Thursday 12 September 2024

SDAIA sets new standard for generative AI in Arabic

The Saudi Data & AI Authority (SDAIA) has integrated the latest NVIDIA technological advancements to enable developers to build and deploy AI applications with the ALLaM Arabic large language model (LLM) more easily.

Leveraging NVIDIA NeMo, part of the NVIDIA AI Enterprise software platform for large-scale language model training and NeMo Guardrails for AI safety, the collaboration will provide developers with a faster, more accessible path to building generative AI applications with ALLaM’s capabilities and set a new standard for AI-driven language models in the region. 

Additionally, companies will have access to recently-announced NVIDIA NIM Agent Blueprints to support quick and simple development of customised AI agents for any industry.

Saturday 7 September 2024

CoCo Bubble Tea eyes Middle East expansion, goes halal

Bubble tea franchise CoCo Bubble Tea has announced a halal bubble tea menu along with plans to expand in the Middle East. Already accustomed to drinking tea, local consumers are particularly receptive to boba tea, which mixes the novelty of boba (also called 'bubbles' or 'pearls') with the familiar taste of tea.

Worldwide, the bubble tea market is expected to grow 66% in seven years, from US$2.46 B in 2023 to US$4.08 B by 2030, and the popularity of the refreshment is growing in the Middle East as well, the company said, sharing that Middle Eastern refreshment companies and entrepreneurs have shown "significant interest".

"We've gotten a major spike recently in inquiries from the Middle East, so we see it as a key region for bubble tea expansion," commented Kody Wang, Director of Business Development at CoCo Bubble Tea. 

"CoCo has a lot to offer the Middle East. With over 5,000 stores worldwide, we have the most international coverage of any pearl milk tea brand, providing potential partners with strong brand recognition and sophisticated infrastructure. Also, our franchise business model and extensive R&D capabilities give us a great deal of latitude to fully tailor refreshment offerings to consumer tastes. 

"The halal menu is just a start, and we hope to find master franchisers to partner with and grow together in the region." 

CoCo can localise refreshments to suit consumer tastes anywhere. With its halal bubble tea menu already prepared, CoCo is poised to launch in the Middle East. All materials for the menu are halal-certified, and the menu offers a variety of options while leaving room for further customisation to accommodate regional variations in preferences.

For franchise partners in the Middle East, CoCo offers:

Source: CoCo Bubble Tea. CoCo offers a range of flavours in its bubble team menu. A row of bubble tea cups with drinks of different colours and ingredients.
Source: CoCo Bubble Tea. CoCo offers a range of flavours in its bubble team menu.

- Strong brand reputation and recognition. The company said it has the largest footprint of any bubble tea brand, helping to attract customers and drive business growth.

- Flexible partnerships: CoCo is open to a range of partnerships, from multi-store franchise partnerships to exclusivity in certain countries.

- Stabilised costs for maximised margins: With materials supplied by CoCo, supply chain costs are easily managed.

- R&D: By putting out new products regularly, the brand stays up to date in markets worldwide.

- Extensive menu with customisation for local tastes: CoCo's diverse offerings allow for franchisees to cater to different tastes across the Middle East.

Monday 24 June 2024

Hajj 2024 ends

The KSA Ministry of Hajj and Umrah has celebrated the completion of the Hajj season for 2024 (1445) at an event honouring distinguished Hajj Offices and award recipients. The government also shared a blueprint and timeline for the 2025 (1446) Hajj season.

According to the Saudi Press Agency (SPA), the KSA Minister of Health, Fahd Al-Jalajel, announced 465,000 medical services were conducted for pilgrims, including 141,000 services provided to unauthorised pilgrims. The official death toll is 1,301, of which 83% were unauthorised to perform Hajj and thus unable to take advantage of facilities available to authorised pilgrims. Many of the unauthorised pilgrims would have walked long distances during a heatwave.

Al-Jalajel disclosed that all of the dead had been identified and their families notified.

The SPA separately reported that the Ministry of Hajj and Umrah has begun issuing umrah visas. The move traditionally begins immediately after the Hajj season.

