Boubyan Bank introduces Mini Bank branches in Kuwait

Boubyan Bank, one of the top Islamic banks in Kuwait, has introduced its “Mini Bank” concept to Kuwait. The Mini Bank, launched in cooperation with NCR, allows the bank to expand its presence in new locations where it cannot justify a full-size branch.

Source: Boubyan Bank website.

The Mini Bank, powered by NCR Interactive Teller, enables Boubyan’s centrally-located video tellers to remotely deliver 95% of teller services typically available at a traditional branch, across more hours and locations. The first branch will open at the Kuwait International Airport, and will offer teller services from 8 am to 2 am, seven days a week.

NCR Interactive Teller is ATM-based technology that not only lets people talk to live remote teller, but also gives the teller remote control over the machine to conduct transactions, such as cash deposits and dispense money in specific denominations. Transfers between accounts as well as cash or cheque acceptance without a card can also be performed. Security is maintained not only through the traditional card and pin, but also through a UV-enabled civil ID scanner and signature pad to authenticate customers and confirm their approval to conduct transactions.

Dr. Waleed Al-Hasawi, Boubyan Bank’s Head of IT, commented, “The Mini Bank is one of many technology innovations developed in partnership between Boubyan Bank team and NCR Corporation. Boubyan Bank is leading the way when it comes to implementing new technology innovations as part of our information technology strategy to offer Boubyan Bank customers a differentiated customer experience.”

Fahd Al-Fawzan, General Manager of Sales and Distribution Channels, Boubyan Bank, added that the bank more NCR Interactive Teller Machines will be installed at prime locations in the country based on customer feedback.

Muscat Securities Market shares Q3 financial statement for shari'ah-compatible index

Muscat Securities Market (MSM) has released the Q3 financial statement for its shari'ah-compatible index, the Oman News Agency has reported.

As required by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for Islamic investment principles, two new companies were added and four companies were removed from the list for failure to comply with approved criteria.

Muscat Securities Market's shari'ah-compliant index has the following joint stock companies listed as having activities and financial conduct that complied with shari'ah law. The members of this list are reviewed every three months for compliance with the criteria:

Al Saffa Foods

Al Anwar Ceramic Tiles

Al Izz Islamic Bank

Al Jazeera Services
Al Madina Takaful

Al Maha Ceramics

Bank Nizwa

Construction Materials Industry

Dhofar Beverages and Food Stuff

Al Batinah Development and Investment Holding

Dhofar Refreshments and Foodstuffs

Gulf Mushroom Products

Majan Glass
Muscat Gases

Muscat Thread Mills
National Biscuits Company

Oman Cement Company

Oman Chlorine
Oman Chromite 

Oman Fiber Optic

Oman Flour Mills

Oman Oil Marketing

Oman Refreshments

Oman Telecommunications Company

Oman Textile Holding

Ooredoo

Port Services Corporation

Raysut Cement Company

Shell Oman Marketing

Oman Agricultural Development

Oman Sweets and 

Takaful Oman Insurance.

Analysts believe that the Islamic indices will attract new category of investors who prefer to have reliable references that ensure compliance of their investments with shari'ah rules and regulations. This in turn contributes to the development and growth of the Islamic capital market sector as it provides non-traditional investment tools.

UAE announces public holiday for birthday of the Prophet Muhammad (ﷺ)

The Federal Authority for Government Human Resources of the UAE has announced that the public holiday for the birthday of the Prophet Muhammad (ﷺ), will fall on 3 January.

Private sector establishments and corporations will also close on 3 January according to a circular issued by Saqr bin Ghobash Saeed Ghobash, Minister of Labour,  UAE.

Public holiday for Birthday of the Prophet Muhammad (ﷺ) in Bahrain

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa of Bahrain has issued a circular on the anniversary of the Birthday of Prophet Muhammad (ﷺ).

According to the circular, the Kingdom's ministries and state departments will be closed on January 3, 2015. As January 3 is already an official holiday, the holiday will fall on January 4.

Oman announces holiday to mark birthday of Prophet Muhammad (ﷺ)

Sayyid Khalid bin Hilal bin Saud al-Busaidi, Minister of the Diwan of Royal Court in Oman and Chairman of the Civil Service Council has stated that 13 Rabee Al Awwal, 1436, corresponding to January 4, 2015 will be an official holiday for the employees of the ministries, public authorities and other departments of the State administrative apparatus on the occasion of the Prophet Muhammad's Birthday (ﷺ).

Sheikh Abdullah bin Nassir al-Bakri, Minister of Manpower of Oman also issued a ministerial decision stopping work at the private sector companies and establishments on January 4 for the same occasion.

Employers and employees may agree on work arrangements during the holiday if necessity arises. The announcement noted that employees whose weekly off-days coincide with this occasion shall be compensated.

Sheikh Zayed bin Sultan Al Nahyan Cultural Centre officially open in Ningxia

The Sheikh Zayed bin Sultan Al Nahyan Cultural Centre and Mosque in Wuzhong city, Ningxia autonomous province, China, has been officially opened, WAM, the Emirates News Agency said.

At the ceremony Professor Zhou Yu Dong, Deputy Ruler of Ningxia, thanked the UAE, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, for the donation to build the Sheikh Zayed bin Sultan Al Nahyan Cultural Centre and a mosque in province, pointing out that the project would contribute towards achieving stability and ensuring settlement of the region's displaced inhabitants, who are minority Muslims.

He also highlighted the level of the Chinese-UAE bilateral relations, extending an open invitation to the Emiratis to exchange visits and cooperate with Ningxia. He said that Ningxia, as per the strategy of the Chinese government, is deemed an important gateway for cooperation with Arab and Islamic countries.

