Author: islamnewsday

Recently, the story of a Jewish Iranian man, Arvin Netanel, has been in the news worldwide. Arvin is in his early 20s and has been sentenced to death for killing a Muslim man, Amir Shokri, in a brawl two years ago. Apparently, Arvin loaned money to Amir, who refused to pay it back. When Arvin confronted him, Amir attacked him with a knife. In self-defense, Arvin killed Amir.  According to Islamic law, if a non-Muslim kills a Muslim, Qisas, (retaliation) “an eye for an eye,” can be applied. But if a Muslim kills a non-Muslim, the law does not apply,…

The Palestinian Islamic Jihad (PIJ) released a video of the Israeli-Russian hostage Alexander Sasha Trupanov, 28, amid attempts to revive the dormant deal for the release of the remaining 125 captives.KAN News reported that Israel had sent a new proposal to the mediators, Qatar and Egypt, following Sunday night’s war cabinet meeting. It showed more flexibility with regard to the number of hostages that would be freed in the first part of what has in the past been framed as a three-part deal.Women, the sick, and the elderly had always been expected to be released in the first part…

Throughout the 235 days of the ongoing Israeli genocide in Gaza, the Israeli occupation has deliberately targeted and assassinated dozens of Palestinian scholars, scientists, academics and researchers along with their families. All were targeted while at home with their families or seeking refuge with relatives. Last week, the Gaza media office released a list containing the names of 100 Palestinian researchers who the Israeli occupation has killed, including scientists, university professors and doctors.I had personally met a number of the now-slain, highly qualified academics and scientists before their assassinations, including Dr Khitam Elwasifi, Dr Refaat Alareer and Dr Sufyan Tayeh,…

KUALA LUMPUR: Bank Negara Malaysia governor Datuk Shaik Abdul Rasheed Abdul Ghaffour today stressed on the need to improve regulatory frameworks to facilitate the use of a more diverse range of syariah-compliant financial contracts. He also advocated closer collaborations with multilateral institutions and investors to drive the initiative forward. “We look forward to the efforts that will support these propositions. This includes closer engagements with multilateral institutions and investors, as well as initiatives to enhance the regulatory environment to facilitate the application of a more diverse range of syariah contracts,” he said at the Global Forum on Islamic Economics and…

The federal controller of works for Abia, Tony Onwubiko, says the federal government under President Bola Tinubu Onwubiko is using funds from budget allocation, the tax credit scheme and the Islamic bank loan called Sukuk to execute road constructions in the state and other areas. The official disclosed this in an interview in Umuahia on Monday. He said that the current federal government had sustained road maintenance and construction for the good of the Abia people.“We have two sets of projects: the main contracts and the maintenance works embarked upon by the ministry. The main projects we have now are…

‘Welcome development,’ says Pakistan as Spain, Norway, Ireland to recognize Palestinian state today ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Tuesday congratulated Spanish PM Pedro Sanchez for pushing ahead with a decision to recognize a Palestinian state from today, Tuesday, as the European nation joins Ireland and Norway in implementing last week’s announcement. The prime ministers of Spain, Ireland and Norway made the announcement on Wednesday, following recent recognitions by Barbados, Jamaica, Trinidad and Tobago and the Bahamas. The additions have brought the total number of countries recognizing the Palestinian state to nearly 150. “The recognition of…

US News Israel-Hamas war By Steve Janoski Published May 28, 2024, 12:39 p.m. ET 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…

‘Welcome development,’ says Pakistan as Spain, Norway, Ireland to recognize Palestinian state today ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Tuesday congratulated Spanish PM Pedro Sanchez for pushing ahead with a decision to recognize a Palestinian state from today, Tuesday, as the European nation joins Ireland and Norway in implementing last week’s announcement. The prime ministers of Spain, Ireland and Norway made the announcement on Wednesday, following recent recognitions by Barbados, Jamaica, Trinidad and Tobago and the Bahamas. The additions have brought the total number of countries recognizing the Palestinian state to nearly 150. “The recognition of the reality of…

