Author: islamnewsday
KUALA LUMPUR, May 29 (Bernama) — The time has come to inject a new sense of “islah” or reform through Islamic finance, paving the way for the next stage of growth and development, said the Malaysia International Islamic Finance Centre (MIFC) Leadership Council (MLC) chairman Tan Sri Azman Mokhtar. He said the term “islah” means to reform, improve and restore matters to be in a state of “fitrah” or a natural, authentic and good position. “We need to do this together as a call of action and part of Islamic finance by co-creating the next wave towards a more inclusive and sustainable world,” he…
KHIVA – Here in Khiva, meticulous preparations are underway as the ancient city readies itself to host the 12th session of the Islamic Conference of Tourism Ministers (ICTM) from May 31 to June 2. According to organizers, the event, themed “Development of the Tourism Industry in a Sustainable and Resilient Way,” is set to not only highlight Khiva but also serve as the inauguration of its year-long celebration as the tourism capital of the Islamic world. The overall atmosphere of the city is highly associated with excitement and pride. Many streets are adorned with festive decorations to welcome guests that include…
Nov. 11 (UPI) — Leaders of several Islamic and Arab nations meeting at a summit in Saudi Arabia Saturday condemned Israel’s continued military operation in Gaza, calling for an immediate end to hostilities in the Palestinian enclave.Representatives convened for the Joint Arab Islamic Extraordinary Summit in the capital of Riyadh, with the leaders of Iran, Jordan, Saudi Arabia, Turkey, Egypt, Iraq, Pakistan, the United Arab Emirates and Qatar among those in in attendance..Syrian President Bashar al-Assad also marked his country’s return to the fold after a suspension from the Arab League.Palestinian National Authority President Mahmoud Abbas denounced what he called…
Washington, May 28 – U.S. President Joe Biden cannot see the “apocalyptic” footage of Palestinian children burned alive in Israel’s attack on a tented camp in Rafah and still send weapons to Tel Aviv, says the Council on American-Islamic Relations (CAIR). The U.S. Muslim rights group issued the warning on Monday, after Israel’s overnight airstrike killed dozens of people inside their tents in a designated humanitarian area in the Gaza Strip’s southern city. If Biden sends even one more missile to Israel “after seeing the apocalyptic footage of headless Palestinian children and others burned alive using U.S. bombs in…
Gulf Islamic Investment team up with Logipoint to facilitate the stellar growth of the Saudi economy Gulf Islamic Investments (GII) and Logipoint, a subsidiary of SISCO, have signed an agreement in Jeddah to create a joint venture for a logistics platform providing Grade A warehousing solutions across the Kingdom of Saudi Arabia in a deal worth over SAR 1 billion (approx. $300 million). LogiPoint is a leading industrial and logistics real estate developer of Saudi Arabia, which invests, manages and operates bonded and non-bonded logistics parks and zones. The GII-Logipoint joint venture will create new logistic infrastructure in key Saudi…
KUANTAN, May 28 (Bernama) — The setting up of any Islamic educational institution needs to follow procedures set by religious authorities, Pahang Regent, Tengku Hassanal Ibrahim Alam Shah Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah said. The Regent said that each institution needs to be on the true path of knowledge to allow relevant parties to channel assistance or any facilities. “Now various efforts have been undertaken by many parties to uphold Islam and to show their love to their religion. Alhamdulillah, the Pahang state government isn’t left behind, especially in the education sector. “In efforts to uphold Islam as the federal…
In an unpleasant turn of events, lawyers from Pakistan Tehreek-e-Insaf (PTI) attacked Khawar Maneka, the ex-husband of former first lady Bushra Bibi, on Wednesday at a district and sessions court in Islamabad. Maneka was present for a hearing regarding the un-Islamic nikah case. During the hearing of appeals filed by Bushra Bibi and her husband, PTI founder Imran Khan, against their conviction in the iddat case, Judge Shahrukh Arjumand retreated to his chamber without announcing the verdict. Following this, PTI lawyers began throwing bottles in the courtroom, prompting Maneka’s lawyers to escort him out. During the escort, a PTI lawyer…
Promoting Tropical Modernism and Islamic Middle Eastern influences in architecture preserves Qatar’s cultural heritage amidst global trends. As a local Qatari marketing strategist, I believe it is essential to protect our culture through design, art, and self-expression, especially in the growing tourism industry. Tropical Modernism architecture, which blends modern design with tropical elements, exemplifies a fusion of tradition and creativity. This style resonates with our origins and underscores the importance of preserving our unique identity in today’s globalised world. During a recent visit to the Independence Exhibition at the renowned Victoria and Albert Museum in London, I was struck by…
