Author: islamnewsday
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…
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…