Hashtags: #1445_AH_Hajj, #Khitamuhu_Misk

Saturday 16 March 2024

Relive kampong days with the Holiday Inn Singapore Atrium this Ramadhan

This Ramadhan, the halal-certified Atrium Restaurant at the Holiday Inn Singapore Atrium invites diners to to savour a culinary journey reminiscent of rustic kampong days. 

Source: Holiday Inn Singapore Atrium. The Atrium restaurant is serving a kampong-style Ramadhan buffet this year. Array of dishes.
Source: Holiday Inn Singapore Atrium. The Atrium restaurant is serving a kampong-style Ramadhan buffet this year.

Sample oxtail soup, terong sambal balado (eggplant and vegetables), lemak siput sedut (mud snails in coconut gravy), stir-fried sotong with sambal hijau, ayam masak merah kerisik, paru belado (fried beef lungs tossed in stir-fried red chili sambal), cucur udang (prawn fritters), and more. Save room for dessert with kuih bahulu, bingka serikaya (Nyonya kuih), goreng pisang, and other sweet or savoury treats.

In addition to these Ramadhan exclusives, the Atrium is reintroducing last year's Ramadhan barbecue feast for dinner, featuring otah-otah, honey chicken wings, sambal squid, and grilled lamb chop. The whole baby lamb (available on weekends only), roast lamb leg and roast beef ribeye (available on weekdays only) are also making a return.

For seafood enthusiasts, indulge in a variety of treats including salmon sashimi, Australia black mussel, baby abalone, baby rock lobster, and Irish oyster (available for weekend dinner only).

Each receipt-holder is entitled to a lucky draw with vintage games like chapteh, five stones or pick-up sticks as prizes. IHG One Rewards members receive an extra spin per receipt. An end-of-Ramadhan lucky draw offers the chance to win prizes such as tickets to Universal Studio Singapore and hotel stays in Bali, Malacca, Kuala Lumpur, South Korea, and more.

Details

Holiday Inn Singapore Atrium, Level 4

From now to 10 April 2024

Lunch: 12 pm – 3 pm (last order: 2:30 pm) 

Mon – Fri: S$94++ per adult
Sat – Sun: S$98++ per adult

Dinner: 5.30 pm – 9.30 pm (last order: 9 pm) 

Mon - Thurs: S$118++ per adult
Fri - Sun: S$128++ per adult

Buffet promotion: 1-for-1 for adults

Send questions via WhatsApp: +65 9114 0258 or call +65 3138 2530
Reserve online at https://www.tablecheck.com/shops/holidayinn-atrium-atrium-restaurant/reserve

Discounts from Scotch-Brite for Ramadan and Raya

Scotch-Brite has presented kitchen sponges, scourers and cloths to meet the demands of the one-month Raya festivities. The products are designed to deliver exceptional cleaning performance, making the post-celebration clean-up both easy and convenient.

Source: 3M/Scotch-Brite. Cleaning support for Ramadhan and Raya.
Source: 3M/Scotch-Brite. Cleaning support for Ramadhan and Raya.

"Innovation drives us at 3M, where our Scotch-Brite line is renowned for simplifying cleaning and improving efficiency. As Hari Raya approaches, the Scotch-Brite brand stands ready to assist everyone in creating a clean and festive atmosphere effortlessly. Whether washing dishes or tidying up for guests, the Scotch-Brite range of products allows you to focus on what truly counts – spending quality time with family members," shared Stephanie Ng, Category Development Marketing Manager for the Scotch-Brite brand, 3M Malaysia and Singapore.

The highlighted products include the Scotch-Brite Tough Clean Antibacterial Scrub Sponge, the Scotch-Brite Easy Clean Antibacterial Scrub Sponge, the Scotch-Brite Sponge Cloth, Scotch-Brite Tough Clean Scrub Pad* and Stainless Steel Spiral Ball*.

Customers can enjoy discounts of up to 40%** on selected Scotch-Brite products purchased at the 3M official Lazada and Shopee stores*** or at selected leading physical retailers near you until 30 April 2024.

