Brunei Holds Off on Implementing New Islamic Laws

Brunei has deferred implementing a set of harsh Islamic criminal laws, including stoning for Muslim adulterers, after the move drew criticism from human rights group and the United Nations.

The criminal laws known as Sharia were originally scheduled to take effect Tuesday but their implementation was moved due to “unavoidable circumstances,” the Brunei Times reported, citing Jauyah Md. Zaini, assistant director of the government’s Islamic Legal Unit. No new implementation date was specified.

Brunei Sultan Hassanal Bolkiah delivers a speech on Islamic law in Bandar Seri Begawan on Oct. 22.

 

Agence France-Presse/Getty Images

However, Ms. Jauyah was quoted as saying that the enforcement was slated to take place “in the very near future.”

Islam has long been the official religion of this tiny, tropical kingdom, which practices a more conservative version of the faith than its Muslim-majority neighbors Malaysia and Indonesia.

Brunei, with a population of more than 400,000, has one of the highest per-capita incomes in Southeast Asia, thanks to its offshore oil reserves in the South China Sea.

The Sharia criminal laws unveiled in October and expected to come into force Tuesday would deepen the role of Islam in the country’s judiciary. At present, Sharia laws are limited to personal and family issues, such as marriage disputes.

The new laws will apply to a much broader range of offences, including robbery and extramarital sexual relations, which could be punishable by death. Rape and adultery will be punishable by stoning.

The laws and their punishments have raised concerns among human rights groups, who say they are a step back for Brunei.

“Application of the death penalty for such a broad range of offences contravenes international law,” Rupert Colville, spokesperson for the United Nation High Commissioner for Human Rights, said in a statement earlier this month. The International Commission of Jurists meanwhile has said the prescribed capital punishment is “a particularly horrific form of torture and execution.”

The new laws have also drawn rare criticism in Brunei, where citizens rarely publicly challenge the all-powerful sultan who has ruled for nearly five decades. In early February, following criticism of the Islamic regulations on blog posts and social media, the reigning monarch, Sultan Hassanal Bolkiah, who is also the prime minister and controls the defense and finance ministries, issued a stern warning to critics to stop what he referred to as insults.

Malaysia is center of reference for Islamic Banking

PIONEER: Syariah-compliant system serves as model for other countries, says Najib.

THE government has succeeded in developing the Islamic financial system,   as the country has become the   centre of reference for others around the world, said Prime Minister Datuk Seri Najib Razak.

He said Malaysia was not only known for pioneering the Islamic banking and financial system, but also as the only nation that had developed such a system through a holistic approach.

Najib said the nation's Islamic financial system offered syariah-compliant products and fulfilled the community's needs, as the nation had developed an infrastructure for the system to run well.

"Alhamdulillah (praise to God), the government's initiatives have been fruitful, as the country is now an international referral centre for a syariah-compliant Islamic financial system," he said at the launch of the week-long Malaysian Unit Trust Week 2014, themed "PNB 360 Investment", at the Rural Transformation Centre in Tunjong here yesterday. More than 5,000 people attended the event.

Najib said Malaysia continued to be a global leader in the international sukuk market, accounting for more than US$82.4 billion (RM266 billion), or 68.8 per cent, of the total international sukuk issuances last year.

"Islamic bank assets showed a growth of up to 16.5 per cent, with a market share of 25.7 per cent, of the total banking system assets last year," he said, adding that total transactions involving foreign exchanges managed by international Islamic banks had increased to RM18.1 billion last year, compared with RM14.6 billion in 2012.

He said the figures showed that syariah-compliant Islamic financial transactions had gained a foothold not only in Malaysia, but also at the international level.

Najib, who is also finance minister, said the government, through Bank Negara, had allocated RM500 million to establish a special university to nurture quality talent, with the aim of expanding the Islamic banking and financial industry.

He said another RM200 million had been channeled to set up an international-standard syariah research centre to ensure all components of Islamic finances strictly complied with syariah principles.

"The government's seriousness in empowering and raising the standards of the Islamic financial system can been seen from various governing and legal initiatives."

Under the legislation, he said, syariah was placed high up in the Islamic Financial Service Act 2013, whereby any financial institution found to have breached syariah principles in its business transactions faces a jail term of up to eight years, fine of up to RM25 million, or both, upon conviction.

Najib said the implementation of the initiatives to develop the system was among the key factors that caused the nation to receive the world's attention.

"What we envision is an Islamic financial system that is truly respectable, not only in its label and logo, but also for fulfilling the true essence of Islam."

He said in the latest development, the World Bank had indicated its interest to open a branch office in the country, with one of its main objectives being to gain experience and learn from Malaysia to develop the Islamic financial system.

"This is another endorsement for the country, which is a model, driver and pioneer in the agenda to raise the standards of the financial system, based on syariah, on the international stage."

Najib said Permodalan Nasional Bhd's (PNB) role in empowering the Bumiputera economy could not be denied, as it successfully managed investors' funds from the public, especially the lower-income group.

He said 75 per cent of Bumiputeras were living below the poverty line at the beginning of Malaysia's independence and held only two per cent in equity in the 1970s.

"The formation of PNB as an important New Economic Policy instrument has helped the national affirmative policy to restructure society through Bumiputera-share ownership in the corporate sector.

"This has provided an opportunity to Bumiputera professionals to contribute directly to the country's wealth creation and management.

"After 36 years, more than RM267 billion in the people's funds was managed excellently by PNB, through trust funds such as Amanah Saham Nasional, Amanah Saham Bumiputera, Amanah Saham Malaysia, AS1Malaysia and proprietary funds."

Najib said this had led the way for Bumiputeras to venture into strategic sectors, which they had never dreamed of doing.

"This innovation, allowing the rakyat to be shareholders with as low as RM10, has made PNB the most successful public institution, becoming a model to the world.

"This proves the government's commitment to realising the spirit of 'Maqasid al-Syariah' in the context of wealth management, fulfilling the principles underlined by Allah SWT."

He lauded PNB's initiative to expand the syariah-compliant portfolio.

