The Islamic Financial Services Board (IFSB) has released its 6th dissemination of country-level data for Q2 to Q316 on financial soundness and growth of the Islamic banking systems from 17 IFSB member jurisdictions.
This 6th dissemination presents a total of 12 quarters of Islamic banking sector data, from Q413 to Q316, from 17 member countries – Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kuwait, Malaysia, Nigeria, Oman, Pakistan, Saudi Arabia, Sudan, Turkey, and United Arab Emirates.
The Acting Secretary-General of the IFSB, Zahid ur Rehman Khokher stated that with the approval of the IFSB Council at its recent meeting in April 2017, “the IFSB will extend the coverage of this PSIFIs project to the takāful and Islamic capital market sectors. The IFSB will work closely with its member regulatory and supervisory authorities (RSAs) from these two sectors and multilateral organisations on the selection of the relevant soundness indicators and the preparation of a Compilation Guide for the reference of contributing organisations and users,”
A summary of key PSIFI indicators is given below.
Growth of Islamic banking
Based on the available data, the total assets of the Islamic banking industry grew from US$1,299 billion in Q315 to US$1,441 billion in Q316 (calculated from country-wise aggregated data converted into US dollar terms using end-period exchange rates). Total funding/liabilities increased from US$1,205 billion in Q315 to US$1,318 billion in Q316. Financing by Islamic banks from the jurisdictions participating in the PSIFIs project reached US$939 billion in Q316 from US$826 billion in Q316. The data on “financing by type of shari'ah-compliant contracts” reveals that five major financing contracts used by the Islamic banking industry as of Q316 were: murābaḥah (37.6%), commodity nurābahah/tawwaruq (22.5%), ijārah/ijārah muntahia bittamlīk (13.8%), bayʻ bithaman ajil (11.0%), and salam (5.6%).
Capital adequacy
Capital adequacy provides an important indication of the health and financial soundness of the banking industry in a jurisdiction. As of the Q316, the weighted-average capital adequacy ratio and weighted-average Tier 1 capital ratio from available data of full-fledged Islamic banks of 13 jurisdictions were 17.5% and 16.3% respectively, significantly higher than the regulatory requirements, while these ratios were 12.6% and 10.1% at the same period of the previous year (Q315) respectively.
Asset Quality
On asset quality indicators, gross non-performing financing ratio (gross non-performing financing to total financing) showed a slight improvement with a decrease from 5.9% in Q315 to 5.3% in Q316. However, a deterioration is apparent in the net non-performing financing to capital ratio which increased sharply from 16.1% in Q315 to 25.6% in Q316.
Earnings
Islamic banks and Islamic windows in the PSIFIs member countries generally maintained comparable rates of return on assets (ROA) and return on equity (ROE) during the periods under report. Overall, the ROA and ROE were 1.45% and 11.94% in Q316 as compared to 1.36% and 13.86% in Q315 respectively.
Liquidity
On the liquidity indicators, the liquid assets ratio (liquid assets to total assets) and liquid assets to short-term liabilities ratio decreased over the period from 39.6% and 15.1% in Q315 to 35.6% and 13.9% in Q316 respectively. Five PSIFIs member countries reported the newly introduced Liquidity Coverage Ratio (LCR), which all exceeded the 100% benchmark.
Size of Islamic banking market
The number of full-fledged Islamic banks and Islamic windows of conventional banks in 17 countries stood at 170 and 83 in Q316 as compared to 169 and 85 in Q315 respectively. At the end of Q316, a total of 380,040 staff members were working in 29,733 branches of full-fledged Islamic banks, an increase of 243 branches but a decrease of 8,381 staff over the year from Q315.
Three new country contributors have also been added to the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) project,
including the Central Bank of Lebanon (Banque du Liban) and Palestine
Monetary Authority. This brings the total number of contributors to the PSIFIs project to 20 jurisdictions.
The Task Force of PSIFIs project includes representatives from all 17 participating regulatory and supervisory authorities that work as coordinators for regular submission of data of the respective countries and work with the IFSB during the due processes of data collection, compilation, revision, and approval. Three international organisations – the International Monetary Fund (IMF), Islamic Development Bank (IDB) and the Asian Development Bank (ADB) are also members of the Task Force.
The first set of PSIFIs data was released on 27 April 2015 covering the period of December 2013. The second, third, fourth, and fifth sets of data released on 24 November 2015, 14 March 2016, 1 July 2016 and 28 November 2016 respectively.
Interested?
View the PSIFIs Database (full set of data with metadata) on the PSIFIs portal at the IFSB website
Showing posts with label 2015. Show all posts
Showing posts with label 2015. Show all posts
Monday, 22 May 2017
Monday, 24 April 2017
Double-digit growth path for halal cosmetics
A report published by Allied Market Research, Halal Cosmetics Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022, predicts that the global market is expected to reach US$54.1 billion by 2022, up from US$20.2 billion in 2015, a CAGR of 15.2% during the forecast period (2014 to 2022).
The global halal cosmetics market is driven by rise in Muslim population globally and the booming halal market, which has now extended its traditional product base of food and beverages to meet the growing personal and beauty care needs of Muslim population. Halal certification enables Muslim population to identify the genuine products, thereby obeying the virtues of their religion, thereby fuelling the growth of the global halal cosmetics market.
However, rules and regulations as to whether an ingredient is halal varies across countries, which is thereby expected to hinder cosmetic companies planning to penetrate the global halal cosmetics market.
The demand for halal cosmetic products in the overall halal cosmetics industry is expected to be driven by increase in purchasing power of the growing Muslim population and significant desire among young Muslim women to associate their interest in fashion and makeup with Islamic religious loyalties. These factors also provide lucrative opportunities to the multinational cosmetic companies to enter the halal cosmetics market.
Countries such as KSA, Iran, UAE, Malaysia, and Indonesia offer potential growth opportunities for halal colour cosmetics products. The Latin America, Middle East and Africa region is expected to register the highest CAGR of 15.1% due to a larger Muslim population, especially in the Middle East; high purchasing power, and demand for personal and beauty care cosmetic products among Muslim consumers.
The fragrance market is expected to register the top CAGR of 15.8% by segment in the halal cosmetics market, as Allied Market Research sees growing demand for attar* (عطار) sprays among Muslim consumers. The LAMEA region is expected to dominate the halal fragrance market due to growing populations in KSA, UAE, Kuwait, and Bahrain, and others; rise in purchasing power, and increased interest in personal grooming products that adhere to the Islamic virtues. The Asia Pacific region is also expected to grow significantly for halal fragrances, particularly driven by the Muslim population in nations such as Indonesia, Malaysia, Singapore, and India.
Colour cosmetics** is the next-largest halal cosmetics market segment after fragrances. The colour cosmetics segment is expected to account for US$17.9 billion in 2022, up from US$6.6 billion in 2015, registering a CAGR of 15.3%. Halal colour cosmetics are widely adopted by Muslim women, especially the youth. The demand for halal colour cosmetics is expected to witness an upsurge due to rise in purchasing power and a desire to look trendy. Halal colour cosmetic products include lipsticks, hair colour, blushes, lip balms, and others. Muslim women are more particular about using halal colour cosmetics during Ramadhan as it is a time when people are reminded to be closer to the faith, and therefore religious rules.