*Scotch-Brite® Tough Clean Scrub Sponge/Pad and Stainless Steel Spiral Ball product range may scratch. Test first in an inconspicuous area and allow it to dry to verify no surface damage. Not for aquarium use.

**Terms and conditions apply. While stocks last, 3M reserves the right to modify or cancel this offer at any time without prior notice. 

***Lazada and Shopee (Malaysia); Lazada and Shopee (Singapore)

Rockit introduces Ramadhan promotions

Rockit is offering limited-edition gift boxes for Ramadhan. Each box contains two tubes of of the snack-sized apples and a Ramadhan activity calendar. The boxes are available in store and online across the GCC.

Source: Rockit. Ramadhan greeting, meaning 'a generous Ramadhan'.
Source: Rockit. Ramadhan greeting, meaning 'a generous Ramadhan'.

Ramadhan is one of the peak sales seasons for the apple brand, with sales across the Middle East jumping over 30% year on year (March 2023 vs 2022).

Rockit Market Manager for the Middle East Ziad El Chawa said Rockit aims to enrich the lives of its consumers: "Creating healthier gifting options and leveraging consumer occasions forms a key part of our sales and marketing strategy, and this year we're offering families a fun, creative and informative way to celebrate together during this holy month.

"Our limited-edition Ramadhan giftbox includes a special 30-day advent calendar packed with useful activities – including fitness challenges, mathematical equations and fun general information – to help families educate and engage with their children," he said.

Rockit Marketing Executive for the Middle East Suha Dassouki  added that Rockit is celebrating Ramadhan with online activities. "Our GCC social media followers also have the opportunity to win one of 40 air fryers throughout the Ramadhan period," Dassouki said.

Friday 15 March 2024

FWD Group Holdings makes another investment in FWD Takaful

FWD Group Holdings (FWD) has completed an additional investment for a further 21% stake in FWD Takaful. This makes FWD the majority shareholder in FWD Takaful, with a 70% holding. The remaining 30% is held by the Employees Provident Fund. JAB Capital is no longer a shareholder after the transaction.

"We are delighted to increase our investment in FWD Takaful, after first entering the Malaysian market five years ago. Our commitment to changing the way people feel about takaful in Malaysia is all about building our presence in the local community over the long term," said Binayak Dutta, MD, FWD Group.

FWD Takaful's family takaful product portfolio to customers in Malaysia include term life, critical illness, cancer, hospital cash benefit and medical protection.

"With the continued commitment of FWD Group over the years to its development in Malaysia, we've created a full-service offering to provide both family takaful and life insurance solutions in a rapidly growing market with long-term potential," said Dutta.

Malaysia is the fourth-largest life insurance market by premium in Southeast Asia1. Insurance penetration2 is less than 5% alongside attractive macroeconomic fundamentals and favourable demographics.

FWD Group first entered the Malaysian market in 2019 as a provider of family takaful products with its acquisition of a 49% interest in FWD Takaful. Later that year, FWD Group established its regional technology and innovation hub in Kuala Lumpur, with a focus on delivering best-in-class technology and supporting innovation across the whole company.

In 2023, FWD Group created a full-service offering in Malaysia, featuring both family takaful and life insurance solutions with its establishment of FWD Insurance. This followed the completion of the company's investment, together with other investors, in the business formerly known as Gibraltar BSN, on 3 April 2023.

The Southeast Asia region is strategically important for FWD Group, with more than half of its value of new business3 contributed by its operations in the region. FWD Group is a top five insurer and top bancassurer within its Southeast Asia markets, on an annual premium equivalent4 basis.

1 NMG; Swiss Re

2 NMG

3 For the six months ended 30 June 2023

4 For the nine months ended 30 September 2023

Monday 11 March 2024

Join Project Goodwill Aid for its Hari Raya Drive 2024

Source: PGA Facebook page. Poster for the PGA Hari Raya Drive 2024.
Source: PGA Facebook page. Poster for the PGA Hari Raya Drive 2024.