In response, Omar Ahmed Adi Nasib Al Bitar, UAE Ambassador to the People's Republic of China, extended thanks to the Ningxia government for cooperation with the UAE citizens to contribute in providing for humanitarian projects in the province, stressing the UAE's keenness on enhancing cooperation in all domains with China in general and Ningxia in particular.

The mosque, which will provide services to Ningxia Muslims in particular and China in general, will accommodate more than 1,200 male and 300 female worshippers, school classrooms, housing apartments and other services. The construction of the mosque was completed in a record time of under nine months.

Dubai's Islamic Affairs and Charitable Activities Department in Dubai (IACAD) separately took delivery of the Ali bin Abi Talib Mosque at Safa (1) District, WAM added.

Mohammed Saeed Al Muhairi, Head of Mosque Affairs Committee, IACAD, said the mosque, built at the expense of Abdullah Rashid Al Suwaidi, will accommodate 630 including a prayer corner which can accommodate 97 ladies.

Al-Imam Muhammad bin Saud Islamic University signs MoUs in Indonesia

Source: Al-Imam Muhammad bin Saud Islamic University.

The Undersecretary of Al-Imam Muhammad bin Saud Islamic University for Cognitive Exchange and International Communication, Dr Mohammad bin Said Al-Alam, has signed a memorandum of understanding (MOU) with the Undersecretary of the University of Muhammadiyah Malang in Indonesia, Dr Bambang Widagdo, in the presence of the Saudi Ambassador to the Republic of Indonesia Mustafa bin Ibrahim Al-Mubarak.

Al-Imam University said the signed MoU is based on mutual agreements between both Kingdom of Saudi Arabia and the Republic of Indonesia in academical cooperation and  the teaching of the Arabic language.  

A second MoU was signed between Dr Al-Alam, representing Al-Imam Muhammad Ibn Saud Islamic University for Knowledge Exchange and International Communication, with Professor Dr H Farid Wajdi Ibrahim, representing the Universitas Islam Negeri (UIN) Ar-Raniry Banda Aceh, Indonesia as Rector.

Dr Al-Alam separately signed a MoU with Dr Boroososelo, Director-General of the Sharia Courts Authority of the Supreme Court of the Republic of Indonesia. The signed MoU aims to the exchange of judicial consultations and experiences in qualifying judges between both parties.       

Sharjah Islamic Bank introduces phone banking

Sharjah Islamic Bank (SIB), which recently upgraded its telephone banking service systems, has launched phone banking services available in Arabic, English, and Urdu through its 24x7 call centre. The move is in line with the UAE government's strategy to shift into smart government applications. 

SIB customers can conduct a number of banking services through phone banking, and smart identification of clients when they call eliminates the need for call centre agents to authenticate callers. 

Mohammed Abdullah, SIB's CEO said, "We gauged our clients' opinions, the market's need, and the latest technology used in banks before implementing our upgrade project. We also conducted comprehensive studies on the nature of modern services available at various call centres to assess these services and implement the best ones. We expect that this upgrade will help increase customer transactions and the number of clients registered with the new service as well as enhance the banks' prominence in the banking sector." 

Walid Al Amoudi, Head of Electronic Channels at SIB added, "Our call centre works within the Electronic Channels Management System, which includes the call centre, online banking, ATM system, and mobile banking on a 24-hour basis to provide best services to our clients. There is no doubt that the bank is continuing to develop its various systems, with a focus on electronic channels. SIB will not stop searching for all the new that helps us deliver an excellent banking experience and provide the best services to our clients."

ADIB refinances Baniyas Investment & Development Co. for AED1 billion

Abu Dhabi Islamic Bank (ADIB), an Islamic financial services group, has finalised a AED1 billion finance facility to Baniyas Investment & Development Company (BIDC), the investment arm of Bani Yas Sports Club. 

The transaction is to refinance BIDC’s existing conventional financing that was secured against the construction of Bawabat Al Sharq Mall, as well as part of the residential apartments and villas that were constructed in Phase 1 of BIDC’s Bawabat Al Sharq Development in Abu Dhabi.

The agreement was signed at ADIB’s Headquarters by Arif Usmani, Global Head of Wholesale Banking at ADIB; and, Subhi Benkhadra, CEO of BIDC.
“This facility demonstrates ADIB’s growing ability to finance large scale projects which play a major role in the economic development of the UAE. The deal is one of many we have closed this year that are directly related to the expansion and development of Abu Dhabi. We expect this part of our business to continue to grow significantly,” said Usmani. "ADIB’s track record of financing local and regional corporates is helping us to extend our reach both in the UAE and beyond.”

Subhi Benkhadra, CEO of BIDC, said: “We are very pleased to partner with ADIB, whose innovative structuring and execution expertise has facilitated the special financing needs of BIDC. Their efforts proved that ADIB is the ideal partner for us and we look forward to building on our relationship with them to support BIDC in the future.”

Founded in 2005, Baniyas Investment & Development Company (BID), a majority owned subsidiary of the Baniyas Sports Club, has been an active contributor to the dynamic transformation of Abu Dhabi, moving forward without forgetting the emirate’s rich culture and heritage. As the investment and development arm of the Baniyas Sports Club, the company’s core competencies are in investment, development and management of real estate projects.

Bawabat Al Sharq is a mixed-use community development which represents the first of several pioneering projects by Baniyas Investment and Development Company.

KFH launches Al-Nuwair wakalah deposit

Kuwait Finance House (KFH) has launched the Al-Nuwair investment deposit, a type of deposit that promises clients expected profit rates as per shari'ah law for the Islamic wakalah contract. Wakalah is often translated as 'agency' or 'power of attorney'.

