Bank Muscat launches Terhal travel financing

Coinciding with the summer (Q2 to Q3) holidays and the upcoming Eid al Fitr, and in line with the bank’s vision Let’s do more, Bank Muscat, has launched Terhal, a suite of travel services with banking features and facilities. Oman’s first-of-its-kind product is in alignment with strategies aimed at providing a distinct banking experience aimed at customers interested in tourism and travel, the bank said.

Under Terhal, customers will be able to obtain finance of up to RO10,000, at a 3.5% interest rate, repayable over 12 months. Terhal customers will receive a Bank Muscat Oman Air credit card plus a superior travel insurance package. The insurance package will cover a lost passport, flight postponement or cancellation, emergency medical expenses and services, plus personal incidents and lost luggage. Customers are also eligible to earn Oman Air’s free Sindbad miles.

Abdullah Tamman Al Maashani, Deputy General Manager – Institutional Sales & Products Development at Bank Muscat said: “We aim to provide the best banking services and products to all customers while assisting them to draw up ideal financial plans.

"Terhal is designed to help its customers prepare themselves financially and avail special offers during their holidays. Bank Muscat continues adding value to its services and products, in line with a firm commitment to all its customers.”

Interested?

Read the Suroor Asia blog posts about Bank Muscat's Tadhamun initiative and about Oman's Eid al Fitr holiday dates

Minister of Haj and Umra, KSA, inspects umrah facilities

Source: Ministry of Haj and Umra, KSA.

HE the Minister of Haj and Umra, KSA, Dr Mohammed Saleh Bentin, inspected umrah pilgrims' service centers in both Makkah and Madinah in mid-June. 

The tours aimed to examine the procedures adopted by the ministry's sectors on implementation of operational plans for umrah this year, and to improve the services provided to both pilgrims and visitors.

After the tours he stressed the goal of ongoing performance enhancement, and of increasing cooperation between the agencies associated with umrah services.

In Madinah, the Ministry of Haj and Umra's umrah pilgrims' service centers are in the central area around Al-Masjid an-Nabawi (the Prophet's Mosque). ​​​​Since the beginning of umrah season, these umrah service centres have guided 30,000 lost umrah pilgrims and responded to 12,000 e-queries around the clock. In Makkah, over 43,000 services have been carried out for umrah pilgrims and visitors.

On June 20, (15 Ramadhan 1437), the Ministry of Haj and Umra announced that the number of umrah pilgrims who have arrived in the kingdom has reached 5,888,986. An analysis has shown that the pilgrims have been able to follow the rituals with ease despite higher umrah pilgrim numbers this year. This number is expected to reach over six million by the end June going by the number of visas issued.

According to the ministry, the following countries have sent the most umrah pilgrims for the Islamic year 1436. KSA targets to host a million umrah pilgrims every Islamic month from Safar, the second month of the year, to Ramadhan, the ninth month of the year. There are 12 months in the Islamic year.

Country ​	Umrah pilgrim numbers
Egypt	1,151,142
Pakistan	761,327
Indonesia	635,993
Turkey	450,427
Iran	404,114
India	391,242
Jordan	316,300
Iraq	268,063
Algeria	261,791
Malaysia	195,844

Gap invites kids to make wishes for Ramadhan at their Wishing Wall

Source: Al Tayer.

Gap, the fashion retailer, is displaying a Wishing Wall throughout Ramadhan at selecting stores in the Middle East.

Every child who visited the Gap store has the chance to draw or write a wish for themselves, their family or their friends and post it on the Wishing Wall.

The Wishing Wall is displayed in-store at Gap UAE, at Mercato Mall, Dubai Festival City, and Dalma Mall; Gap Qatar, Landmark Mall; and Gap Kuwait, 360 Mall.

Bank Muscat furnishes beneficiaries in Dakhaliyah with home appliances, Eid gifts

Source: Bank Muscat website.

Bank Muscat’s Tadhamun corporate social responsibility (CSR) initiative, coinciding with Ramadhan, has reached households in the governorate of Dakhiliyah, Oman.

Emphasising the bank’s Let’s Do More vision and values of accountability and partnership, the Tadhamun convoy of vehicles carrying the bank’s employees and volunteers distributed basic electronic home appliances to beneficiary families identified by the Ministry of Social Development. The distributions are occurring across Oman throughout Ramadhan along with Eidiyah* provided to beneficiary families as a gift from the bank’s employees.

Bank Muscat has lined up a series of programmes under the banner of Ramadhan Al Kheir to benefit different segments of society during the Holy Month of Ramadhan. In the third leg of the Tadhamun programme, basic electronic home appliances and Eid gifts were distributed to beneficiary homes in the wilayats of Nizwa, Bahla, Al Hamra, Adam, Samail, Bid Bid, Izki and Manah in Dakhiliyah. The objective of the CSR initiative is to address the requirements of beneficiary homes which do not have basic home appliances.

Interested?

Read the Suroor Asia blog post about other Tadhamun initiatives 

Hashtag: رمضان_الخير#

*Eidiyah are gifts of cash given out during Eid to children.

Qatar announces Eid al Fitr holiday dates

The Emiri Diwan in Qatar has announced the dates for the Eid Al Fitr holiday for government entities and public institutions.

According to the announcement, which was reported by the Qatar News Agency, the holiday begins from July 3 and ends on July 11. Work resumes on July 12.

For the Qatar Central Bank (QCB), banks, financial institutions under QCB's jurisdiction, and the Qatar Financial Markets Authority (QFMA), the QCB governor will specify the start and end dates of the holiday.

Banks to be closed over Eid al Fitr holiday in Kuwait

All banks in Kuwait will be closed from July 5 to 9 for the Eid Al-Fitr holiday, the Kuwait Banking Association (KBA) has announced, according to a report from the Kuwait News Agency.