Key findings include:
Interested?
Buy the report
Read the Suroor Asia blog post about Grand View Research's perspective on the halal cosmetics market
*Attar refers to essential oil-based fragrances which come from plants and that are made without alcohol.
**Colour cosmetics are those which add colour to parts of the body, and include colours for hair, skin, eyes, cheeks, lips and nails.
The global halal cosmetics market is driven by rise in Muslim population globally and the booming halal market, which has now extended its traditional product base of food and beverages to meet the growing personal and beauty care needs of Muslim population. Halal certification enables Muslim population to identify the genuine products, thereby obeying the virtues of their religion, thereby fuelling the growth of the global halal cosmetics market.
However, rules and regulations as to whether an ingredient is halal varies across countries, which is thereby expected to hinder cosmetic companies planning to penetrate the global halal cosmetics market.
The demand for halal cosmetic products in the overall halal cosmetics industry is expected to be driven by increase in purchasing power of the growing Muslim population and significant desire among young Muslim women to associate their interest in fashion and makeup with Islamic religious loyalties. These factors also provide lucrative opportunities to the multinational cosmetic companies to enter the halal cosmetics market.
Countries such as KSA, Iran, UAE, Malaysia, and Indonesia offer potential growth opportunities for halal colour cosmetics products. The Latin America, Middle East and Africa region is expected to register the highest CAGR of 15.1% due to a larger Muslim population, especially in the Middle East; high purchasing power, and demand for personal and beauty care cosmetic products among Muslim consumers.
The fragrance market is expected to register the top CAGR of 15.8% by segment in the halal cosmetics market, as Allied Market Research sees growing demand for attar* (عطار) sprays among Muslim consumers. The LAMEA region is expected to dominate the halal fragrance market due to growing populations in KSA, UAE, Kuwait, and Bahrain, and others; rise in purchasing power, and increased interest in personal grooming products that adhere to the Islamic virtues. The Asia Pacific region is also expected to grow significantly for halal fragrances, particularly driven by the Muslim population in nations such as Indonesia, Malaysia, Singapore, and India.
Colour cosmetics** is the next-largest halal cosmetics market segment after fragrances. The colour cosmetics segment is expected to account for US$17.9 billion in 2022, up from US$6.6 billion in 2015, registering a CAGR of 15.3%. Halal colour cosmetics are widely adopted by Muslim women, especially the youth. The demand for halal colour cosmetics is expected to witness an upsurge due to rise in purchasing power and a desire to look trendy. Halal colour cosmetic products include lipsticks, hair colour, blushes, lip balms, and others. Muslim women are more particular about using halal colour cosmetics during Ramadhan as it is a time when people are reminded to be closer to the faith, and therefore religious rules.
Key findings include:
- The hair care segment generated the highest revenue in 2015, and is expected to grow at a CAGR of 14.1% during the forecast period.
- The personal care segment accounted for the highest revenue in 2015, and is expected to have a a CAGR of 14.6%.
- With growth in demand for e-commerce sales, the online distribution sales channel is expected to grow at the fastest rate of 18.2% by 2022.
Interested?
Buy the report
Read the Suroor Asia blog post about Grand View Research's perspective on the halal cosmetics market
*Attar refers to essential oil-based fragrances which come from plants and that are made without alcohol.
**Colour cosmetics are those which add colour to parts of the body, and include colours for hair, skin, eyes, cheeks, lips and nails.
Monday, 19 September 2016
KSA Ministry of Haj and Umra holds award ceremony for Hajj media awards
 |
| Source: Ministry of Haj and Umra, KSA. Dignitaries at the award ceremony. |
HE Dr Bentin stated: "Hajj is a civilised behaviour manifesting the Islamic solidarity. The Hajj system success is based on the cooperation of the agencies concerned with Hajj affairs in the Islamic countries and the Muslim-minority regions, and on compliance with regulations and instructions. This has a part in this year's Hajj performance without hindrance. The awareness programmes targeting Hajj pilgrims, in their countries before leaving to the KSA, facilitated their Hajj pilgrimage, and enabled them to fully benefit from the services."
HE also noted that this year's Grand Haj Seminar has led to a number of principal recommendations that could be transformed into projects of benefit to the Islamic world.
HE Dr Ammar Mirghani, the Sudanese Minister of Endowments and Guidance, represented the heads of Pilgrims' Affairs Offices with a speech in which he congratulated the Custodian of the Two Holy Mosques, King Salman bin Abdul-Aziz; HRH the Crown Prince; and HRH the Deputy Crown Prince for the success of this years' Hajj season (2016, or 1437). Dr Mirghani stated: "The major developments are evident to Hajj pilgrims in the different ports of entry: airports, seaports, roads, drilling tunnels, and constructing bridges."
Dr Mirghani also touched on the foreign pilgrims' e-portal, calling it "one of the largest technical projects designed to serve Hajj pilgrims". "The e-portal had positive outcomes, and contributed to the comfort of Hajj pilgrims, and to arranging the pilgrims' arrival to the KSA, performance of the Hajj rituals, and departure."
Dr Mirghani in addition stressed the seriousness of the challenges facing the Islamic world, which he said must unite against terrorism, radicalism, and enemies' deception.
Suliman bin Awad Al-Zaidi, the Secretary General of the award, shared that the focus is on Hajj-related vivid humanitarian images and spiritual values. There are 15 categories of media including writers, media practitioners and agencies that accompanied the Hajj pilgrimage, and whose works contributed to improving the Hajj system through opinion, direction, shedding light on the efforts, calls to adhere to the values, as well as Hajj literature and aesthetics.
He said that a large number of works, particularly of print media, were nominated this year. The winners for the 1436 Hajj season are as follows:
Award for the best, most comprehensive media coverage of the Hajj system: Makkah newspaper.
Award for the best print article: Dr Hamoud bin Ali Abu Talib, of Okaz newspaper, for a series of published articles.
Award for best reporting: Jamaan bin Abdullah Al-Kenany, of Al-Riyadh newspaper, for his article Tawafa: profession that has remained for centuries.
Award for best humanitarian subject: Mohammed bin Abdul-Bary Al-Aidarous, Al-Jazirah newspaper, for his article Honoring the parents clearly embodied at the holy sites
The best press report award went to Mohammed bin Abdullah bin Zayed of Al-Watan newspaper, for a series of published reports.
The best interview award was given to Walid bin Ali Omair of Al-Riyadh newspaper for his interview with HH the former KSA Minister of Haj.
The best photo award recognised Photojournalist Ahmed bin Mahmoud Hashad, Asharq Al-Awsat newspaper, for his photo Al-Khif Mosque on 08/12/1436.
The best photo award recognised Photojournalist Ahmed bin Mahmoud Hashad, Asharq Al-Awsat newspaper, for his photo Al-Khif Mosque on 08/12/1436.
The conferences award named two journalists from Al-Madina newspaper: Majid bin Abdullah Al-Soqairi and Ahmed bin Abdullah Al-Nahari, for Al-Madina conference addresses the aspects of the operational plans, and of the services provided to Haj pilgrims in Madinah.