Pakistani, Saudi investors to set up $5 million edible oil refinery in Kingdom — Pakistan trade official KARACHI: Pakistani and Saudi investors are establishing a $5 million edible oil refinery in Saudi Arabia through a joint venture (JV), a senior Pakistani trade official said on Tuesday, following recent business-to-business interactions between the two countries. The development comes weeks after a 50-member, high-level delegation, led by the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan to explore investment opportunities in the South Asian country. Pakistan and Saudi Arabia have been working closely in recent weeks to increase bilateral trade…
KUALA LUMPUR, May 28 (Bernama) — Malaysia plans to implement government-to-government (G2G) facilitation leveraging on Islamic trade finance for economic cooperation among the Organisation of Islamic Cooperation (OIC) countries. Prime Minister Datuk Seri Anwar Ibrahim said this initiative will help turbo-charge the growth of the Islamic economy. “Considering that the global size of the Islamic trade finance today represents only less than five per cent of the approximate total trade finance activities by OIC member countries, I call on OIC leaders to ‘up the ante’ and facilitate cross-border access to beef up innovation, trade and investments,” he said when launching the Global Forum on…
KUALA LUMPUR, May 28 (Bernama) — The Institute of Islamic Understanding Malaysia (IKIM) has launched a series of infographics on Hifz Al-Mal (Islamic Family Wealth Management) aimed at disseminating information and serving as a guide to the public. Its director-general Assoc Prof Datuk Dr Mohamed Azam Mohamed Adil said the idea to create the series arose after the institute successfully conducted several courses on Islamic family wealth management methods for the public since 2019. According to him, the IKIM Publishing Committee agreed to enhance and refine the informative and engaging notes used in the courses to be compiled and improved into the first infographic guidebook on wealth…
Israeli hostage Alexander (Sasha) Trufanov as seen in a propaganda video released by Palestinian Islamic Jihad. Photo: Screenshot The Palestinian Islamic Jihad terrorist group on Tuesday released a short propaganda video featuring Israeli hostage Alexander (Sasha) Trufanov, 28, who was kidnapped by Palestinian terrorists during Hamas’ Oct. 7 massacre across southern Israel. The 30-second undated video shows Trufanov, an Amazon employee, identifying himself and saying that he will soon discuss what has happened to him and other hostages in Gaza. Similar videos have been released by terrorists groups in Gaza. Israel has lambasted them as psychological warfare. Trufanov’s mother said…
KHIVA – Here in Khiva, meticulous preparations are underway as the ancient city readies itself to host the 12th session of the Islamic Conference of Tourism Ministers (ICTM) from May 31 to June 2. According to organizers, the event, themed “Development of the Tourism Industry in a Sustainable and Resilient Way,” is set to not only highlight Khiva but also serve as the inauguration of its year-long celebration as the tourism capital of the Islamic world. The overall atmosphere of the city is highly associated with excitement and pride. Many streets are adorned with festive decorations to welcome guests that include…
Dubai, 28 May 2024: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has been honoured with two prestigious awards at the Islamic Finance News Awards 2024, acknowledging the bank’s market-leading offerings and innovative banking solutions.The Islamic Finance News Awards honour the best in the global Islamic financial industry and are among the most prestigious awards recognised by Islamic banks worldwide.Emirates Islamic was awarded the title of ‘Best Overall Islamic Bank’ for the bank’s outstanding performance across banking segments and for driving growth in the uptake of Islamic banking solutions throughout the UAE. Celebrating its 20-year anniversary, the…
KUALA LUMPUR, May 28 (Bernama) — The global Islamic economy holds immense potential for growth and the global halal market is predicted to reach US$9.71 trillion by 2025, with nations like Malaysia expected to lead the pack in the coming years. (US$1=RM4.69) Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the halal industry has become one of the most competitive and fast-moving sectors in the world and so, too, will Islamic financial assets. “In fact, global Islamic financial assets expanded by 163 per cent over the past decade, from US$1.71 trillion in 2012 to US$4.51 trillion in 2022. This is attributed to strong…
MHP Chairman Devlet Bahçeli, in his speech at the MHP TBMM Group Meeting, said that Istanbul was reunited with its “loving” Turkish nation 571 years ago. Bahçeli stated, “Istanbul will definitely be protected from the internal and external operation tools that think of making the Byzantine ghost and Byzantine ambitions circulate again over Istanbul like dark clouds, who secretly prepare projects for this, and who are always waiting for the available time,” said Bahçeli, adding that Istanbul is the “Red Apple” for them. ; He said that the “painful” state of Istanbul today made them sad.Bahçeli said, “Istanbul’s bad management…
Meethaq goes live on Temenos image credit shutterstock Bank Muscat’s Shariah compliant unit, Meethaq Islamic Bank, has successfully implemented Temenos Core for Retail and Corporate banking. This strategic move empowers Meethaq to provide Shariah compliant banking products and services, while enhancing operational efficiency and business agility. Bank Muscat is an existing Temenos customer for conventional retail and corporate core banking. The go-live at Meethaq extends this partnership to Islamic banking. With the support of Systems Limited, Temenos Delivery Partner and system integrator, Meethaq has seamlessly migrated over 200,000 customer accounts. The move marks a significant milestone in its transition to the Temenos platform.…