According to a notice by the Central Bank of Kuwait (CBK), all banks will resume operations on July 10.

The Civil Service Commission (CSC) had announced that the Eid Al-Fitr holiday starts on July 5 and ends on July 9 irrespective of whether the month of Ramadhan totals 29 or 30 days.

KSA Minister of Haj and Umra meets Indonesia's Minister of Religious Affairs

Source: KSA Ministry of Haj and Umra

The KSA Minister of Haj and Umra Dr Mohammad Saleh bin Taher Benten has met with Indonesia's Minister of Religious Affairs Lukman Hakim Saifuddin and his delegation.

The two discussed issues pertaining to the Indonesian Hajj and umrah pilgrims for this year, as well as the strong and sustainable ties between the two countries.

HE Lukman Hakim Saifuddin said that the milestone achievements and huge historic projects carried out by the kingdom have provided Muslims willing to perform Hajj rituals with a full spectrum of facilities.

The Minister of Haj and Umra earlier met the Malaysian Ambassador to the kingdom, Zinol Rahim Zainuddin. HE discussed several issues covering Hajj and umrah, and focused on the efforts made by the government of the Custodian of the Two Holy Mosques for the benefit of Hajj and umrah pilgrims and visitors.

HE the Ambassador of Malaysia to the Kingdom praised the work of the KSA government under the leadership of the Saudi King Salman to ensure that all are provided with facilities to perform their rituals with ease and convenience.

Interested?

Read the Suroor Asia blog posts about the Yemen Hajj delegation's visit to KSA and a previous Indonesian delegation's visit to discuss Hajj 2016

posted from Bloggeroid

MARC discusses Islamic Development Bank ratings

MARC has assigned long-term and short-term financial institution (FI) ratings of AAA and MARC-1 respectively to the Islamic Development Bank (IsDB). The ratings are on the Malaysian national scale. Concurrently, the rating agency has assigned a preliminary rating of AAA_IS to the proposed sukuk wakalah (sukuk) issuance of up to RM400 million by Tadamun Services (Tadamun), a trust established by IsDB for the purpose of issuing the sukuk. IsDB will provide an undertaking to acquire the sukuk upon maturity, early redemption or in the event of a default by Tadamun as well as to cover any shortfall in profit payments on the sukuk. The outlook on the ratings is stable.

Established by the Organisation of Islamic Cooperation (OIC) in 1975 and headquartered in Jeddah, Saudi Arabia, IsDB is a multilateral development bank (MDB) with a membership of 57 countries, most of which are from the Middle East and North Africa (MENA) and Sub-Sahara Africa (SSA) regions. IsDB undertakes financing and investment activities to support the economic development of member countries and Muslim communities across the world.

MARC’s ratings on IsDB primarily reflect the bank’s solid capital position and strong liquidity levels, which are underpinned by high shareholder support. The ratings also incorporate IsDB’s prudent financing policy that includes limits on geographical and sectoral exposures and the bank’s preferred creditor status. These strengths significantly mitigate the credit risk in the bank’s financing and investment portfolio.

IsDB’s capital adequacy levels provide significant coverage over any unexpected losses stemming from its financing and investment activities. For the Islamic year ended 1436 (FY1436H), which corresponds to October 13, 2015, the bank’s total members’ equity of ID7.8 billion (Islamic dinar*), comprising paid-in capital of ID4.9 billion and reserves of ID2.9 billion, accounted for 48.8% of total assets. As a proportion of total financing and investments, members’ equity amounted to 60.7%. The coverage ratios are comparatively higher than its peer MDBs such as the African Development Bank and the Asian Development Bank. MARC notes IsDB’s capital position is further enhanced by the bank’s callable capital of ID40.5 billion as at end-FY1436H; the bank’s callable capital constitutes contractual support that can be called upon on member countries to cover the bank’s obligations.

MARC views positively the strong financial commitment of IsDB’s key shareholders, in particular Saudi Arabia, Kuwait, Qatar and UAE (with a combined stake of 45%), to support the bank. The rating agency draws comfort from the fact that among the member countries, 47% or ID19.1 billion of total callable capital is committed by member countries rated in the A and above category on a global rating scale.

In line with its financing policy, IsDB maintains a single country exposure limit of 15% on its financing and investments to address concentration risk; its three largest country exposures Turkey (8.78%), Morocco (8.74%) and Pakistan (8.43%) are well within the limit. In terms of sectoral distribution, the bank’s inclination is towards infrastructure-related activities, namely public utilities (40.0%) and transport & telecoms (26.8%).

The bank continues to have significant exposure to sovereigns with weak credit ratings, although this has declined from 80% in 1432H to about 70% of the bank’s financing and investments. The bank makes full provisions against installment payments overdue by six months. As at FY1436H, installments overdue stood at 0.97% of total financing and investments. IsDB mitigates the credit risk by requiring explicit guarantees on all sovereign entities; financing for non-sovereigns is limited to strategic entities and projects in which the governments of member countries are major stakeholders and are guarantors of suppliers/offtakers. Given that IsDB has been granted preferred creditor status by its shareholders, the bank has priority claim over other creditors in the event of default.

MARC observes that IsDB has historically maintained a conservative leverage position, relying mainly on equity capital to fund its operations. However, in recent years the bank shifted to capital markets for funding through several sukuk issuances. This led to an increase in the bank’s gearing ratio from 79.1% in 1432H to 93.2% in 1436H; nonetheless, the bank’s gearing remains conservative, both by its own internal measures of 1.25 times members’ equity (paid-in capital plus reserves), as well as compared to its peer MDBs. IsDB is also one of the most liquid institutions among its peer MDBs, with liquid assets constituting 23.5% of total assets.