Executive Manager of the Savings and Investments department at KFH, Mohammed Ghandour, stated that the deposit, which has numerous advantages and features, comes as part of KFH’s efforts to offer its clients new investment opportunities that cater for their investment needs.

Ghandour added that the Al-Nuwair deposit is distinguished by its Islamic wakalah structure, under which KFH acts as an agent on behalf of the clients to manage their investment activities. 

In contrast KFH promises the clients with expected profit rates based on different investment periods, noting that the deposit allows clients to receive returns without the need to wait until end of the fiscal year. In addition, clients can withdraw up to 30% of the invested amount without having to cancel the deposit.

Moreover, he explained that Al-Nuwair provides flexible investment tenures ranging from one month to three years and clients can identify the tenure of investment by the number of days starting from a minimum of 30 days. He indicated that clients can reinvest their profits at each renewal date to achieve higher returns; they can also pre-request modification of the invested amount of the deposit at maturity date.

He noted that the minimum deposit for this deposit account is KD5,000, and KFH can arrange for high investment returns for deposits with KD50,000 and more. The deposit is available to all individuals and corporate entities and can be opened through KFH branches.

Bank Muamalat gets kafalah guarantee on SME financing from PUNB

Bank Muamalat Malaysia (Bank Muamalat) signed an MOU with Perbadanan Usahawan Nasional (PUNB), Malaysia's national entrepreneur development corporation, in early December to establish a kafalah guarantee scheme under which PUNB will provide a financial guarantee to Bank Muamalat with respect to advances, credit facilities or financing provided by Bank Muamalat to established SMEs.

With the collaboration, Bank Muamalat will work together with PUNB to play an important role in the development of business community, especially for SMEs in Malaysia. The partnership with PUNB will allow the bank to add to the pool of credit available for SMEs in line with government aspirations. Bank Muamalat and PUNB also agreed to collaborate and participate in entrepreneur development activities such as joint training programmes, workshops, business matching and related activities for the benefit of SMEs. 

The bank has also enhanced its SME portfolio through its full-fledged Islamic banking platform.

National Bank of Kazakhstan becomes AAOIFI member

The National Bank of Kazakhstan, the central bank and financial services regulator of the Republic of Kazakhstan, has taken up membership in Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The signing ceremony took place on 2 December at the World Islamic Banking Conference 2014 in Manama, Kingdom of Bahrain.Dr Hamed Hassan Merah, Secretary General of the AAOIFI, said the membership would allow AAOIFI to work more closely with the National Bank of Kazakhstan and the finance industry in the Republic of Kazakhstan to support continuing development of Islamic finance.

Nurlan Kussainov, Deputy Governor, Bank of Kazakhstan said, "The membership gives us an opportunity to gain from the international experience in development of Islamic finance industry, to benefit from recommendations of international experts and financial institutions, and to participate in workshops and conferences organised by AAOIFI”.

The Republic of Kazakhstan introduced in early 2009 law and regulations for operations of Islamic financial institutions. This then led to establishment of the first Islamic bank (Al Hilal) and the first Islamic insurance (takaful) company in 2010. The Development Bank of Kazakhstan then became the first sukuk issuer in the Central Asia region with its sukuk al murabaha issuance in July 2012, denominated in Malaysian ringgit at the equivalent amount of approximately US$76.7 million (RM240 million). Earlier in 2014, the first Islamic leasing (ijarah) company was set up in the Republic of Kazakhstan through participation of the Islamic Corporation for Private Sector Development, a member of the Islamic Development Bank Group.

AAOIFI is a leading international Islamic finance industry development body primarily responsible for development and issuance of standards for the global Islamic finance industry. It has issued a total of 88 standards in the areas of shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 

It is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards are currently followed by all the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices.

Wipro completes Al Rajhi Bank migration to Oracle

Al Rajhi Bank (ARB) , one of the largest Islamic banks in the world and Wipro Arabia, a subsidiary of Wipro, an information technology, consulting and business process services company, yesterday announced the successful 'go live' of Oracle FAHGL Program in a two-year migration.

Wipro ensured a successful implementation of the Financial Accounting Hub (FAH) at the bank by integrating all banking systems through the FAH, building a single repository for all financial data and developing an effective reconciliation and errors handling mechanism.

The shift to Oracle FAHGL has brought in operational efficiency at the bank especially in the Treasury, Risk and Card business operations. The reconciliation time has fallen from three to four days to fifteen minutes and helped free up skilled banking experts for more analytical tasks. Implementation has also facilitated quality and timely management reporting and compliance with IFRS / IAS accounting principles.

Waleed Al-Mogbel, Chief Operating Officer, Al Rajhi Bank said, "The FAH engine is most important to ARB for its digital transformation journey, enabling new types of innovation and creativity, which commenced with replacing the legacy MCGL by a modern General Ledger (GL), integrating all banking operations systems to build a single repository for all needed financial data, and develop an effective reconciliation, errors handling mechanism required for financial reporting. This is a remarkable milestone as it is one of the largest implementations in which Oracle FAHGL has been integrated with banking operating systems."

Thomas George, General Manager and Head, Wipro Arabia said, "This project has been one of the most complex and largest Oracle FAH implementations executed by Wipro, integrating nine banking business applications having around forty eight subsystems with Oracle GL. The successful implementation clearly demonstrates the maturity of Wipro Oracle practice in handling complex projects that have fixed timelines and costs."

He further added, "Our mission is to support the growth of our clients in their overall business results. We will continue to provide Al Rajhi Bank our support and commitment in stabilising system continuity and improving the process and performance."

Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 288 billion (US$76.8 billion) and an employee base of over 8,400 associates. With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 500 branches, over 120 dedicated ladies branches, more than 4,000 ATM's, 33,000 POS terminals installed with merchants and the largest customer base of any bank in KSA, in addition to 130 remittance centres across the kingdom.