In the broadcast category, the visual media award was won by TV reporter Hassan bin Abdul-Jaber Othman, of Almajd TV Network, for Rushing Haj pilgrims, while the audio media award had two winners, Jeddah radio station for the program The sacred journey to Al-Masjid al-Haram, "The Holy Mosque"; and to Nidaa Islam radio station, for the program: Step by Step.
The online category recognised Makkah E-journal, for a series of visual reports on some of the Hajj sectors with the e-journals and websites award.
At the event Dr Hamoud bin Ali Abu Talib commented that the award has become an environment for promoting innovative ideas, illustrating the humanitarian and cultural concepts of Hajj, the fifth pillar of Islam. He listed the award objectives: supporting and encouraging media organisations and their employees to provide the best of the various professional works; and establishing a competitive environment leading to innovation; so as to improve the Hajj system; and to highlight the efforts exerted by the state to allow Hajj pilgrims to perform the rituals easily and conveniently.
Saturday, 28 May 2016
Travel search activity in MENA spikes during Ramadhan
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| Source: Think with Google. |
"The combination of more free time and a celebratory atmosphere means that time spent online and consumer spending are higher during Ramadhan than any other period - and the opportunities for brands within the realm of travel are huge," Think with Google said in an industry perspective.
Marketers and brands should take advantage of this trend to gain some of a US$80 billion Middle East travel market, where 25% of customers book hotels and flights online*, Think with Google says, pointing to the Ramadhan promotions and digital campaigns from brands such as Emirates NBD, Emirates Airline and Qatar Airways.
Last year, Makkah, Saudi Arabia was the No. 1 destination searched in Abu Dhabi, and No. 3 in Dubai. Meanwhile, the top search spot during Ramadhan for Dubai, which has a population comprising of nearly 88% expatriates, is Bangkok, Thailand.
Think with Google also suggests designing promotions around mobile, noting that 43% of millennials check their smartphones every five minutes in MENA, and searches on mobile represented more than 60% of total queries in Ramadhan 2015. In Saudi Arabia, the largest market in MENA, more than 90% of queries for regional travel suppliers such as Nas Air and Saudia were on mobile.
Think with Google also suggests designing promotions around mobile, noting that 43% of millennials check their smartphones every five minutes in MENA, and searches on mobile represented more than 60% of total queries in Ramadhan 2015. In Saudi Arabia, the largest market in MENA, more than 90% of queries for regional travel suppliers such as Nas Air and Saudia were on mobile.
Interested?
Read the TechTrade Asia blog posts about mobile behaviour from ABI Research, Akamai and MasterCard
Wednesday, 23 March 2016
Haj Media Award deadlines announced
The Haj Media Award jury, led by Secretary General, Suliman bin Awad Al-Zaidi, has announced a deadline of 29/8/1437 (Islamic calendar; corresponds to June 6, 2016) for nominated submissions by individuals, groups, and organisations for the Haj Media Award for Hajj 1436, the season of 2015. The award ceremony has the proposed period of the first half of Dhu al-Qa'dah 1437 (August 5 to 19, 2016). The decisions were made by His Highness the KSA Minister of Haj, Dr Bandar bin Mohammed Hajjar, head of the award committee.
Awards will be given out for the best comprehensive media coverage of Hajj activities among press reports, interviews, reports, surveys, documentary programmes, visual programmes, opinion articles, seminars, photographs, and caricatures across print, visual, audio, and electronic media. Submissions are to be judged on whether they promote the humanitarian and cultural values; support justice, transparency, trust, commitment, and distinction; and enhance the creativity of media professionals and of writers; so as to add to the Hajj system, and to highlight specialised Hajj media.
The Haj Media Award aims to diversify media products, and to promote quality content, as well as encourage writers and media professionals to keep pace with the specific services provided every year to Hajj pilgrims. On a higher level, the award aims to achieve the aspirations and the policy of the Saudi government, led by the Custodian of the Two Holy Mosques, His Highness the Crown Prince, and His Highness the Deputy Crown Prince.
Awards will be given out for the best comprehensive media coverage of Hajj activities among press reports, interviews, reports, surveys, documentary programmes, visual programmes, opinion articles, seminars, photographs, and caricatures across print, visual, audio, and electronic media. Submissions are to be judged on whether they promote the humanitarian and cultural values; support justice, transparency, trust, commitment, and distinction; and enhance the creativity of media professionals and of writers; so as to add to the Hajj system, and to highlight specialised Hajj media.
His Highness' directions have been for the jury to include prominent figures from outside the ministry: Shura council (Majlis
as-Shura) members, media practitioners, and specialised academics among them in
order to increase transparency, and to improve the process through
professional ideas. The jury now includes Dr Sadaqa Yehia Fadel from the Shura Council, Mohammed Al-Mokhtar Al-Fal, a member of the media, Dr Mohammed bin Ali Hendia, Dr Anmar bin Hamed Motawi', and Dr Samir Habeeb Bakhesh.
The Secretary General hopes that media professionals, writers, and media organisations will be motivated by the award to conduct in-depth research; create an environment of positive interaction between the system and the media, and to utilise new ideas broadcast in the media during Hajj coverage.
The Secretary General hopes that media professionals, writers, and media organisations will be motivated by the award to conduct in-depth research; create an environment of positive interaction between the system and the media, and to utilise new ideas broadcast in the media during Hajj coverage.
 |
| Source: Ministry of Haj, KSA. |
Interested?
Media organisations,
writers, and journalists may submit works
published or broadcast during Hajj 1436. These works
must be authentic, in accordance with the award standards, and produced
by the applying organisation, person, or group. The submitted work must
not have been previously submitted for other awards. Contact the Ministry of Haj for details
Monday, 29 February 2016
Qatar Islamic Bank (QIB) receives Visa award for QIB-Qatar Airways Visa Signature credit card
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| Source: QIB. |
Qatar Islamic Bank (QIB) has received the Best New Product in Qatar award for 2015 from Visa International for its QIB-Qatar Airways Visa Signature Co-Branded credit card.
The prestigious award was conferred after considering the unanimous and encouraging response from the customers compared to product offerings of all Qatari banks and taking into account the products’ innovativeness, benefits, and added value to customers.
Launched last May, the QIB-Qatar Airways Signature credit card is designed with premium customers in mind. It offers elite benefits such as global concierge services, global airport lounge access, discounts, automatic purchase protection, warranty extensions, exclusive offers on luxurious hotels, full multi-trip travel insurance and much more.
“The award is testament to QIB’s efforts to provide the best products to its customers,” said D Anand, General Manager of the Personal Banking Group at QIB. “The QIB-Qatar Airways Signature co-branded credit card was developed in response to the needs of our high net-worth customers, many of whom are frequent travellers. The card offers a range of benefits tailored to the lifestyles of these customers, who in many cases have made it their preferred card. We thank our customers for the support they have shown through their frequent usage of the card, which has resulted in recognition from Visa.”
“This super-premium product offers cardholders opportunities to earn miles that could be redeemed for a host of exciting services with Qatar Airways and its OneWorld airline partners around the world,” said Ihab Ayoub, Visa's General Manager for the Middle East and North Africa region of the QIB-Qatar Airways Visa Signature credit card. “Visa’s partnership with QIB is a demonstration of our commitment to Qatar, by offering customers a rewarding payment experience that is innovative, convenient, and secure.”
Interested?