The stable rating outlook reflects MARC’s expectations that IsDB will maintain its strong capitalisation and liquidity profile, and that the bank’s member countries will continue to extend strong support.

Interested?

View the definitions of MARC's ratings

Read the Suroor Asia blog post about IsDB's work in Bangladesh

*The Islamic dinar is a unit of account used by the IsDB, that is currently equivalent to one Special Drawing Right (SDR) of the International Monetary Fund (IMF). The composition of currencies in SDR basket for the Islamic Dinar are 41.9% for US dollars, 37.4% for the Euro, 11.3% in British pounds and 9.4% in Japanese yen. The IMF declares changes in the composition of currencies in the SDR basket every five years. The last change was declared by IMF on January 1, 2011.

Oman announces dates of Eid al Fitr holiday for 2016

Sayyid Khalid bin Hilal bin Saud al-Busaidi, Minister of the Diwan of Royal Court, Chairman of the Civil Service Council in Oman has announced that the Eid Al Fitr holiday for employees at the ministries, public authorities and other departments of the State Administrative Apparatus will start 5 July 2016 (29 Ramadhan 1437) and end 9 July (3 Shawwal 1437). Work resumes on 10 July 2016. 

Sheikh Abdullah bin Nassir al-Bakri, Minister of Manpower stated the Eid Al Fitr holiday at the private sector will also be from 5 till 9 July.

Employees whose weekly off-days coincide with the holiday must be compensated.

Moon-sighting to determine the start of the month of Shawwal, and therefore the end of Ramadhan and the beginning of Eid will be declared by the competent authorities. 

The decisions were reported by the Oman News Agency.

Qatar Tourism Authority announces Eid festivities and Qatar Summer Festival

Source: QSF website.

The Qatar Tourism Authority (QTA) is preparing for a season of festivities, including the Eid al-Fitr celebrations and Qatar Summer Festival (QSF), the Qatar News Agency (QNA) has reported.

QTA has organised five days of Eid al-Fitr celebrations in Qatar. "The celebrations begin on the first day of Eid under the theme Capture Joy and will offer a variety of entertainment activities at venues across Qatar, including sports organisations, malls, cultural landmarks and Qatar National Theatre," said Rashed al-Qurese, Chief Marketing and Promotion Officer, according to the QNA.

Visitors to the malls will enjoy family entertainment shows such as: Alice in Wonderland (City Center Doha), Sleeping Beauty (Dar Al Salam), The Little Mermaid (Ezdan Mall), Snow White (Lagoona Mall), Iftah Ya Simsim (Hyatt Plaza) and Dora’s Friendship Fiesta (Al Khor Mall). There will be parades in the participating shopping malls between 5pm and 10pm, featuring drummers, walkabout birds, Koka stilt walkers and live 'statues'.

Other shows, which will be on rotation at Qatar’s malls throughout Eid, include Doctor Bubble, Equilibrium on the Reels, Comedy Show, Tanoura Performance, Ardha Traditional Dance, Oriental Dabke and Kids Magician.
The children’s play The Hunter and the Pirates will be on show at Al Rayyan Theatre in Souq Waqif between 4.30 and 6.30pm, with ticket prices ranging from QR30 to QR300.

QTA’s partners will be putting on a wide variety of cultural and entertainment offerings, including live entertainment at Katara – the Cultural Village starting at 6.30pm and culminating in a firework spectacle at 9.30pm.

Sheikh Faisal bin Qassim Al-Thani Museum will be offering free tours while horse riding sessions will be available at the Al Samariyah Equestrian Centre.

A wide variety of entertainment options will take centre stage as well at Aqua Park, Al Dosari Zoo and Game Reserve, The Pearl-Qatar and Aspire Zone Foundation.

The Qatar Air Sports Committee will offer aerial paragliding tours at Sealine Beach.

With the theme Colour Your Summer, QSF offers a variety of colourful experiences under the entertainment, dining, culture, shopping, outdoor categories. Tincluding concerts, comedy events and sports events involving celebrities from across the region. The third edition of the QSF will also feature a range of attractions such as special hotel rates, cultural events, shopping promotions and weekly raffles with prizes worth up to QR2 million. The month-long celebration will start on August 1 at the Doha Exhibition and Convention Centre.

Hotels will be offering special packages such as ‘pay for two nights and stay for three’ in hotels, and ‘pay for five nights and stay for six’ in hotel apartments. Participating hotels include the City Centre Rotana Doha, Four Seasons Hotel Doha and the Intercontinental Doha - The City. Select establishments will provide additional promotions including free breakfasts, late checkouts, free meals for children when accompanied by their parents (a maximum of three children per family) and free transfers to and from Hamad International Airport. These offers are also available to residents booking during the same period.
 
QSF’s Entertainment City at the Doha Exhibition and Convention Centre (DECC) is also set to return, and will feature a range of new gaming and entertainment options.

Interested?

Browse QSF activities

View the list of participating hotels for QSF. Use the code QSF2016 to book 

KSA Minister of Haj and Umra meets with Yemeni Minister of Waqf and Guidance on pilgrims for 1437

Source: KSA Ministry of Haj and Umra.

The KSA Minister of Haj and Umra Dr Mohammed Saleh bin Taher Bentin has met with the Yemeni Minister of Waqf and Guidance Dr Fu'ad Omar bin Abu-Bakr Al-Sheikh.

As part of the action plan of the Ministry of Haj and Umra, in coordination with the Pilgrims Affairs Office, issues pertaining to pilgrims coming from Yemen to perform Hajj or umrah in the year 1437 AH (approximately from mid October of 2015 to early October 2016) were discussed during the meeting.

