Author: islamnewsday
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…
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…
Arab Inter-Parliamentary Union praises Saudi Arabia’s ‘tremendous effort’ to support Palestinian cause RIYADH: The Arab Inter-Parliamentary Union has praised the “tremendous efforts of Saudi Arabia, led by King Salman and Crown Prince Mohammed bin Salman, in supporting the Palestinian cause,” the Saudi Press Agency reported. The AIPU released a final statement following the 36th Arab Parliamentary Union Conference, which ended on Monday in Algiers. A Saudi delegation, headed by the chairman of the Shoura Council, Sheikh Abdullah Al Al-Sheikh, took part in the conference alongside heads of parliaments and councils, and several regional and international organizations and…
KUALA LUMPUR, May 28 — Prime Minister Datuk Seri Anwar Ibrahim today urged Islamic economic actors to turn Islamic economics and finances into a genuine alternative to an “unbridled capitalist system”, which he panned as being overtly materialistic. Addressing international delegates at this year’s Global Forum on Islamic Economics and Finances, Anwar said there is an urgent need to transform the Islamic economy into an equitable and inclusive system, as he called for a shift in mindset that looks at the economy merely as a way to maximise profits.Advertising Advertising “The time has come to chart a reinvigorated and reformed…
KUALA LUMPUR, May 28 ― 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.Advertising Advertising 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…
Arab Inter-Parliamentary Union praises Saudi Arabia’s ‘tremendous effort’ to support Palestinian cause RIYADH: The Arab Inter-Parliamentary Union has praised the “tremendous efforts of Saudi Arabia, led by King Salman and Crown Prince Mohammed bin Salman, in supporting the Palestinian cause,” the Saudi Press Agency reported. The AIPU released a final statement following the 36th Arab Parliamentary Union Conference, which ended on Monday in Algiers. A Saudi delegation, headed by the chairman of the Shoura Council, Sheikh Abdullah Al Al-Sheikh, took part in the conference alongside heads of parliaments and councils, and several regional and international organizations and…
KUALA LUMPUR, May 28 ― 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.Advertising Advertising 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…
Saudi Arabia’s Sports Boulevard doubles its existing investment fund to $533m RIYADH: Private sector participation in the Sports Boulevard project is set to increase as the foundation behind Riyadh’s largest linear park plans to double its investment fund to SR2 billion ($533 million). In a press release, the Sports Boulevard Foundation announced its partnership with Ajdan Real Estate Development Co. and Albilad Capital to add an additional SR1 billion to the private real estate investment fund “Sports Boulevard Real Estate Fund 1.” This increased funding will be utilized to bolster private sector participation within the Arts District,…
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. 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 and…
“The intersection of religious beliefs and medical practices profoundly influences medication usage and patient adherence to treatment regimens in healthcare.” As a surgeon, I am familiar with the religious decision of Jehovah’s Witnesses not to receive blood transfusions under nearly all circumstances. The current debates over the beginnings and ends of life continue to fill the gaps in our scientific “knowledge” with religious belief. Perhaps as an insular American surgeon, I might be forgiven for not knowing anything about Halalopathy, “the harmonious alignment between therapeutic drugs and deeply held religious beliefs and lifestyles of [Muslim] individuals.” Jordan and Halal The…
TASHKENT – In the vast expanse of Asia, among the myriad of ancient cities, two stand out for their striking similarities and rich cultural heritage: Yazd in Iran and Khiva in Uzbekistan. Though separated by miles of desert and mountains, Yazd and Khiva each offer their own unique glimpses into the past, with architectural wonders that tell stories of resilience, faith, and artistry. Whether it’s the ingenious wind-catchers of Yazd or the stunning minarets of Khiva, these cities captivate the imagination and offer a deep connection to the distant past. Reading travelogues, we see that many sightseers have said visiting these…
A horrific incident was unveiled where a Sikh woman from Anjar in Kutch accused an Islamist youth from Jamnagar, identified as Hussain Baloch, of impregnating her under the pretence of marriage and subsequently abandoning her. In her complaint, she also reported severe physical and mental abuse, as well as coercion to convert to Islam. The woman lodged a First Information Report (FIR) at the Anjar police station, and an investigation is underway. According to OpIndia, which has accessed a copy of the FIR, the woman detailed her ordeal, stating that she was introduced to Hussain Baloch by a known Islamic…
Mokhber made the remarks during a meeting with President of the National Assembly of Mali Abdoul Malick Diallo in Tehran on Monday. He said Iran’s late president, Ebrahim Raisi, and his foreign minister, Hossein Amirabdollhian, were valuable assets for the Islamic world, and that the Islamic Republic was determined to follow in their footsteps in international affairs. “Although the loss of these two great personalities is difficult, the Islamic Republic of Iran is still determined to implement the strategy of the late president in expanding and strengthening international relations, especially with Islamic and like-minded countries,” he said. …
PKRevenue.com – Raqami Islamic Digital Bank Ltd. (RIDBL) has announced a strategic partnership with 1LINK, one of Pakistan’s largest payment service providers, to enhance its digital financial services. RIDBL stands out as a Shariah-compliant, purely digital bank, opting for a streamlined, mobile-first approach instead of traditional brick-and-mortar branches. This partnership will enable RIDBL customers to benefit from Interbank Funds Transfer (1IBFT) and 1BILL services, with plans to include PayPak in the future. The collaboration will allow RIDBL customers to transfer funds to over 32 banks and make payments to over 2,500 companies nationwide, significantly expanding their banking capabilities. Umair Aijaz,…