Read the Suroor Asia blog post about the QIB-Qatar Airways Visa Signature credit card
Thursday, 25 February 2016
State of The Global Islamic Economy 2015/16 projects US$2.6 trillion spend on halal food, lifestyles by 2020
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| Source: State of The Global Islamic Economy 2015/16. Infographic on DinarStandard website. Malaysia has the most developed Islamic economy for halal food. |
The Thomson Reuters State of Global Islamic Economy 2015/16 report is available for download from Thomson Reuters' Zawya portal. The report defines and provides an overview of the Islamic economy as well as its future potential to facilitate investments and industry growth.
The report acts as an annual barometer of the health and development of the Islamic economy industry worldwide, based on the Global Islamic Economy Indicator. The Indicator, introduced in 2014, is a composite index that presents the current outlook of the Islamic economy sectors across 70 countries beyond the growth of assets, focusing on awareness, governance and social metrics.
According to the report, the Islamic economy is growing at nearly double the global rate. Muslim consumer spending on food and lifestyle reached US$1.8 trillion in 2014 and is projected to total US$2.6 trillion in 2020. Global assets of Islamic banks exceed US$1.3 trillion, and are set to double by 2020.
Islamic economy sectors covered by the Global Islamic Economy Report 2015/16 include:
The Global Islamic Economy Report 2015/16 also includes a special focus report on the Islamic Digital Economy.
Interested?
Browse the infographics (low resolution)
Download the 2015/2016 report (PDF - Zawya account required. Registration is free)
View the slideshare
- Food & beverage
- Islamic finance
- Travel
- Fashion
- Media/recreation
- Pharmaceutical
- Cosmetics/personal care
 |
| Source: DinarStandard. |
Interested?
Browse the infographics (low resolution)
Download the 2015/2016 report (PDF - Zawya account required. Registration is free)
View the slideshare
Wednesday, 24 February 2016
BPAM's 2015 Malaysia Bond and Sukuk Almanac now available
Bond Pricing Agency Malaysia (BPAM) has released its 2015 Malaysia Bond and Sukuk Almanac, which provides detailed profiles on Ringgit bond issuers and reports on the
Malaysian bond and sukuk market.
In a separate fact file, July, September and November 2016 will be peak months for bonds and sukuk maturities in Malaysia, BPAM said. Maturities will be the highest for Islamic bonds in November 2016, far surpassing maturities for conventional bonds.
Interested?
Download the 2013, 2014 and 2015 editions of the almanac
In a separate fact file, July, September and November 2016 will be peak months for bonds and sukuk maturities in Malaysia, BPAM said. Maturities will be the highest for Islamic bonds in November 2016, far surpassing maturities for conventional bonds.
Interested?
Download the 2013, 2014 and 2015 editions of the almanac
Sunday, 14 February 2016
Malaysia retains lead in global sukuk share in 2015
Malaysia has retained its leading position as a sukuk hub in 2015, accounting for 53% of global issuance at the end of the year, says RAM Ratings.
“This is a strong finish for Malaysia, which has had to contend with the devaluation of the ringgit, slower sukuk issuance and new issuers from other countries,” notes Ruslena Ramli, RAM Ratings’ Head of Islamic Finance.
Although the performance pales in comparison to the country’s 69% of share of global sukuk as at end-2014, the ringgit remained the currency of choice (39%) for sukuk issuance, followed by the US dollar (32%) and the Indonesian rupiah (9%).
On the domestic front, the value of outstanding sukuk had increased month on month to RM608.5 billion as at end-2015 (end-November 2015: RM595.3 billion), accounting for 54% of the market’s outstanding debt securities. RAM Ratings’ latest edition of the Sukuk Snapshot also shows that sukuk constituted 45% of the RM254.2 billion of domestically issued debt securities in 2015.
The Sukuk Snapshot is designed as a quick reference point for sukuk data and trends. This monthly publication aims to serve the needs of market practitioners, enabling them to monitor global and Malaysian sukuk market developments.
On the domestic front, the value of outstanding sukuk had increased month on month to RM608.5 billion as at end-2015 (end-November 2015: RM595.3 billion), accounting for 54% of the market’s outstanding debt securities. RAM Ratings’ latest edition of the Sukuk Snapshot also shows that sukuk constituted 45% of the RM254.2 billion of domestically issued debt securities in 2015.
The Sukuk Snapshot is designed as a quick reference point for sukuk data and trends. This monthly publication aims to serve the needs of market practitioners, enabling them to monitor global and Malaysian sukuk market developments.
Interested?
Read the full report
Tuesday, 9 February 2016
Ministry of Haj, KSA holds discussions with pilgrims' affairs delegations from Bahrain, Syria
HE the Haj Affairs Undersecretary of the KSA, Dr Hussein Al-Sharif, has met with the Bahrain pilgrims' affairs delegation headed by Sheikh Adnan bin Abdullah Al-Qattan, the Supreme Court of Appeal President, and the Bahraini delegation head; as well as with the Syrian delegation headed by Yahya Maktabi, the Secretary-general of The National Coalition, and the Haj Council head, and their entourages.
During the two meetings, services to be provided for their respective pilgrims in 2016 were discussed as well as the optimum arrangements and preparations to receive the pilgrims.
The Ministry of Haj Undersecretary touched on the potential effectiveness of the electronic portal during the Hajj season this year, as the portal has proven to provide significant benefits in past years. He has stressed the importance of compliance with the programmes prepared by the Ministry of Haj, including continuing the ongoing emphasis on building pilgrims' awareness on following transportation programs and scheduled timings on the Jamaraat bridge for the 'stoning of the devil' ritual, as well as of the registration of contracts in licensed accommodation.
The respective delegations heads praised the integrated services provided annually by the Saudi government to pilgrims in Makkah, Madinah, and the holy sites; the enormous expansions at the Two Holy Mosques, including the expansion of the Mataf (the area surrounding Ka'abah); and the ongoing infrastructure work to serve pilgrims, most notably the holy sites train, and the Two-Holy Mosques train project currently underway.
Interested?
Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
Read the Suroor Asia blog post about the Uzbek visit to the Ministry of Haj
During the two meetings, services to be provided for their respective pilgrims in 2016 were discussed as well as the optimum arrangements and preparations to receive the pilgrims.
The Ministry of Haj Undersecretary touched on the potential effectiveness of the electronic portal during the Hajj season this year, as the portal has proven to provide significant benefits in past years. He has stressed the importance of compliance with the programmes prepared by the Ministry of Haj, including continuing the ongoing emphasis on building pilgrims' awareness on following transportation programs and scheduled timings on the Jamaraat bridge for the 'stoning of the devil' ritual, as well as of the registration of contracts in licensed accommodation.
The respective delegations heads praised the integrated services provided annually by the Saudi government to pilgrims in Makkah, Madinah, and the holy sites; the enormous expansions at the Two Holy Mosques, including the expansion of the Mataf (the area surrounding Ka'abah); and the ongoing infrastructure work to serve pilgrims, most notably the holy sites train, and the Two-Holy Mosques train project currently underway.
Interested?
Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
Read the Suroor Asia blog post about the Uzbek visit to the Ministry of Haj
Saturday, 30 January 2016
Pakistan updates report on Hajj 2015
The Ministry of Religious Affairs and Interfaith Harmony of Pakistan, which is responsible for the Hajj pilgrimage beyond Pakistan, has updated its findings for Hajj 2015 on 28 January 2016.