The Minister of Haj and Umra highlighted the efforts of Saudi Arabia, led by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, to ensure the maximum safety to all pilgrims coming from all over the world. In response, the Yemeni minister credited the KSA government for its keenness on providing high-quality services to all pilgrims.

Interested?

Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
Read the blog post about Haj and Umrah magazine, and on the meeting between the Ministry of Haj and Umra, KSA and Iran's pullout from the Hajj this year  

MARC decides Senai Desaru Expressway rating remains BBB-IS

MARC has affirmed its rating of BBB-IS on Senai-Desaru Expressway’s (SDEB's) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook.

The rating incorporates the improving traffic volume on the expressway and the accommodative payment structure under the programme, which provides SDEB with headroom to improve its cash flow coverage. Under the restructured sukuk, initiated in 2014, the step-up profit rate structure eases liquidity pressure in the early years of the programme’s tenure, allowing for cash buildup to meet its back-ended principal obligations. In addition, extension of the concession to 2053 from the initial 2038 allows for upside benefit from traffic volume growth generated from planned developments in the expressway’s service areas. The rating also takes into account SDEB’s continued weak credit profile, characterised by persistent negative shareholders’ funds.

MARC notes that total annual traffic volume on the Senai-Pasir Gudang-Desaru Expressway (SDE), which comprises a 77km tolled inter-urban expressway between Senai and Desaru with a connecting highway to Pasir Gudang, increased 17.6% year-on-year (YoY) to 292.4 million passenger car unit-kilometres (pcu-km). The growth was 10.6% higher than the projected traffic volume. The improvement, despite a toll hike in October 2015, has been attributed to increased development activities along the expressway, widening works on the toll-free alternative, and the ongoing projects in Pengerang, where the multi-billion ringgit RAPID project is in progress. Given the actual traffic CAGR of 6.9% over the last three years, traffic volume growth would need to at least sustain to meet traffic projections: the SDE is projected to achieve CAGR of 8.3% from 2016 to 2022, normalising to 7.4% until 2038 before declining to 5%.

The sensitivity analysis on SDEB’s cash flow projections demonstrates that the company can withstand a drop of 7.4% in traffic volume from the base case projections throughout the sukuk tenure and a higher-than-expected operating cost of 4.8% per annum. MARC notes that in the absence of toll hikes and no government compensations given, SDEB’s debt servicing ability would come under pressure starting in FY17. The sensitivity results also show that delays in the RAPID project would weigh on SDEB’s traffic volume and, consequently its cash flows to meet principal repayment of the sukuk, which commences by FY2039.

The back-ended amortisation structure provides SDEB headroom to strengthen its liquidity position in order to maintain compliance with the covenanted finance service cover ratio (FSCR) of 1.25 times, a requirement that commences from June 30, 2018 and runs throughout the remaining tenure of the restructured sukuk.

As at 8MFY2016, the company’s cash and cash balances stood at a low RM26.6 million relative to its financial obligations. MARC remains concerned on SDEB’s sizeable obligations under the concession agreement to widen and upgrade the Cahaya Baru-Pasir Gudang and Ulu Tiram-Cahaya Baru stretches in 2016 and 2017 respectively. However, due to the low usage of the aforementioned stretches, SDEB is seeking a deferment from the government as it will need to incur costs of about RM373.6 million to carry out the upgrading works. The sukuk holders have given SDEB an extension until June 30, 2016 to obtain approval, failing which a technical breach would occur.

The stable outlook reflects SDEB achieving sustainable traffic performance and timely receipt of government compensations as demonstrated in the recent years. Any revision to the rating and/or outlook would depend on the outcome of deferment on the upgrading works or any material deviations from the assumptions set out in the projections.

Interested?

View MARC's list of rating definitions (PDF)

Bangladesh receives schools designed as cyclone shelters from IDB

Islamic Development Bank representative Dr Mohammad Hassan Salem has formally handed over 34 schools which also double as cyclone shelters as part of the third phase of the Fael Khair Program in Bangladesh. The programme is funded by a grant from the late King Abdullah Bin Abdul Aziz of KSA.

A total of 95 out of 174 planned school-cum-cyclone shelters have been handed over so far. Each building will serve as a modern educational institution for 240 students and can also provide shelter to 2,000 people and 500 cattle during the country’s frequent cyclones.

The late King Abdullah’s grant of US$130 million for relief and assistance to the victims of cyclone Sidr, which hit in 2007, has been utilised as follows:

• US$110 million to construct 174 School-cum-Cyclone Shelters in the coastal belt of Bangladesh
• US$20 million waqf (Editor's note: a endowment made by a Muslim for a cause) as partial support to maintain the buildings and to provide urgent relief and rehabilitation through agricultural and other inputs to the affected population

The buildings are designed to withstand top wind speeds of up to 260 km/h. The green facilities are equipped with solar power and durable school furniture. They also have potable water systems, including rain water harvesting, to supply safe drinking water.

Ramadhan at Mint Leaf of London, Dubai

Mint Leaf of London in Dubai is offering fine Indian cuisine with a contemporary twist for iftar and suhoor. The restaurant, on the 15th floor of the Emirates Financial Towers, South Tower in the heart of Dubai International Financial Centre (DIFC), offers views of Downtown Dubai, with Burj Khalifa, the world’s tallest building at the forefront.

Can you smell the weekend #Dubai We're OPEN ALL DAY from 12noon +97147060900 #MintLeafDXB #MintLeafDubai #DIFC #mydubai اقتربت العطلة، نفتح أبوابنا طوال اليوم من الساعة 12 ظهراً للحجز اتصلوا على 0097147060900 #مينت_ليف_دبي #مينت_ليف_أوف_لندن_دبي #مركز_دبي_المالي_العالمي #ماي_دبي

A photo posted by Mint Leaf of London Dubai (@mintleafdxb) on Jun 24, 2016 at 1:00am PDT

Interested?

