Author: islamnewsday

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…

With the European parliamentary elections just days away, radicals in the streets and in the media appear to have ramped up their attacks against right-wing politicians. The right-leaning Alternative for Germany, poised to secure new seats Sunday, is a popular target for such attacks. On Tuesday evening, one radical slashed 62-year-old AFD politician Heinrich Koch with a carpet knife in the southwestern German city of Mannheim, roughly five miles away from where an Afghan migrant went on a stabbing spree Friday. According to the German publication Junge Freiheit, Koch — a Rheinau district council member and an AFD candidate for…

The date of an Eid ul Adha 2024 moonsighting has been announced as people across the UK are urged to go out and try to sight the crescent rather than relying on Saudi Arabia and other overseas nations. British Muslim astronomers say it’s likely that this next Eid will fall on June 17. It’s customary to look for the first faint crescent of the new moon on the 29th day of the existing month – which in this case is Dhul Qadah, the 11th month in the Islamic calendar. That will determine the start of the 12th month, Dhul Hijjah,…

The name Ibrahim Rilwan Mohammed is on the lip of everyone in all the predominantly Muslim states of Northern Nigeria. This is credited to unprecedented developments brought by his foundation to various Muslim communities in the region and neighbouring countries like Niger Republic. He has built mosques and Islamic schools, complete with air conditioning system and everything necessary for their functionality. He is also passionate in addressing situations facing the less-privileged in both urban and rural areas.Over 1,000 students across the region have benefited from his educational programmes which often prioritise orphans and needy children in society. According to investigations,…

An “impossible” moonsighting from Saudi Arabia has been denounced for making a mockery of the scientific process for deciding dates in the Islamic calendar. Saudi’s Supreme Court accepted a single eyewitness account – submitted late in the day and after 10 official observatories dotted across the country hadn’t seen anything – that the crescent moon had been seen. Sighting the moon in Islam’s lunar-based year means that one month – in this case, Dhul Qadah – can end and the next, Dhul Hijjah, can begin. Critically, the 12th month of Dhul Hijjah is when Eid ul Adha and the Hajj…

The Islamic Development Bank Institute (IsDBI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI) have signed a Grant Agreement to collaborate on advancing Islamic finance’s role in sustainable economic development. This strategic partnership aims to evaluate the economic progress of five select member countries of the Organization of Islamic Cooperation (OIC) in areas crucial to both Islamic finance and sustainable development. The project will focus on 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, advancements in digitalization, and fostering…

The Yemeni group says military operations launched jointly with Iraqi groups, but Israel denies attacks.Yemen’s Houthis have launched two joint military operations with the Islamic Resistance in Iraq against ships at Israel’s Haifa port, the group’s military spokesperson Yahya Saree says in a televised speech. “The first targeted two ships carrying military equipment in the port of Haifa while the second targeted a ship that violated the decision to ban entry to the port,” Saree said on Thursday. “The two operations were carried out with a number of [drones], and the strikes … were accurate.” The Israeli military was quick…

Home » General » Islamic Development Bank Institute and the General Council for Islamic Banks and Financial Institutions (CIBAFI) Partner to Drive Sustainable Development through Islamic Finance Download logoThe Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/)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…

A viral video (here, here, and here) on social media allegedly shows a rally conducted in front of the Shiv Sena Bhavan, Nashik. It is being claimed that the green colour flags seen in this video are Pakistan’s national flags. We fact-check this claim through this article.You can find an archived version of this here. Claim: Video shows a rally in front of the Shiv Sena Bhavan, Nashik, where Pakistani flags were hoisted recently.Fact: The green flags seen in this video are not Pakistani flags; they are Islamic flags.  Both these flags are not identical in nature. The Pakistani flag contains…

This news has been read 132 times! Kuwait City, June 6: Kuwait Finance House (KFH), the world’s leading Islamic institution, has won “Best Islamic Finance House” and “Best Financial Institution Sukuk” awards at the 16th Annual EMEA Finance Middle East, Africa and Europe Banking Awards for the year 2023. The “Best Islamic Finance House” award acknowledges KFH’s leadership, exceptional performance within the Islamic banking sector, and contributions to the advancement of the banking industry. The “Best Financial Institution Sukuk” award celebrates KFH’s successful US$1 billion, 5-year Tier 1 Sukuk issuance under its US$4 billion Sukuk Program. At the recent London…

Live updates: Follow the latest on Israel-GazaYemen’s Houthi rebels on Thursday said they had launched two joint military attacks with the Iraqi Islamic Resistance militia group against ships at Israel’s Haifa port, a claim denied by the Israeli army.Like Hezbollah in Lebanon and other armed groups in Syria, the Houthis and the Iraqi group, which includes several armed factions, are part of the so-called Axis of Resistance, an anti-western political and military coalition led by Tehran.Since the war broke out in Gaza on October 7, the Iran-backed armed factions have established a daily co-ordination process through a joint command, mainly…

The Islamic State — also called ISIS (Islamic State of Iraq and Syria) — has claimed that Africa now accounts for more than 60 per cent of its global operations, indicating its continued drive to expand in the region and positioning the continent as a new frontier for international terrorism.  The presence of ISIS-affiliated groups in Africa allows them to recruit, train, and launch attacks all over the continent.  This trend started when the Islamic State called for migration to Africa, which it described as the land of migration (hijra) and jihad, after losing its grip in the Middle East. …

Tehran, June 6 (RHC)–  The chief commander of Iran’s Islamic Revolution Guards Corps (IRGC) says the Israeli regime has to pay the price and await response for the martyrdom of one of the elite force’s military advisors in a recent act of aggression by the illegal entity against Syria’s northwestern city of Aleppo. Major General Hossein Salami made the stern warning on Wednesday after Israel’s airstrikes on Aleppo claimed the lives of at least 17 people and injured 15 others in the wee hours of Monday. Among those martyred was Saeed Abyar, an IRGC military advisor in Syria.  Expressing his…

Vice President Ma’ruf Amin underscored that benefits of the practices of Islamic economy and finance are not limited to only Muslims.”The practices (of Islamic economy and finance) have been well received by all elements of society since they are inclusive in nature and place high regard to justice,” he remarked in Sorong City, Southwest Papua, on Thursday.Speaking at the inauguration of the Islamic Economy and Finance Committee (KDEKS) of Southwest Papua, he noted that the government had taken measures to develop the Islamic economy and finance as one of the drivers of economic growth.The vice president observed that various regions…