There were a total of 190 pilgrim deaths in 2015, partly due to the incidents of the crane at the Haram and the Mina tragedy. In December, the ministry had listed a total of 185 deaths.
The updated totals are:
Pilgrims who passed away in Mina: 80 (82 in December)
Iqama holders - those who were already working in KSA - who passed away in Mina: 21 (17 in December)
Pilgrims who passed away from the crane incident in the Haram: 6 (no change)
Iqama holders who passed away in the Haram: 6 (no change)
Pilgrims who passed away from natural causes: 102 (97 reported in December)
Iqama holders who passed away from natural causes: 7 (no change)
A further two (formerly three) pilgrims are listed as missing after the Mina incident, and two (formerly four) iqama holders.
Two pilgrims injured in Mina were also listed in December. That number is now zero as of 20 January 2016.
Interested?
Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
There were a total of 190 pilgrim deaths in 2015, partly due to the incidents of the crane at the Haram and the Mina tragedy. In December, the ministry had listed a total of 185 deaths.
The updated totals are:
Pilgrims who passed away in Mina: 80 (82 in December)
Iqama holders - those who were already working in KSA - who passed away in Mina: 21 (17 in December)
Pilgrims who passed away from the crane incident in the Haram: 6 (no change)
Iqama holders who passed away in the Haram: 6 (no change)
Pilgrims who passed away from natural causes: 102 (97 reported in December)
Iqama holders who passed away from natural causes: 7 (no change)
A further two (formerly three) pilgrims are listed as missing after the Mina incident, and two (formerly four) iqama holders.
Two pilgrims injured in Mina were also listed in December. That number is now zero as of 20 January 2016.
Interested?
Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
Monday, 18 January 2016
KFH saw over US$4.4 billion traded in the sukuk market
"Kuwait Finance House (KFH) volume traded in the sukuk market outpaced US$4.4 billion for the year 2015, an increase of 46% over the same period last year,” said Abdulwahab Essa Al-Roshood, Acting Chief Treasurer at KFH.
According to Al-Roshood, sukuk can be considered a powerful low risk investment finance tool. Sukuk are instruments of high liquidity active in the secondary market, providing flexibility and good returns, he said.
He highlighted that sukuk contribute significantly to financing income-generating projects, boosting economic growth. Several countries worldwide, including Kuwait, are considering issuing sovereign sukuk to bridge deficits in their budgets resulting from the drop in oil prices.
Interested?
Read the Suroor Asia blog post about the IILM's primary partners
Al-Roshood added that KFH had contributed significantly to the secondary market deals of short-term sukuk by International Islamic Liquidity Management (IILM), contributing significantly to the increase of liquidity and support of Islamic financial markets.
According to Al-Roshood, sukuk can be considered a powerful low risk investment finance tool. Sukuk are instruments of high liquidity active in the secondary market, providing flexibility and good returns, he said.
He highlighted that sukuk contribute significantly to financing income-generating projects, boosting economic growth. Several countries worldwide, including Kuwait, are considering issuing sovereign sukuk to bridge deficits in their budgets resulting from the drop in oil prices.
Interested?
Read the Suroor Asia blog post about the IILM's primary partners
Saturday, 16 January 2016
IDB announces winners of the Award for Best Application of Agent-Based Simulation in Islamic Finance
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| Source: IDB. |
The award, a collaboration of IDB, the Saudi Arabia Basic Industries Corporation (SABIC) Chair for Islamic Financial Markets (Riyadh, Saudi Arabia) and the Islamic Financial Engineering Lab (Rabat, Morocco), was first launched in February 2015. Winners receive US$8,000, US$6,000 and US$4,000 for first, second and third place respectively.
The Award Committee received eight completed projects, which were anonymously screened to select the best five. The screened projects then were sent to two external referees for evaluation, after which the Committee chose three winners.
The Award Committee received eight completed projects, which were anonymously screened to select the best five. The screened projects then were sent to two external referees for evaluation, after which the Committee chose three winners.
The 2015 first-place winner is Mohamed Wail Aaminou for his project Leveraging ethics to expand Islamic banks’ customer base: A fuzzy agent-based modeling approach.
The second prize is awarded to Safae Badraoui, Khalid Bensaid, and Ahmed Mouad El Haloui for their team project The impact of qualitative characteristics on market equilibrium: Application to Shariaa compliance simulation with agent-based modeling.
The third prize recipient is Sara Bourhime for her contribution to the project Agent-based simulation in Islamic microfinance: Qard Hassan peer-lending.
The award ceremony will be held in Rabat, Morocco, on 18 February 2016.
Thursday, 31 December 2015
Nizwa marks fruitful year as Capital of Islamic Culture 2015
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| Source: Ministry of Justice, Oman. |
The project of Islamic Culture capitals was approved by the 3rd Islamic Conference of Ministers of Culture in 2001. The Islamic Educational, Scientific and Cultural Organization (ISESCO) chooses three cities each year from member states in the Organization of Islamic Cooperation (OIC) to be the capitals of Islamic Culture, representing the Arab, Asian and African Regions.
Nizwa was selected by the ISESCO to represent the Arab Region as a Capital of Islamic Culture for 2015 while Almaty, the previous capital of Kazakhstan, was selected to represent the Asian Region and Cotonou in Benin the African Region.
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| Nizwa Castle. |
Nizwa is about 164 km from the capital Muscat. It used to be the capital city and continues to be one of the major scientific and cultural centres in Oman.
Interested?
Read the ISESCO blog post detailing Nizwa's history
Tuesday, 29 December 2015
Challenges for OIC tourism discussed in 2015 report
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| Source: SESRIC. |
Overall, the report sheds light on the challenges of tourism development in the OIC member countries and the issue of tourism cooperation among them, listing some recommendations as policy guidelines.The report examines the performance and economic role of international tourism sector in the OIC member countries in the latest five-year period for which the data are available. The report analyses the two traditionally used indicators in measuring international tourism, i.e. international tourist arrivals and international tourism receipts. Moreover, the report provides detailed analysis on the state of the intra-OIC tourism.
Islamic tourism has a great potential for sustainable growth and significant contribution to the development of the overall tourism sector in the OIC member countries, as is reflected by a special section in the 2015 report.
Finally, the 2015 version of the report of SESRIC discusses in details the potential role of the public-private partnership (PPP) modality for the development of the tourism sector in the OIC member countries.
At the event, SESRIC also contributed to the selection of the next OIC Capital City of Tourism by providing detailed scoring results to the selection committee on the nominee cities. According to the results of the selection committee, the Ministerial Session adopted Madina al-Munawarra in KSA and Tabriz in Iran as the OIC Capital City of Tourism for 2017 and 2018, respectively. Jerusalem was picked in 2014 as the OIC Capital City of Tourism for 2016.
Interested?
View the OIC Tourism Report 2015 online in English, Arabic, or French (PDF)
Interested?