Mint Leaf of London is open from 12 noon till late. Iftar is at AED135+ per person, while suhoor costs AED160+ per person. Call +971 4 706 0900 for reservations or book online

Hashtags: #MintLeafDXB, #MintLeafDubai, #DIFC, #mydubai, مينت_ليف_دبي, #مينت_ليف_أوف_لندن_دبي, #مركز_دبي_المالي_العالمي, #ماي_دبي

MARC withdraws rating on Malaysian Merchant Marine

MARC has withdrawn its rating of DID* on Malaysian Merchant Marine’s (MMM's) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS).

The rating withdrawal follows the cancellation of the BaIDS programme on June 10, 2016, as confirmed by the facility agent. In MARC’s last rating action on April 2, 2010, the rating was downgraded to DID following MMM’s failure to meet an accelerated repayment of the BaIDS which became immediately due and payable subsequent to the declaration of an event of default and notice of the same by the trustee and security trustee on March 29, 2010.

Interested?

View MARC's list of rating definitions (PDF)

*DID in the MARC scheme refers to failure to make scheduled payment on the instrument issued under the Islamic financing contract(s).

Ramadhan specials at the Grand Hyatt Kuala Lumpur

The Grand Hyatt Kuala Lumpur has organised a number of promotions which span Ramadhan.

Source: Grand Hyatt Kuala Lumpur website. JP teres.

Apresiasi Seni & Rasa Malaysia, till 1 July 2016

Savour the authentic local favourites at JP teres, which serves authentic Malay, Indian and Chinese flavours. Its show kitchens features satay grills, tandoor ovens, a roti hot plate and wok stations. Breakfast at JP teres features local favourites complemented with teh tarik or kopi tarik ('pulled' tea or coffee, which is aerated and comes with a frothy head). The Weekday Buffet Lunch offers Malaysian specialties from the Malay, Indian and Chinese kitchen as well as local desserts.

Signature delicacies include kaya & butter toast, Curry Laksa, Nasi lemak, Rendang Daging, Roti canai, popiah, satay and more. For desserts, the must-tries are chiffon cake served with soft serve ice cream and ice kachang.

Sous Chef Nazib was born in Perak and specialises in Malay and Chinese dishes, while Sous Chef Sanjay, from Andhra Pradesh, India, is known for his simple, lightly spiced, yet flavour-packed food.

Iftar buffet: A Feast of Malaysian Specials

The buffet’s lineup includes hot and cold offerings such as roast lamb with percik sauce on biryani rice, nasi kandar, otak-otak daun kelapa, chicken Shawarma, Lemang, popiah, chicken tandoori, asam laksa and desserts such as om ali, ais krim batang, bubur Pulut Hitam, Cendol, Sago Gula Melaka, kuih lopes and ais batu campur.

An art showcase outside the main entrance of JP teres is the result of a partnership with Sireh Pinang Art Colony, an organisation under the patronage of National Visual Arts Gallery (NVAG) and Ministry of Tourism Malaysia. Led by founder, patron and also a self-taught artist, Zubair Afandi Omar, also known as Zhi Long Shen, the organisation aims to promote Malaysia’s culture, heritage, history and the ethnicity to the world with multiple art genres – from realism to impressionism. Art pieces on sale reflect the artists' inspirations, histories and the colourful culture as well as scenes of Malaysia. 

Interested?

Available daily from 7pm to 10pm, the buffet dinner is priced at RM178 nett per adult and RM89 nett per child on weekdays. On weekends, it costs RM158 nett per adult and RM79 nett per child. Prices include an unlimited flow of chilled juices, hot and cold local beverages.

For reservations or enquiries, please call JP teres at +60 3 2182 1234 ext 2333. Prepayment is required to guarantee a booking.

From 10pm to 12 midnight a separate bar snack menu is available.

The restaurant has street access from Jalan Pinang or the Kuala Lumpur Convention Centre driveway. View the ala carte menu (PDF)

Room Service: Sahur Menu, to 5 July 2016

The suhoor set menu costs RM80 nett, and is served from 12 midnight to 5am.

Interested?

To ensure timely delivery of room service meals, order suhoor by 2am, and iftar by 6pm. Call Room Service at ext 5555 or from the direct call button marked In-Room Dining as indicated on the phones in guest rooms.

Hyatt Thrive. Giving Back To The Community, till 30 June 2016


In collaboration with Hyatt’s corporate social responsibility platform, Hyatt Thrive – Executive Sous Chef Michel Eschmann has curated a menu to raise funds for Stepping Stones Living Centre, a home for the underprivileged children, women and senior citizens in Kuala Lumpur, Malaysia. Ten percent of the revenue earned from this charity menu is donated to the home.

Interested?

The Hyatt Thrive menu is served at THIRTY8. The four-course set meal costs RM195 nett per person, and is available daily, from 12 noon to 11pm.

For reservations or enquiries, please call THIRTY8 at +60 3 2182 1234 ext 2340

Responsible Seafood - Food. Thoughtfully Sourced. Carefully Served, to 30 June 2016

In conjunction with World Oceans Day and Hyatt’s global partnership with the World Wildlife Fund (WWF), Grand Hyatt Kuala Lumpur presents an ocean-friendly menu offering a variety of responsibly-sourced seafood. Guests will have the chance to enjoy sustainably-caught such as Pacific oysters, clams, scallops, Indian mackerel, tuna and more.

Interested?