He said one of PNB's most important portfolios, Maybank, had shown tremendous Islamic banking asset growth through Maybank Islamik, which expanded from RM3.6 billion to RM127 billion in assets.

"Maybank operates as the third-largest Islamic commercial bank in the world in terms of assets and is the largest in Southeast Asia."

Dubai among 'Best 25 Places to go in the World'

Dubai has been named as one of the top 25 places to visit worldwide in the Travellers' Choice Awards 2014 by TripAdvisor, the world's largest travel site.

The entry highlighted 646 activities to try in Dubai.

Award winners were determined using an algorithm that took into account the quantity and quality of reviews and ratings for hotels, attractions and restaurants in destinations worldwide, gathered over a 12-month period.

"We are honoured to have been chosen for the first time ever as one of the top 25 destinations as part of TripAdvisor's Travellers' Choice Awards," said IssamKazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing.

Kazim said this year the city has already witnessed the launch of the Dubai Food Festival, a range of world-class events in music, culture and sport and more hospitality openings.

Travellers' Choice Destinations honour top travel spots worldwide based on the millions of valuable reviews and opinions from TripAdvisor travellers.

Hotels add Muslim food

Emirates Airline’s launch last month of a direct flight between Taipei and Dubai has motivated more five-star hotels to offer Muslim-friendly cuisine to welcome tourists from the Middle East, with seven hotels receiving halal certification from the Tourism Bureau yesterday — four in Taipei, one in New Taipei City, one in Hualien and one in Chiayi. Thirteen other hotels and restaurants received certifications yesterday.

Halal refers to an object or an action that is acceptable for use according to Islamic law. To be certified, a restaurant must use ingredients from certified halal food suppliers, among other requirements.

The Taipei-based Chinese Muslim Association, which certifies businesses for the bureau, said the Taipei-Dubai direct flight was a great incentive for five-star hotels to provide Muslim-friendly dining.

“Because of the direct flight service, the airline will start seeking partner hotels in Taiwan,” association secretary-general Salahuding Ma (馬超彥) said.

“The Tourism Bureau met with the management of some of these five-star hotels and talked about the business potential brought by Muslim tourists. We believe that it is an important milestone that more five-star hotels are tapping into the Muslim tourism market,” Ma said.

He also said that Taiwan is the only country in the region with Muslim-friendly food in one of its international airports — in both terminals of Taiwan Taoyuan International Airport, he added.

China has about 100 million Muslims, he said, but travelers cannot find halal food in Beijing Capital International Airport.

Ma said that another reason behind the Taipei-Dubai flight was that Dubai aims to become a halal products trading center and sees Taiwan as an important halal food supply hub in Northeast Asia.

“China has food-safety issues. Both Japan and South Korea support the development of big corporations, which leaves them with little flexibility to reach small niche markets. It is relatively easier to set up a halal food supply chain in Taiwan, with many of its small and medium-sized businesses,” Ma said.

Taiwan has 50 certified halal restaurants, including those receiving certification yesterday.

Bureau Deputy Director-General Wayne Liu (劉喜臨) said there are about 1.7 billion Muslims around the world, who spend about US$14 billion a year on tourism.

Liu said that Taiwan received about 160,000 Muslim tourists last year, bringing US$256 million in revenue. Prior to the launch of the direct flight to Dubai, Liu said Muslim tourists came from Muslim countries in Asia, such as Malaysia.

Liu said the nation hoped to attract about 200,000 Muslim tourists this year, which could generate tourism revenue of about US$300 million.

Hotels such as Regent Taipei and Landis Taipei have also added facilities such as signs pointing in the direction of Mecca, Saudi Arabia, that Muslims should face during prayers and prayer schedules.

Hong Kong, Malaysia Spread The Word On Islamic Finance

On April 14, the Hong Kong Monetary Authority (HKMA) and Bank Negara Malaysia (BNM) held a joint Islamic finance conference in Hong Kong, to raise the level of interest in sukuk as a viable financing and investment instrument amongst the business and financial community in Hong Kong and Mainland China.

The conference saw regulators and market leaders in the Islamic finance field discuss a wide range of issues, from the latest trends in the global sukuk market to business opportunities for Islamic finance in Hong Kong, the practical issues in structuring sukuk and the Islamic market's investment appetite.

In his opening remarks, Peter Pang, Deputy Chief Executive of the HKMA, said: "With the tax framework for sukuk in place, Hong Kong's financial platform is ready for sukuk issuance. We highly welcome local and overseas entities to make use of Hong Kong's platform to issue sukuk."

He confirmed that, "to play a lead-off role for this market, we are working closely with the Hong Kong Government to prepare for the inaugural issuance of Government sukuk under the Government Bond Program and, thereby, promote the further development of the sukuk market in Hong Kong. We very much appreciate the close partnership we have established with Malaysia in developing Islamic finance and look forward to more co-operation opportunities in the future."

Muhammad Ibrahim, BNM's Deputy Governor, added that "this inaugural conference is set to mark a significant step to enhance collaboration and deepen financial linkages in Islamic finance between Malaysia and Hong Kong. We look forward to sharing our Islamic finance marketplace with Hong Kong in terms of expertise in structuring, managing and distributing sukuk, as well as providing advice on legal and Shariah matters."

He emphasized the importance of adopting international standards and best practices in new markets, with a proper governance framework to facilitate the execution of transactions and instill investors' confidence in the industry. Potential areas of collaboration between Hong Kong and Malaysia will therefore include the dual listing of sukuk, leveraging on Malaysia's Shariah governance framework and arbitration platform.

The conference followed the first meeting of the private-sector led Joint Forum on Islamic Finance between Hong Kong and Malaysia held in December 2013. Its next meeting will be held in Kuala Lumpur in the second half of this year.

Hong Kong's tax framework for sukuk, compared with conventional bonds, went into operation in July 2013. Amendments have given tax and stamp duty relief for transactions underpinning the structure of sukuk products, which cannot involve the payment or receipt of interest, and might, otherwise, attract additional profits or property tax exposures, or stamp duty charges.