View the OIC Tourism Report 2015 online in English, Arabic, or French (PDF)
Wednesday, 16 December 2015
Ezamshah Ismail receives award from Malaysian Takaful Association
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| Source: INCEIF. INCEIF School of Professional Studies Dean Ezamshah Ismailreceiving the Tokoh Ilmuwan Takaful 2015 award from Dato’ Muhammad Ibrahim, Bank Negara Malaysia Deputy Governor. Looking on is MTA Chairman Ahmad Rizlan Azman. |
Ezamshah first got interested in the insurance industry when he was part of the pioneer batch of students enrolled for the Diploma in Actuarial Science at University Technology Mara in 1974, when little was known about the subject. He went on to complete his degree in Mathematics at Penn State University and subsequently, Masters in Actuarial Science at Northeastern University in the US. He was later employed by one of US’s largest actuarial consulting firms in New York City before returning to Kuala Lumpur to be the Country Head where he engineered a merger with another international practice to form one of Malaysia’s successful actuarial consultancy firms.
Ezamshah was also previously President of the Life Insurance Association Malaysia and the first President of the Malaysian Financial Planning Council (MFPC). He was instrumental in developing the Shariah Registered Financial Planning qualification in MFPC.
Ezamshah will soon be publishing his latest research on application of the trust concept for takaful. His published works include Takaful: Realities and Challenges, Takaful Broking and Operational and Actuarial Aspects of Takaful.
Wednesday, 9 December 2015
HH Sheikh Saif bin Zayed Al Nahyan receives Lifetime Achievement Award from Arab Thought Foundation
The Arab Thought Foundation has awarded Lieutenant General HH Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior of the UAE, the Lifetime Achievement Award 2015 in recognition of his exceptional leadership and creative ideas to promote security and achieve cultural and social development in the UAE, and in recognition of his humanitarian efforts.
The Foundation also honoured prominent Arab figures who have left their creative footprints in thought, literature and social development, including Chancellor Adly Mansour; Chedli Klibi, Amr Moussa, Dr Nabil Elaraby and Dr. Mohammad Noureddine Afaya.
HH Deputy Prime Minister and Minister of Interior received the award from Prince Khalid Al Faisal, Adviser to the Custodian of the Two Holy Mosques, Governor of Makkah Province and Chairman of the Arab Thought Foundation don the sidelines of the 14th annual conference of the Arab Thought Foundation (ATF) in Cairo, FIKR 14 Cairo 2015.
In his address at the ceremony, His Royal Highness Prince Bandar Bin Khalid Al Faisal, Chairman of the Arab Thought Foundation said that the Lifetime Achievement Award is given to distinguished Arab leading dignitaries whose life is productive and full of achievements in their respective countries.
In his acceptance speech, HH Sheikh Saif dedicated the award and thanked HH the late Sheikh Zayed bin Sultan Al Nahyan. He said: “I am very pleased and honored to join this esteemed group of Arab intellectuals, who are being honoured, not only for being intellectuals, but because they are positive intellectuals who have left their marks on their communities. Both ancient and modern experiences have proven developed communities and governments rely on the efforts of their sons and daughters, who embrace positive thinking.”
HH Sheikh Saif added: “His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has recently declared 2016 as the Year of Reading in the UAE. His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai is also supporting this initiative to promote reading among Emirati youth; while General HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces is dedicated to maintain the safety, security and happiness of our young generations.”
Dr Henri Awit, Director General of Arab Thought Foundation in Cairo, said HH Sheikh Saif is known for his creative ideas in relation to social development, and his wise vision about reinforcing security in his capacity as Minister of Interior. “Choosing Lieutenant General HH Sheikh Saif bin Zayed Al Nahyan to receive the Lifetime Achievement Award is testament to this distinguished leading Arab dignitary’s tireless efforts, and in appreciation of his creativity, accomplishments and humanitarian work in several fields. It is a well done, well deserved tribute,” he said.
He continued: “Sheikh Saif enjoys a comprehensive development vision in support of the fight against terrorism and chaos. He asserted on numerous occasions that terrorism can’t be fought with security measures only, and stressed the need for societal and developmental dimensions to overcome it.”
“This accolade comes at a time when we strive to maintain the Arab solidarity; and we congratulate the Arab Thought Foundation for making this choice,” added Dr Husam Abdulwahab Zaman, Director General of the UNESCO Regional Center.
His Excellency Mohammed Omran Al Shamsi, Chancellor of the Higher Colleges of Technology (HCT) in the UAE, lauded the humanitarian achievements made by HH Sheikh Saif, notably HH’s support to the programme implemented by the Abu Dhabi Police General Headquarters in coordination with the Higher Colleges of Technology to prepare and rehabilitate the punitive and correctional establishments’ inmates to join the workforce. He hailed the project as one of the leading humanitarian projects to rehabilitate former inmates, qualify them to join the workforce and obtain job opportunities and integrate them into society.
“This allows inmates to pursue their studies at the Higher Colleges of Technology once released. Inmates can seek to obtain a certificate of completion, a diploma, or a higher diploma. They will also be granted a certificate of good conduct, which enables them to obtain a job in the public sector.
HE Mohammed Fadhil Al Hamili, Secretary General of the Zayed Higher Organization for Humanitarian Care and Special Needs (ZHO), shared that HH Sheikh Saif has played an active and key role in supporting the Zayed Higher Organization for Humanitarian Care and Special Needs, as well as supporting people with special needs. "HH Sheikh Saif bin Zayed has launched multiple humanitarian initiatives that aim to serve people with special needs, including the ‘Plants of Hope’ that aims to integrate children with special needs with their healthy peers, and inculcate the values of loyalty and belonging to the country. It also aims to build the spirit of collective teamwork amongst all segments of society. In addition to that, HH Sheikh Saif bin Zayed launched the ‘Will’ programme, which is consistent with ZHO’s mission and strategy, to facilitate the employment and integration of people with special needs into the mainstream society.”
HE Al Hamili also noted that the support and care of HH Sheikh Saif bin Zayed are a leading model of patriotism, which reflect the strategy of ZHO, inspired by the Abu Dhabi Government’s strategy. He also praised the directives of HH the Minister of Interior to integrate people with special needs into society, through the Abu Dhabi Police General Headquarters, which strives to provide them with job opportunities; another approach that falls in line with the Zayed Higher Organization's vision and mission, and its sublime humanitarian goals. "These measures highly serve our efforts to sponsor and rehabilitate people with special needs, to provide them with humanitarian care, and integrate them into the UAE society as efficient citizens that contribute to building and promoting national development,” he concluded.
Dr. Khaled Khalfan Al Ameri, Director of the Ministry of Interior’s Centers for Rehabilitation and Employment of People with Special Needs, said: “HH Sheikh Saif bin Zayed has always dedicated special attention to people with special needs, based on his firm belief in the inherent capabilities of this category. This was also based on HH Sheikh Saif bin Zayed’s commitment to instill the values of social responsibility and solidarity.
“Such attention is reflected in the unrelenting efforts of the Ministry of Interior’s Centers for Rehabilitation and Employment of People with Special Needs, which enjoys full support and followup from HH Sheikh Saif bin Zayed since its establishment in 2002. The Centers have made significant achievements in terms of training, rehabilitating, and employing people with special needs, as well as integrating them in society; an approach that has earned the cCentres international praise from specialised organisations around the world, as a unique model regionally and globally. The graduates of the Centers have been highly competitive in the labor market and proven their efficiency and capability in work, based on the skills they acquired during the courses and training programmes they attended.”
