News and updates from the Barakah Insider editorial team.
Islamic Finance
Islamic banks in the Gulf Cooperation Council (GCC) are poised to outpace conventional banks in growth, driven by rising demand for Shariah-compliant financial products and the resilience of their profit margins, according to a report by Moody’s Investors Service. The report highlights that Islamic banks’ fixed-rate retail financing models
Islamic Finance
The Maldives is scrambling to secure a financial lifeline to avoid becoming the first nation to default on a sovereign sukuk, a key form of Islamic debt. The island nation faces a critical payment deadline in October, and with dwindling foreign reserves, the price of its $500 million sukuk has
Halal Industry
The Malaysian Islamic Development Department (JAKIM) is considering a significant shift in its halal certification policy, with plans to potentially make halal certification mandatory for restaurants and food establishments that do not serve pork or alcohol. Currently, obtaining halal certification is voluntary for food business operators, as highlighted by Minister
Halal Industry
The Department of Tourism (DOT) in the Philippines is making substantial strides in its efforts to attract Muslim travellers by enhancing the country’s Halal tourism offerings. Under the leadership of Tourism Secretary Christina Garcia Frasco, the DOT is rolling out a series of initiatives aimed at transforming the Philippines
Islamic Finance
Islamic banking assets in the UK experienced a significant surge of 26% in 2023, reaching a total of $8.2 billion, according to a recent report by Fitch Ratings. This substantial growth underscores the UK’s status as a key Western hub for Shariah-compliant banking. Fitch projects that the UK’
Islamic Finance
The government of Pakistan is reducing borrowing costs using Islamic financial instruments like Ijara Sukuk. Experts claim these instruments are priced more competitively than conventional financial products. Prime Minister Shehbaz Sharif’s administration is managing the fiscal deficit as per the IMF agreement. According to a report by Business Recorder,
Halal Industry
Tens of thousands of Indonesians gathered for the nation’s largest Muslim lifestyle festival on Sunday, reflecting ongoing efforts by the government to advance the halal industry. As the world’s most populous Muslim-majority country, Indonesia is striving to capitalize on the vast potential of its domestic market. The 2024
OIC
In a bid to revitalize its rural landscape, Uzbekistan has secured a substantial $260 million funding injection from the Islamic Development Bank (IsDB). This financial infusion, forming part of a broader $293.5 million initiative, is set to overhaul the nation's countryside. The funding blueprint outlines a strategic
Halal Knowledge Base
In recent times, there has been a notable surge in the global demand for halal-certified products and services. This trend is driven by various factors, including the increasing Muslim population worldwide and a growing awareness of halal standards among consumers from diverse backgrounds. As businesses recognize the potential of catering
Apps
Are you seeking a reliable and convenient way to enhance your Quran recitation skills? Quran Mobasher is designed to help individuals of all ages learn, understand, and improve their Quran recitation. Instant connection to knowledgeable teachers Gone are the days of searching for qualified tutors or struggling to find suitable
Famous Muslims
Sheikh Abdallah bin Bayyah (born 1935) is a distinguished Mauritanian Islamic scholar, statesman, and author, renowned for his expertise in Islamic legal theory (uṣūl al-fiqh), advocacy for peace, and contribution to contemporary Islamic scholarship. He currently serves as President of the Forum for Promoting Peace in Muslim Societies (UAE) and
Uncategorized
Habib Umar bin Hafiz (Arabic: حبيب عمر بن حفيظ; born 27 May 1963) is a renowned Yemeni Sunni and Sufi Islamic scholar, spiritual guide, educator, and author. He is founder and dean of the Dar al-Mustafa Islamic seminary in Tarim, Hadhramaut, and serves as a leading teacher and influencer in