South Asia

Grand Jamia Mosque: A Fusion of Traditional Islamic Architecture and Pakistani Culture

Jun 12, 2017 By admin Leave a Comment

Web Desk) – Located in Bahria Town Lahore, the Grand Jamia Mosque is truly an architectural masterpiece. With a capacity to hold 70,000 visitors, the Grand Jamia Mosque is Pakistan s third largest and the world s seven largest mosque.

Possessing four minarets that are 165 feet high, one big dome 40 feet in height and 20 small domes, the breathtakingly huge structure of the mosque diminishes the surrounding buildings. The mosque is a blend of traditional Islamic architecture with Pakistani culture.

For an unaware person looking at the mosque for the first time, it does seem like it was built a few hundred years ago, considering its magnificent structure that only seems worthy of being commissioned by a Mughal emperor.

The Grand Jamia Mosque was constructed at a cost of Rs 4 billion and inaugurated in 2014. An awe-inspiring feature of the mosque is that the entire exterior of the mosque is lined with 4 million, 2.5 inch handmade tiles crafted from special Multani mitti and placed by hand. The placing of these tiles alone took four years.

The marble floor of the mosque is covered with elegantly crafted Turkish carpets. The roof is ordained with over 50 chandeliers imported from Iran.

The mosque also features an Islamic art gallery, a school, and a special section designated for female worshippers.

The architecture of the mosque is influenced by the Badshahi Mosque, Wazir Khan Mosque and the Sheikh Zayed Mosque. The huge minarets of the mosque are probably influenced by the Badshahi Mosque, the multiple domes by the Sheikh Zayed Mosque, while the courtyard with the fountain in the centre, an important Persian influence, is taken from the Wazir Khan Mosque.

Originally published on www.dunyanews.tv

Islamic Finance has Potential to End Poverty Worldwide

May 21, 2017 By admin Leave a Comment

Karachi:- A report jointly published by the Islamic Development Bank (IDB) Group and the World Bank Group has outlined the potential of Islamic finance in curbing income inequality and ending poverty worldwide.

The report, subtitled “Islamic Finance: A Catalyst for Shared Prosperity?”, was unveiled on Monday by IDB Group President Dr Bandar Hajjar at a news conference on the sidelines of the 42nd annual meeting of the IDB Group in Jeddah, Saudi Arabia, says a statement.

It details the trends in Islamic finance, identifies the major challenges hindering the industry’s growth and recommends policy interventions to leverage Islamic finance for fostering shared prosperity and ending poverty.

IDB Group Islamic Research and Training Institute Director General Muhammad Azmi Omar and World Bank Global Islamic Finance Development Centre in Istanbul Head Dr Zamir Iqbal presented findings and recommendations of the report during separate sessions on the sidelines of the IDB Group annual meeting.

“The IDB Group and World Bank collaborated to produce this comprehensive report to serve as a useful guide to all stakeholders in an effort to leverage Islamic finance for fostering shared prosperity, promoting development, reducing income inequalities and, ultimately, ending poverty,” said Omar.

Recommendations

In addition, the report also outlines a theoretical framework to analyse Islamic finance based on four fundamental pillars, namely institutional framework and public policy oriented to the objectives of sustainable development; prudent governance and accountable leadership; promotion of economy and entrepreneurship based on risk sharing; and financial and social inclusion, promoting development, growth and shared prosperity.

Key recommendations of the report include having adequate policy interventions and financial infrastructure, creating a level playing field for Islamic equity instruments, and creating institutions and governance systems for the Islamic social finance sector, which comprises zakat, Awqaf and Islamic microfinance.

SECP easing Sukuk rules to facilitate Islamic finance

The report notes that the Islamic banking sector needs innovative risk-sharing products and services, enhanced scale and access to Islamic finance, improved liquidity and stability, and bolstered human capital and literacy in Islamic finance. The development of capital markets with wider access to the public under a strong legal and governance framework is desirable for the Islamic finance sector, especially given that sukuk (Islamic bonds) offer great potential for promoting financial inclusion and mobilising funds for development, the report adds.

