Latest news with #Shariah
Malaysian Reserve
a day ago
- Politics
- Malaysian Reserve
Govt to thoroughly review Federal Court decision on SIS fatwa
THE Federal Court's decision to rule that a Selangor fatwa declaring religious liberalism and pluralism as heretical cannot be applied to Sisters in Islam (SIS) will be thoroughly reviewed to ensure that the position and authority of the fatwa institution was not affected in the long term. Minister in the Prime Minister's Department (Religious Affairs), Datuk Dr. Mohd. Na'im Mokhtar (picture) stressed that fatwas still play an important role in guiding Muslims on current issues that require Shariah guidance. 'Therefore, close cooperation between the judiciary, legal and religious authorities is very important so that the function and authority of the fatwa institution remains respected within the framework of our country's constitutional system. 'The government will ensure that the administration of Islamic affairs in Malaysia is carried out fairly and based on the principles of shura, knowledge and based on the full implementation of the country's laws,' he said in a statement today. Mohd. Na'im said he took note of the decision made by the Federal Court in favour of the SIS in its challenge against the fatwa issued by the Selangor State Fatwa Committee on 17 July 2014. 'As the Minister of Religious Affairs, I respect the principle of the rule of law and judicial decisions made by the Federal Court as the highest judicial institution in the country's legal system. 'At the same time, the government will continue to defend the position of Islamic religious institutions in line with Article 3 of the Federal Constitution which provides that Islam is the religion of the Federation,' he added. Today, the Federal Court allowed the appeal filed by SIS Forum and its founder, Datin Paduka Zainah Mahfoozah Anwar, regarding the dispute over the decision of the Selangor Fatwa Committee, Selangor Islamic Religious Council. The decision previously declared the organisation as deviant and perverting the true teachings of Islam which were issued and gazetted 11 years ago, thus setting aside the previous decisions of the High Court and Court of Appeal. The Federal Court ruled that the words 'persons who profess the religion of Islam' used in the fatwa can only refer to real people and not artificial persons such as companies or organisations. The Court also added that they, however do not scrutinised the content of the fatwa as it is the purview of the Fatwa Committee — TMR
Express Tribune
2 days ago
- Business
- Express Tribune
Raqami Islamic Digital Bank
In a major milestone for Pakistan's digital financial ecosystem, Raqami Islamic Digital Bank, the country's first Islamic digital bank, has partnered with Haball, a pioneering fintech focused on B2B supply chain digitisation, to roll out Shariah-compliant, embedded supply chain financing targeted at addressing key pain points of small and medium enterprises (SMEs). By embedding Islamic financing options directly within the corporate's existing supply chain workflows, the platform provides SMEs access to collateral-free liquidity based on their receivables and purchase orders—without the friction of traditional financing applications and pledging of assets. The partnership responds to a critical national need: despite contributing over 40% to GDP and employing the majority of the workforce, over 90% of Pakistan's SMEs remain financially underserved. Through this partnership, Raqami's SME customers will be able to use Haball's platform to operationalise a digitally native finance model that empowers SME businesses with access to working capital, precisely when and where it's needed—within existing business workflows. This initiative supports a cornerstone of the State Bank of Pakistan's financial inclusion roadmap and promotes innovation and digitisation in the sphere of Supply Chain Finance. Key features of the Raqami - Haball partnership entail: End-to-end digital onboarding and Shariah- compliant KYC Murabaha-based financing structures for fresh purchase orders Seamless integration with ERPs, anchor-led ecosystems and distributor networks Instant disbursements through embedded Islamic financing rails, ensuring immediate liquidity and cashflow relief AI-powered credit assessment based on actual cash flows and transaction history, reducing dependency on static credit scording Full audit trails and real-time exposure tracking, ensuring compliance, transparency, and control for both financiers and anchors Umair Aijaz, CEO of Raqami Islamic Digital Bank quoted: Our mission at Raqami is to reimagine Islamic banking through innovation. This partnership with Haball enables us to bring Shariah-compliant embedded finance to the very heart of Pakistan's supply chains—empowering SMEs to enjoy real, tangible access to capital and growth, without compromising their values. Omer Bin Ahsan, Founder and CEO of Haball, added: At Haball, we've always believed that the future of finance lies in embedded, contextual offerings. By partnering with Raqami, we are embedding Islamic finance into the transactional core of the existing SME ecosystem—democratising access to capital and accelerating supply chain transparency. About Raqami Islamic Digital Bank Raqami Islamic Digital Bank Limited is Pakistan's first Islamic digital retail bank, awarded a Restricted License by the State Bank of Pakistan to commence Pilot Operations under the Licensing and Regulatory Framework for Digital Banks. Raqami aims to offer inclusive, Shariah-compliant financial solutions through a digitally innovative, tech-first approach. The bank is backed by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait's sovereign wealth fund, Kuwait Investment Authority. With a vision to build trust and transparency, Raqami intends to serve the evolving needs of modern retail banking customers. About Haball Haball is a leading Pakistani fintech transforming B2B payments and supply chains through embedded finance. Haball works with banks, corporates, and distributors to digitise transactions and enable access to credit and liquidity for SMEs through secure, real-time infrastructure.
