Author: islamnewsday

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Halal Ingredients Market The global halal ingredients market, valued at USD 327.4 billion in 2022, is on a steady growth trajectory and is expected to reach USD 436.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2032. This growth is propelled by the rising significance of halal dietary and lifestyle systems, distinct from other cultural diets. With the increasing recognition of Muslim halal requirements, the market for certified halal food & beverage, pharmaceuticals, and cosmetics is expanding rapidly. The demand for halal ingredients is surging due to the growing Muslim population that…

A federal appeals court has upheld the conviction of a British national for his role in a hostage-taking scheme by the Islamic State group that tortured and killed Americans and other westerners a decade agoBy MATTHEW BARAKAT Associated PressJune 7, 2024, 4:09 PM ET• 3 min readALEXANDRIA, Va. — A federal appeals court upheld the conviction Friday of a British national for his role in a hostage-taking scheme by the Islamic State group that took roughly two dozen Westerners captive a decade ago.El Shafee Elsheikh was convicted and sentenced to life in prison in 2022 in federal court in Alexandria,…

Eid-ul-Adha is an auspicious festival for the Muslim community as it commemorates the Prophets Ibrahim and Ismail (peace be upon them), especially their sacrifice and obedience to God. Every year, the Muslims of the world celebrate this religious eve with spiritual fervor and zeal. The philosophy and the roots of this event go back centuries ago. Islam as a religion of peace and harmony prevails Muslim brotherhood, a sense of sacrifice, steadfastness, resilience and endurance through this holy festival. As commemorating the traditional event in Islam, Muslims are ready to celebrate Eid-ul-Adha 2024 with profound religious significance. The Muslims sacrifice…

Seeing the crescent is possible from all countries of the Islamic world, with the moon from the Arab regions appearing relatively large after sunset on Friday, June 7 Read more… Image used for illustrative purposes. Photo: File Published: Fri 7 Jun 2024, 3:55 PM Last updated: Fri 7 Jun 2024, 11:43 PM India and Pakistan have announced the first day of Eid Al Adha 2024 after the crescent moon was spotted in the respective countries. According to Pakistan media, the Central Ruet-e-Hilal Committee announced that the moon of Dhul Hijjah has been sighted on Friday, June 7. Accordingly, the first…

State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWashington D.C.West VirginiaWisconsinWyomingPuerto RicoUS Virgin IslandsArmed Forces AmericasArmed Forces PacificArmed Forces EuropeNorthern Mariana IslandsMarshall IslandsAmerican SamoaFederated States of MicronesiaGuamPalauAlberta, CanadaBritish Columbia, CanadaManitoba, CanadaNew Brunswick, CanadaNewfoundland, CanadaNova Scotia, CanadaNorthwest Territories, CanadaNunavut, CanadaOntario, CanadaPrince Edward Island, CanadaQuebec, CanadaSaskatchewan, CanadaYukon Territory, Canada Zip Code Country United States of AmericaUS Virgin IslandsUnited States Minor Outlying IslandsCanadaMexico, United Mexican StatesBahamas, Commonwealth of theCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory South of 60 deg S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic…

ALEXANDRIA, Va. (AP) — A federal appeals court upheld the conviction Friday of a British national for his role in a hostage-taking scheme by the Islamic State group that took roughly two dozen Westerners captive a decade ago.El Shafee Elsheikh was convicted and sentenced to life in prison in 2022 in federal court in Alexandria, Virginia. His jury trial established that he was one he was one of the notorious “Beatles,” captors nicknamed for their accents and known for torturing and beating prisoners.Elsheikh appealed his conviction. He argued that confessions he gave in media interviews after his capture in 2018…

ALEXANDRIA, Va. (AP) — A federal appeals court upheld the conviction Friday of a British national for his role in a hostage-taking scheme by the Islamic State group that took roughly two dozen Westerners captive a decade ago. El Shafee Elsheikh was convicted and sentenced to life in prison in 2022 in federal court in Alexandria, Virginia. His jury trial established that he was one he was one of the notorious “Beatles,” captors nicknamed for their accents and known for torturing and beating prisoners. Elsheikh appealed his conviction. He argued that confessions he gave in media interviews after his capture…

Eid 2024 Moon Sighting (Photo Credits: X/@HaramainInfo) Mumbai, June 7: Eid al-Adha, also known as Eid Ul Azha, Bakrid and Bakra Eid, is one of the two major Islamic festivals celebrated across the world by Muslim community. Eid al-Adha is observed on the 10th day of Dhul Hijjah, the twelfth and final month in the Islamic calendar. As Dhul Hijjah 1445 begins in Saudi Arabia, revelers have started searching for “Eid al Adha 2024 date” online. Scroll down to know when is Bakrid in Saudi Arabia. To those who don’t know, each Islamic month lasts for 29 or 30 days, depending on the moon…