This menu is available at THIRTY8 and Poolside. For reservations or enquiries, please call THIRTY8 at +60 3 2182 1234 ext 2340 or Poolside at ext 5320.

A Grand Celebration, to 7 July 2016

Create get-togethers accompanied by delectable authentic Malaysian flavours. Featuring seven versatile meetings and events spaces, menus are tailormade for clients by the hotel’s events team. The minimum booking requirement is 150 guests, with prices starting at RM160 nett per person.

Interested?

Make corporate or group bookings via +60 3 2182 1234 or email at kuagh.rfp at hyatt.com.

All venues are at 12 Jalan Pinang, Kuala Lumpur, Malaysia, 50450. Hotel parking is complimentary for guests, and costs RM15 for the first hour between 6am and 5pm with subsequent hours at RM5 each. From 5pm to 6am, it is a flat rate of RM15.

*All prices are in RM and inclusive of service charge and GST.

Consider an Eid staycation with the Jumeirah City Break offer

Source: Citi eDM.

Jumeirah Emirates Towers, Jumeirah Creekside Hotel and Jumeirah Living World Trade Centre Residences City Breaks include complimentary Wild Wadi Waterpark and Zero Gravity Private Beach access along with other benefits.

Jumeirah Emirates Towers offers shopping at the Boulevard, dining and nightlife experiences and is located five minutes from the world’s largest shopping mall, Dubai Mall, on the route of the hotel’s complimentary shuttle service.

Book any room category for a minimum of three nights at Jumeirah city Hotels in Dubai with the Jumeirah City Break promotion and receive 20%* off the best available rates plus:

• Complimentary buffet breakfast
• Unlimited access to Wild Wadi Waterpark and a private beach
• Complimentary return shuttle service to the Dubai Mall and Wild Wadi Waterpark
• AED2,000 shopping discount voucher booklet for the Boulevard
• Twenty percent discount on food and beverages in selected restaurants
• Twenty percent discount on spa treatments at Talise Spa
• Complimentary Wi-Fi access







Source: Jumeirah website.

Interested?

Call +971 4 319 8555 to book

Muscat Securities Market updates MSM Shariah Index

Muscat Securities Market (MSM) has announced the new reference companies for its MSM Shariah Index as of June 2016. The index identifies investments that comply with the requirements and provisions of Islamic law, contributing to the development and growth of the Islamic capital market sector.

MSMSI sample constituents:

1 A Saffa Foods
2 Al Anwar Ceramic Tiles
3 Al Jazeira Services
4 Al Kamil Power
5 Al Madina Insurance
6 Al Maha Ceramics
7 Bank Nizwa
8 Computer Stationery Industry
9 Dhofar Beverage & Food Stuff
10 Gulf Mushroom Products
11 Gulf Plastic Industries
12 Majan Glass
13 Muscat Gases
14 Muscat Thread Mills
15 National Biscuit Industries
16 Oman Cables Industry
17 Oman Cement
18 Oman Chromite
19 Oman Refreshment
20 Oman Telecommunications
21 Oman Textile Holding
22 Omani Qatari Telecommunications
23 Raysut Cement
24 Salalah Mills
25 Salalah Port Services
26 Shell Oman Marketing
27 Sweets of Oman
28 Takaful Oman Insurance
29 Oman Flour Mills
30 Al Izz Islamic Bank

The members of the MSM sample index must be compatible with the requirements of shari'ah regulations as stipulated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). MSM revises the sample quarterly adding companies that meet the standards and removing companies that no longer meet the regulations. Oman Textile Holding is new to the index, while Gulf International Chemicals and Oman Oil Marketing have left.

Interested?

View the rules for membership in the MSM Shariah Index

View the full list of companies in the Q1 2016 sample (PDF)

Read the Suroor Asia blog post about previous updates of the MSM sample index

Ministry of Haj and Umra on track to hand over domestic Hajj accommodation in July

Source: Ministry of Haj and Umra, KSA.

The General Directorate of Domestic Pilgrims' Affairs in KSA, representing the Ministry of Haj and Umra, formerly named the Ministry of Haj, has carried out the final steps to hand over tents and towers in the month of Shawwal (July) to domestic Hajj organisations operating during the Hajj season this year.

It is expected that the timing will allow domestic Hajj organisations to complete the furnishing of the tents well in advance of the Hajj, which is expected to take place in September.

The allocation consists of:

• Six towers on the mountain slope of Mina, which can accommodate 11,872 pilgrims.
• A hundred and ninety-four standard tents, which can accommodate 132,679 pilgrims.
• Another 77 tents in the low-cost Hajj category, with a capacity of 51,518 pilgrims.

All the allocations of tents for domestic pilgrims have been made after finalising the requisite procedures with licensed domestic Hajj service providers. The evaluation of each company's performance in previous Hajj seasons was the major criterion in the allotment of tents.

Sprucing up the home? Visit the Home-Fix Raya sale

Source: Home-Fix website.

Home-Fix Singapore is in the midst of the Mega Raya Sale, which runs from 23 June till 27 July. Discounted items include lighting, home appliances, security appliances and cleaning aids.

Promotions include 25% off a Yale digital door lock and 20% off a Megaman LED bulb.

Interested?

Check the store locator
Visit the e-store

MARC affirms AA-IS rating on Grand Sepadu's sukuk murabahah

MARC has affirmed its AA-IS rating on Grand Sepadu's issuance of RM210 million sukuk murabahah. The outlook on the rating is stable.

Grand Sepadu is the concessionaire of the New North Klang Straits Bypass (NNKSB) expressway until 2032. The 17.5km expressway provides direct connectivity between North Port and major industrial areas in Klang Valley. It has four toll plazas namely Kapar, Kapar Westbound, Kapar Eastbound and Bukit Raja. Grand Sepadu is indirectly equally owned by Taliworks Corporation and the Employees Provident Fund (EPF) with a 37.5% stake each.