As a part of HH Sheikh Saif bin Zayed’s commitment to raise awareness about people with special needs, and the need to support them and integrate them in society, HH Sheikh Saif bin Zayed has called upon all society institutions to provide job opportunities for people with special needs and to assume their social responsibility towards people with special needs by providing opportunities that match their capabilities and qualifications.
Amina Al Baloushi, Chairperson of the Emirates Women Police Association (EWPA), said: “The women police sector has always received unyielding support from HH Sheikh Saif bin Zayed. The female staff members at the Ministry of Interior are encouraged to show their innovation and capabilities, as well as their competence in discharging their work duties according to the applicable standards. This support has empowered female staff members to excel in police work with high efficiency and professionalism, ultimately contributing to developing the services of the Ministry of Interior.”
She also noted that the EWPA is the result of the vision of HH Sheikh Saif bin Zayed that aims to enhance the role of women in various policing fields. It also aims to enhance social awareness regarding the role of Emirati women in this vital sector, which is tasked with maintaining security and stability gains. She also asserted that this support has enabled the UAE to gain the membership of the International Association of Women Police (IAWP) that has its regional office in Abu Dhabi. This is the result of the good reputation and international awards earned by the EWPA.
The Lifetime Achievement Award is an annual award given by the Arab Thought Foundation to an Arab leading personality whose life is productive and full of achievements and who had a positive and distinguished impact in development and leadership. In 2011, the Foundation presented the Lifetime Achievement Award to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, in appreciation of his creativity and accomplishments.
The Foundation also honoured prominent Arab figures who have left their creative footprints in thought, literature and social development, including Chancellor Adly Mansour; Chedli Klibi, Amr Moussa, Dr Nabil Elaraby and Dr. Mohammad Noureddine Afaya.
HH Deputy Prime Minister and Minister of Interior received the award from Prince Khalid Al Faisal, Adviser to the Custodian of the Two Holy Mosques, Governor of Makkah Province and Chairman of the Arab Thought Foundation don the sidelines of the 14th annual conference of the Arab Thought Foundation (ATF) in Cairo, FIKR 14 Cairo 2015.
In his address at the ceremony, His Royal Highness Prince Bandar Bin Khalid Al Faisal, Chairman of the Arab Thought Foundation said that the Lifetime Achievement Award is given to distinguished Arab leading dignitaries whose life is productive and full of achievements in their respective countries.
In his acceptance speech, HH Sheikh Saif dedicated the award and thanked HH the late Sheikh Zayed bin Sultan Al Nahyan. He said: “I am very pleased and honored to join this esteemed group of Arab intellectuals, who are being honoured, not only for being intellectuals, but because they are positive intellectuals who have left their marks on their communities. Both ancient and modern experiences have proven developed communities and governments rely on the efforts of their sons and daughters, who embrace positive thinking.”
HH Sheikh Saif added: “His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has recently declared 2016 as the Year of Reading in the UAE. His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai is also supporting this initiative to promote reading among Emirati youth; while General HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces is dedicated to maintain the safety, security and happiness of our young generations.”
Dr Henri Awit, Director General of Arab Thought Foundation in Cairo, said HH Sheikh Saif is known for his creative ideas in relation to social development, and his wise vision about reinforcing security in his capacity as Minister of Interior. “Choosing Lieutenant General HH Sheikh Saif bin Zayed Al Nahyan to receive the Lifetime Achievement Award is testament to this distinguished leading Arab dignitary’s tireless efforts, and in appreciation of his creativity, accomplishments and humanitarian work in several fields. It is a well done, well deserved tribute,” he said.
He continued: “Sheikh Saif enjoys a comprehensive development vision in support of the fight against terrorism and chaos. He asserted on numerous occasions that terrorism can’t be fought with security measures only, and stressed the need for societal and developmental dimensions to overcome it.”
“This accolade comes at a time when we strive to maintain the Arab solidarity; and we congratulate the Arab Thought Foundation for making this choice,” added Dr Husam Abdulwahab Zaman, Director General of the UNESCO Regional Center.
His Excellency Mohammed Omran Al Shamsi, Chancellor of the Higher Colleges of Technology (HCT) in the UAE, lauded the humanitarian achievements made by HH Sheikh Saif, notably HH’s support to the programme implemented by the Abu Dhabi Police General Headquarters in coordination with the Higher Colleges of Technology to prepare and rehabilitate the punitive and correctional establishments’ inmates to join the workforce. He hailed the project as one of the leading humanitarian projects to rehabilitate former inmates, qualify them to join the workforce and obtain job opportunities and integrate them into society.
“This allows inmates to pursue their studies at the Higher Colleges of Technology once released. Inmates can seek to obtain a certificate of completion, a diploma, or a higher diploma. They will also be granted a certificate of good conduct, which enables them to obtain a job in the public sector.
HE Mohammed Fadhil Al Hamili, Secretary General of the Zayed Higher Organization for Humanitarian Care and Special Needs (ZHO), shared that HH Sheikh Saif has played an active and key role in supporting the Zayed Higher Organization for Humanitarian Care and Special Needs, as well as supporting people with special needs. "HH Sheikh Saif bin Zayed has launched multiple humanitarian initiatives that aim to serve people with special needs, including the ‘Plants of Hope’ that aims to integrate children with special needs with their healthy peers, and inculcate the values of loyalty and belonging to the country. It also aims to build the spirit of collective teamwork amongst all segments of society. In addition to that, HH Sheikh Saif bin Zayed launched the ‘Will’ programme, which is consistent with ZHO’s mission and strategy, to facilitate the employment and integration of people with special needs into the mainstream society.”
HE Al Hamili also noted that the support and care of HH Sheikh Saif bin Zayed are a leading model of patriotism, which reflect the strategy of ZHO, inspired by the Abu Dhabi Government’s strategy. He also praised the directives of HH the Minister of Interior to integrate people with special needs into society, through the Abu Dhabi Police General Headquarters, which strives to provide them with job opportunities; another approach that falls in line with the Zayed Higher Organization's vision and mission, and its sublime humanitarian goals. "These measures highly serve our efforts to sponsor and rehabilitate people with special needs, to provide them with humanitarian care, and integrate them into the UAE society as efficient citizens that contribute to building and promoting national development,” he concluded.
Dr. Khaled Khalfan Al Ameri, Director of the Ministry of Interior’s Centers for Rehabilitation and Employment of People with Special Needs, said: “HH Sheikh Saif bin Zayed has always dedicated special attention to people with special needs, based on his firm belief in the inherent capabilities of this category. This was also based on HH Sheikh Saif bin Zayed’s commitment to instill the values of social responsibility and solidarity.
“Such attention is reflected in the unrelenting efforts of the Ministry of Interior’s Centers for Rehabilitation and Employment of People with Special Needs, which enjoys full support and followup from HH Sheikh Saif bin Zayed since its establishment in 2002. The Centers have made significant achievements in terms of training, rehabilitating, and employing people with special needs, as well as integrating them in society; an approach that has earned the cCentres international praise from specialised organisations around the world, as a unique model regionally and globally. The graduates of the Centers have been highly competitive in the labor market and proven their efficiency and capability in work, based on the skills they acquired during the courses and training programmes they attended.”