It further notes that Islamic non-bank financial institutions should provide Islamic financial services in countries where establishing Islamic banks is not possible due to legal and regulatory restrictions.

On the prospects of Islamic social finance, the report estimates that for most countries in South Asia, Southeast Asia and Sub-Saharan Africa, the resource needs to alleviate deprivation could be met if the potential of Islamic social finance were realised.

Originally published on www.tribune.com.pk

‘Meat Price Deregulation to Increase Pak Exports’

May 21, 2017 By admin Leave a Comment

LAHORE: De-regulation of meat prices in local market is a prerequisite to improve the product’s supply in the country and to increase the country’s share in the $1.3 billion global Halal food trade, said a study.

“The first and fundamental step for increasing meat export is to de-cap price in the local market,” the Center for Applied Policy Research in Livestock at University of Veterinary and Animal Sciences (UVAS) said in the research study.

The research paper, titled ‘Pakistan Meat Exports: Strategising Productivity Enhancement’ was conducted after gathering inputs from all the stakeholders. Outlining short, medium and long term measures for enhancing share in global meat market, the study said the local market of meat has been developing at a very slow pace because of price capping.

It said Pakistan’s meat exports have a huge potential in the world. The country’s geographical location favours livestock farming. Pakistan has a significant number of animals, reasonable number of meat processors/abattoirs, and exporters but the bottleneck is lack of effective marketing and supply chain, it added.

The study said global Halal food trade is estimated at approximately $1.3 billion a year, which was $0.5 billion five to six years ago. The policy paper highlights the country’s meat export scenarios within the existing resources, including farmers, meat processors, exporters, supply chain management, marketing approaches and funds.

It said local exporters are vying for 8-10 percent share in global carcass (meat with bones) market, but neglecting 90-92 percent share of frozen boneless and value-added meat products internationally.

India has become the world’s largest exporter of meat products in 2017 with 1,925,000 metric tonnes exports, largely comprising boneless meat, while China’s growing population and demand for food products have made the country one of the world’s biggest importers of meat/meat products of 950,000 metric tonnes, according to the United States Department of Agriculture. The animal protein consumption by human will rise to 37-kilogramme by 2030 from the present 25.5-kg.

The center recommended short-term measures, including complete identification of meat in local market indicating its source and international standardisation of meat products in assistance with UVAS.

The research study called for a ban on export of less than 150-kg carcass, terming it vital to enhance output of every single animal being exported and increase meat output of each animal.

It also stressed a need to establish backward linkages of meat exporters with feedlot farmers for consistent export of quality meat, in addition to registration of feedlot fattening farms with meat processing and exporters association along with livestock departments for traceability.

Efficient customs and quarantine assistance through sea shipments are also required along with credit insurance for exporters and establishment of a database of feedlot farmers registered with an authority connecting exporters for supply chain development.

The study also called for a national policy for eradication of foot and mouth disease to enable export to countries, like Indonesia, Russia, China and Brunei. Easy loans are also needed to set up a supply chain from feedlot farmer to local meat brands and/or meat exporters.

It also highlighted the importance of establishing disease free zones to produce healthy and disease free meat products as per the international standards. The study attaches the topmost importance to breed improvement and establishment of a meat product development center at UVAS, which can develop ready to cook meat products. Top meat exporters can be provided with subsidy on taxation/duties as incentives and motivation for others, it said.

Originally published on www.thenews.com.pk

Sime Gets Nod to Restructure US$800m Sukuk

May 21, 2017 By admin Leave a Comment

KUALA LUMPUR: Conglomerate Sime Darby Bhd has received bondholders’ approval to restructure its US$800 million sukuk, a milestone in the group’s proposed debt reorganisation, which forms part of its plan to create three independent listed companies.

US$400 million of the sukuk mature in 2018 and an equal amount in 2023.