The stable outlook incorporates MARC’s expectations that the concessionaire will generate stable cashflows to service the sukuk. However, the rating would come under pressure if there is significant downward deviation in Grand Sepadu’s traffic performance. In addition, prolonged toll hike deferrals without timely compensations from the government and/or an aggressive dividend payout policy would negatively affect the rating.

The rating takes into consideration the concessionaire’s adequate cashflow coverage, supported by resilient traffic performance on the NNKSB, which has a mature and fairly stable profile. The rating also factors in the NNKSB’s higher capacity as compared to alternative routes and the concessionaire’s moderately leveraged capital structure.

Moderating the rating are uncertainties associated with the scheduled toll rate hikes and timing of government compensations to maintain its debt service coverage levels. In addition, traffic on the NNKSB is also susceptible to any slowdown in operations at North Port and with industrial activities.

For 2015, the NNKSB registered 0.25% year-on-year (YoY) growth with average daily traffic (ADT) of 87,746 vehicles; this was 2.1% below projections, mainly due to a drop in Class 3 and 5 vehicles at the Bukit Raja toll. Class 3 vehicles are defined as vehicles with three or more axles, while class 5 vehicles are buses. Offsetting the decline was the higher number of Class 5 vehicles at the Kapar and Kapar Westbound toll plazas due to newly-built workers’ quarters in the Kapar area. The growth in traffic volume at the Kapar toll plazas coupled with sufficient liquidity headroom are expected to provide a buffer against traffic under-performance.

For 2015, Grand Sepadu recorded toll revenue of RM41.7 million, 1.7% lower than the projected RM42.4 million. The contribution was mainly from the Bukit Raja and Kapar toll plazas which contributed 35.8% and 44.5% of total revenue respectively. Despite incurring higher-than-expected routine maintenance expenses, the company’s operating profit of RM14 million was 7.5% above projection on the back of lower administrative expenses. This, coupled with lower finance costs, contributed to better profit before tax of RM2.8 million. As at end-December 2015, Grand Sepadu’s cash and bank balances of RM28.1 million are sufficient to cover its existing financial obligations of RM11.2 million in 2016 while its current debt-to-equity ratio of 2.84 times is well below the covenanted 4.5 times.

MARC notes with some concern that Grand Sepadu has yet to receive government approval to implement the toll rate hikes which were scheduled for January 2016. The toll charges are expected to increase by between 10 sen to RM1.20 and are not expected to negatively impact the NNKSB given the capacity constraints of alternative non-tolled roads. Nonetheless, the traffic flow of commercial vehicles which constituted 13.7% of the NNKSB's traffic volume in 2015 (2014: 14%) could be affected given its higher elasticity to toll rate hikes.

In respect of cashflow projections under the base case, the concessionaire will have an average annual free cashflow of RM20.7 million from 2016 till 2027. MARC’s sensitivity analysis shows that Grand Sepadu’s cashflow is able to withstand toll hike deferrals but is more susceptible to traffic volume growth. Traffic volume would need to fall by 4.2% before the covenanted finance service coverage ratio (FSCR) of 1.75 times is breached in 2023. Grand Sepadu would still remain current on its debt service obligations with a minimum FSCR of 1.87 times under a highly stressed scenario of 3% traffic volume reduction and toll hike deferrals throughout the sukuk tenure.

Interested?

Refer to the MARC Definitive Ratings Guide for rating definitions (PDF, page 54)

An American iftar at Firebird Diner, DIFC

Source: Firebird Diner website. 

Firebird Diner is offering an American iftar this Ramadhan. The three-course sharing menu is available every Ramadhan evening from sunset to closing.

The diner pays tribute to the iconic American eatery of the 1950s. Chef Michael Mina's gourmet interpretation of the all-American diner features refined versions of classic dishes found in diners across America, using the highest-quality ingredients what it promises is an unforgettable meal.

Interior designer Adam Tihany has set plush booths, tables and a signature diner-style counter against floor-to-ceiling windows with views of the Dubai city skyline. A 1950's jukebox is the focal point of the main dining area, allowing guests to select their own music. 

Interested?

Firebird Diner is at the Four Seasons Hotel, Dubai International Financial Centre (DIFC). View the menu (PDF)

Reservations are recommended. Iftar costs AED200 per person, inclusive of bottled water and soft drinks. Prices are inclusive of the 10% DIFC fee and 10% service charge.

BSN carries out porridge distribution programme in 65 locations across Malaysia

BSN, which was originally the post office savings bank in Malaysia, has hosted the Ramadan Rewang BSN initiative in all 13 states in Malaysia simultaneously as part of its corporate social responsibility activities in the month of Ramadhan this year.

The company prepared and distributed more than 65,000 portions of bubur lambuk (porridge) to the public at 65 major mosques and surau (prayer rooms). One thousand, three hundred BSN staff began preparing the porridge from 10am, assisted by representatives from the mosques and surau.

The Malaysia Prisons Department Mosque in Kajang was one of five locations chosen in Selangor. The other mosques and suraus were: Masjid Jamek Sultan Hishamuddin Pekan Sabak Bernam, Masjid Assolihin, Kanchong Darat Banting, and Masjid Ar-Rahman, Market Square, Port Klang dan Al-Tahfiz Kholidi Ulu Yam Bharu.

SVP/Head of Strategic Communications for BSN, Mrs Puspa Marina Omar, said that BSN is the only financial institution that encourages porridge distribution on such a scale. She added that the programme is an ongoing community initiative for BSN and strengthens friendship and goodwill. The Ramadhan distribution campaign is a follow-on from a December activity marking BSN's 40th anniversary with the distribution of 40,000 packets of nasi lemak across the country.