BAKU, Azerbaijan, June 7. At the new stage of our country’s development, on the initiative of the head of our state, large-scale reforms and updates are being carried out in the religious and educational spheres. In particular, significant efforts are being made to restore and develop our national traditions and values, honor the memory of our ancestors, and beautify holy places, shrines, and mosques. These initiatives aim to strengthen the spiritual and cultural fabric of our society, ensuring that our heritage is preserved and passed down to future generations. Since 2017, several new religious educational institutions have been established, including…

TEMPO.CO, Jakarta – Australia and Indonesia, through its Ministry of Education, Culture, Research, and Technology, Ministry of Religious Affairs, and the National Development Planning Agency (Bappenas) launched INOVASI on Thursday as part of their partnership in the education sector. This program, “Inovasi untuk Anak Sekolah Indonesia” or “Innovation for Indonesian Schoolchildren” is aimed at supporting elementary school learning in Indonesia.The third phase of the INOVASI program will support the implementation and launch of education reforms and priorities. Madelaine Moss, Minister-Counsellor for Governance and Human Development, Australian Embassy, said that her side is enthusiastic about expanding partnerships in education and elementary schools…

55 On the eve of essentially the most essential elections for the reason that start of the European Union, the Türkiyewhich has been making an attempt to hitch the EU for years, has obtained a setback from the nation which has at all times opposed its entry in addition to essentially the most influential of the 27: the Germania. Which can also be the European nation that has had essentially the most populous group of the Turkish diaspora for many years. And most of those immigrantstogether with ladies, when she goes to the embassies to deposit the poll with the…

The domestic institutions were seen increasingly net buyers as the 20-stock Qatar Index surged 2.29% this week Expectations of rate cut by Federal Reserve as well as the Bank of Canada, the European Central Bank, and the Central Bank of Denmark’s decision to cut the policy rates had their reflection on the Qatar Stock Exchange (QSE), which saw its index gain 213 points and capitalisation enhance in excess of QR11bn this week.The domestic institutions were seen increasingly net buyers as the 20-stock Qatar Index surged 2.29% this week which saw Qatar’s purchasing managers’ index in May 2024 find that non-energy…

By Kisho Kumari Sucedaram KUALA LUMPUR, June 7 (Bernama) —  The newly launched Malaysia International Islamic Finance Centre (MIFC) Leadership Council (MLC) Position Paper holds the key to ushering in a new era of growth and burgeoning potentials in Islamic finance against the backdrop of the sector that makes up one per cent of global financial assets of US$450 trillion (US$1=RM4.69).  MLC chairman Tan Sri Azman Mokhtar stressed Malaysia’s pivotal role in this narrative, highlighting the nation’s significant and huge potential for expansion within the global Islamic finance landscape. “It is also in this context that this position paper has three principal objectives, namely first, to take stock…

Saudi Arabia spotted the Dhul Hijjah Moon on Thursday, but others were yet to see the crescent — here’s a list Read more… Published: Fri 7 Jun 2024, 4:20 PM Last updated: Fri 7 Jun 2024, 4:25 PM The Islamic festival of sacrifice — Eid Al Adha — is set to begin next week for millions of Muslims around the world. The exact date, however, may be different by one to two days from one country to another, depending on when the crescent Moon was spotted. Saudi Arabia on Thursday announced that the Moon — which signalled the start of…

He’s been a regular at pro-Palestinian protests around Tampa: the stocky man with a neatly trimmed and greying beard.Over the past six months, he’s led chants demanding that the University of South Florida divest from Israeli-linked companies. He’s handed out home-made signs calling for the end of Israel’s war with Hamas. He’s led prayers for peace and freedom for the people of Gaza.Hatem Naji Fariz, 51, is respected among other rally organizers. For local law enforcement, he’s considered a trusted member of Tampa’s Muslim community. But buried in decades-old court records, among the hundreds of pages of phone calls transcribed…

(Last Updated On: )Ahead of the third Doha meeting on Afghanistan, a group of international organizations advocating for human rights have written to the United Nations that the rights of women and girls in the country are “not negotiable.” Eleven organizations including Amnesty International and Human Rights Watch are the signatories of the letter released by the NGO Working Group on Women, Peace and Security. In the letter, they stated that the space for women and girls to make their own decisions and live their lives gets smaller every day, adding that the international community’s approach to Afghanistan has failed…

