Here's a roundup of key developments across the OIC network during the first three weeks of April

Editor's note: It's Islamic Development Bank's 50th anniversary this week, so it is only right to kickstart this wrap with relevant news. The lender leads a consortium of development banks in broadening lending capacity over the next decade to address global challenges. 

Meanwhile, Saudi Arabia's ACWA Power inks deal to drive renewable energy production in Azerbaijan.

Trade Developments

Organization of Islamic Cooperation

Arab League, OIC Islamic Broadcasting Union sign protocol

The Arab League announced plans to sign a media cooperation protocol between its secretariat’s media and communication sector and the OIC Islamic Broadcasting Union.

This initiative aims to strengthen ties between the General Secretariat of the League of Arab States and the Organization of Islamic Cooperation (OIC) Radio and Television Union.

It underscores the commitment of the General Secretariat to enhance relations with regional and international organizations. (Arab News)

Oman / Uzbekistan

Oman, Uzbekistan sign agreement to strengthen cooperation

Oman's foreign minister met with his Uzbek counterpart in Tashkent to bolster ties between the two nations.

The discussions centered on enhancing cooperation in trade, investment, education, and culture. An agreement was signed to fortify future collaboration strategies.

Both ministers explored avenues to boost trade, focusing on energy, transportation, agriculture, and industry, while also encouraging business ventures between Omani and Uzbek companies. (Zawya)

Investment

Pakistan
IsDB celebrates finalizing Pakistan’s Mohmand Dam Hydropower project

The completion of the Mohmand Dam Hydropower Project in Pakistan was celebrated at the Islamic Development Bank's headquarters in Jeddah. This project underscores the bank's dedication to member countries and its vision for sustainability.

With an estimated annual generation of 2,862 gigawatts of renewable energy, the dam reduces reliance on fossil fuels while supporting agricultural development over 6,773 hectares, bolstering food security and livelihoods for farmers. (Zawya)

Saudi Arabia
IsDB leads multilateral development banks group in widen lending target

A coalition of financial institutions, spearheaded by the Islamic Development Bank, plans to boost its lending capacity by $300-$400 billion over the next decade to address global disparities.

The initiative follows a meeting of presidents from ten multilateral development banks in Washington, D.C., aimed at enhancing their collective impact on development challenges and coordinating efforts for 2024 and beyond. (Arab News)

ESG Developments

Azerbaijan / Saudi Arabia
ACWA Power inks deal to drive renewable energy development in Azerbaijan

Saudi energy major ACWA Power is forging ahead with renewable energy projects in Azerbaijan through a new agreement with its state oil company SOCAR.

This collaboration centers on evaluating the 'Low-Carbon/Green Fertilizer' project.

It aims to produce green hydrogen to aid in the decarbonization of SOCAR's downstream assets, advancing sustainable energy development in the region. (Arab News)

Here's a roundup of key developments across the Islamic lifestyle ecosystem during the first three weeks of April

Editor's note: In the run-up to the annual Hajj pilgrimage, countries are stepping up to ensure a smooth journey for their residents. Nigeria's hajj commission has inked agreements with local carriers to facilitate travel, Pakistan has commenced Hajj training, while Indonesia is securing banknotes to offer allowance to this year's pilgrims. 

Meanwhile, a group of Iranian nationals made its way to Saudi Arabia to perform Umrah after a nine-year hiatus, following an agreement between the two countries. 

Iranians head to Saudi for first Umrah pilgrimage in nine years

Company News

Sri Lanka

Kirsche Capital unveils modest collection

Colombo's fashion landscape welcomes Kirsche Capital, a valuable addition introducing its latest collection, blending affordability, trendiness, and modesty in contemporary fashion.

Kirsche Capital is the brainchild of CEO and co-founder Dr. Sarah Fazy, a fashion enthusiast committed to merging fashion with pioneering designs. (Newswire)

United Kingdom

Bradford Bulls become first UK rugby club to sign up as Muslim Friendly Employers

Bradford Bulls has become the first rugby league in the UK to sign up as Muslim Friendly Employers.

In a statement on April 3, the club affirmed its commitment to fostering an environment of inclusivity, where everyone feels valued and respected.

Humayun Islam BEM BCAc, CEO of Muslim Friendly Employers, praised the Bulls' initiative, emphasizing genuine inclusion over mere tolerance. (Telegraph & Argus)

Trade Developments

Nigeria

Hajj 2024: NAHCON signs contract with air carriers

The National Hajj Commission of Nigeria (NAHCON) has inked agreements with Nigerian carriers Max Air and Air Peace to transport Hajj pilgrims to and from Saudi Arabia this year.