Project Goodwill Aid (PGA) will be running a number of Ramadhan initiatives for 2024 under its Hari Raya Drive.

A major Hari Raya Drive activity is the distribution of Raya goodies to the needy. PGA is looking for donations in kind in addition to monetary contributions that will go towards the purchase of green packets as well as supermarket vouchers. PGA is requesting donations such as Raya snacks as well as 1.5 l soft drinks. Each goodie pack will cost about S$50.

Items may be sent to any of six drop-off points. PGA can arrange to collect bulk contributions.

Those interested can transfer donations via PayNow to +65 8613 1242. Green packets containing undisclosed amounts are accepted as well. Please contact PGA for logistics around collection.

Another initiative under the Hari Raya Drive involves helping underprivileged children with Raya shopping for festive clothing and accessories. This year, PGA has identified 50 children from low-income families as beneficiaries and asks for sponsorship of S$100 per child. The shopping trips will take place from 22 March to 6 April, with weekends preferred.

For more details, contact PGA on X: @PGA_Charity; Instagram: @projectgoodwillaid; Facebook: Project Goodwill Aid; and through WhatsApp at +65 8613 1242.

Monday 26 February 2024

Wealthcare and savings app certified shari'ah-compliant

Singapore-based wealthcare and savings app Hugosave has been certified shari'ah-compliant by a consortium comprising Islamic Finance Singapore (IFSG), Ustaz Kamal Mokhtar, S Tradition, and Masryef.

David Fergusson, CEO, Hugosave said, “Our vision has always been to build financially healthy and thriving communities, and this certification from the consortium of established shari'ah advisory companies reinforces our commitment to the Muslim community in Singapore.

According to a 2022 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv, Islamic financial assets grew to about S$4 trillion from S$2.17 T between 2015 and 2021, and are projected to rise to roughly S$5.9 T by 2026*.

Ustaz Kamal Mokhtar, Chairman of the Shariah Consortium said: “Hugosave provides another avenue for Muslim investors to diversify their investment portfolio, especially in terms of gold investment. Gold is an important component of any investor's portfolio due to its hedging mechanism against the volatility of the market. Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio.

"Historically since 1990 till 2020, gold prices have appreciated 360% which is about 18% annually. And the increasing demand for gold in the technology sector gives good potential for investing in gold. Hugosave provides a convenient platform for any investor to access the purchases of gold via an app. They could monitor the price of gold and make purchases from the convenience of their homes or offices.”

Hugosave is a personal finance and savings app that helps users to make smarter spending choices, save for their goals and invest. Shari'ah-compliant products offered include:

● Hugosave Accounts: Savings in these accounts are safeguarded by a local bank. ● Hugosave Visa Platinum debit card: When a client spends with their Hugosave debit card, the transaction is rounded up to the nearest dollar and the excess is saved on their behalf, which is subsequently invested in a precious metal of their choice. This card has no annual fees and no minimum income requirement. When used overseas at millions of merchants worldwide, only Visa's currency conversion applies.

● Hugosave Money Pots: Clients can set short-, medium-, or long-term savings goals and create automated saving and investing schedules to help achieve them.

● Hugosave Precious Metals: Clients can buy and sell physical gold, platinum, and silver, with a minimum investment as low as S$0.01. This feature provides clients with a live view of the value and gains of their investments, allowing them to make informed financial decisions by tracking market trends and investment performance in real time.

● Hugosave Trust: Hugosave has democratised access to a free trust service. With no fees and minimum income, clients can protect their legacy through Trustbox via a licensed trust service provider. This empowers customers to exercise greater control and flexibility over their assets, with the assurance that their wealth and assets are well-protected.

● Hugosave Rewards Centre: Clients are rewarded with sure-win spins when they reach specific milestones.

“Hugosave is leading the charge in its field by adhering to shari'ah standards, marking a significant and pioneering move that pushes the boundaries of Islamic finance in Singapore. Their bold and commendable decision to ensure their products comply with shari'ah principles sets a new standard for innovation and inclusivity in the financial industry.

