Author: islamnewsday

  There is a higher capital requirement to support Nigeria’s Islamic Finance industry growth while Islamic banks’ lower capital requirements compared to conventional banks could provide an advantage, with lower barriers to entry, it is expected their market share to remain below 2% as conventional banks are likely to grow faster Fitch Ratings expects the Islamic finance sector in Nigeria to continue growing over 2024–2025, driven by the anticipated increase in equity issuance for Islamic banks to comply with the Central Bank of Nigeria’s (CBN) significantly increased paid-in capital requirements. While Islamic banks’ lower capital requirements compared to conventional banks…

Eight Tajikistan nationals with suspected ties to ISIS were arrested across three U.S. cities in recent days. Pictured: Border fencing is shown near the banks of the Rio Grande in El Paso, Texas, April 2. (Photo: Brandon Bell/Getty Images) Eight Tajikistan nationals with suspected ties to the Islamic State were arrested across three U.S. cities in recent days.  All eight men entered the U.S. illegally through the southern border and passed initial background checks, according to federal sources that told Fox News the men were “fully vetted.” But passing a background check often does not mean much, according to Thomas…

A large number of Muslim pilgrims have arrived in Mecca, Saudi Arabia, as the pious annual Islamic pilgrimage, Hajj, begins today, Friday. Several Muslim pilgrims visit the city every year during the Hajj pilgrimage to begin their journey of faith and spirituality along a route taken by the Prophet Muhammad.Nearly, 1.5 million pilgrims came to the city on Tuesday to join Hajj pilgrimmage, set to begin on Friday, reported AP citing Saudi authorities. The number of pilgrims is likely to grow in the coming months as hundreds of thousands of Saudis and others living in Saudi Arabia will also join…

More than three decades after his death, the shadow of Ayatollah Ruhollah Khomeini is still cast into the deepest corners of Iran. The man who founded the Islamic Republic of Iran after the overthrow of Shah Mohammad Reza Pahlavi in 1979 led the country for its first decade, transforming a 1,300-year-old monarchy into a country ruled by Sharia law, the ayatollahs, and a formidable military – the Islamic Revolutionary Guard Corps.After the Shah fled into exile, the fledgling republic turned its back on the Western-leaning outlook of its former monarch, and Khomeini oversaw the descent into a fiercely religious…

A Blackburn Islamic school’s pupils were described as ‘polite, courteous and thoughtful’ by Ofsted inspectors during a recent inspectionNoorul Uloom Secondary School, based in Park Lee Road, was rated ‘Good’ with outstanding features following an Ofsted inspection in May.The independent Islamic school for 146 girls was also described as ‘extremely ambitious for its pupils’ by inspectors.The report said: “Pupils thrive at this happy and welcoming school. They enjoy highly positive and warm relationships with each other and with staff.“They benefit greatly from the strong pastoral care that they receive to guide and nurture them should they need additional help and support. Pupils…

Bank of Khyber (BoK) proudly announces the inauguration of the very first women-centric Islamic Banking branch in Khyber Pakhtunkhwa. This pioneering branch is strategically located in Deans Heights, Phase 2, Hayatabad, Peshawar, and has been opened under the umbrella of BoK Islamic Banking Group (IBG). Ali Khan Arbab, Group Head Islamic Banking (A), stated that it is a space where women can feel comfortable and supported as they manage their finances; while ensuring they have access to the best Riba Free & Shariah Compliant Islamic financial products and services that fit their unique needs and dreams. The State Bank of…

Noorul Uloom Secondary School, based in Park Lee Road, was rated ‘Good’ with outstanding features following an Ofsted inspection in May. The independent Islamic school for 146 girls was also described as ‘extremely ambitious for its pupils’ by inspectors. The report said: “Pupils thrive at this happy and welcoming school. They enjoy highly positive and warm relationships with each other and with staff. “They benefit greatly from the strong pastoral care that they receive to guide and nurture them should they need additional help and support. Pupils behave with unwaveringly high levels of respect for each other and adults. “They are exceptionally…

As the United Nations Climate Change Conference in Bonn, Germany, approaches its conclusion, Islamic Relief’s Senior Policy Advisor for Poverty Reduction, Jamie Williams, has shared his latest thoughts from the event. Islamic Relief is growing more worried about the breakdown of international cooperation and the decline of global unity. As the world becomes more divided, the race for resources and influence among powerful nations is weakening global governance. This is happening just when we desperately need solutions to tackle inequality and the climate crisis. At the Bonn Climate Change Conference, we are seeing this at first hand. Islamic Relief has…