Magical Ramadhan Nights hold sway at the Pullman Putrajaya Lakeside

Source: Pullman Putrajaya Lakeside website.

Up to 3 July the Pullman Putrajaya Lakeside is hosting guests at Magical Ramadhan Nights. Held at the Clock Tower Courtyard, the event consists of a food market featuring over 300 Malaysian favourites, including:

• BBQ seafood
• Carvery of meats
• All-you-can-eat durian
• Homemade Turkish delight
• Gourmet dates
• Baklava, kunafa, loqaimat
• Omelettes
• Smoothies

There will also be children's entertainment, traditional music and live performances.

Interested?

The event is from 7pm to 10.30 pm every evening. Tickets cost RM169 per adult and RM130 per child, all taxes and service charges inclusive. Reserve a place at +603 8890 0000

Watch the associated video

Try the recipe for loqimat

AL FAIZAN introduces Ramadhan collection, promotion

AL FAIZAN, a thobe specialist, has a Ramadhan promotion on. The brand, created by two brothers to offer an alternative to standard generic, low-cost low-quality and inconsistent-fitting pieces for Islamic menswear, ships free worldwide.

Just follow @alfaizanthobe on Twitter or @AlFaizan on Instagram to be in the running for a thobe of choice. One winner will be picked every week during Ramadhan.

Source: AL FAIZAN website. The Ramadhan collection.

AL FAIZAN's clothing is designed to keep things minimalistic with practical modern twists. Its Ramadhan collection (£49.99 each) includes:

The 2016 Business Standard is positioned between formalwear and casual wear. With the sleeves buttoned down and the placket zipped up, it is a formal classic; with the sleeves up and the collar buttoned up, it becomes a casual thobe.

2016 Business Standard black/white
A classic all white thobe complete with black contrast lining.

2016 Business Standard sky/white
A clear sky blue complete with white contrast lining.

2016 Business Oxford blue/white
A sky blue thobe complete with white contrasting buttons. With the button-down collar, buttoned breast pocket and pleated hook on the rear, this thobe has all the details one would expect of an Oxford shirt.

2016 Business Penny cream/brown
A cream thobe complete with white contrasting piping, introduced in response to requests for the colour combination. This piece features contrast brown piping along the penny collar and the cuff. A button-down feature has been added to increase the formal appeal.

#alfaizan #ramadhan2016 #ramadan2016 collection.

A photo posted by AL FAIZAN (@alfaizan) on Jun 13, 2016 at 10:58am PDT

Hashtags: #thobeup, #alfaizan, #ramadan2016, #ramadhan2016, #minimalist, #tailoring, #thobe, #dishdasha, #kandura, #qamis, #islamicfashion, #islamicclothing, #islamicdesign, #jubah, #eid2016

Singapore Kindness Movement brings back Just An Extra Chair for Ramadhan, Raya

Singapore Kindness Movement wants to put those curious about Islam, Ramadhan and Hari Raya together with those who are willing to host them over a meal at home.

The Singapore Kindness Movement is initiating its Just An Extra Chair campaign for Ramadhan and Hari Raya Aidilfitri (Eid Al Fitr). The organisation is inviting those who would like to host guests at home for Raya to sign up.

Just An Extra Chair was last activated in February, when people who were spending Chinese New Year alone were connected with hosts who were willing to host them at their homes over a meal.

"We know that some of you are curious about fasting and the Hari Raya celebrations, and some of you are excited to share about your culture and customs, so we’re bringing back Just An Extra Chair!
If you are open to hosting some guests over at your house for iftar (breaking fast) or Hari Raya, please be in touch. If you’d like to find out more about Muslim culture, please sign up too," said the organisation in a statement. 

Interested?


Registration has closed for iftar opportunities. Sign up to host or attend a Raya lunch or dinner on 9, 10, 16 or 17 July. Registration closes on 4 July. 
 

Read the FAQ

Bank Muscat's al Wathbah Ramadhan Souq gives boost to women entrepreneurs

Source: Bank Muscat website.

Bank Muscat, the flagship financial services provider in the Sultanate and Riyada, the Public Authority for SME Development, have organisd the al Wathbah Ramadhan Souq, an exhibition showcasing products and services promoted by Omani women entrepreneurs, at the bank's head office in mid-June.

AbdulRazak Ali Issa, Chief Executive, Bank Muscat, inaugurated the annual exhibition which comes as part of Ramadhan Al Khair cultural and social events lined up by the bank during Ramadhan. In line with the bank’s Let’s Do More vision and values of partnership and accountability, the three-day souq is aimed at realising the dreams of women entrepreneurs. The exhibition promoted homemade products, including clothes, accessories, food items, home decorations and much more.

Fatma Al Maskiry, AGM – SME Credit and Marketing, Bank Muscat said: “In pursuance of the private sector role in the economic development of Oman, Bank Muscat, in association with Riyada, is proud to host the annual Ramadhan Souq in support of SME development in Oman. Bank Muscat has launched various initiatives to support and encourage women entrepreneurs at different stages of their business growth. This event particularly targets entrepreneurs that pursue home-based business activities. The bank from time to time organises and supports events with the aim of creating unique opportunities to market their products and become financially independent.”

Initiatives launched by the bank in support of women entrepreneurs also include workshops, advisory services and training through al Wathbah Academy programmes in Muscat, Sohar and Salalah. The al Wathbah Businesswomen’s Forum aims to facilitate the development of business relationships. Members enjoy benefits such as live accelerated networking events and workshops. The bank has also introduced the annual al Wathbah Businesswomen’s Awards.

Hashtag: رمضان_الخير#