"This move highlights their commitment to alternative-ethical finance and opens up new avenues for growth and development within our community. IFSG is hopeful that Hugosave's initiative will inspire other companies to embrace the principles of shari'ah compliance, thereby enriching Singapore's financial landscape with a variety of ethical and inclusive financial solutions.” said Ustaz Zul Hakim, Co-Chair of the Shariah Consortium.

“There is much confusion in navigating the current financial offerings and investments for Muslims in Singapore. Hugosave helps to simplify them and offer solutions in a shari'ah-compliant manner. Acquiring, preserving and growing wealth is part of the objectives of shari'ah. Although wealth is not an end in itself, it is a means for Muslims to live their lives, fulfil their responsibilities and prosper in this world with the blessings from the Allah SWT the All Mighty. Hugosave helps app users manage their finances, provide a payment solution, facilitate savings via gold and other precious metals, and perform investments in ETFs. All in a worry-free app (under its shari'ah-compliant tab) suitable for Muslims,” added Ustaz Aminuddin Abu Bakar, representing S Tradition.

Ustaz Hamrey Mohamad, who spoke on behalf of Masryef emphasised: “Hugosave offers innovative financial solutions designed to empower you in achieving your financial goals while adhering to the core of Islamic principles and values. With their commitment to shari'ah-compliant practices, you can invest with confidence and peace of mind to ensure halal income, insha'allah!”

Syahmi Aziz, Senior Sales Executive said: “As a Hugosave client since 2021, navigating rising costs has made me conscious of finding ways to improve and strengthen my financial wellbeing...This endorsement assures me that Hugosave is not just a reliable personal finance and savings tool but also one that aligns with my faith.”

Hugosave currently serves more than 70,000 clients.

*Islamic Corporation for the Development of the Private Sector (ICD) - Refinitiv, Islamic Finance Development Report 2022: Embracing Change.

SWT stands for subhanahu wa ta'ala (سُبْحَانَهُ وَتَعَالَى⁩), 'glorious and exalted is He'.

ETF is an exchange-traded fund.

Saturday 17 February 2024

Jeddah Historic Program finds fragments dating back to the early Islamic era

Source: Jeddah Historic District Program. Aerial view of the excavated segment of the north fortification wall of historic Jeddah.
Source: Jeddah Historic District Program. Aerial view of the excavated segment of the north fortification wall of historic Jeddah.

The Jeddah Historic District Program, in cooperation with the Heritage Commission, has uncovered 25,000 fragments, the oldest of which dates from the first two centuries AH (from the 7th to the 8th centuries AD).

The fieldwork was conducted at Othman bin Affan Mosque (may Allah be pleased with him), Al-Shona, the Eastern Moat, and a segment of the Northern Wall, under the framework of the Archaeology Project which is supervised by Jeddah Historic District Program.

The announcement of the archeological discoveries is part of the efforts the Historic Jeddah Revival Project, which was launched by HRH the Crown Prince Mohammed bin Salman bin Abdulaziz of KSA. The Archaeology Project aims to preserve national antiquities and archaeological sites, unveil the history embedded in the kingdom's lands, and support Historic Jeddah as a cultural and touristic centre to further achieve the Saudi Vision (2030).

Archaeological survey and excavations conducted in November 2020 found 11,405 pottery shards which weigh a total of 293 kg, 11,360 animal bones totalling 107 kg, 1,730 shells (32 kg). In addition, 685 building materials were found, weighing 87 kg, as well as 5 kg of glass artifacts in 187 pieces, and 7 kg of metal artifacts (71 pieces). 

Archaeological investigations in Othman bin Affan Mosque—may Allah be pleased with him—showed that the oldest items dated back to the first two centuries AH, including the early Islamic era, the Umayyad era, the Abbasid era, then the Mamluk era, and on to modern times (i.e., the early 15th century AH up to the the 21st century AD). 

Analyses conducted on ebony pillars found on the sides of the mihrab* at the mosque revealed that these pillars likely date back to the first two centuries AH. The wood has been identified as being from Ceylon (now Sri Lanka) which highlights the far-reaching trade connections of Historic Jeddah.