It has not been intended that Hong Kong should confer special tax favors on sukuk, but that financial instruments of similar economic substance should be afforded similar tax treatment. On the other hand, Malaysia, which has established itself as the major Islamic financial hub in the region, has gone beyond the provision of a level playing field, and has established tax exemptions for income derived from Islamic financial products and structures.

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp - See more at: http://www.tax-news.com/news/Hong_Kong_Malaysia_Spread_The_Word_On_Islamic_Finance____64377.html#sthash.yjAJM1VT.dpuf

Qatar Airways your gateway to the world

CEO of Qatar Airways, His Excellency Mr Akbar el Baker, makes no bones about it: Qatar Airways are excited to be here in Scotland, or at least they are excited at the prospect of the service from Edinburgh to Doha starting in May 2014.  Although this was his first visit to Scotland, the airline boss has had the VIP treatment, meeting the First Minister last night and the Lord Provost at the airport yesterday and again for lunch later today. The airline is also holding a promotional event on Britannia later, and The Edinburgh Reporter was entertained to breakfast with them at the Balmoral Hotel this morning, along with other Scottish press.

“Qatar Airways has the vision of being the best and offering the finest five star service to our passengers.  We fly to 126 destinations, using 131 types of aircraft with 300 planes. There are 30,000 people employed directly and over 18,000 employees among our contractors.

“We have recently announced a relationship with FC Barcelona and of course Qatar will host  FIFA 2022. Qatar is uniquely placed between the east and the west so you can fly to or from anywhere in the world with just one stop in the Gulf. We have pristine beaches, 5 star hotels and events and activities throughout the year. Doha is a destination which has not been experienced by many tourists as yet but my country offers the tourist snorkelling in the clear Gulf waters as well as the best restaurants. We are home to the world famous Museum of Islamic Art and the famous Corniche which has over 14km of walkway around the sea.

The CEO explained how his company differs from the competition:-”We have the youngest and most modern fleet of any airline, and I should explain that the average age of our planes is around 4 years. We will be breaking the record of Airbus deliveries; we will take delivery of 3 Airbus A380 planes in June alone.

“We offer 5 star luxury on our flights including flat beds in business class and 1000 entertainment screens for all classes of travel. We have recently upgraded the A320 with flatbeds and we will offer Edinburgh passengers the most modern experience as we will use the Boeing 787  Dreamliner on this route. This will be the first time the Boeing 787 has landed in Edinburgh.

“So what is different about a flight on Qatar Airways? We have many onward connections, and we offer the shortest possible connection of any airline.  We are rated 5 star by Skytrax and have held this rating for the last 8 years. In 2013 we were runners up, not because of the travel experience in the air, but because of the airport experience, but our new airport in Doha will put us head and shoulders above our competition providing excellent facilities.

“We offer the finest complimentary cuisine and three meal options in all classes. We have recently joined the One World Alliance, as the only Middle Eastern airline to do so. Why did we choose Edinburgh? –  because there is a strong demand here for a five star carrier. This will be the first gateway connection to the Middle East, and will offer a one stop long haul connection to Melbourne and Perth where many Scots wish to travel.

“We span all the continents of the globe at the moment, and Scotland and Qatar have a strong, growing relationship. We see that there is a big demand for travel from here to Middle East and other destinations such as China and Japan. Qatar is of course home to many Scottish companies.

“Fifty per cent of inbound passengers will come from China, Australia, Japan  and the Gulf all coming to Edinburgh. It will be a new travel experience travelling on the Boeing 787, which will introduce the world’s best business class to Scotland, with fully flat beds, 17 inch individual TV screen with a new system by which passengers can watch two programmes at once! They will be able to freeze one programme and watch the other on a handset which is Android based. Even in economy the TV screen is 10.6 inch but you still get champagne, a wide range of spirits and inflight wifi with 10kgs more luggage than our competitors.

“Qatar Airlines will be the first Middle Eastern Airline to link Edinburgh to Australia through the Middle East with journey times to Melbourne of around 20 hours cutting travel time by around 5 hours. Remember no domestic transfers will be required.

“Hamad International Airport will set standards for airports around the world with 10,000 square metres of shopping, a gym, spa and squash courts. The building is designed to handle 30m passengers per annum on opening day and this will be increased to 50million within the next three years.

“We started building the airport at the end of 2005 and it will be ready this year. It was built right next to the old one on largely reclaimed land. Departure Concourse C is nearly 1km long and will have the only internal people mover in the shape of a train. Most other airports move passengers outside the building, but our summertime temperatures are around 50 degrees Celsius, so it is best to move people inside with this specially designed train. There is a circular mosque within the building too.

” The maintenance hangar can take about 13 aircraft at any time for maintenance and is about  1 km long.

When asked by The Edinburgh Reporter who the VIP passengers might be on the first flight on 28 May Mr El Baker was sincere when he said:-”All my passengers are VIPs, so the plane will be full of VIPs!” Asked whether he himself will be travelling on the plane he explained that he will do his best to be on the flight:-”Even if I have to arrive and then leave on the same plane!” This would seem to be no difficulty to him, but then he does run the company!

Speaking after the press conference today Mike Cantlay, Chairman of VisitScotland said:

“We’re absolutely delighted to be working in partnership with Qatar Airways.  This is an unbelievable opportunity to open up Scotland even further to our key long haul and emerging markets, targeting not only new luxury traveller and family segments from the Middle East, but also the valuable ancestral tourism market in Australasia – a major opportunity for the Scottish tourism industry during Homecoming Scotland 2014. The worldwide ancestral market is worth an estimated £2.4 billion to Scotland, with Australasia alone representing a potential value of around £60m.

“This new route will not only be the first from the Middle East direct to Edinburgh, but will also expand links to Scotland from Qatar Airways’ 136 destinations around the world.  To have such an awe-inspiring new aircraft as the Boeing 787 Dreamliner landing on Scottish soil will heighten the excitement with the very latest in air travel comfort for our visitors.

“As Scotland welcomes the world to the Year of Homecoming, the Glasgow 2014 Commonwealth Games and The Ryder Cup, there has never been a better time to visit our stunning country and we look forward to welcoming visitors from Qatar and beyond to our shores to experience an unforgettable year”.

