Author: islamnewsday

The ‘S’ in ESG (environmental, social and governance) often takes a back seat to the other two pillars. However, the pandemic and recent existential threats of inequality and polarisation have thrust it into the limelight, emphasising its critical importance in keeping the social fabric worldwide intact. In the quest to address these societal challenges, securing adequate capital is essential to making impactful progress. According to Oxfam’s estimates, ending extreme hunger requires annual investments of US$37bil until 2030. Additionally, a further US$525bil, equivalent to 0.7 percent of global gross domestic product (GDP), must be committed every year to construct 300 million…

Environmental, social and governance (ESG) considerations are now at the forefront of investment decision-making, prompting a convergence with Islamic finance, a sector that has long prioritised ethical and socially responsible practices. The Star reported (May 9) that Malaysia will remain the biggest Islamic banking market in Asia-Pacific, accounting for about two-thirds of the sector’s total assets of about US$400bil. Rizal: AZAM represents the latest offering from Alliance Islamic Bank’s social financing model. It combines the principles of Islamic finance and social impact to uplift and empower the asnaf community.In a statement by S&P Global Ratings, the credit rating agency said…

By Anna IrreraLONDON (Reuters) -Wahed Inc, a U.S.-based Islamic-finance fintech startup backed by Saudi Aramco, will acquire Niyah Ltd, a British company that runs a digital banking app designed for the Muslim community, the companies said on Thursday.Wahed hopes the acquisition will enable it to broaden its offering and eventually become a one-stop-shop for Islamic law-compliant digital financial products and services, it said.The financial terms of the deal were not disclosed.Launched in 2017, Wahed runs an online investment management platform in the United States which ensures its portfolio does not include investments in companies in restricted sectors such as gambling,…

The home of accused ISIS supporter Jibreel Pratt, 25, on May 28, 2024, in Detroit, Michigan. (Clarence Tabb Jr./The Detroit News/TNS) DETROIT (The Detroit News/TNS) — A Detroit man pledged allegiance to the Islamic State, pitched himself as the terror group’s next-generation leader and vowed to help kill as many non-Muslims as possible during a series of incriminating messages he unwittingly exchanged with an FBI informant, according to federal prosecutors. Jibreel Pratt, 25, stockpiled weapons and battlefield gear, tried to obtain advanced missile technologies and acquire explosive devices — including suicide drones, and remote-controlled cars, prosecutors alleged. He also offered…

YEREVAN, MAY 31, ARMENPRESS. Iranian politician Ali Larijani, a prospective heavyweight candidate, jumped into the presidential contest after submitting his application on Friday, Tasnim news agency reports. The registration process for the 14th round of Iran’s presidential election got underway at the Interior Ministry headquarters in Tehran on Thursday. On Friday morning, Ali Larijani registered as a presidential hopeful, arousing enthusiasm amongst his supporters, the report adds. The sophisticated official has had many posts after the victory of the Islamic Revolution, serving as the Minister of Culture, President of the Islamic Republic of Iran Broadcasting, member of the Expediency Council,…

A couple of weeks ago, we explained why non-Muslims should tap into the Islamic fintech space. It’s projected to grow to US$128 billion (RM536 billion) by next year and will be worth about US$5 trillion by 2030, based on our Ministry of Communications’ report.  The truth is that despite its name, Islamic fintech is actually agnostic in nature. But how so? We got to hear the explanation from experts in the industry during NEXEA’s recent Disrupt Invest Summit. Ruslena Ramli, the Director of Digital Finance and Islamic Digital Economy at MDEC, moderated the stage and picked the brains of: How…

AS Malaysia pursues its goal of achieving high-income status, the nation confronts a spectrum of complex policy objectives. Key among these is fostering robust economic growth to elevate household incomes and expand the middle class. Simultaneously, Malaysia is tasked with addressing the pressing challenges of climate change and environmental sustainability. These critical priorities are highlighted in the 12th Malaysia Plan and the Madani Economy framework, necessitating substantial investments and mobilising public and private capital. Traditional economic policies have not fully addressed social development and justice. In Malaysia, Islamic finance has taken centre stage toward contributing to meaningful socioeconomic impact. The…

Home » Diplomacy » Spanish PM meets Arab-Islamic delegation for Gaza Posted By: Gopi May 29, 2024 Madrid, May 30 (SocialNews.XYZ) Spanish Prime Minister Pedro Sanchez held a meeting on Gaza with a delegation of the Ministerial Committee commissioned by the Joint Arab-Islamic Extraordinary Summit here, a day after Spain’s official recognition of Palestinian statehood. The delegation thanked Spain for the “historic and courageous” step that the recognition of a Palestinian state represents at this time. It is not just a symbolic step, but one that keeps alive the idea of the two states, the delegation said on Wednesday, according…