The terror attack which claimed the lives of eight people in New York City was carried out “in the name of IS”, police say.NYPD deputy commissioner of counter-terrorism John Miller said it appeared suspect Sayfullo Habibullaevic Saipov planned the truck rampage for several weeks.He added that as well as being found with two imitation firearms and “multiple knives”, the 29-year-old Uzbek national left handwritten notes at the scene which said “Islamic State will endure forever”.Saipov has never before been the subject of an NYPD or FBI investigation but “has some connectivity” with subjects under investigation, Mr Miller said.:: How the…

A large number of Muslim pilgrims have arrived in Mecca, Saudi Arabia, as the pious annual Islamic pilgrimage, Hajj, begins today, Friday. Several Muslim pilgrims visit the city every year during the Hajj pilgrimage to begin their journey of faith and spirituality along a route taken by the Prophet Muhammad. Also Read : Top events today: PM Modi in Italy for G7 Summit, Hajj begins, Brightcom Group shares suspended from BSE, NSE & more Nearly, 1.5 million pilgrims came to the city on Tuesday to join Hajj pilgrimmage, set to begin on Friday, reported AP citing Saudi authorities. The number…

Speaking during a meeting with a delegation of journalists representing Arab, Islamic and international news agencies, Al-Issa emphasized that this exhibition and museum, based in Medina and having chosen the city of Rabat as the first stop on their world tour, had aroused the admiration of a large public who had come in droves to discover the Prophet’s biography. This exhibition, which highlights the Prophet’s biography through modern techniques in line with today’s society’s evolutions, aims to celebrate the values of peace and tolerance advocated by the Prophet, as well as to respond to extremist ideas based on fallacious interpretations,…

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Dr Muhammad Saleem, Additional Director, Financial Inclusion Support Department, SBP (R) and Managing Director (A) and CFO, BoK (C)inaugurates the first women-centric Islamic banking branch in Khyber Pakhtunkhwa on June 13, 2024. — Facebook/Bank of KhyberPESHAWAR: The Bank of Khyber (BoK) on Thursday inaugurated the first women-centric Islamic banking branch in Khyber Pakhtunkhwa. Dr Muhammad Saleem, Additional Director, Financial Inclusion Support Department, SBP, and Irfan Saleem Awan, CEO and Managing Director (A) and CFO, BoK, inaugurated the branch. Tahir Naeem, Additional Director Exchange Policy Department, SBP; Shaharyar Khan, Chief Manager BSC SBP, Peshawar; Muhammad Haroon, DCM BSC SBP, Peshawar; Ali…

Roundtable discussion and networking session hosted by the Malaysian Embassy in Qatar sees promising potential following talks with Qatari officials, industry leaders and acdemiciansKUALA LUMPUR – June 12, 2024 — Duopharma Biotech Berhad (“Duopharma Biotech” or “the Company”) sees promising potential for collaboration following a roundtable discussion and business networking session in Doha, Qatar recently, hosted by the Embassy of Malaysia, Doha.The Duopharma Biotech team was led by Group Managing Director Leonard Ariff Abdul Shatar, and included key personnel from the Company’s International Business and Halal & Government Relations departments. On the Qatari side, the event was attended by officials…

The number of tourists is growing in Saudi Arabia in recent years. Love to spend quality time there and more and more people plan their trip to Saudi Arabia. Some of them visit alone while others believe in family adventure. What’s common among them is their interest in exploring historical sites. Saudi Arabia always prefers keeping mysteries of previous civilizations. Therefore, it offers a collection of sites that reflect the dynamic history of Arabs. This is what attracts visitors the most. The same goes with pilgrims as well. Therefore, Umrah Packages 2025 support custom tours to historical sites for pilgrims.…

Srinagar: Urs of Hazrat Mir Syed Ali Hamdani (RA) popularly known as Shah-e-Hamdan (RA) was observed with religious fervour on Thursday across Kashmir.The largest congregation was held at Khanqah-e-Moula in Downtown here. During the Urs, the devotees prayed for prosperity of Kashmir. Scholars highlighted the contribution of Mir Syed Ali Hamdani (RA) in spreading Islam in Kashmir.Hundreds of devotees including women, children, and elderly thronged the shrine throughout the day. The largest gathering at the shrine was witnessed during Zuhr prayers where thousands of people gathered to offer congregational prayers.The devotees recited Naat and verses from holy Quran during the…

As the calendar pages turn to the evening of Friday, July 5, 2024, at precisely 6:57 PM EDT, the skies will host the new Moon phase, where the Moon finds itself nestled between the Earth and the Sun, hidden from our view on Earth. This celestial event also heralds the commencement of new months across various lunisolar calendars. The sixth month of the Chinese year of the Dragon begins on Saturday, July 6. The same sunset will usher in the Hebrew month of Tammuz. For Islamic communities, the months generally begin with the first glimpse of the waxing crescent Moon,…