DIB wins “Best Islamic Card” and “Best SME Card” at Banker Middle East Product Awards 2014

Organised by publisher CPI Financial, the annual awards ceremony celebrates the best regional banking products and services, and is widely respected by the banking industry. The winners of the awards are chosen by registered users of CPI Financial, which include a number of the region’s top financial services professionals. With thousands of votes cast each year, this ceremony is acknowledged as one of the most credible in the industry.

Commenting on the awards, Dr. Adnan Chilwan, CEO, Dubai Islamic Bank said: “With nearly four decades of experience and vintage, we at DIB, recognise the importance of consumer and SME business for the development and progression of the economy of UAE. The last few years have seen significant investment of both our intellectual as well as financial capital to this business leading to continuous innovation within our growing products and services suite enabling us to meet the constantly evolving needs of our customers. Consumer and SME together now form the largest business for the bank boasting one of the most expansive customer base in the country. While the recognition we have received clearly highlights the strength and well-entrenched nature of DIB’s retail franchise, it is also indicative of our commitment to actively promote and encourage entrepreneurship in the UAE. As we remain fully aligned and committed to the transformation that Dubai and the UAE will witness in the near future, both these segments will continue to form a key component of our growth agenda over the coming years.”

Speaking at the event, Raju Buddhiraju, Chief of Consumer Banking, Dubai Islamic Bank, said: “Winning the award for the “Best Islamic Card” for a second year in a row highlights the success of our strategy to deliver value-based banking products to our customers. The Al Islami Credit Card is inarguably the best value Card in the market and combines convenience with global acceptance. With the SME sector playing an increasingly critical role in the diversification of the UAE’s economy, we are also pleased to be recognised for the Best SME card and this is a testament to the investments we have made in creating the leading range of products for our business banking clients.”

Concern over new Islamic banking rules

KUALA LUMPUR: Islamic banks and takaful operators in Malaysia are now in the middle of its largest product migration to comply with a new set of legislation passed last year, with some quarters fearing there may be a flight of capital to conventional banking.

There is concern that some customers may return to conventional banking products if they are not comfortable with the new products to be released by the Islamic banks to comply with the requirements of the Islamic Financial Services Act (IFSA) 2013.

A key focus for Islamic bankers at the moment is Bank Negara Malaysia’s (BNM) “restrictive” proposed guidelines for Syariah contracts used to structure savings, the mainstay of banks as they pool savings from customers and mobilise them for other
productive purposes.

The specific concern, according to Islamic bankers who spoke to The Malaysian Reserve, is the ability for the banks to pay hibah, or gift, to holders of savings accounts structured under the Syariah principle of wadiah (custodian).

“The industry is still exploring the various options. Some changes to the proposed guidelines are required.

We will have to wait and see how this pans out. Until then, there is no real solution for the savings products,” said HSBC Amanah Malaysia Bhd CEO Rafe Haneef.

Without the ability to pay hibah, the savings accounts may no longer be attractive to customers, unlike the savings accounts in conventional banking which promises them a certain amount of return.

CIMB Islamic Bank Bhd CEO Badlisyah Abdul Ghani said Syariah allows for the giving of gifts at the full discretion of the bank, including under wadiah.

“Gifts are made by all Islamic banks in charity work, staff welfare and customer loyalty.

Wadiah with deposit customers is just one of many areas that we provide gifts or hibah.

“We are working with the regulator on the new exposure draft on wadiah and hibah to ensure that, for wadiah deposit products, they still function as they do now,” he said.

“Wadiah has been there for many years and has proven to be the best structure for an Islamic savings product. There will be enhancements to it, but I don’t think the hibah framework will be disallowed.”

Wadiah contract is a mechanism that enables a person to entrust his asset to another person for the purpose of safe keeping, according to the BNM Shariah Resolution in Islamic Finance (2nd edition, 2010).

As a reward and token of appreciation for the utilisation of the deposit, the Islamic banking institution, at its discretion, may give hibah to the customer, it added. However, that may see some changes under a new draft exposure and its related guidelines now under review.

The central bank may provide some clarity on the issue when it releases the BNM Annual Report for 2013, scheduled for Wednesday.

On the fears of capital flight to conventional banking, industry sources acknowledge that there was a possibility, but do not expect it to be an issue of major concern. “If replacement of products is in place, then there should be no concern (for capital flight),” said Badlisyah.

It is understood that the central bank is also keeping an eye on the possibility of the capital flight, either among Islamic banks itself, or between the Islamic banking and the conventional banking systems, as Islamic banks start introducing their new products.

“At the moment, there is nothing significant,” said an industry source.

Under the leadership of BNM governor Dr Zeti Akhtar Aziz, the central bank has pushed forward for some major changes in the regulatory landscape of the nation’s financial system.

Aside from IFSA, the other major legislation is the introduction of the Financial Services Act 2013. Earlier, Parliament had also passed the Central Bank of Malaysia Act 2009, which had instituted some significant regulatory changes to the Islamic finance landscape in the country.

Syariah experts in the field of Islamic finance attest to the major changes that are happening, especially with the advent of the IFSA.

“It’s a big shift from what it was to what it’s going to be,” said Dr Mohamad Akram Laldin, the ED of International Syariah Research Academy for Islamic Finance, which was set up by BNM six years ago.

He said investment products, for example, are going to behave differently from how it was in the past.

In the past, such investment products come with a guarantee on the capital. In future, under IFSA, that will no longer be the case. Capital will no longer be guaranteed. Investors must be willing to take the risk that they may lose their capital,” he said.

This content is provided by FMT content provider The Malaysian Reserve

source : http://www.freemalaysiatoday.com/category/business/2014/03/17/concern-over-new-islamic-banking-rules/

Iran, Turkey Discuss Enhancement of Tourism Ties

Speaking in a meeting with Turkey's Ambassador to Tehran Umit Yardim, Head of Iran's Cultural Heritage, Handicrafts and Tourism Organization (ICHHTO) Masoud Soltanifar voiced Tehran's readiness to expand its all-out relations with Ankara, particularly in the field of tourism.