The artifacts discovered in Othman bin Affan Mosque include ceramic vessels and pieces of high-quality porcelain, among of which are some made in Jiangxi that potentially date back to the 10th and 13th centuries AH (the 16th to 19th centuries AD). Some of the older pottery fragments date back as far as the Abbasid era.

At Al-Shona, the chronology of the site dates back at least to the 13th century AH (19th century AD) with indications of archaeological remains that could be as old as the 10th century AH (16th century AD). Numerous pottery shards have been found at the site, comprising porcelain and other ceramics from Europe, Japan, and China, dating back to the 13th and the 14th centuries AH (the 19th to 20th centuries AD).

In addition, excavations at Al-Kidwah (Bab Makkah, or Makkah gate) revealed parts of the Eastern Moat which most likely date back to the late 12th century AH (late 18th century AD).

Moreover, several tombstones of Mangabi stone, marble, and granite were also found in different locations in Historic Jeddah. The tombstones have inscriptions of names, epitaphs, and verses of the Quran which likely date back to the 2nd and 3rd centuries AH (8th and 9th centuries AD), and are still under study currently.

Archaeological studies of the four historical sites included excavations, radiocarbon analysis, soil analyses, geophysical surveys, and scientific studies of the discovered artifacts. Additionally, more than 250 wood samples were taken from 52 buildings and studied in specialised international laboratories for identification and dating. Furthermore, the international archival research resulted in the collection of more than 984 historical documents on Historic Jeddah, including historical maps and drawings of the Jeddah city wall, Al-Shona, and other parts of Historic Jeddah, which are now being studied.

The Jeddah Historic District Program, in cooperation with the Heritage Commission, supervised the documentation, registration, and preservation of archaeological artifacts discovered in Historic Jeddah, and listed the finds in the National Archaeological Register. Scientific databases were also created to protect and preserve the information about the discovered artifacts.

The work of the Historic Jeddah project began in Jumada Al-Awwal, January 2020, with the preparation of exploratory studies and a geophysical survey across the four locations, including the Othman bin Affan mosque, Al-Shona, a segment of the Northern Wall, and Al-Kidwah.

*The mihrab is a niche found in mosques indicating the direction of Makkah.

Saturday 3 February 2024

900 from Singapore to go on Hajj

The KSA Ministry of Haj and Umrah has officially allocated 900 places for Singaporean pilgrims for 2024.

The Singapore Minister-in-charge of Muslim Affairs, Masagos Zulkifli, signed the Hajj agreement with the Ministry of Hajj and Umrah.

Eligible pilgrims have been issued Letters of Offer via the MyHajSG portal by the Islamic Religious Council of Singapore (Muis) according to their queue position in the Advance Haj Registration System. All prospective pilgrims have confirmed their places and have purchased their Hajj packages from authorised travel agents. 

There are 54,000 pilgrims still awaiting their turn.

Saturday 2 December 2023

Muslim leaders in India voice support for PM Modi

Prominent Muslim sociopolitical leaders in India have voiced their appreciation for the government led by PM Narendra Modi, emphasising how the inclusive policies of his government have fostered religious freedom and paved the way for unparalleled development within the Muslim community nationwide. 

The Muslim leaders said that they will not tolerate any terrorism activities against India and they will give befitting response to the enemies of the nation as proud Indians. The gathering passed the Mumbai Resolution demonstrating unwavering support for Prime Minister Narendra Modi's vision to transform India into a developed nation by 2047 and pledging support and active contribution in achieving this dream. 

 

Source: Chandigarh University. VIPs pose for the announcement of the Mumbai resolution.
Source: Chandigarh University. Chancellor Chandigarh University & IMF Convener Satnam Singh Sandhu along with Abdul Sattar Abdul Nabi, Minister of Minority Development Maharashtra and prominent Muslim leaders announcing the Mumbai resolution during the Sadbhavna event on November 27, 2023.