Deloitte unveils way forward for takaful

"Increasingly, many takaful organisations are realising the need to address the regulatory compliance and investment risks that threaten strategic objectives around growth and profitability. 

"Equally, industry executives recognise the importance of implementing good governance practices to facilitate compliance and devise well-balanced investment strategies to realise growth and sustainability," says Dr Hatim El-Tahir, Leader, Deloitte ME Islamic Finance Knowledge Center in his foreword for  Deloitte’s 2014 Takaful Insurance Report for Asia, Middle East and Africa.

Deloitte's report, The way forward for Takaful, builds on Deloitte's last study on the global Takaful insurance market, and looks more deeply into the core Takaful markets in the Middle East and South Asia. Its research examines the economic and regulatory environment in six selected countries: KSA, UAE and Bahrain from the Middle East, and Pakistan, Malaysia and Indonesia representing South Asia. An additional analysis of the insurance sector and takaful is based on the financial performance and investment strategies of a selected group of prominent takaful firms.

Deloitte says this study marks the beginning of a new approach in the field of Islamic finance, that is, industry-driven research. This aspiration is shared by Deloitte Middle East and two prominent research institutions – the International Centre for Education in Islamic Finance (INCEIF) and Henley Business School, University of Reading.

Some findings of the report:

Insurance penetration rates in the markets examined in this study are invariably under 5% with the exception of Malaysia, Singapore, Japan and Hong Kong, where penetration rates amounted to 5.1%, 6.2%, 10.1% and 11.5% respectively.

Conversely, the global takaful insurance market exhibited double digit growth, representing 18% CAGR from 2007 to 2012 with worldwide gross takaful contributions reaching US$18.3 billion in the first half of 2013.

There is a clear gap in the level of regulation and government support provided to takaful compared to insurance firms. Malaysia is by far leading the wave  of best practices legislation in the sector, and the Gulf Cooperation Council (GCC) is striving to improve playing field levels for both takaful and insurance firms.

In the GCC, the UAE has the best depth and breadth of products, and offers the most diversified suite of family and general takaful products.

The Malaysian takaful industry is expected to grow by 20% per annum for the next two years based on the growing trend of consumer acceptance and strengthened regulatory infrastructure

There is particular potential in Indonesia, KSA and Pakistan.

2015 will see more than US$17 billion in annual gross contributions by 2015, with KSA making up close to half that figure.

Download the report here.

IDB opens country gateway office in Indonesia

The Islamic Development Bank (IDB) Group has opened a Country Gateway Office in Indonesia. Headed by Resident Representative Ibrahim Shoukry, the office will host senior professionals of all IDB Group private entities such as the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

The Country Gateway Office will serve as a platform for all entities of the IDB Group to effectively identify and implement projects and programmes as well as expand cooperation particularly in transportation, energy and public-private partnerships. The Office will also manage IDB Group’s portfolio in Indonesia and support capacity development in Islamic finance and reverse linkages through the flagship programmes of Indonesia’s south-south and triangular cooperation*.

At the opening ceremony in Jakarta on 11 December 2014 Dr Ahmad Mohamed Ali, Chairman, IDB Group, called the launch of the office "a turning point in the IDB’s efforts to get closer to its member countries and stakeholders."

The office is timely given Indonesia’s historical and increasing role at the global level, and its strong relations with the IDB member countries, Dr Ahmad said, noting that Indonesia is the only Southeast Asian country and is only one of three OIC member countries in the G20. Indonesia also boasts the world’s largest Muslim population, he added.

Dr Ahmad also noted that Indonesia has initiated projects in Africa and Asia, including the improvement of domestic husbandry through artificial insemination in the Kyrgyz Republic. "In this regard, I would like to express my appreciation to the government of Indonesia for providing US$2 million for IDB’s Reverse Linkages initiative and Indonesia’s South-South Cooperation programme in 2014. This would set an example for wider replication of this mutually beneficial initiative of supporting the exchange of technical know-how among the IDB member countries," he said.

IDB has also worked with Indonesia and Saudi Arabia among other partners in providing relief for the Aceh tsunami under the OIC Alliance for Child Victims and reconstruction and development under Saudi Charity Campaign Program, with a total funding of US$74 million. "Looking forward, I trust that the Country Gateway Office will insha Allah be instrumental in further promoting and facilitating joint initiatives between the IDB Group and Indonesia," he said. 

Indonesia, with its sustained economic growth of over 5%, is developing Islamic finance too. "The IDB has supported the integrated development of the Islamic finance sector through various initiatives in key areas such as building the enabling environment for Islamic finance; establishing and promoting Islamic financial institutions such as providing equity of US$70 million (or 33% of total equity) in Bank Muamalat; establishing and supporting Islamic financial infrastructure institutions and contributing to the development of Islamic financial architecture in Indonesia. Currently, IDB is also developing mechanisms to support enhancement of financial inclusion by launching an Islamic microfinance fund," Dr Ahmad said.

Dr Ahmad closed his speech by calling for twinships to be established between Indonesian Chambers of Commerce and Chambers of Commerce in other member countries. "We would like to see more Indonesian trade fairs and exhibitions to be organised in other IDB member countries as well as other IDB member countries to be invited to arrange trade fairs and exhibitions in Indonesia," he said.

As of 2015, Jeddah-headquartered IDB has regional offices in Almaty, Kuala Lumpur, Rabat, and Dakar. The Indonesian country gateway office is its third after two country gateway offices in Turkey.

*These modes of cooperation are described here.