"Iran is keen to take advantage of Turkey's experiences on tourism," said the Iranian official.

He added that ICHHTO is committed to pursue implementation of bilateral agreements in the field of tourism.

The Turkish ambassador, for his part, welcomed the idea of developing bilateral ties between the two friendly nations, noting that further exchange of visits by the Iranian and Turkish officials could be helpful in promotion of bilateral cultural relations.

Early in February, Turkish Prime Minister Recep Tayyip Erdogan underlined that partial removal of sanctions on Iran following the implementation of the Geneva accord recently sealed by Tehran and the six major world powers was an unprecedented opportunity which was eagerly seized by Turkey to promote its ties with Tehran.

The Turkish premier underlined that economic and trade relations between Tehran and Ankara would increase more than ever due to fruitful agreements which were signed in his last week trip to Iran.

Erdogan criticized the double standards toward countries doing business with Iran during the Western-led sanctions on the country, saying certain countries continued their trade with Iran, while Turkey was forced to reduce its relations so that trade between the two countries fell to $13.5bln in 2013 from the $21.5bln in 2012 showing a 35 percent decrease.

He reiterated that during his stay in Iran, the two sides had agreed to upgrade the level of bilateral trade to $30bln by 2015.

Islamic finance has gained confidence in Maldives: Deputy Islamic Minister Dr Muneeza

Islamic finance has gained confidence in the Maldives with increased awareness among the public of its role in eliminatingRiba (interest), according to Deputy Islamic Minister Dr Aishath Muneeza.

Writing in the Islamic Finance News website, Dr Muneeza stated that Islamic finance has been “spreading like wildfire” since the introduction of Islamic banking and capital market services in 2011.

“Demand for Islamic finance is evident and has proved that there is inherent demand for Islamic finance as the Maldives is a country with a 100% Muslim population. It is hoped that in the upcoming years the Maldives can be used as a global case study to prove the success of Islamic finance,” she wrote.

Under Islamic Shariah, any risk-free or guaranteed rate of return on a loan or investment is considered riba, which is prohibited in Islam.

In her article, Dr Muneeza explained that the first form of Islamic finance introduced in the country was Takaful in 2003, which involves mutual protection of assets and property and joint risk-sharing.

Conventional insurance is also prohibited in Islam because of forbidden elements such as Riba.

Following the wider introduction of Islamic finance in 2011, Dr Muneeza observed that it is now “considered as an integral part in the development of nation”.

The previous year meanwhile saw the introduction of “new innovative Islamic finance instruments” by both the government and private corporations, she noted.

In 2013, the government signed the first sovereign private Sukuk – an asset-backed bond which is structured in accordance with Shariah for trade in the market – deal in addition to the central bank issuing the first Islamic treasury bill.

Moreover, she added, four pieces of regulation governing Sukuk, Islamic securities, Shariah advisors, and the capital market Shariah advisory council were introduced last year.

The government-owned Housing Development Corporation also issued the first corporate Sukuk while the first Islamic hire-purchase product was unveiled by a private company, she noted.

In addition, the government formed the Maldives Hajj Corporation – of which Dr Muneeza is the chairwoman – as a pilgrimage fund and issued Halal certificates for fish products.

The Maldives Transport and Contracting Company (MTCC) hired a Sukuk advisor for real estate projects commencing this year, she added.

“Furthermore, regulatory consents have been given to the Islamic banking window of Bank of Maldives and the Takaful window of Allied Insurance Maldives to start their operations. Some products of these companies have been given consent by the Maldives Monetary Authority,” she wrote.

The government also planned to form “a national-level technical committee to monitor and supervise sovereign Islamic finance issues,” she revealed.

“Definitely, 2013 is a super duper hit year for the growth of Islamic finance industry,” Dr Muneeza suggested.

Developments expected in 2014 meanwhile included the inauguration of “Islamic windows” by the Bank of Maldives and Allied Insurance. The government anticipated that “a large number of customers will switch from conventional banking to Islamic banking when this takes place.”

Islamic fund management would also be introduced this year while the government had plans to “introduce an Islamic finance centre that will not only provide offshore Islamic financial services, but this centre will act as the Islamic finance hub for the whole South Asia region.”

Japanese bank group to fully launch Islamic finance in Malaysia -

The core banking unit of Sumitomo Mitsui Financial Group Inc. has obtained a license for foreign currency-based Islamic finance services in the Southeast Asian country, which promotes Islamic finance under a national policy, Jiji Press quoting informed sources as saying.

SMBC hopes to use a fully owned local subsidiary as a key operational base for the whole of Southeast Asia, where fund demand is strong thanks to growth in the economy and population, the sources said.

The local subsidiary, Sumitomo Mitsui Banking Corp Malaysia Bhd, is starting financial services in dollar and other currencies that are fully compliant with Syariah, which bans financial transactions involving interest payments and acceptance.

The Japanese bank group aims to find clients among local companies and Japanese firms participating in natural resources and infrastructure development projects, according to the sources.

Japanese banks are able to handle Islamic finance following a 2008 law revision. A British unit of SMBC in 2012 led the formation of a Syariah-compliant US$750 million (RM2.46 billion) syndicated loan programme for an airport project in Saudi Arabia.

SMBC will be the first Japanese bank to have an Islamic finance operational base both in Europe and Asia. ― Bernama

- See more at: http://www.themalaymailonline.com/money/article/japanese-bank-group-to-fully-launch-islamic-finance-in-malaysia#sthash.FLKygwTT.dpuf

Qatar Airways offers free Doha city tours for transit passengers

Passengers in transit can now explore some of the city’s major tourist attractions on a free tour of Doha.

Qatar Airways and Qatar Tourism Authority (QTA) have started this joint initiative to ensure that the airline’s passengers get to enjoy a brief taste of the city while in transit.

“Our aim is to promote Qatar as a tourism destination and provide Qatar Airways passengers with a unique experience of Doha, free of charge,” said Nigel Burnell Stoker, acting head of Qatar Airways Holidays.

