy Minister in the Prime Minister’s Department (Religious Affairs) Zulkifli Hasan said the report will be presented to the National Council for Islamic Religious Affairs (MKI) and the Council of Rulers upon completion.Advertising Advertising Zulkifli said the committee has been actively working and has held 22 meetings so far. “The committee will prepare a comprehensive report that includes the study results and perspectives on…

KARACHI: The State Bank of Pakistan (SBP) has granted, In-Principal Approval (IPA), to Mashreq Pakistan to commence digital Islamic banking operations within the country. Mashreq is actively progressing towards acquiring a license from the State Bank of Pakistan to initiate pilot digital retail banking operations in Pakistan. This is step is as per the Mashreq Bank’s commitment to providing ethical, innovative and robust banking system that aligns with the principles of Shariah, thereby contributing to the nation’s financial landscape and becoming a catalyst for its future growth. To mark this momentous occasion, Mashreq Pakistan organized a celebratory event with its…