NAHCON chairman, Malama Jalal Arabi urged the airlines to deliver excellent services to Nigerian Muslim pilgrims. (Leadership)
 

Regulatory

Saudi Arabia / Iran

Iranians head to Saudi for first Umrah pilgrimage in nine years

Iranian pilgrims embarked on their first Umrah pilgrimage in nine years, traveling from Iran to Saudi Arabia through Tehran's Imam Khomeini airport.

The journey follows a recent agreement between Tehran and Riyadh to restore diplomatic ties brokered by China.

While Iranians were permitted to participate in the Hajj pilgrimage last year, Umrah had been inaccessible until now. (Al Arabiya News)

Education

Pakistan

Pakistan launches second phase of Hajj training nationwide

The Ministry of Religious Affairs and Interfaith Harmony in Pakistan has initiated the second phase of Hajj trainings nationwide in preparation for the annual pilgrimage, scheduled for June this year.

Saudi Arabia reinstated Pakistan's pre-pandemic Hajj quota of 179,210 pilgrims last year, lifting the age limit of 65 years. (Arab News)

Investment

Indonesia

Govt procures $41m banknotes for Hajj pilgrims' allowance

The Indonesian Hajj Fund Management Agency (BPKH) has allocated more than 159 million Saudi riyals (US$40.96 million) in Saudi riyal banknotes to support the living expenses of more than 200,000 Hajj pilgrims traveling to Saudi Arabia this year.

Each pilgrim under the regular program will receive 750 riyals ($199) in cash at their final embarkation or transit point before departure.

BPKH official Sulistyowati expressed hope that this support would enhance the comfort and safety of the pilgrims' Hajj journey. (Antara News)

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor development initiative supporting sustainable socio-economic development in Islamic Development Bank’s (IsDB) 57 member countries.

The funding will be used by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low and lower-middle income IsDB member countries. 

The funding also aims to support 32 member countries in achieving 10 of the 17 sustainable development goals.

The new financing will be administered by the Abu Dhabi Fund for Development, in addition to $50 million the UAE has contributed to the LLF since its launch in 2016.

“Through LLF 2.0, we will focus on climate-smart agriculture, primary care, underfunded social services, and infrastructure investment,” Mohamed Saif Al Suwaidi, director general for Abu Dhabi Fund for Development said. 

“LLF 2.0 will also optimize its anti-poverty focus, setting grant portions to enhance stability and transparency.”

The Fund in its first phase invested over $1.4 billion across 22 IsDB member countries, enabling more than three million smallholder farmers to improve their livelihoods, and providing 12.5 million women and children access to quality healthcare.

It is also expected to provide over 7.5 million people with better water and sanitation facilities.

LLF is a joint initiative of the Islamic Development Bank, the Abu Dhabi Fund for Development, the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development, the King Salman Relief Humanitarian Aid and Relief Centre, and the Qatar Fund for Development.
 

Philippines and Qatar signed a preliminary agreement on Monday to bolster bilateral growth in tourism and business events. 

The memorandum of understanding (MoU) is one of the agreements inked during Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani’s state visit to the Southeast Asian country. 

"We are reintroducing the Philippines to the world on the strength of our Filipino culture, heritage, and identity, and we view our partnership with Qatar as being an important part of this movement," the Philippine News Agency reported, quoting the country’s tourism secretary Christina Frasco. 

The agreement is expected to solidify the countries’ aim to encourage tourism investments, promote familiarization visits for media and tourism experts, and upskill operators, employees, and specialists. 

Philippines received 10,438 visitors from Qatar in 2023, according to data released by the Department of Tourism. 

Philippine’s tourism department has worked towards strengthening Muslim-friendly and halal tourism offerings to cater to the need of its Muslim visitors.

The country announced its plan to launch a national halal strategy last September, aiming to generate 230 billion pesos in investment and help create 120,000 jobs in five years. Besdies food and food-related products, the plan also includes verticals such as Islamic finance, and halal-friendly travel and tourism. 

Philippine was named the emerging Muslim-friendly destination at the Halal in Travel Global Summit 2023. 

The Malaysia International Halal Showcase (MIHAS) is set to be held in Dubai later this year. 

Malaysia External Trade Development Corporation (MATRADE), the organizer of the event, is “mapping out its business opportunities’ expansion plans” by introducing the event to emerging markets, Malaysia's national news agency Bernama said. 

MIHAS will be held in Dubai on November 18-20, and aims to garner sales worth 1 billion Malaysian ringgits. 