AlHuda CIBE wants to help bring Islamic finance to Japan

Japan, the third-largest national economy in the world, could improve its financial position internationally and regionally by supporting Islamic banking and finance, says Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Center of Islamic Banking and Economics (CIBE).

Speaking at the Japan Halal Forum in Tokyo and at meetings in Japan, Muhammad Zubair mentioned that non-Muslim countries are already benefitting from Islamic finance, including in the US, South Africa, and the UK. 

Japan would not only expand its financial mix but also increase ties with regional financial centres near it, including in Malaysia, Indonesia, and Singapore, as well as further afield particularly to the Middle East. 

Muhammad Zubair noted that some Japanese banking and financial companies are already providing Islamic banking and takaful (Islamic insurance) services in Malaysia, the Middle East and some other countries. New investor bases might also be build through the Tokyo Stock Exchange developing Islamic indices and sukuk listings. Islamic banking and finance also complements the halal industry, which has the potential to attract new tourists in Japan and boost revenues through halal food exports.

Muhammad Zubair also disclosed that the AlHuda Center of Islamic Banking and Economics has a long term vision to develop the Islamic banking and finance industry in Japan. The organisation is initially offering capacity building services for the Japanese banking and financial market, and plan to conduct workshops on the topic in Tokyo at the end of February 2015 with the Association of Nippon Asia Halal Association, to be conducted in Japanese.

About 10% of the world's flags carry Islamic symbols

Source: Pew Research website.

A third of the world’s 196 countries have national flags with religious symbols on them, according to a new Pew Research analysis. According to Pew Research, there are 64 countries in this category, with about half including Christian symbols (48%) and about a third including Islamic religious symbols (33%).

Islamic symbols are found on the flags of 21 countries in sub-Saharan Africa, the Asia-Pacific region and the Middle East and North Africa, the thinktank said. The national flag of Bahrain features five white triangles, symbolising the Five Pillars of Islam, Pew noted. Turkey, Brunei and Uzbekistan are some of the other countries that include an Islamic star and crescent on their national flag.

Although Singapore has a crescent and stars on its flag, they do not have religious significance, Pew added. The crescent moon “represents a young nation on the ascendant, and the five stars depict Singapore’s ideals of democracy, peace, progress, justice and equality,” according to the Singapore government.

State of the Global Islamic Economy Report, Global Islamic Economy Indicator launched

The Dubai Islamic Economy Development Centre (DIEDC), in partnership with Thomson Reuters and in collaboration with the Dinar Standard has launched the State of the Global Islamic Economy Report (SGIE) for the second consecutive year, WAM, the Emirates News Agency has reported.

The SGIE Report focuses on core sectors of the global Islamic economy and their ecosystem that have structurally impacted consumer lifestyles and business practices through Islamic values. These sectors are: Islamic finance, halal food and lifestyle, covering fashion, travel, pharmaceuticals & cosmetics, and media & recreation.

The 2014-15 SGIE Report indicates that Islamic economy momentum continues to grow, and also introduces the Global Islamic Economy Indicator (GIEI), a numeric measure representing the overall health and growth of the Islamic economy across 70 countries.

Dr Sayd Farook, Global Head of Islamic Markets, Thomson Reuters, said: "An independent multi-dimensional barometer, the GIEI defines the development of the global Islamic economy beyond quantitative consumption measures, to assess the entire eco-system supporting the Islamic economy in any one country. The UAE, Malaysia and Bahrain lead this inaugural composite Index for 2014." 

Malaysia scored 111.5, UAE 71.6 and Bahrain 64.8 overall, while in the category of Islamic finance, Malaysia was rated at 162.2 against no. 2 UAE at 80.9, disclosed Daud Vicary Abdullah, the President and CEO of INCEIF.

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said, "Dubai has achieved great milestones in key sectors of the Islamic economy with the support of DIEDC and other major players in the field. The growth is testimony to the wisdom and vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, who has provided Dubai’s economy with a roadmap for a sustainable development, in line with the UAE Government’s strategy to become one of the leading countries in the world by 2021. 

"The launch of the State of the Global Islamic Economy Report reiterates Dubai’s leading role as an incubator of knowledge for the Islamic economy industry. The report leverages the emirate’s ongoing endeavours to become the capital of Islamic economy. We are delighted to learn from the key findings of the report that the pace for a full-fledged Islamic economy launched in 2013 is on the right track to achieve its objectives." 

Mohammed Abdullah Al Gergawi, Chairman of the DIEDC Board, said, "The launch of the State of the Global Islamic Economy Report reiterates our commitment to nurture a knowledge-based Islamic economy in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, and the guidance of the Crown Prince of Dubai to position Dubai as the Capital of Islamic Economy."

Essa Kazim, Secretary General of DIEDC, added, "The purpose of the State of the Global Islamic Economy Report 2014 is to inspire and empower entrepreneurs, industry leaders, and investors to evaluate and develop an actionable, practical, and high impact market strategy focused on growing the opportunities for Islamic economy in their markets."

Daud Vicary Abdullah noted that the Islamic economy is growing from a small base. "However, growth rates are impressive and the value proposition, overall, is beginning to gain traction in non-Muslim markets as well.  The fact that the size of the pie is increasing bodes well for the Islamic economy," he said in a blog post on the INCEIF website.

The 2013 report can be downloaded here.

PCR-based food testing to grow at a CAGR of 11% through to 2016

During the past three decades since its invention, the polymerase chain reaction method (PCR) has become a fundamental method for analysis in life sciences. While developed countries still dominate the PCR market, emerging markets are showing strong growth trends. 

A September study from Acubiz Consulting titled The Asia Pacific Markets for PCR Technologies identifies market dynamics in various countries in the Asia Pacific (APAC) region and forecasts the potential of the market related to product segments, technology segments, and end-use segments. 