New Straits Times
4 days ago
- Business
- New Straits Times
RHB Asset Management eyes RM100mil sales from new Shariah multi-asset fund
KUALA LUMPUR: RHB Asset Management Sdn Bhd is targeting RM100 million in sales within the first year of its newly launched RHB Shariah Multi Asset Fund. The fund offers investors an all-in-one shariah-compliant solution providing global diversification across a range of asset classes, including equities, listed real estate, sukuk and commodities. RHB Asset Management said in a statement that the new fund will primarily invest in the US dollar-denominated share class of the HSBC Global Funds ICAV – Shariah Multi Asset Fund, the target fund, which strategically allocates investments across a broad spectrum of instruments. "This includes equities, fixed income securities, eligible collective investment schemes, other transferable securities, cash, and foreign direct investments. "This initiative is a direct response to the growing demand for shariah-compliant investment solutions, particularly within the global multi-asset space," it said in a statement. RHB Asset Management said the launch is in collaboration with HSBC Bank Malaysia Bhd. The bank will serve as the initial distributor while HSBC Global Asset Management (UK) Ltd will act as the target fund manager. The collaboration and product launch with HSBC Bank demonstrates its agility in meeting evolving investors' needs and increasing awareness of its diverse range of shariah-compliant investment offerings, the statement said. At the same time, RHB Asset Management emphasised that the initiative is expected to strengthen its brand recognition, deepen relationships with existing investors, capture new investor segments, and drive growth in assets under management for shariah-compliant funds.
Muscat Daily
5 days ago
- Business
- Muscat Daily
OETC receives ratings from Moody's and Fitch for sukuk, GMTN programmes
Muscat – Oman Electricity Transmission Company (OETC) has received inaugural ratings from both Moody's Ratings and Fitch Ratings for its newly established sukuk and Global Medium-Term Note (GMTN) programmes, supporting the company's capital investment and debt refinancing strategy. Moody's has assigned a (P)Ba1 rating to the backed senior unsecured trust certificate issuance programme (sukuk programme) of Al Jawaher Assets Company, a special purpose vehicle established by OETC. It has also assigned a (P)Ba1 rating to the senior unsecured GMTN issuance programme established under OETC. The outlook on both ratings is stable, according to Moody's. Moody's stated that the (P)Ba1 rating on the sukuk programme is at the same level as OETC's Ba1 corporate family rating. 'This is because potential certificate holders (1) will be effectively exposed to OETC's senior unsecured credit risk; (2) will not have any preferential claim or recourse over the trust assets, or rights to cause any sale or disposition of the trust assets except as expressly provided under the transaction documents; and (3) will only have rights against OETC, ranking pari passu with other senior unsecured obligations as provided in the transaction documents,' Moody's said in a statement. 'As such, a change in OETC's rating will be reflected in the ratings of the sukuk programme and any certificates issued under the programme. The sukuk structure will consist of Ijara assets (an asset sale and lease-back transaction). Our rating of the sukuk programme does not express an opinion on the structure's compliance with Shariah law,' the agency added. In a similar vein, Moody's has also assigned a (P)Ba1 rating to the new GMTN programme. Bonds issued under the GMTN programme will rank pari passu with other senior unsecured obligations of OETC. 'As part of its funding plans, OETC is expected to issue bonds and sukuk under these newly established programmes for general corporate purposes, including the refinancing of existing debt and funding of ongoing capital investments,' Moody's added. Moody's noted that OETC's ratings continue to be supported by: a stable and transparent regulatory framework for electricity transmission and the independence of the regulator; the cost-recovery mechanisms within the regulatory framework; the low business risk profile of electricity transmission activities; the company's monopoly position in Oman; and supportive shareholders. The stable outlook reflects Moody's expectation of OETC's sustained operating performance over the next 12 to 18 months. Meanwhile, Fitch Ratings has assigned a 'BB+' rating to OETC's sukuk trust certificate programme, issued through trustee Al Jawaher Assets Company. Fitch has also given a 'BB+' rating to the company's GMTN programme. 'The ratings reflect the programmes' final terms and are in line with OETC's Long-Term Issuer Default Rating (IDR) and senior unsecured rating. OETC is using the proceeds for general corporate purposes, including capital expenditure and debt refinancing,' Fitch said in a statement. It added that the sukuk programme's rating is aligned with OETC's IDR. This reflects Fitch's view that a default on these senior unsecured obligations would constitute a default by OETC, in accordance with the agency's rating definitions.