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…

Iranian opposition activists have condemned the UN Secretary-General for “legitimising” the Islamic regime after he paid tribute to President Ebrahim Raisi, who was killed in a helicopter crash earlier this month. In footage posted by Iranian state television, António Guterres can be seen sitting behind a bouquet of lilies, two candles and a photo of Ebrahim Raisi and his foreign minister, Hossein Amir-Abdollahian, who also died in the accident. The deceased president – nicknamed the ‘Butcher of Tehran’ –repressed anti-regime protests while in office, decades after he ordered the execution of thousands of activists while serving as a judge. According to the Islamic…

Palestinians gather at the site of an Israeli strike on a camp for internally displaced people in Rafah on May 27, 2024. (AFP) Washington, May 28 (RHC)– 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…

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…

KUALA LUMPUR, May 28 (Bernama) — MIFC Leadership Council (MLC) has presented its recommendations for the next stage of Islamic finance development in Malaysia. MLC chairman Tan Sri Azman Mokhtar said in a statement today that the current environment presents a strategic opportunity for Islamic finance to assume a more influential position, thereby catalysing a fresh era of growth and advancement. “In line with this vision, our position paper underscores our commitment to leverage the legacy of 60 years and collaboratively shape the future of Islamic finance and economics for a more inclusive and sustainable world,” he said. The statement said Azman Mokhtar submitted the paper “Establishing Islah…

KUALA LUMPUR, May 28 (Bernama) — More needs to be done to leverage the potential of the Islamic Financial industry, especially in helping those in poverty and crisis, Sultan of Perak Sultan Nazrin Shah said. His Royal Highness, who is Mercy Malaysia’s Royal patron, said while the Islamic finance industry is poised to exceed US$3.5 trillion (RM16.4 trillion) by the end of this year, 35 per cent of the global population facing poverty, totalling two billion people, are Muslims, despite Muslims constituting 22 per cent of the world’s population. “…we are not yet realising the full humanitarian potential of Islamic social finance. Poverty is…

In a momentous event that promises to deepen cultural ties and enrich the world of Islamic art, Muhammad Saad Al Rumihi, Chief Executive of the Qatar Islamic Art Museum, visited the Alhamra Art Museum Cultural Complex here. The delegation was warmly welcomed by Chairman Alhamra Razi Ahmed and Executive Director Sarah Rashid, setting the stage for a fruitful collaboration between the two esteemed institutions. The visit was marked by an engaging discussion with high officials and members of the Alhamra Artists Council, where they delved into literary, cultural, and historical themes. This vibrant exchange highlighted the mutual dedication to preserving…

DP World and the Saudi Ports Authority (MAWANI) have commenced construction of a new SAR900 million ($240 million) logistics park at Jeddah Islamic Port. The project is set to provide new storage and distribution facilities, as well as boost trade in the Kingdom of Saudi Arabia and the wider region. The 415,000 square-metre greenfield facility will feature 185,000 square metres of warehousing space and a sprawling multi-purpose storage yard, reportedly making it the largest integrated logistics park in the Kingdom. Established in 2022 as part of a 30-year concession, Jeddah Logistics Park will be developed in two phases with a…

In Afghanistan, the economic landscape has drastically shifted since the Taliban’s takeover in 2021. The nation, once buoyed by international aid and foreign investment, now reels under severe financial distress. The freezing of billions in assets and the cessation of most foreign aid have plunged the country into an economic crisis.Afghanistan’s financial woes deepen as foreign support dwindles. The takeover by the Taliban has led to a significant retraction of international financial support, exacerbating an already precarious situation. The economy, heavily reliant on aid, faces a dire future with limited immediate prospects for recovery.A tale of unexpected prosperityYet, amidst this…

KUALA LUMPUR, May 28 (Bernama) — Islamic finance ecosystem needs to evolve progressively, placing greater emphasis on value-based finance, transcending the profit-driven motives or embracing a higher purpose where wealth is not just accumulated among the few but circulated to uplift communities, and investment carries a balanced promise of prosperity, said Prime Minister Datuk Seri Anwar Ibrahim.  Addressing the Global Forum on Islamic Economics and Finance (GFIEF) here today, he said in light of this, everyone must work together to address common challenges and create opportunities for economic participation and upward mobility. “By promoting micro, small and medium business development as well as access…