The global demand for PCR was around US$10.6 billion in 2013. Even though North America had the highest market share in 2013, the Asia Pacific region is forecast to grow at a CAGR of over 11% between 2013 and 2018.

The application segments of this platform are still expanding, driven by the expiry of key PCR patents. The rising investments in the field of companion diagnostics have also been boosting the demand for PCR. Food safety testing is another significant end-use segment of the technology, driven by both consumer demand and regulatory requirements. Identifying the animal origin of meat products is another application.

Companies featured in this report include Abbott Laboratories,
Arachem, Cepheid, Fisher Biotec, KogeneBiotech and Seegene.

Shari'ah-compliant Ghalia Constella witnesses interest from customers and investors

Source: DAMAC website.

DAMAC Properties says Ghalia Constella, its first hotel apartments to be certified shari'ah-compliant, has received great interest from customers and investors from all over the region. 

Located in Jumeirah Village, Dubai, Constella, which is certified compliant by the shari'ah committee of Dar Al Sharia,  offers all the comforts of a hotel along with amenities such as separate gyms, swimming pools and dedicated dining outlets for families and single men. Other features include:

• Furnished studios, and apartments with one, two or three bedrooms
• Around-the-clock reception & concierge desk
• 24-hour valet parking service
• Lobby with a café

Prices start from AED608,000 for a studio of 467 sq ft.

Established in 2002, DAMAC Properties has delivered almost 12,000 units to date and currently has a development portfolio of over 39,000 units at various stages of progress and planning as of September 30 2014. The company has announced serviced hotel apartments projects in various areas of Dubai, from the Burj area to Jebel Ali, Jumeirah Village, Dubailand and Dubai World Central. 

Halal economy stymied by significant challenges: Datamonitor

Datamonitor has released Halal: Boom market held back by significant challenges, an October report about the rise of the halal economy.

A rapidly growing Muslim population, coupled with rising consumer affluence and increasing halal awareness is making consumers pay a premium for products that meet their ethical and religious beliefs, the research firm said. There is growth globally, but Asia and the Middle East are driving the halal market forward.

"The approach to explain and promote halal in much the same way as organic products, focusing on wholesomeness, safety for consumption and use, and higher quality of ingredients is attracting shoppers from more diverse ethnic backgrounds and religious beliefs," Datamonitor said in a description of the report.
According to Datamonitor, a combination of factors are driving demand, spelling good news for the large multinational players which control 90% of growing halal market globally. A rapidly growing Muslim population is expected to make up more than a quarter (26.4%) of the global headcount in 2030, and their rising disposable income is creating increased demand for halal products. At the same time halal is the new 'organic', attracting non-Muslim buyers.

Some figures shared include:

• The global halal market was worth US$1.7 trillion in 2012
• The halal food and beverage segment is worth over US$1 trillion today
• Halal cosmetics sales are growing 15% annually

However, there are significant challenges for the further development of the halal market, Datamonitor says, pointing to the lack of halal certification, lack of support for halal companies in financial and investment services, as well as a negative political climate associated with Muslims which has led to bans on halal products.

The company noted in particular that 'halal' is difficult to control and guarantee especially since there are limited possibilities in the sourcing and substitution of raw materials. Halal accreditation agencies are starting to appear, but the halal regulatory framework remains patchy. At the same time, halal-related companies are struggling to find support in financing and investment. 

Halal-consciousnessness remains low in non-food segments, even though pharma is an emerging growth sector of the halal market.

The product code for this report is ML00017-056.

IDB approves financing for new round of development projects

The Board of Executive Directors of the Islamic Development Bank (IDB) has approved US$566 million for financing development projects.

The approvals covered many sectors including energy, roads, petrochemicals, water, education and health in favor of eight member countries, including Saudi Arabia and Lebanon.

In the energy sector the Board allocated US$220 million for the Egypt-Saudi Electricity Interconnection Project, which aims to facilitate supply of electricity from Saudi Arabia to Egypt and vice versa with a maximum capacity of 3000 MW.

In the petrochemicals sector the Board approved US$100 million for the Rabigh2 project under Saudi Arabia’s Refining & Petrochemical Company (Petro Rabigh). The project will allow to almost double the company’s petrochemical products’ output.

Two projects were approved in the transportation sector totaling US$116.5 million, including US$69.5 million for the Northern Highway Project in Lebanon, specifically the Tripoli Eastern Ring Road which is much needed to help relieve the highly congested roads in the Tripoli Metropolitan Area.

Dr Ahmad Mohamed Ali, President, IDB, approved US$300,000 for supporting the efforts of Sierra Leone government in combating Ebola.

In a separate announcement, it was reported that HE Almazbek Atambayev, President of the Kyrgyz Republic, expressed his appreciation to the Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz, for financing five advanced mobile health clinics to be deployed in a number of rural areas in his country. This came at a ceremony in Makkah where, as part of his current visit to Saudi Arabia, President Atambayev graced the signing of the relevant agreement between Kyrgyz Foreign Minister HE Erlan Abdıldayev and Dr Ahmad Mohamed Ali.

The mobile health clinics project in rural areas of the Kyrgyz Republic is part of a US$266.5 million programme fully funded by the Custodian of the Two Holy Mosques and implemented by IDB for establishing 75 mobile clinics in several Islamic countries and Muslim communities.

The programme is aimed at offering general medical services to the least developed areas and contributing to medical treatment of the needy. The mobile health clinics will provide primary health care, medical x-rays and tests. The programme is also expected to contribute to promoting the health and medical standards in the countries concerned, training and upgrading of the local medical staff in accordance with global professional standards enabling them to meet the requirements for treatment of eye, ear-nose-throat (ENT) and urinary tract disorders as well as cancer and heart diseases, etc.