Delegates included Mansoor Khan, National President, Sufi Islam Board; Zafar Sareshwalla, Founder, Parsoli Group of Companies & Educationist; Maulana Zaheer Abbas Rizvi, President, Shia Ulama Board Maharashtra and VP, All India Shia Personal Board; Asif Bhamla, Founder, Bhamla Foundation and Environmentalist; Sohail Khandwani, Principal Secretary, Managing Trustee (Haji Ali Trust & Makhdoom Shah Baba Trust); Iqbal Memon, President, All India Memon Jamat; and Dr. Zahir Kazi, President, Anjuman-I-Islam. 

Indian Minister of Minority Development and Aukaf, Abdul Sattar, said that the welfare schemes have reached the Muslim community and have empowered them at an unprecedented level during the last nine years. 

"Equal opportunities have been provided to the members of Muslim community as envisioned in our constitution and their welfare has been prioritised. Their equal representation has been ensured in policy making and law making in the country, be it in the parliament and any other institution in the country," he said.

The minister further said that the contribution of Muslims has been acknowledged and has received recognition from the government at the highest level. This can been seen in the increase in the Padma awards given to Muslims in the last nine years. 

Sareshwalla said: "Whatever our religion might be, we are Indians first, and will always be. A Muslim is not a Muslim because of the type of food he consumes, but he is a Muslim because he has certain values. The true religion of a Muslim is to ensure that no one is suffering because of him, and the entire Muslim community in India has been working towards the welfare of humanity."

Dr Zahir Kazi, President, Anjuman-I-Islam, said, "(The) Muslim community of India has not only contributed for the independence struggle of the nation but is currently contributing in making India a global power in the fields of education, science and technology, entrepreneur, business and commerce."

Chancellor of Chandigarh University (CU) and IMF Convenor Satnam Singh Sandhu stated that the event was held aimed to celebrate the contribution of Muslims in the development of India. "(The) Muslim contribution is remarkable in India's growth and their significant contribution should be celebrated at every level. The contribution of every minority community in India's growth is immense and their nation-building initiatives have been the cornerstones of the nation's strength and resilience. 

"However, it is more important that every minority community resolutely make their contribution during the next 25 years as the India is dreaming to become a developed nation," he said.

Sandhu further announced that a centre for research on minority communities will be established at CU in collaboration with other likeminded organisations, with the first partnership with Anjuman-I-Islam. This is the first of its kind in India.

Additionally, Sandhu proposed a collaboration to publish a book on the contribution of Muslims to the development of India. He requested Dr Kazi to author it.

Friday 1 December 2023

Islamic robo-advisor Wahed launches in UAE

Wahed, a global shari'ah-compliant fintech, has launched after having been granted Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). It is the country's first dedicated Islamic digital investment platform.

Wahed aims to democratise access to financial services in the UAE. With minimums of US$500, low fees, and no lock-in period for diversified shari'ah-compliant portfolios, Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors, the company said.

Since its launch in 2015, Wahed has attracted over 300,000 customers worldwide and has raised more than US$75 M in funding from family offices, institutions and high-profile backers, including Dubai Cultiv8, international footballer Paul Pogba and UFC champion Khabib Nurmagomedov. Both Pogba and Nurmagomedov are Wahed brand ambassadors.

Junaid Wahedna, CEO, Wahed said: "We consider the UAE our home. I grew up in the UAE and am very excited to bring our technology and investment efficiencies to the UAE's flourishing business environment in Abu Dhabi, ADGM and beyond. We are committed to contributing to an increase in the savings culture amongst the youth and professionals in a safe and shari'ah-compliant manner, in line with the cultural values of the UAE."

Arvind Ramamurthy, Chief of Markets at ADGM said, "We are pleased to welcome Wahed to ADGM's international financial centre and vibrant community and congratulate them on being granted the FSP by ADGM's FSRA. With a world-class progressive regulatory ecosystem, ADGM aims to catalyse the growth of fintech innovators by fostering a trusted, collaborative, and enabling marketplace for Abu Dhabi, the UAE and the wider region. The launch of Wahed in the UAE brings next-gen financial services and strengthens our growing digital economy".