KUALA LUMPUR, May 28 (Bernama) — More needs to be done to leverage the potential of the Islamic Financial industry, especially in helping those in poverty and crisis, Sultan of Perak Sultan Nazrin Shah said. His Royal Highness, who is Mercy Malaysia’s Royal patron, said while the Islamic finance industry is poised to exceed US$3.5 trillion (RM16.4 trillion) by the end of this year, 35 per cent of the global population facing poverty, totalling two billion people, are Muslims, despite Muslims constituting 22 per cent of the world’s population. “…we are not yet realising the full humanitarian potential of Islamic social finance. Poverty is…

by Fintech News Malaysia May 28, 2024 Prime Minister Datuk Seri Anwar Ibrahim has pledged RM100 million to foster innovation and new financial solutions to advance the Islamic finance sector, according to a Bernama report. This initiative, aimed at strengthening partnerships and encouraging sustainable practices, was announced at the Global Forum on Islamic Economics and Finance (GFIEF). Anwar, who also holds the Finance Minister portfolio, introduced two projects: a greening halal businesses pilot programme and ‘Project Hassan’. The greening halal businesses initiative, a collaborative effort involving the Islamic Development Bank (IsDB), the Ministry of Finance, Bank Negara…

KUALA LUMPUR, May 28 (Bernama) — Islamic finance ecosystem needs to evolve progressively, placing greater emphasis on value-based finance, transcending the profit-driven motives or embracing a higher purpose where wealth is not just accumulated among the few but circulated to uplift communities, and investment carries a balanced promise of prosperity, said Prime Minister Datuk Seri Anwar Ibrahim.  Addressing the Global Forum on Islamic Economics and Finance (GFIEF) here today, he said in light of this, everyone must work together to address common challenges and create opportunities for economic participation and upward mobility. “By promoting micro, small and medium business development as well as access…

DP World begins construction on 415,000 sq m logistics park —the biggest integrated logistics park in the Kingdom, designed with sustainability in mind DP World and Saudi Ports Authority (Mawani) have commenced construction of a new SAR900 million ($250 million) logistics park at Jeddah Islamic Port, set to provide state-of-the-art storage and distribution facilities, as well as boost trade in the Kingdom of Saudi Arabia and the wider region. The 415,000 sq m greenfield facility will feature 185,000 sq m of warehousing space and a sprawling multi-purpose storage yard, making it the largest integrated logistics park in the Kingdom. It…

KUALA LUMPUR: More needs to be done to leverage the potential of the Islamic Financial industry, especially in helping those in poverty and crisis, says Perak Ruler Sultan Nazrin Shah. His Royal Highness, who is Mercy Malaysia’s Royal patron, said while the Islamic finance industry is poised to exceed US$3.5 trillion (RM16.4 trillion) by the end of this year, 35% of the global population facing poverty, totalling two billion people, are Muslims, despite Muslims constituting 22% of the world’s population. “…we are not yet realising the full humanitarian potential of Islamic social finance. Poverty is disproportionately concentrated in Muslim-majority countries,…

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has reiterated the government’s commitment towards Islamic finance innovation via partnerships, and announced a commitment of RM100 million to boost more such innovations. In line with the commitment, Anwar, who is also the Finance Minister, has announced two new blended finance innovations — a pilot programme on greening halal businesses, and ‘Project Hassan’. The greening halal businesses pilot programme is a collaboration between the Islamic Development Bank (IsDB), the Ministry of Finance, Bank Negara Malaysia (BNM) and the World Bank. Anwar said the programme aims to assist halal businesses in Malaysia in…

Dubai: The UAE-based Gulf Islamic Investments (GII) has cuts its second major deal in the logistics space in recent weeks. The company has launched a new joint venture with Logipoint, a subsidiary of SISCO, for a logistics platform that will provide Grade A warehousing across Saudi Arabia. The deal is valued at over SR1 billion (around $300 million). LogiPoint is a developer focused on industrial and logistics real estate. It invests, manages and operates bonded and non-bonded logistics parks and zones. The new joint venture will ‘create new logistic infrastructure in key Saudi cities’, starting with Riyadh and Jeddah.  GII had early this…