Time of India
5 days ago
- Politics
- Time of India
NIA cracks down on terror network of Hizb-ut-Tahrir in MP, Rajasthan
Bhopal/Jaipur: NIA on Saturday raided three locations in MP's Bhopal and two in Rajasthan's Jhalawar as part of its probe into a terror conspiracy by the banned radical outfit Hizb-ut-Tahrir (HuT), which is accused of radicalising Muslim youth and attempting to forge links with global terror networks such as ISIS. The extensive searches were triggered by the data recovered from the mobile phone of Mohsin Khan --- a key conspirator, financier, and recruiter for HuT in India --- who was arrested by NIA in Bhopal last week. The information led to the identification of another suspect in Jhalawar's Manohar Thana town. "Mohsin Khan motivated Muslim youth to spread violence in a bid to overthrow India's democratically elected govt and establish an Islamic state governed by Shariah law through the creation of a Caliphate," said an NIA source. NIA seized digital devices and incriminating materials during coordinated search operations at Aishbagh, Ashoka Garden, and the Shahjahanabad area in Bhopal, as well as a house in Kaji Chowk and a shop near Jama Masjid in Jhalawar. The recovered devices are being sent for forensic analysis to gather further evidence related to the conspiracy. "The case, registered by the NIA as part of its efforts to dismantle various terrorist and radical networks attempting to spread mayhem across the country, relates to HuT's conspiracy to radicalise and recruit vulnerable Muslim youth," NIA said in a release. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pinga-Pinga e HBP? Tome isso 1x ao dia se tem mais de 40 anos Portal Saúde do Homem Clique aqui Undo After evading arrest for an extended period, Khan was tracked by NIA operatives to Thailand. In coordination with international agencies, he was deported to India and subsequently taken into custody in Delhi. Bhopal/Jaipur: NIA on Saturday raided three locations in MP's Bhopal and two in Rajasthan's Jhalawar as part of its probe into a terror conspiracy by the banned radical outfit Hizb-ut-Tahrir (HuT), which is accused of radicalising Muslim youth and attempting to forge links with global terror networks such as ISIS. The extensive searches were triggered by the data recovered from the mobile phone of Mohsin Khan --- a key conspirator, financier, and recruiter for HuT in India --- who was arrested by NIA in Bhopal last week. The information led to the identification of another suspect in Jhalawar's Manohar Thana town. "Mohsin Khan motivated Muslim youth to spread violence in a bid to overthrow India's democratically elected govt and establish an Islamic state governed by Shariah law through the creation of a Caliphate," said an NIA source. NIA seized digital devices and incriminating materials during coordinated search operations at Aishbagh, Ashoka Garden, and the Shahjahanabad area in Bhopal, as well as a house in Kaji Chowk and a shop near Jama Masjid in Jhalawar. The recovered devices are being sent for forensic analysis to gather further evidence related to the conspiracy. "The case, registered by the NIA as part of its efforts to dismantle various terrorist and radical networks attempting to spread mayhem across the country, relates to HuT's conspiracy to radicalise and recruit vulnerable Muslim youth," NIA said in a release. After evading arrest for an extended period, Khan was tracked by NIA operatives to Thailand. In coordination with international agencies, he was deported to India and subsequently taken into custody in Delhi. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