MATRADE chairman Reezal Merican Naina Merican said that the Dubai edition will become an avenue to elevate Malaysia’s reputation as a leading nation in the global halal sphere. 

“We are thoughtfully mapping out our expansion plans beyond Dubai to explore opportunities to introduce MIHAS to markets such as China, Europe and Central Asia,” Merican added. 

Meanwhile, the 20th edition of the MIHAS event will be held in Malaysia during September 17-20, which is expected to have 2,000 exhibition booths from 45 countries, with more than 40,000 trade visitors. 

The event showcases halal products, services and technologies through 14 curated clusters, including halal ingredients. 

The 19th edition of the event, held last September, garnered 3.2 billion ringitts worth of sales. 
 

Here's a roundup of key developments across the Islamic finance ecosystem during the first two weeks of April

Editor's note: Canada leads the news race today, with the government announcing its intent to introduce halal mortgages for Muslims. Meanwhile, Ahli Islamic has introduced Oman's first Shariah-compliant money market fund. 

Company News

Pakistan

JazzCash launches Islamic Savings product 

JazzCash has introduced its Islamic Savings product, featuring the highest daily halal profit rates, aiming to enhance financial inclusion in Pakistan.

The offering includes free accidental insurance upon enrollment, providing added security for customers.

The initiative addresses key obstacles to digital financial service adoption in the country and offers a user-friendly platform through the JazzCash app for managing savings conveniently. (Business Recorder)

Oman

Ahli Islamic introduces first Shariah-compliant money market fund
Ahli Islamic, a subsidiary of ahlibank in Oman, has introduced the country's first Islamic money market fund, offering customers Shariah-compliant investment opportunities with attractive local and regional profit rates.

The fund aligns with Islamic principles of ethical finance and responsible growth, providing investors with accessible entry points starting from just 500 Omani riyals. (Zawya)

Australia

Hejaz, LMG partner to offer Shariah-compliant finance

Hejaz, an Islamic financial services provider, has teamed up with aggregator LMG to offer Shariah-compliant financing to brokers.

The partnership addresses demand from LMG brokers to better serve Muslim clients by leveraging Hejaz's unique position as the sole provider of broker-friendly Islamic finance products in Australia. (MPA)

Investment

Singapore

Olam Agri secures inaugural $625m Shariah-compliant financing facility

Olam Agri, a subsidiary of Olam Group, has obtained a Shariah-compliant financing facility worth $625 million on April 4.

The Murabaha facility, the first of its kind for Olam, attracted investments from various global entities, including the UAE, Malaysia, Singapore, and Hong Kong. (The Edge)

Trade Developments

Canada

Canadian government unveils ‘halal mortgages’ for Muslims

The Canadian government plans to introduce halal mortgages for Muslims, providing alternative financing options and promoting homeownership within the community.

The initiative aims to enhance diversity in the housing market while meeting the specific needs of Canadian Muslims.

Additionally, the government intends to implement a two-year ban on foreigners purchasing land in the country, as outlined in the federal budget for 2024. (English Aaj)

Dubai International (DXB) has retained its position as the world’s busiest airport for international travel, beating prominent hubs such as London and Amsterdam, according to Airports Council International (ACI), an association of world airports. 

DXB has maintained its dominance for the 10th consecutive year, having welcomed 86.9 million international passengers in 2023, eclipsing pre-pandemic traffic of 86.4 million in 2019, and increasing 31.7% on 2022. 

London's Heathrow Airport came in second, with the UK's biggest airport receiving 74.9 million passengers during the same period, up 28.6% from 2022. 

Amsterdam Airport Schiphol ranked third, with 61.88 million international visitors, a 17.9% year-on-year increase. 

DXB also become the world’s second busiest airport overall for 2023, ranking after Hartsfield-Jackson Atlanta International Airport which welcomed 104.65 million travellers. 

With 81.75 passengers, Dallas Fort Worth International Airport came in third. 

Luis Felipe de Oliveira, ACI world director general said that global air travel in 2023 was chiefly fuelled by the international segment, propelled by several factors, such as benefits from China’s reopening and a growing inclination towards travel despite macroeconomic conditions. 

Nearly 8.5 billion global passengers travelled in 2023, increasing 27.2% year-on-year and recovering 93.8% from pre-pandemic levels. 

The influx of passengers at international airports has been central in bolstering the recovery of hubs reliant on this segment, the ACI said. 

The top 10 airports collectively account for close to 10% of global air traffic, serving 806 million passengers.  

Airport rankings are based on data gathered from over 2,600 airports across more than 180 countries and territories globally.