  Why Islamic banks pay consistent returns? When it’s based on profit and loss sharing why they never share losses? How is this Islamic? How can an Islamic bank which is actually in loss, pay consistent profit to their depositors? These are some of the many questions raised against Islamic banks nowadays. We will try to find out answers to these question based on the Shariah guidelines, Islamic banks’ business model and their risk mitigation techniques used for that matter.   Profit and Loss Sharing At the core of Islamic banking principles lies the concept of profit and loss sharing…

The Crescent for the month of Dhul Hijjah 1445 has been reportedly sighted; it was seen today, Thursday, June 6The Supreme Court of Saudi Arabia disclosed this on Thursday, via a statement and noted that the month of Dhul Hijjah 1445 will begin tomorrow Friday, June 7, 2024Eid Al Adha, the biggest Islamic festival falls on the 10th of Dhu Al Hijja, the 12th and final month of the Islamic calendarLegit.ng journalist Esther Odili has over two years of experience covering political parties and movements.On Thursday, June 6, the Supreme Court of Saudi Arabia announced the sighting of the crescent…

As dawn broke on Thursday, Haitham Abu Ammar combed through the rubble of the school that had become a shelter to him and thousands of other displaced Gazans. For hours, he helped people piece together the limbs of the ones they loved.“The most painful thing I have ever experienced was picking up those pieces of flesh with my hands,” said Mr. Abu Ammar, a 27-year-old construction worker. “I never thought I would have to do such a thing.”Early on Thursday, Israeli airstrikes hit the school complex, killing dozens of people — among them at least nine militants, the Israeli military…

The Central Bank of Nigeria (CBN) has revealed that the financial sector will witness more Islamic banking. The CBN Governor, Mr. Olayemi Cardoso disclosed this in Abuja at a reception in honour of the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre (OIC-AC), Dr. Umar Oseni, organised by his mentees. Cardoso, who was represented by Director Legal Services, CBN, Mr Kofo Salam-Alada, explained that when the idea of Islamic banking was first initiated, naysayers thought it was an attempt to ‘Islamise’ the country or the financial sector. He said ironically, most people did not know that the first person who spearheaded…

Fitch Ratings has said that the Islamic banking market share was sizeable but had been stagnant over the past two years, accounting for just over a quarter of the sector by industry deposits (end-2023: 25.3%; end-2022: 25.8%) and financing (end-2023: 28.9%; end-2022: 29.2%). Islamic banks’ liquidity-coverage ratio (LCR) tumbled to 58.7% at end-Q323 (end-2022: 87.7%; end-2021: 188.5%), below the 100% regulatory requirement and the 154.6% industry average LCR. “This is partly due to the flight of deposits, governance issues and more lax prudential requirements for Islamic banks. However, liquidity profiles are showing signs of improvement, with some stabilization possible in…

The Islamic Development Bank Institute (IsDBI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) signed a Grant Agreement to collaborate towards advancing Islamic finance and its role in sustainable economic development. This strategic partnership focuses on evaluating the economic progress of five select member countries of the Organization of Islamic Cooperation (OIC) in specific areas critical to both Islamic finance and sustainable development. The project will delve into the experiences and achievements of leading OIC countries in achieving sustainable economic growth. Key areas of exploration include climate change mitigation, women and youth empowerment initiatives, digitalization advancements, and…

AlHuda CIBE UAE, a leading Islamic Finance Advisory, consultancy, research, capacity building and Shariah services provider institution, announced the establishment of a dedicated Talent Acquisition Platform. This initiative aims to address the growing demand for qualified and Shariah-compliant human resources within the global Islamic finance industry. The Islamic finance industry has witnessed significant growth in recent years, driven by rising demand for ethical and Shariah-compliant financial solutions. However, this rapid expansion has exposed a critical gap in the talent pool. There’s a shortage of qualified professionals who possess both the technical expertise and the requisite understanding of Islamic finance principles…

The Supreme Court of Saudi Arabia announced that the crescent moon of Dhu al-Hijjah was sighted on Thursday evening, June 6. Consequently, Friday, June 7, will mark the beginning of Dhu al-Hijjah, the final month of the Islamic calendar. After astronomical observatories spotted the crescent moon, the official Saudi Press Agency (SPA) said, “The Supreme Court determined that Dhu al-Hijjah, the 12th and final month of the Islamic calendar, would begin on Friday.” Following this development, the authorities from the land of the Two Holy Mosques confirmed that the Hajj pilgrimage would commence on June 14. Also read: Eid Ul…