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Economy

Islamic Development Bank starts marketing 5-year-dollar sukuk

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Sukuk

or Islamic bond, a document issued by one of the banks showed.

The Jeddah-based triple A-rated institution gave initial price guidance in the high 40 basis points over mid swaps area,

the document showed.

IsDB has appointed Credit Agricole CIB, Emirates NBD Capital, Gulf International Bank, HSBC, JPMorgan, Natixis

and Standard Chartered as joint lead managers and book runners.

Sukuk is the Arabic name for financial certificates, also commonly referred to as “sharia compliant’’ bonds.

Sukuk is defined by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)

as “securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.

Islamic bonds, structured in such a way as to generate returns to investors without infringing Islamic law (that prohibits riba or interest).

 

Education

Zamfara Gov. earmarks N60m annually for Islamic quiz competition

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Gov. Bello Matawalle of Zamfara has announced an annual provision of N60 million as prizes to be won by participants of an Islamic quiz competition in the state.

The announcement is contained in a statement issued by Zailani Bappa, Special Adviser to the governor on Public Enlightenment, Media and Communications in Gusau on Thursday.

According to the statement, the quiz competition is to be organised by the state radio station.

The governor was quoted as making the announcement when he presented prizes to those won the annual Ramadan quiz competition at the premises of Zamfara Radio Station.

Matawalle of expressed happiness over the performance of the winners, who took part in the quiz conducted via telephone in a live programme transmission.

He directed that the annual competition should now hold monthly.

The governor pledged to release N5 million monthly for the programme, which would be competed for by the phone callers under his personal supervision.

Matawalle gave a standing order that the programme should hold unfailingly every month.

He said that if he happened to be out of the state, the competition should be supervised by either his deputy or the secretary to the state government.

The governor, who chaired one of the sessions at the radio station last week, gave out cash and material prizes, including cars, tricycles, sewing machines and cash between N150,000 and N300,000.

The News Agency of Nigeria reports that the programmes, which started about eight years ago, was first organised jointly by the state’s branches of the Nigeria Union of Journalists (NUJ), the Radio Television and Theatre Arts Workers Union (RATTAWU) and the Nigerian Institute of Public Relations (NIPR).

Participation is by phone calls where callers within the station’s area of coverage would call, pick a number which is attached to a question and attempt to answer the question in order to win different prizes.

Edited By: Kamal Tayo Oropo/Abdulfatah Babatunde (NAN)

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General news

Borno COVID-19 committee, Islamic clerics agree to hold Eid-el-Fitr prayers

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The Borno COVID-19 Committee and Islamic Clerics in the state have agreed that the Eid-el-Fitr prayers marking the end of Ramadan fast should be observed in congregations.

Alhaji Umar Kadafur, Borno Deputy Governor, said in a statement in Maiduguri on Wednesday that the decision was taking after a stakeholders meeting involving the COVID-19 committee and Islamic clerics.

Kadafur, also Chairman,  Borno COVID-19 committee, expressed the committee’s appreciation of Borno peoples’ support since the outbreak of the pandemic.

He said that Muslims in the state could observe the Eid-el-Fitr prayers at the designated Eid grounds between the hours of 8a.m. and 10a.m. to mark the end of Ramadan.

The committee chairman urged people with chronic medical conditions and those above 60 years of age not to participate in the congregational prayer sessions.

“The Committee wishes to appreciate the cooperation and commitment of all and sundry towards the fight against the coronaviruss pandemic in the state,” he said.

Kadafur said that the committee had provided hand sanitisers at strategic locations as part of measures to tackle the spread of the disease in the state.

“The committee wishes to reiterate that the public should strictly observe the use of face masks and practice social distancing,” he said.

Edited By: Azubuike Okeh/Wale Ojetimi (NAN)

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General news

NSCIA urges Muslim faithful to lookout for new Islamic Moon of Shawwal from Friday

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The Nigerian Supreme Council for Islamic Affairs (NSCIA) has urged Muslim faithful in the country to look out for the new Islamic moon of Shawwal from Friday May 22.
NSCIA said this in a statement by its Deputy Secretary General, Prof. Salisu Shehu, on Monday in Abuja.
Shehu also felicitated with Nigerian Muslims for observing the Ramadan of 1441 AH and prayed to almighty Allah to avail all Muslims the opportunity to witness another Ramadan in good health.
”Following the advice by the National Moon Sighting Committee (NMSC) that Friday May 22, 2020 which is equivalent to 29th Ramadan, 1441 AH is the first day to look for the Crescent of Shawwal, 1441 AH.
” However, on that day, the moon will set few minutes before the sun,  which makes the sighting of the crescent practically impossible.
” Nonetheless, the president-general of NSCIA in compliance with the Sunnah of the Prophet (SAW) enjoins the Nigerian Muslims to search for the crescent of Shawwal 1441 AH, immediately after sunset on Friday May 22, which is equivalent to 29th Ramadan, 1441 AH,” he said.
He enjoined Muslim faithful across the country to be on the  lookout for possible announcement by NSCIA President General on the termination of the 2020 Ramadan fast.

Edited By: Chioma Ugboma/Ali Baba-Inuwa (NAN)

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Foreign

Egypt to impose stricter anti-COVID-19 measures during Islamic holiday: PM

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Egyptian Prime Minister Mostafa Madbouly said on Sunday the government will impose a stricter package of anti-COVID-19 measures during the Muslim Eid al-Fitr holiday.

Speaking during a press conference, the prime minister said the new measures are meant to combat the spread of the virus during the Islamic feast which falls on May 24.