By (Wam) Published: Tue 30 Jul 2013, 2:00 AM Last updated: Sat 4 Apr 2015, 9:18 AM As patron of the Award, Shaikh Mohammed welcomed the prominent Indian scholar at Zabeel Palace and presented him with the honour. Shaikh Mohammed congratulated Dr Naik for adopting calm dialogue, proof-based method of persuasion in preaching and promoting Islam as a religion of mercy and tolerance.Shaikh Mohammed marvelled at Dr Naik’s intellectual and spiritual merits which enable him to memorise and interpret the Holy Quran. He also praised him for deep understanding of the divinely-revealed Books and for his valuable books.Dr Naik paid…

KUALA LUMPUR, May 31 ― Shared prosperity. Inclusiveness. Anti-profiteering. Fair, ethical and sustainable trade. Advertising Advertising These are what advocates of the Islamic economy say are the core tenets of an egalitarian economic system that is guided by the “higher goals” of shariah (maqasid shariah) which puts preservation of life, social well-being and environmental protection above profits. Maqasid is Arabic for objective or purpose and Islamic economists say the overarching aims of the shariah is achieving public good and preventing harm to individuals and society. So why is Islamic economics still ancillary to conventional free-market theories that are centralised on…

The deadly Israeli bombings on Sunday May 26, 2024 against a displaced persons camp in Rafah left at least 45 dead and 249 injured, according to local authorities. Since then, Israel has pleaded the tragic mistake, but this attack infuriated Cairo. At the heart of the negotiations since October 7, 2023, Egypt is trying as best it can to make its voice heard for a two-state solution. Caught between its trade agreements and the anger of the streets, al-Sissi’s government is trying to have it both ways. For its part, Turkey, which broke off all commercial relations with Israel a…

A couple of weeks ago, we explained why non-Muslims should tap into the Islamic fintech space. It’s projected to grow to US$128 billion (RM536 billion) by next year and will be worth about US$5 trillion by 2030, based on our Ministry of Communications’ report.  The truth is that despite its name, Islamic fintech is actually agnostic in nature. But how so? We got to hear the explanation from experts in the industry during NEXEA’s recent Disrupt Invest Summit. Ruslena Ramli, the Director of Digital Finance and Islamic Digital Economy at MDEC, moderated the stage and picked the brains of: How…

Zubair Qureshi Former Executive Director of LokVirsa and eminent researcher and academician, Uxi Mufti on Thursday paid rich tributes to Maj Gen (R) Muhammad Tahir for penning down a book on Islamic Sufism tracing its origin and evolution and advocating its contribution to spread of Islam in various parts of the world. He was addressing as Chief Guest the book launching ceremony. Former Chairman of the Pakistan Academy of Letters (PAL) and the senior renowned Urdu poet IftikharArif presided over the ceremony. The book launch organized by the Nazriya Pakistan Council (NPC) at the Aiwan-e-Quaid, Fatima Jinnah Park was…

In a major move, the Reserve Bank of India (RBI) has decided not to pursue a proposal for introduction of Islamic banking in the country. Replying to an RTI query, the central bank said the decision was taken after considering “the wider and equal opportunities” available to all citizens to access banking and financial services. Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The issue of introduction of Islamic banking in India was examined by the RBI and the government of India, it said. “Taking into account,…

Global experts from the health and financial sectors emphasised the critical role of Islamic finance in transitioning the economy towards net zero global commitments. A panel session name ‘A Just Transition towards a Shared Future’ at the Global Forum of Islamic Economics and Finance (GFIEF) explored the relationship between economic growth, inclusion, and climate action and the role of Islamic finance in driving the energy transition journey. Sunway Centre for Planetary Health Professor and Director Tan Sri Dr. Jemilah Mahmood spoke about the urgency of addressing climate change and the inequality it exacerbates, calling for a mindset change when financing…

Politics By Victor Nava Published May 29, 2024, 11:24 p.m. ET Iranian Supreme Leader Ayatollah Ali Khamenei – known for brutally suppressing demonstrations in the Islamic Republic –  expressed his support on Wednesday for anti-Israel protesters on US college campuses, claiming they are “on the right side of history.” “Dear university students in the United States of America, you are standing on the right side of history,” the 85-year-old radical cleric posted on X.  “You have now formed a branch of the Resistance Front and have begun an honorable struggle in the face of your government’s ruthless pressure – which…

Bank of Maldives (BML) has launched a new promotion for BML Islamic customers. The country’s national bank announced the new promotion for BML Islamic customers on Wednesday. BML revealed that a lucky draw will be taken among the customers who apply for BML Islamic credit cards and get approved, during the promotion period. A grand winner will be selected through the lucky draw, which promises a cash prize of MVR 25,000 at the end of the promotion. The bank revealed that customers may apply for BML Islamic Amex Credit cards via Internet banking or on the mobile app. The promotion…