KUALA LUMPUR, May 28 (Bernama) — Malaysia plans to implement government-to-government (G2G) facilitation leveraging on Islamic trade finance for economic cooperation among the Organisation of Islamic Cooperation (OIC) countries. Prime Minister Datuk Seri Anwar Ibrahim said this initiative will help turbo-charge the growth of the Islamic economy. “Considering that the global size of the Islamic trade finance today represents only less than five per cent of the approximate total trade finance activities by OIC member countries, I call on OIC leaders to ‘up the ante’ and facilitate cross-border access to beef up innovation, trade and investments,” he said when launching the Global Forum on…
Boko Haram is keen to expand beyond its strongholds in northeast Nigeria, but fighting among its Jama’atu Ahlis-Sunna Lidda’Awati Wal-Jihad (JAS) and Islamic State West Africa Province (ISWAP) factions may be hampering the terror group’s plans. Years of infighting among the Islamic State group (IS) affiliates is driven by JAS grievances over the perceived marginalization of the Buduma ethnic group from ISWAP leadership positions which are typically Kanuri-dominated, according to the Institute for Security Studies (ISS). Another point of contention is how the factions handle civilians, particularly concerning “fey’u,” or loot taken outside combat. ISWAP forbids the taking of fey’u from Muslim civilians, while…
After mourning President Ebrahim Raïssi, Iran is turning its attention to the June 28 presidential election, for which the conservative camp is seeking a candidate loyal to the supreme leader, Ayatollah Ali Khamenei. This election will be closely scrutinized on the international scene while Tehran is a major player in the Middle East, against a backdrop of war in Gaza and concerns over the Iranian nuclear program. Initially scheduled for spring 2025, the election was necessary to replace Ebrahim Raïssi, who died at the age of 63 in a helicopter accident on May 19 in the company of seven other…
BALTIMORE — An airstrike that killed dozens in Rafah over the weekend prompted a global outcry, including from the Council on American-Islamic Relations in Maryland. Prime Minister Benjamin Netanyahu said there had been a “tragic mistake” and that Israel was investigating, but CAIR wants the Biden administration to take action. In a CNN interview, President Biden said he would halt some shipments of American weapons to Israel if Netanyahu ordered a major invasion of Rafah. National Muslim leaders responded to the airstrike Monday at a press conference in Baltimore. CAIR’s national deputy director, Edward Ahmed Mitchell, said time and time again,…
A person stands near the bodies of Palestinians killed in an Israeli strike on an area designated for displaced people, during their funeral in Rafah, in the southern Gaza Strip, May 27, 2024. (By Reuters) Yidda, May 28 (RHC)– The Organization of Islamic Cooperation (OIC) has denounced the Israeli military’s recent airstrike on tents housing displaced people in the city of Rafah in the southern Gaza Strip as a “heinous massacre,” calling on the UN Security Council to assume its responsibilities to force the regime into stopping its acts of aggression. The 57-member OIC, with its headquartersd in Yidda,…
A terrorist group in Gaza released a hostage video on Tuesday of an Israeli Amazon employee who was kidnapped during Hamas’s bloody Oct. 7 attacks – and has been held in the war-torn enclave ever since. Sasha Troufanov, a 28-year-old computer engineer with the Tel Aviv-based microelectronics firm Annapurna Labs, an Amazon subsidiary, wore a black, white and red polo in the video, which he addressed to the Israeli public and “all of the protesters,” according to The Jerusalem Post. Troufanov – who is being held by Palestinian Islamic Jihad – added that “in the next few days, you will hear…
KUALA LUMPUR (May 28): Retirement Fund Inc (KWAP) will invest up to RM3 billion in shariah-compliant assets through Dana Pemacu, Prime Minister Datuk Seri Anwar Ibrahim said on Tuesday. The investments by KWAP, as the fund is commonly known, aim to support high-growth domestic companies, and catalyse the venture investment ecosystem, Anwar said in his keynote address at the Global Forum on Islamic Economics and Finance. The investments will be part of the RM6 billion Dana Pemacu run by KWAP and executed through separately managed account funds in partnership between local and international investment managers across private equity, infrastructure, and real…
Three hundred bereaved families, including victims and hostages from the October 7 attack and IDF casualties, have joined the lawsuit filed by Shurat HaDin in the Jerusalem District Court. The suit seeks over 2 billion shekels in damages from the Palestinian Authority, Hamas and Islamic Jihad for the murders committed by terrorists against innocent civilians on October 7. In March, the lawsuit included 124 families.Among the new plaintiffs are the family of Maya Goren, who was kidnapped and murdered; the family of Aviv Baram, a sound producer murdered in Kfar Aza; the family of Eitan Mor, who is still held…