The main building of the Faysal Bank can be seen in this image in Shahrah-e-Faisal on June 10, 2013. — Facebook/Habib Fida Ali, ArchitectsKARACHI: Faysal Islami Currency Exchange Company (FICEC), a wholly owned subsidiary of Faysal Bank Ltd (FBL) officially commenced operations in ten cities, a statement said on Thursday. The bank said that this “marks a significant development for Pakistan’s financial sector.” The wholly owned exchange company was established with an initial paid-up capital of Rs1 billion.President & CEO of FBL Yousaf Hussain said, “The establishment of the FICEC is a testament to our unwavering commitment to excellence and…

Makkah Al Mukarramah, June 13 (QNA) – The Qatari Hajj Mission hosted the campaigners at its headquarters in Makkah Al Mukarramah, within the framework of coordinating efforts, strengthening communication ties, and exchanging views on the Hajj season and the requirements for its success, before Qatar’s pilgrims head Friday morning to the Mina camps to spend the day of Tarwiyah and overnight there, in preparation for their departure on Saturday to Arafat. HE Minister of Endowments and Islamic Affairs and Head of the Qatari Hajj Mission Ghanem bin Shaheen Al Ghanim met the 19 campaigners and listened to their opinions and…

MINNEAPOLIS (AP) — A Minnesota man who once fought for the Islamic State group in Syria after becoming radicalized expressed remorse and wept in open court Thursday as he was sentenced to 10 years in federal prison. Abelhamid Al-Madioum, 27, cooperated with federal authorities ahead of Thursday’s hearing, which prosecutors factored into their recommendation for a lower sentence than the statutory maximum of 20 years. U.S. District Judge Ann Montgomery said among the cases she has presided over in her 40 years on the bench, Al-Madioum’s was “extraordinary.” She cited his confounding path from a loving Minnesota home to one…

This weekend is a big one in the Islamic calendar, with Eid al-Adha celebrations set to be held across the country. Here’s why you might be hearing people say “Eid Mubarak!” over the coming days. When is Eid al-Adha in 2024?The Day of Arafah is on Saturday, June 15. That means Eid al-Adha is on Sunday, June 16. That’s according to a declaration made by the Grand Mufti of Australia, Ibrahim Abu Mohamad.Dr Mohamad’s announcement said the date was chosen in line with the celebration in Saudi Arabia.His statement said he and the Australian Fatwa Council were “conscious of keeping the Muslim community united,…

FILE – This image provided by the Sherburne County Jail in Elk River, Minn., shows Abelhamid Al-Madioum, a Minnesota man who once fought for the Islamic State group in Syria. Al-Madioum expressed remorse and wept in open court Thursday as he was sentenced to 10 years in federal prison. (Sherburne County Jail via AP, File) MINNEAPOLIS (AP) — A Minnesota man who once fought for the Islamic State group in Syria after becoming radicalized expressed remorse and wept in open court Thursday as he was sentenced to 10 years in federal prison. Abelhamid Al-Madioum, 27, cooperated with federal authorities ahead…

FILE – This image provided by the Sherburne County Jail in Elk River, Minn., shows Abelhamid Al-Madioum, a Minnesota man who once fought for the Islamic State group in Syria. Al-Madioum expressed remorse and wept in open court Thursday as he was sentenced to 10 years in federal prison. (Sherburne County Jail via AP, File) MINNEAPOLIS (AP) — A Minnesota man who once fought for the Islamic State group in Syria after becoming radicalized expressed remorse and wept in open court Thursday as he was sentenced to 10 years in federal prison. Abelhamid Al-Madioum, 27, cooperated with federal authorities ahead…

WASHINGTON —  Eight people from Tajikistan with suspected ties to the Islamic State group have been arrested in the United States in recent days, according to multiple people familiar with the matter.The arrests took place in New York, Philadelphia and Los Angeles and the individuals, who entered the U.S. through the southern border, are being held on immigration violations, said the people, who were not authorized to discuss the ongoing investigation by name and spoke to The Associated Press on condition of anonymity.The nature of their suspected connections to the IS was not immediately clear, but the individuals were being tracked…

Mahmudh is a farmer in rural Sri Lanka, living with his wife and adult son. The family rarely enjoys meat, with it being both prohibitively expensive and difficult to find in their area.“Meat holds a special significance for us as it’s considered a ‘rich’ food,” Mahmudh explains. “Although we would love to consume meat more frequently, our financial difficulties prevent us from doing so. I make an effort to buy meat every Friday but there are times when I am unable to do so,” the 65-year-old says.Along with cultivating his one-acre paddy field, Mahmudh also works as a day labourer…