The IDB Group Chairman said that in addition to the Kyrgyz Republic, the mobile health clinics programme funded by the Custodian of the Two Holy Mosques will cover Pakistan, Tajikistan, Afghanistan and Yemen as well as a number of other countries in the Asian continent.

*Images from IDB.

Rahmatan Lil 'Alamin Foundation spearheads charity drive for Syrian refugee children

Source: MUIS.

The Rahmatan Lil 'Alamin Foundation (RLAF), in collaboration with mosques in Singapore, has kicked off a fund-raiser in aid of Syrian refugee children.

Part of an initial fund-raising effort in April this year, which netted S$240,000, was used to send relief in the form of food packages, hot food, medicines, clean water, school packages, and household items. 

S$150,000 has been set aside for the establishment of a school for children of Syrian refugees in the border town of Kilis in Southeastern Turkey. "This school will help to restore some semblance of normality, sanity and confidence in the hearts and minds of the young children," the charity said in a statement. "To make this school project possible, we will need to raise at least S$350,000 for the building, facilities and equipment needed for the school."

Donation boxes marked Singapore Muslim Community’s Special Collection for School Project for Children of Syrian Refugees have been placed at all 68 mosques till 11 December 2014. Those who are not able to make their contribution at the mosque can also offer their donation in cash or by cheque. The cheque should be made payable to “RLAF” with the words Special Collection In Aid of Syrian Refugees written on its back. The cash and cheques can be delivered to the MUIS building at the Singapore Islamic Hub, No. 273, Braddell Road Singapore 579702. In addition, members of the community can also make their contributions online via www.muis.gov.sg/epayment/Donations.aspx.

The RLAF is working with Kimse Yok Mu, a Turkish humanitarian agency, and Aid to Syrian Refugees in Turkey (ASRIT) for the project. Kimse Yok Mu will provide the teaching staff, remuneration and all the utilities needed for the school. Registration of students has already begun.

New tests for contaminated meat are more sensitive than ever

Scientists are experimenting with new tests based on the original polymerase chain reaction (PCR) to identify the animal origin of various meat products, and coming up with increasingly accurate results. While ELISA and PCR are the typical methods used to determine meat contamination, they may be more expensive, slow; require special equipment, technicians with specific skills, or have limitations to their sensitivity and specificity. 

Better tests are needed because of the possibility that a product claimed to be from one animal could well be adulterated with meat from another: an experiment reported in January 2014 in the Journal of Food Science Technology, for example, analysed 224 meat products using PCR and PCR-RFLP* and found that 7.58% of the samples actually contained haram (unlawful or forbidden) meat. Similarly, a study from the Asian Australasian Journal of Animal Sciences published October 2014, also using PCR-RFLP, showed that nearly half (45%) of all meatballs from the local market in the Yogyakarta region in Indonesia suffered from pork contamination, although meatball shops in the Surabaya region were free of it. 

In February 2014, Food Chemistry published an experiment on detecting the adulteration of meat products with pork with another PCR method, the assay of mitochondrial D-loop. The method worked for raw, cooked (at 60, 80 and 100°C), autoclaved (121°C) and microwave-oven processed pork, and could detect as little as 10 picograms (a picogram is 10^-12 of a gram) of pork in meat from other species. 

Another PCR assay, for dog meat adulteration, was described in Meat Science in August 2014. A blind test, one where researchers cannot tell the origin of the samples, showed that the method can reliably detect as little as 0.04 nanograms (a nanogram is 10^-9 of a gram) of dog DNA mixed in with chicken or beef meatballs. 

Another method was described in the Journal of Agricultural and Food Chemistry, published in October 2014. A method that combines liquid chromatography with mass spectrometry (often referred to as HPLC-MS) provides fast, sensitive detection of horse and pork in highly processed food. As little as 0.24% pork or horse in beef could be detected, even if the meat had already been cooked, with the samples ready for testing in 2 minutes.

*RFLP stands for restriction fragment length polymorphism.

Umrah season for 1436 launched

His Highness the Minister of Hajj, Dr Bandar ibn Muhammad Hajjar, announced the launch of the 1436 umrah season on 27 November.

The umrah E-Track Program received the first group of the applications for umrah visas at the beginning of the month of Safar, in late November, and the first groups of mu`tamirs arrived a few days after.

This follows a successful e-track during the 1435 umrah season, during which KSA hosted a record 6,051,000 international mu`tamirs. The e-track was complemented by projects to increase the capacity of the Two Holy Mosques and pilgrim accommodations. 

The Ministry of Hajj also announced a bylaw on the regulation of services for mu`tamirs (umrah pilgrims). His Highness referred to a set of new rules which has been announced by the Ministry for the licensed companies inside and outside the Kingdom. These rules have been laid down in order to control the procedures for umrah, improve the level of the services, and preserve mu`tamir rights. 

Among these rules are those relevant to the issuance of visas, the service packages, the work of the external agents, the qualification and training of the human resources, surveillance systems, and the preparation of offices for companies. The rules will also control the mechanism of the evaluation of the licensed companies in the Kingdom and their agents in the mu`tamirs’ countries, as well as the mechanism of the arrival of the mu`tamirs who travel from the countries in which there are no external agents. 

His Highness also referred to the global electronic umrah network which has been established by the Ministry of Hajj in coordination with the Ministry of Foreign Affairs in order to facilitate the umrah process for international mu`tamirs. The network provides a mechanism for umrah in countries where there are no contractors or external agents.

Read the blog post about the E-Track Program here.

Pave the Way Foundation places spotlight on controversial covenants said to be by Prophet Muhammad (ﷺ)

Source: PTWF.