“Based on the feedback we have received since February 1, it is clear that passengers transiting in Doha genuinely enjoy the city tour. We currently operate four daily tours, running at full capacity.”

Rashed al-Qurese, director of marketing and promotions at QTA, said: “Doha is a fascinating city that combines cutting-edge modernity with rich cultural tradition. With the Doha City Tour, passengers can catch a glimpse of everything the city has to offer and find reasons to return for a longer stay.

“Overall, we are seeing strong growth in all aspects of Qatar’s tourism sector, including the number of visitors who come to Qatar each year and the contribution of tourism to diversifying the national economy, as per the Qatar National Tourism Sector Strategy 2030 announced last week. Qatar Tourism Authority is proud of these developments as we work with partners to promote Qatar as a destination of choice and showcase the wide range of tourism offerings.”

Passengers with five to 12 hours of transit time in Doha can book the free city tour by visiting the Doha City Tour counter at Doha International Airport. Booking is done on a first-come, first-served basis and is subject to seat availability on the coach.

The duration of the tour is around three hours, and it takes passengers on a journey through key landmarks around Doha city, including the Museum of Islamic Art, Corniche, West Bay, Katara – the Cultural Village, The Pearl Qatar and Souq Waqif.

The Doha City Tour is conducted in an air-conditioned coach with an English-speaking guide providing information and insights about Doha for the full duration of the tour.

Sharjah to host world’s greatest oratorio on history of Islam

Sharjah : Celebrating the selection of Sharjah as the Islamic Culture Capital of the Arab region 2014, the emirate is all set to host the world’s greatest oratorio about the story of Islam called ‘The Clusters of Light’.

The show will be performed from March 26 to April 5 at the Open Majaz Island Theater, marking the inauguration of the festivities on winning the title. Sheikh Sultan Bin Ahmed Al-Qasimi, Executive Committee Chairman for the Sharjah Capital of Islamic Culture 2014 celebrations, said that five epical performances will dramatize the journey back to the times of darkness, struggle and challenges that led Muslim believers to the beginnings of Islam and tell the story of its great early accomplishments.

“It will be a gift from Sharjah to the entire world that celebrates Islam and its history,” Sheikh Sultan said. “We are confident that the audience will witness a show so spectacular that it will remain in their memories forever.” He said that this ground-breaking performance is the culmination of the vision of Dr. Sheikh Sultan Bin Mohammed Al-Qasimi, Supreme Council Member and Ruler of Sharjah, to celebrate human values of Islam. ‘The Clusters of Light’ is a monumental artistic theatrical display through which the Emirate of Sharjah seeks to provide a true picture of Islam, and its human values that promote peace and love,” he added.

Termed as the largest theatrical and musical production ever to be made, the oratorio includes the use of a choir, soloists, an ensemble, various distinguishable characters, and arias. It was written by Saudi poet Dr. Abdul Rahman Al-Ashmawi, and composed by Bahraini artiste Khalid Al-Sheikh.

More than 200 performers from around the world will participate in this musical composition led by four Arab stars, Hussein Al-Jasmi, Lotfi Bouchnak, Ali El-Hajjar, and Mohammed Assaf. The oratorio will include a narration of the biography of Prophet Muhammad (peace be upon him).

A short film about the display’s production, which will include filming tours in several Arab and foreign countries, will also be shown. The Sharjah Capital of Islamic Culture 2014 celebrations include more than 24 heritage, tourism, cultural, and construction projects, as well as more than 100 activities throughout the emirate over the year. The Open Majaz Island Theater, the first of its kind in the region, is the official venue for the celebrations. It is a semi-circular theater, reminiscent of ancient Roman designs, covering an area of over 7,200 sq. meters. It can accommodate up to 4,500. A Dh13-million bridge between the man-made island and Khalid Lagoon Street serves as an easy access for visitors to the Open Majaz Island Theater.


Sharjah was named the Capital of Islamic Culture for 2014 on the basis of its rich history and contribution to preserving and promoting culture throughout the region. The decision was made in 2004 within the framework of the Islamic Culture Capital Program, which is sponsored and administered by the Islamic Organization for Education, Science and Culture.

KFH - Best Islamic Bank

KFH wins Best Islamic Bank in Kuwait award 

Bank on the right track: Al Marzouq 

KUWAIT CITY, March 1: Kuwait Finance House (KFH) was awarded Best Islamic Bank in Kuwait award by Euromoney magazine for the second consecutive year. The award comes in recognition of the bank’s contributions to the Islamic banking and financing market, and underscores the bank’s leading status in Islamic banking. The achievements made by Islamic banking highlight the success of the Kuwaiti private sector. Deputy General Manager for International Banking and Investment, Abdullah Al-Marzouq stated while receiving the award in London, that KFH received numerous awards last year from prestigious local, regional, and international bodies in various fields. He added that rating agencies affirmed KFH’s ratings due to its accomplishments in various fields of Islamic banking and the society.

Moreover, he mentioned that the indicators achieved last year, whether in profits or achievements related to operative performance, ensure that KFH is on the right track. He explained that despite the fact that KFH has received the most awards in various fields of its business, it continues to search for other fields to make further accomplishments, in order to continue spearheading the field of Islamic banking. He revealed that KFH managed to adhere to Islamic Shariah while using cutting-edge technology, which allowed KFH to overcome countless obstacles. It is worth noting that KFH is considered to be an authority in Islamic banking, which allowed it to pave the way for an integrated industry that plays an effective role in the global economy. KFH operates in a very competitive market in Kuwait, where it competes against traditional banks, and five Islamic banks, in addition to a branch of a GCC bank. The high demand for Islamic products and services has a positive impact on KFH’s market share, which allowed it to continue to lead the local market.

Islamic Museum of Australia

Indonesian Islamic Book Fair 2014 promotes more books in the region - See more at: http://www.themalaymailonline.com/read/article/indonesian-islamic-book-fair-2014-promotes-more-islamic-books-in-the-region#sthash.vFDlcSWH.dpufIndonesian Islamic Book Fair 2014 promotes more books in the region - See more at: http://www.themalaymailonline.com/read/article/indonesian-islamic-book-fair-2014-promotes-more-islamic-books-in-the-region#sthash.vFDlcSWH.dpufAKARTA, Feb 28 — Yayasan Ikatan Rakyat Malaysia-Indonesia (YIRMI) in collaboration with Islamic universities in the archipelago will encourage more publication of Islamic books in an effort to strengthen Islamic solidarity and regional culture.