As a part of HH Sheikh Saif bin Zayed’s commitment to raise awareness about people with special needs, and the need to support them and integrate them in society, HH Sheikh Saif bin Zayed has called upon all society institutions to provide job opportunities for people with special needs and to assume their social responsibility towards people with special needs by providing opportunities that match their capabilities and qualifications.
Amina Al Baloushi, Chairperson of the Emirates Women Police Association (EWPA), said: “The women police sector has always received unyielding support from HH Sheikh Saif bin Zayed. The female staff members at the Ministry of Interior are encouraged to show their innovation and capabilities, as well as their competence in discharging their work duties according to the applicable standards. This support has empowered female staff members to excel in police work with high efficiency and professionalism, ultimately contributing to developing the services of the Ministry of Interior.”
She also noted that the EWPA is the result of the vision of HH Sheikh Saif bin Zayed that aims to enhance the role of women in various policing fields. It also aims to enhance social awareness regarding the role of Emirati women in this vital sector, which is tasked with maintaining security and stability gains. She also asserted that this support has enabled the UAE to gain the membership of the International Association of Women Police (IAWP) that has its regional office in Abu Dhabi. This is the result of the good reputation and international awards earned by the EWPA.
The Lifetime Achievement Award is an annual award given by the Arab Thought Foundation to an Arab leading personality whose life is productive and full of achievements and who had a positive and distinguished impact in development and leadership. In 2011, the Foundation presented the Lifetime Achievement Award to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, in appreciation of his creativity and accomplishments.
Tuesday, 8 December 2015
Dubai Islamic Bank is a preferred employer in MENA
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| Source: DIB. |
LinkedIn releases an annual list of the top employers based on billions of interactions from LinkedIn members across the world. The ranking is based on employer brand awareness and the methodology includes reach, engagement and job activity. As such, businesses are ranked according to the number of users who view profiles of their employees, connect with their employees, visit or follow their company pages, and view or apply to job postings by the company.
Cornel Fourie, Head of Human Resources, Dubai Islamic Bank, said: “As the first Islamic bank in the UAE, we are proud of this accomplishment and delighted to be named as one of the premium talent brands in the MENA region for the first time. This recognition underscores our relentless efforts to position the Islamic banking sector as an attractive employer of aspiring talents as well as our commitment to nurture the new generation of UAE banking professionals. As we grow and continue to expand, we are eager to see more talented individuals including UAE nationals leading the future of the banking sector locally and driving the global appeal of Islamic finance.”
Ali Matar, Head of Talent Solutions, LinkedIn MENA, added; “We were very pleased to recognise our top Talent Solutions clients in MENA for 2015 in the inaugural ceremony, held in Dubai, UAE. Local brands have been celebrated based on their outstanding recruitment strategy, engagement and results on our LinkedIn platform. We believe that Dubai Islamic Bank's curated and strategic approach to talent acquisition through social recruiting contributes significantly to their brand strength which in its turn impacts positively their employee retention and engagement.”
Recognising the importance of this platform, DIB has been strengthening its presence on LinkedIn to connect with job seekers who are looking to engage with its talent brand. These receive continuous updates on job openings and ongoing initiatives such as participation in career exhibitions. Currently, DIB has more than 116,000 followers including employee members, an increase of 97% from the same period in 2014.
DIB runs programmes aimed at introducing potential candidates to the concepts and principles of shari'ah-compliant financial services. Additionally, the bank has also created a range of training programmes across different levels of the bank while it actively participates at various career fairs across the country to engage job seekers.
Bank Nizwa earns Best Performing Islamic Bank in Oman award at WIBC
In recognition of its role in spearheading the growth of Oman's Islamic finance industry, Bank Nizwa has won Best Performing Islamic Bank in Oman award at the 2015 World Islamic Banking Conference (WIBC) held in Bahrain.
Bank Nizwa excelled in financial stability, financial performance, as well as governance and social responsibility, all part of the WIBC Leaderboard, an assessment tool specifically designed to gauge and list best performing banks.
Dr Jamil El Jaroudi, CEO of Bank Nizwa, said, "This win is another respected achievement for Bank Nizwa that demonstrates the determined efforts of the entire team to innovate and drive our growth, as well as that of Islamic finance in Oman.
"We will continue to elevate our performance and offer a competitive range of products and services that meet the evolving requirements of our expanding customer base."
The WIBC is the world's largest gathering of international Islamic banking and finance leaders.
Interested?
View the full list of WIBC winners
Dr Jamil El Jaroudi, CEO of Bank Nizwa, said, "This win is another respected achievement for Bank Nizwa that demonstrates the determined efforts of the entire team to innovate and drive our growth, as well as that of Islamic finance in Oman.
"We will continue to elevate our performance and offer a competitive range of products and services that meet the evolving requirements of our expanding customer base."
The WIBC is the world's largest gathering of international Islamic banking and finance leaders.
Interested?
View the full list of WIBC winners
Monday, 7 December 2015
Ministry of Religious Affairs and Interfaith Harmony calls for next of kin to start compensation process for Hajj 2015
The Ministry of Religious Affairs and Interfaith Harmony of Pakistan, which is responsible for the Hajj pilgrimage beyond Pakistan, released its findings for Hajj 2015 on 3 December and called for next of kin to request compensation as per their Hajj policy.
The Hajj operation began with the first flight on 16 August, 2015 and ended on 28 October 2015, the ministry said. There were 93 deaths in 2013, 87 in 2014 and 97 in 2015.
In the Haram incident on 11 September, six Pakistani hujjaj and six iqama holders (those who have a permit to work in KSA) passed away. The Mina incident on 24 September 2015 initially saw large numbers of people reported missing but numbers have since been clarified, with persons who passed away naturally in Mina now removed from the totals.
The final totals are:
Pilgrims who passed away in Mina: 82
Iqama holders who passed away in Mina: 17
Pilgrims who passed away from the crane incident in the Haram: 6
Iqama holders who passed away in the Haram: 6
Pilgrims who passed away from natural causes: 97
Iqama holders who passed away from natural causes: 7
A further three pilgrims are listed as missing after the Mina incident, and four iqama holders.
Nominees of pilgrims as listed on the website of the Ministry are requested to apply for compensation (PDF), which varies between Rs50,000 and Rs500,000 depending on the type of death or injury.
The Hajj operation began with the first flight on 16 August, 2015 and ended on 28 October 2015, the ministry said. There were 93 deaths in 2013, 87 in 2014 and 97 in 2015.
In the Haram incident on 11 September, six Pakistani hujjaj and six iqama holders (those who have a permit to work in KSA) passed away. The Mina incident on 24 September 2015 initially saw large numbers of people reported missing but numbers have since been clarified, with persons who passed away naturally in Mina now removed from the totals.
The final totals are:
Pilgrims who passed away in Mina: 82
Iqama holders who passed away in Mina: 17
Pilgrims who passed away from the crane incident in the Haram: 6
Iqama holders who passed away in the Haram: 6
Pilgrims who passed away from natural causes: 97
Iqama holders who passed away from natural causes: 7
A further three pilgrims are listed as missing after the Mina incident, and four iqama holders.
Nominees of pilgrims as listed on the website of the Ministry are requested to apply for compensation (PDF), which varies between Rs50,000 and Rs500,000 depending on the type of death or injury.
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