Pave the Way Foundation (PTWF), a nonsectarian public foundation working to identify and resolve obstacles between religions, has initiated an international advertising campaign to publicise what it says are the original covenants of the Prophet Muhammad (ﷺ) that order his followers to protect the people of the book (Jews and Christians), their synagogues, churches and holy shrines until the end of days.

The online ads provide images of the Covenants of Protection, some of which are signed with the Prophet's palm print or the wax seal of his ring. There are also links to more information on the foundation's website, where images and translated text from the covenants can be found.

According to Imam Ilyas 'Abd al-'Alim Islam (Dr John Andrew Morrow) and author of The Covenants of the Prophet Muhammad with the Christians of the World, these covenants carry the same legal authority as the Quran. Imam Islam also stated that those who have committed acts of violence against innocent people have insulted the Prophet Muhammad (ﷺ) and insulted Islam and should be punished for these violations.

"Imam Ilyas 'Abd al-'Alim Islam is a respected Islamic scholar and recently published a book of his research into the over 20 Covenants of the Prophet Muhammad with the Jews and Christians of the World," said Elliot Hershberg, Chairman of PTWF. "Imam Islam also started the Covenants Initiative, where hundreds of important Islamic leaders have signed on to indicate the validity and importance of these documents. These covenants give peace-loving Muslims a tool to combat those who have hijacked their religion by committing acts of violence against innocent Jews, Christians and Muslims around the world in the name of Islam."

Gary Krupp, President of PTWF, stated, "We have found that knowledge of these covenants can make a difference in addressing important issues. In 2012, on behalf of 300 million Orthodox Christians, PTWF requested that the Turkish government reopen the Halki Seminary in Istanbul, closed since 1971. In partnership with international Muslim leaders, we sent a letter containing information about the existence of these covenants to Prime Minister Erdogan of Turkey. As a direct result of this effort, Dr Mehmet Gormez, the highest Islamic authority in Turkey, visited Ecumenical Patriarch Bartholomew of Constantinople on July 5, 2012, embracing him and stating that, in the name of Islam, the seminary should be opened."

While Imam Ilyas and PTWF are convinced that the documents are authentic, there is still controversy about this, with detractors noting that people of one religion might have forged documents that would allow them to escape harm from people of another religion. A 2012 discussion on a forum note that the letter to the monks of St Catherine's Monastery in Sinai, Egypt is a copy of an alleged original, and not the original, but that various rulers did indeed abide by the sentiments of the content. 

A Reddit thread also raises questions about the type of Arabic script used, which would not have existed at the time of the Prophet, though it could of course be argued that a copy of the document would have used the more modern script of the day.

Other commenters on both forums have however noted that the content of the covenants is generally in line with sentiments in the Quran and other authenticated sources about Islam.

Museum of Islamic Art goes past millionth Facebook fan mark

The Museum of Islamic Art (MIA) in Qatar welcomed its 1 millionth fan on Facebook in December 2014. To commemorate the occasion the MIA created some videos about its fans here.

Source: Museum of Islamic Art website.

At the time of writing, the MIA's Facebook page had 1,026,190 fans. The page was started in September 2011.

Book on Mohammad Iqbal receives critical acclaim

Since Iqbal: The Life of a Poet, Philosopher and Politician by Zafar Anjum was launched by Singapore's Institute of South Asian Studies last month, the reviews have been overwhelmingly positive. The Hindu calls it an "absolutely fascinating biography". The Indian Express says it is "an Iqbal ‘Reader’ for our times". Tehelka calls the book "a welcome addition to the corpus of Iqbal studies".

Iqbal the biography, published by Vintage/Random House, studies little-known aspects of the life of Islamic philosopher, poet and polyglot Mohammad Iqbal (1877-1938), widely regarded as one of the greatest Islamic poets of the 20th century and the ‘spiritual father of Pakistan’. 

While Iqbal’s role in the struggle for India’s freedom and the Pakistan movement is well chronicled, not much is known about his personal life, said Singapore-based journalist and writer Zafar Anjum. “This book highlights some of the least known facets of the poet’s life,” Anjum said. 

A contemporary of Nobel laureate Rabindranath Tagore, Allama Mohammad Iqbal, whom Sarojini Naidu called the ‘Poet laureate of Asia’, remains a controversial figure in the history of the Indian subcontinent. On the one hand, he is considered the ‘Spiritual Father of Pakistan’, Urdu’s greatest modern poet, and the author of one of India’s most popular national anthems, Sare Jahan Se Acha Hindustan Hamara. On the other, his message of Eastern revivalism places him in the ranks of the 20th century’s major intellectuals. 

Iqbal’s tragedy was that after his death, he was made the national poet of Pakistan and largely ignored in India. This biography redresses that neglect, covering Iqbal’s evolution as a poet, philosopher and politician. This book discusses how a nationalist poet turned into one about Islamic revivalism and global revolution; how three years in Europe changed his political and philosophical outlook, and why he started writing in Persian during his European stay.

The 320-page book was launched at the 9th annual conference of ISAS in Singapore. “In his book, Zafar Anjum has captured the spirit of Iqbal,” ISAS Chairman Padma Shri Gopinath Pillai said at the launch. 

“The last book on Iqbal’s life in India was written nearly 20 years ago by Dr Rafiq Zakaria,” said Anjum. “Iqbal has nearly been forgotten in India. The fact remains that Iqbal is part of our Asian legacy and his life and his message of action and self-development and of reinventing Islam is more relevant than ever, not just for Muslims but for the entire world. He, like Tagore, was suspicious of nationalism as a divisive force among mankind, leading to colonial competition, wars, and excessive materialism.”

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