Government adviser on Social and Cultural Affairs, Tan Sri Dr Rais Yatim said 12 Islamic universities in Malaysia and Indonesia have been identified to ensure the success of the pilot program in producing Islamic books of intellectual, spiritual and research.
“For a start, this book will be sent to all 12 universities and we will expand it to Brunei and southern Thailand.
“We will take this approach to foster relationship and intimate friendships (among the Muslims in the archipelago),” he told reporters after the opening of the Indonesian Islamic Book Fair 2014, here today.
The fair was officiated by former vice-president of Indonesia Jusuf Kalla.
Jusuf also launched a book of poems written by Rais called Pantun & Beautiful Language: Malay Cultural Window during the event.
Rais said a book fair will be held at Putra World Trade Centre (PWTC ) in April, with emphasis on the publication of Islamic concept.

Rais who is also President of International Islamic University (IIU) said IIUM will have collaboration with Islamic universities in Indonesia to produce books that not only focuses on Islamic academic-material-oriented but also on aspects of civilization, arts, culture and heritage archipelago.
In a related development, he said YIRMI would organise meetings among Muslim intellectuals throughout the archipelago to further enhance co-operation and friendship.
He said a meeting involving scholars from Malaysia and Indonesia was expected to be held in May.
On the production of the book containing the 230 poems, he said it was to ensure that the beautiful language that reflected the heritage of the archipelago’s civilisation would not be marginalised by young people in the modern world now.
He said a total of 3,500 copies have been sold through the first print and to be reprinted with the same quantity soon.
“I plan this poetry book to be marketed in Indonesia, “ he said. — Bernama
- See more at: http://www.themalaymailonline.com/read/article/indonesian-islamic-book-fair-2014-promotes-more-islamic-books-in-the-region#sthash.vFDlcSWH.dpufAKARTA, Feb 28 — Yayasan Ikatan Rakyat Malaysia-Indonesia (YIRMI) in collaboration with Islamic universities in the archipelago will encourage more puAKARTA, Feb 28 — Yayasan Ikatan Rakyat Malaysia-Indonesia (YIRMI) in collaboration with Islamic universities in the archipelago will encourage more publication of Islamic books in an effort to strengthen Islamic solidarity and regional culture.MELBOURNE // A delegation from the UAE Government was on hand in Melbourne for the opening of Australia’s first Islamic museum on Friday.

The evening marked the end of a four-year journey to build the museum by founders Moustafa and Maysaa Fahour, an Australian couple living in Dubai.

The A$10 million (Dh32.8m) Islamic Museum of Australia in the suburb of Thornbury was declared open by Australian treasurer Joe Hockey.

Also in attendance was Bader Al Hilali from the office of Ali Al Hashimi, the religious and judicial adviser at the Ministry of Presidential Affairs.

“The support that we have tonight is phenomenal,” said Mr Fahour. “I heard a comment today where someone said that we as Australian Muslims feel proud that we contributed to this country.
“And to hear people from other faiths say the museum was amazing is, for me, the ultimate goal.”
The Fahours began the project in 2010 as a way to counter some of the negative stereotypes directed at Australian Muslims.

They then took the unconventional step of managing the project from more than 11,600 kilometres away after they relocated to Dubai in 2012, when Mr Fahour accepted a job offer from the construction company Leighton Holdings.

The move proved fortuitous, with the couple tapping into the UAE’s thriving creative industry to aid the museum’s completion.

They signed up Etihad Airways and Leighton Holdings as principle partners, and Dubai design company North 55 was enlisted to design the museum branding.

The Jumeirah Beach Residence shop Gallery One was chosen to supply the in-house gift store.
The museum’s audio-visual guides for each of its five permanent galleries, mostly displaying the contributions of Muslims in Australia, was recorded in Dubai Studio City’s JR Studio.

One gallery focusing on the tenets of the faith featured the call to prayer recited by music legend Yusuf Islam, formerly known as Cat Stevens, who also lives in Dubai.

Sharjah was represented, too. The museum’s architect, Desypher Architecture Planning Urban Design, has its Middle East office in the emirate.

UAE elements could be found in the exhibits. Included in a gallery of the world’s greatest mosques is an illuminated panel with a large image of the Sheikh Zayed Grand Mosque.

The imposing image triggered fond memories from the Australian treasurer.
“I spent a week in the UAE last year and it was fantastic,” Mr Hockey recalled. “I visited the Grand Mosque and it was immensely incredible. It’s really something that needs to be seen.”

Hailing the museum as “magnificent”, Mr Hockey praised the UAE businesses involved in the project, calling them an example of the country’s flourishing creative industry.

“Australia and the UAE have a very deep relationship with many ties, including the cultural,” he said.
“We are definitely brothers and partners.

“This project shows that the UAE is not just some place you go to on the way to Europe. It is a creative hub and a destination in its own right.”

Mr Al Hilali echoed the treasurer’s sentiments, saying the museum was an example of one of the country’s many cultural contributions.

“To see the Sheikh Zayed Grand Mosque up in that gallery next to such amazing sites as the Grand Mosque in Mecca and those in India, Iran and Morocco is a very gratifying and proud moment for all of us,” he said.

“I wish the people behind this museum every success. With Australian Muslims only forming 5 per cent of the population, I hope this initiative will educate many people about the faith, its history and contributions, and the UAE is always happy to support such initiatives.”

Samira El Khafir, last year’s MasterChef Australia finalist, launched her first cafe Modern Middle Eastern inside the museum.

For the opening ceremony Ms El Khafir cooked up a storm with a menu featuring innovative takes on regional staples including couscous and chicken tagines.

She said creating a menu for such distinguished guests was similar to her experience shooting a MasterChef episode at Dubai’s Atlantis, The Palm hotel last year.