Sukuk holders approved the company’s plan to buy back the papers or replace the obligor or borrower, to Sime Darby Plantation from Sime currently.

“This is an important step for the group in our proposed reorganisation exercise to unlock value for shareholders,” Sime president and group chief executive Tan Sri Mohd Bakke Salleh said in a statement on Tuesday.

“We must ensure that each listed company has the optimal capital structure which will allow it to pursue growth with focus and agility,” he said.

The broader reorganisation of the group involved the proposed listing of Sime Darby Plantation and Sime Darby Property through share distributions.

Sime would remain listed, owning the automotive, industrial equipment and logistics businesses.

On April 18, 2017, Sime launched a debt restructuring exercise to restructure its US dollar-denominated sukuk.

Under the exercise, sukuk holders could cash in on their investment in the sukuk or agree to change certain terms and conditions and replace Sime with Sime Darby Plantation as the new borrower or obligor.

Sime achieved a final tender and consent participation of 91%, across both series, of the sukuk.

In addition, investors holding almost a quarter of the 2023 sukuk chose to remain invested in Sime Darby Plantation.

HSBC Bank is the sole structuring and dealer manager for the exercise. – Bernama

Originally published on www.thestar.com.my

Pak Govt Plans Rs125-150 Billion Ijara Sukuk Issue by July

May 21, 2017 By admin Leave a Comment

KARACHI: The government is looking to raise as much as Rs150 billion by issuing fresh Ijara Sukuk in the domestic market in July 2017 to help finance its growing budget deficit, industry officials said on Tuesday.

The planned 18th Ijara Sukuk could be issued against the assets of M1 motorway Peshawar-Islamabad and M3 Pindi Bhattian to Faisalabad. One of the previously issued Sukuk is maturing next month.

The finance ministry has appointed a consortium of three financial advisors to help execute upcoming Sukuk transaction for raising funds from the capital market, according to a banker connected to a deal.

“Meezan Bank, Bank Alfalah and Dubai Islamic Bank have been hired by the Pakistan Domestic Company Limited to make all arrangements necessary for the floatation of the bond,” the banker said.

“The financial advisors have started working on the structure and valuation process of the planned issuance… and we expect the government will be in a position to launch this [Sukuk] by the start of next fiscal year, hopefully in July.”

The banker said the expected three-year Shariah-compliant paper would also provide Islamic lenders an avenue to park their surplus funds. “We [financial advisors] are suggesting three to five years tenors for the said issuance but there-year is most likely as an issuer usually chooses three-year tenor.”

Bankers said the long awaited move is encouraging as the Islamic banks need Shariah-compliant instruments to place their surplus liquidity. The issue is expected to provide some relief to Islamic banks in managing their excessive funds.

“This is a positive development for the industry … more Sukuks and liquidity deployment solutions are needed for the development of the Islamic banking industry,” said Azhar Aslam, head of Islamic banking at Standard Chartered Bank.

Pakistan has seen strong growth of Islamic investment funds which has fueled demand for Sukuk. Islamic mutual funds held 242.7 billion rupees ($2.3 billion) in assets as of December, or 37 percent of the total.

Around two-thirds of assets in the country’s voluntary pension system are now managed under Islamic principles. Still Islamic banks are facing difficulties in managing their huge deposits in the absence of fresh Islamic paper by the government. The government raised Rs866 billion funds through the sale of the Government Ijara Sukuk (GIS) between September 2008 and March 2016.

There were only two new issues of Ijara Sukuks during the last year. The share of the Islamic banking institutions (IBs) in the domestic debt is less than four percent, while the rest of 96 percent accounts for the conventional banks. However, the Islamic banking industry is growing at 13 percent.

Originally published on www.thenews.com.pk

South Asia

Grand Jamia Mosque: A Fusion of Traditional Islamic Architecture and Pakistani Culture

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Islamic Finance has Potential to End Poverty Worldwide

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‘Meat Price Deregulation to Increase Pak Exports’

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Sime Gets Nod to Restructure US$800m Sukuk

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