– Advertisement – By Arul Louis New York– The Islamic State terrorist organisation has issued an ominous threat against the T20 World Cup match between India and Pakistan to be held here next month and New York officials said on Wednesday that they are heightening security. New York Governor Kathy Hochul said that she has “directed the New York State Police to engage in elevated security measures, including an increased law enforcement presence, advanced surveillance, and thorough screening processes”. Bruce Blakeman, the head of Nassau County, bordering New York City, where the match will take place, said: “We make sure…

The 2024 Muslim International Film Festival counters stereotypical portrayals of Islam in Western cinema. Here are the festival highlights, chosen by TNA The UK Muslim Film charity has launched its inaugural Muslim International Film Festival (MIFF) in London to spotlight this year’s most commendable films and filmmakers, showcasing the breadth and depth of Muslims worldwide. From the UK to Morocco, Jordan, and Palestine, the program features an eclectic mix of features and short films, as well as industry panels and events, for patrons to attend at Odeon Luxe Leicester Square from Thursday, May 30th to Sunday, June 2nd. “We are…

Stack’s Bowers Galleries announces a special auction in September 2024 focused on Islamic and Central Asian coinage. Anchored by a large selection of historical coinage from Persia, this sale promises to offer seldom seen Islamic issues from diverse rulers that span nearly the entire history of Islamic coinage. Classical types from the Umayyad, Abbasid, and Ottoman Caliphates are well represented, as are more localized issues of the Mamluks, Seljuks, Qajars, and Pahlavis, with several rare and seldom seen issues. In addition to Islamic material, several interesting pre-Islamic and ancient issues are featured, with charming Parthian and Sassanian pieces, along with…

Coming to a Neighborhood Near You: Islamic Executions Edited by: Fern Sidman In recent years, Western countries have faced a surge in immigration from regions plagued by conflict and extremist ideologies. While the humanitarian imperative to offer refuge is strong, it is crucial to understand the potential consequences of importing individuals whose beliefs and practices starkly contrast with the principles of human rights and equality that underpin Western societies. The following case from Syria in 2015 starkly illustrates the severe risks involved. In a harrowing video from 2015, a member of Al-Nusra Front, the Syrian branch of al-Qaeda, publicly executed…

Srinagar, May 30s: The Department of Economics in collaboration with the Internal Quality Assurance Cell (IQAC) of Srinagar Women’s College Batpora, Zakura, organized a three day workshop on “Econometrics and Its Applications in Social Sciences” from 28th May to 30th May 2024. The worthy principal, Prof. Tehmina Yousuf, delivered the inaugural address where he highlighted the importance of research and faculty and encouraged research scholars to participate in such academic activities. The workshop was coordinated by Dr. Aijaz Ahmad Bhat, Assistant Professor, Department of Economics, and Dr. Shazia Shafiq Associate Professor, Department of History. The primary objective of the workshop…

Monroe residents voiced their opinions on the proposed building to replace the current Monroe-Woodbury Islamic Center on Orange Turnpike, during the May 28 Monroe Village Planning Board meeting. To accommodate the anticipated larger crowd, the meeting was held in Monroe Town Hall. Ryan Nasher, the project engineer, provided an overview of the proposed plan for a 20,400-square-foot building and noted that changes were made to the plans to address concerns regarding traffic, landscaping, and lighting. He explained that the mosque has been at its current location since 2015 and the new building is necessary to meet the growing congregation as…

The financial sector of Bangladesh experienced quite a bit of turbulence in recent times and in fact, is not out of the woods yet. In particular, there has been significant erosion of public confidence towards the country’s banking sector. The classification of the commercial banks in different color zones (red, amber, green etc) reflecting the magnitude of their risk exposures, the ill prepared move towards bank mergers, sudden takeover of the ownership of several banks, particularly Islamic type banks by a lone business conglomerate, the news of big sums of money being given out as credit from these banks to…

Israeli hostage Alexander (Sasha) Trufanov as seen in an undated propaganda video released by the Palestinian Islamic Jihad terror group on May 30, 2024. Photo: Screenshot The Palestinian Islamic Jihad terrorist group on Thursday released a second propaganda video this week featuring Israeli hostage Alexander (Sasha) Trufanov, 28, who was kidnapped by Palestinian terrorists during Hamas’ Oct. 7 massacre across southern Israel. In the video, Trufanov says he is doing well and criticizes Israel’s prime minister and government in remarks that were likely scripted by his captors. There was no information about when the video was filmed. However, Trufanov refers to…