“We were cooking to a lot of VIPs that day, so this brought up memories,” Ms El Khafir said.
“But tonight was much harder. There are no cameras around. This is real life.”

Read more: http://www.thenational.ae/world/australia/first-islamic-museum-in-australia-launches-in-melbourne-with-major-uae-influence#ixzz2uhRFJ791
Follow us: @TheNationalUAE on Twitter | thenational.ae on Facebook

Government adviser on Social and Cultural Affairs, Tan Sri Dr Rais Yatim said 12 Islamic universities in Malaysia and Indonesia have been identified to ensure the success of the pilot program in producing Islamic books of intellectual, spiritual and research.
“For a start, this book will be sent to all 12 universities and we will expand it to Brunei and southern Thailand.
“We will take this approach to foster relationship and intimate friendships (among the Muslims in the archipelago),” he told reporters after the opening of the Indonesian Islamic Book Fair 2014, here today.
The fair was officiated by former vice-president of Indonesia Jusuf Kalla.
Jusuf also launched a book of poems written by Rais called Pantun & Beautiful Language: Malay Cultural Window during the event.
Rais said a book fair will be held at Putra World Trade Centre (PWTC ) in April, with emphasis on the publication of Islamic concept.

Rais who is also President of International Islamic University (IIU) said IIUM will have collaboration with Islamic universities in Indonesia to produce books that not only focuses on Islamic academic-material-oriented but also on aspects of civilization, arts, culture and heritage archipelago.
In a related development, he said YIRMI would organise meetings among Muslim intellectuals throughout the archipelago to further enhance co-operation and friendship.
He said a meeting involving scholars from Malaysia and Indonesia was expected to be held in May.
On the production of the book containing the 230 poems, he said it was to ensure that the beautiful language that reflected the heritage of the archipelago’s civilisation would not be marginalised by young people in the modern world now.
He said a total of 3,500 copies have been sold through the first print and to be reprinted with the same quantity soon.
“I plan this poetry book to be marketed in Indonesia, “ he said. — Bernama

- See more at: http://www.themalaymailonline.com/read/article/indonesian-islamic-book-fair-2014-promotes-more-islamic-books-in-the-region#sthash.vFDlcSWH.dpufblication of Islamic books in an effort to strengthen Islamic solidarity and regional culture.

Government adviser on Social and Cultural Affairs, Tan Sri Dr Rais Yatim said 12 Islamic universities in Malaysia and Indonesia have been identified to ensure the success of the pilot program in producing Islamic books of intellectual, spiritual and research.
“For a start, this book will be sent to all 12 universities and we will expand it to Brunei and southern Thailand.
“We will take this approach to foster relationship and intimate friendships (among the Muslims in the archipelago),” he told reporters after the opening of the Indonesian Islamic Book Fair 2014, here today.
The fair was officiated by former vice-president of Indonesia Jusuf Kalla.
Jusuf also launched a book of poems written by Rais called Pantun & Beautiful Language: Malay Cultural Window during the event.
Rais said a book fair will be held at Putra World Trade Centre (PWTC ) in April, with emphasis on the publication of Islamic concept.

Rais who is also President of International Islamic University (IIU) said IIUM will have collaboration with Islamic universities in Indonesia to produce books that not only focuses on Islamic academic-material-oriented but also on aspects of civilization, arts, culture and heritage archipelago.
In a related development, he said YIRMI would organise meetings among Muslim intellectuals throughout the archipelago to further enhance co-operation and friendship.
He said a meeting involving scholars from Malaysia and Indonesia was expected to be held in May.
On the production of the book containing the 230 poems, he said it was to ensure that the beautiful language that reflected the heritage of the archipelago’s civilisation would not be marginalised by young people in the modern world now.
He said a total of 3,500 copies have been sold through the first print and to be reprinted with the same quantity soon.
“I plan this poetry book to be marketed in Indonesia, “ he said. — Bernama
- See more at: http://www.themalaymailonline.com/read/article/indonesian-islamic-book-fair-2014-promotes-more-islamic-books-in-the-region#sthash.vFDlcSWH.dpuf

Growing market in Islamic tourism

HALAL lifestyle, Syariah-compliant businesses, developing standards, accreditation and investment for Islamic tourism — these were some of the key topics discussed at the Joint Seminar On Islamic Tourism 2014.

Held at PNB Darby Park Executive Suite in Kuala Lumpur recently, its aim was to provide an ideal platform for industry players to identify, analyse and discuss issues, opportunities and challenges in
Islamic tourism.

Tourism And Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz said the seminar was a great opportunity for industry players to brainstorm on how to cater to Muslim tourists.
“Islamic tourism is an emerging market and on the global scale, Muslims make up 23 per cent of the world population, which is a big market to tap from,” he said at the opening ceremony.
He added that in 2012, the global revenue from Islamic tourism was estimated at RM411 billion excluding travel for umrah and haj.

“In fact, the expenditure is expected to grow to RM543 billion in 2018 and this proves that Islamic tourism is a huge business that’s growing tremendously,” Nazri said, adding that many Muslim minority countries such as Japan and Australia are starting to look at the market and have developed creative strategies such as providing halal food, prayer facilities and other necessities.

Malaysia, being one of the most Muslim-friendly holiday destination in the world, is also targetting more Muslim travellers, which will add vibrancy to Visit Malaysia Year 2014.

Also present at the opening ceremony were Ministry Of Tourism And Culture secretary-general Datuk Dr Ong Hong Peng, Islamic Tourism Centre director-general Zulkifly Md Said and Indonesian Tourism And Creative Industry deputy minister Dr Sapta Nirwandar.

Organised by Islamic Tourism Centre (an agency under the Ministry of Tourism And Culture), in collaboration with Indonesia’s Ministry of Tourism And Creative Economy, the seminar was deemed a great accomplishment with 18 speakers from various backgrounds sharing their knowledge and thoughts to improve the industry.

Read more: Growing market in Islamic tourism - Travel - New Straits Times http://www.nst.com.my/life-times/holiday/growing-market-in-islamic-tourism-1.493775#ixzz2uVwRVjbi