An already-imposed nationwide nighttime curfew will begin at 17:00 instead of 21:00 local time for six days, the prime minister said, adding that all malls, shops, restaurants, public parks and beaches will be shut down during the holiday.

All public transportation means across the country will also be suspended during the holiday, Madbouly said.

Egypt has so far confirmed 11,719 COVID-19 cases, including 612 deaths and 2,950 recoveries.

The Egyptian government has recently started to ease restrictions and gradually reopen services and offices that have been halted since mid-March amid a “coexistence plan” to maintain anti-coronavirus precautionary measures while resuming services, businesses and economic activities.

(XINHUA)

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General news

Islamic group distributes palliatives to widows, aged in Kwara

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An Islamic group, Standard Bearers Islamic Organisation, has begun the distribution of food items, face masks and hand sanitisers to widows and the aged in three Local Government Areas of Ilorin.

The News Agency of Nigeria reports that the items were distributed through selected mosques within the metropolis.

The Assistant Coordinator of the body, Mallam Adeagbo AbdulAzeez, explained that the organisation was a registered body with the message of pristine Islam;  to take part in nation building, and support the masses at this critical period.

AbdulAzeez called on well meaning individuals to support the poor, the aged and other vulnerable people in order to improve their well-being.

“We usually target the Imams during the annual Ramadan and organise Iftar (breaking of fast) but the coronavirus pandemic has affected our regular annual programmes,” he said.

The chairman, Ramadan committee of the organisation, Mallam Amoo Ibrahim, said the palliative was packaged in lieu of the annual Ramadan programme, which could not hold due to the current partial lockdown in the state.

He noted that the food items were part of the corporate social responsibility of the body to support indigent people as well as vulnerable Muslims.

In his remarks, the Imam of Gago Mosque, Tanke, Oke-Odo, Mallam Abdulhakeem Al-Imam, thanked the organisation for assisting the poor during the holy month of Ramadan.

He implored the wealthy individuals and similar organisations to always assist the less privileged members of the society.

Edited By: Tayo Ikujuni/Yemi Idris-Aduloju (NAN)

 

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Metro

Islamic foundation distributes bags of rice to indigent in Lagos

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An NGO, Abdulwahid Islamic Foundation on Sunday distributed 400 5kg bags of rice to indigent Muslims in Agboyi-Ketu and Ikosi Isheri Communities in Lagos.

The President of the Foundation, Mr Ishaq Alabi, told newsmen at the event that the relief packages were to ease the discomfort the COVID-19 pandemic had brought on the poor and the less-privileged, especially those observing Ramadan fast.

Alabi said: “This period is challenging for everyone, most especially the poor and daily wage earners.

“The foundation came to the conclusion to support members of Islamic groups by providing the less privileged among them with food items.

“The food distribution to the vulnerable is to complement the effort of the government in cushioning the effect of the lockdown on the masses during this Ramadan.

“The foundation was able to make provision for over 400 beneficiaries.”

The foundation’s president, who commended his members for the sacrifice, appreciated the Executive Chairman of Agboyi- Ketu LCDA, Mr Dele Oshinowo and the President, Succour Foundation, Mr Samuel Adebayo for their donations.

Also speaking, Mr Idowu Sharadeen, the Chairman, Board of Trustees of the foundation noted that group needed to do more, considering the poverty and hunger in the land.

Sharadeen, who was represented by Mr Abdulwaheed Odunuga, the founder of the Foundation, said: “More grounds need to be covered, we appeal for more support from corporate organisations and the wealthy individuals.

“There is no better time to show we are concerned and we care for humanity in this most trying time of a pandemic that has crippled life and economy.”

One of the beneficiaries, Alhaja Roliat Oduyemi, expressed gratitude to the foundation.

Oduyemi said that the time was hard for her and her family, describing the gesture as apt and timely succour.

“It has not been easy making ends meet these days as foodstuffs are quite expensive, not to talk of the lockdown that affected us negatively.

“Receiving these foodstuffs from Abdulwahid Islamic Foundation at this trying time is a blessing.

“I thank Allah and the foundation and pray for more progress against the pandemic in this fasting month,” he said.

The News Agency of Nigeria reports that the beneficiaries defied the early morning rain to grab the 5kg bags of rice.

All beneficiaries were full of appreciation to the foundation.

Edited By: Edwin Nwachukwu/Oluwole Sogunle (NAN)

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Foreign

Police detain suspected Islamic State follower in Barcelona

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Spanish police have arrested a Moroccan man in Barcelona with suspected links to Islamic State who they believe was planning a militant attack.

The Guardia Civil force said it had arrested the man, described as deeply radicalised, after a joint investigation with security forces in Morocco and the United States.

“The suspect intended to carry out a terrorist act, the details of which are unknown.

“His links to Islamic State date back at least four years, though he had not displayed any outward signs of radicalisation until recently.

“After Spain imposed a coronavirus lockdown on March 14, his interest in the jihadist movement increased,” police said in a statement on Friday.

The police added that since then, the suspect made public pledges of allegiance to Islamic State and declared his hatred of the West on social media.

He was also said to have made several furtive trips around the city, during which police believe he was scouting out potential targets for an attack.

Edited By: Halima Sheji/Salif Atojoko (NAN)

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Foreign

Islamic State militants kill 12 militiamen in Iraq

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Twelve members of a powerful Iran-backed militia were on Saturday killed in an attack by Islamic State militants South of the Iraqi city of Tikrit, a security official said.
According to Police official from Salah el-Din province, Islamic State elements opened fire on a trailer in which Hash Shaabi militiamen had been preparing a pre-dawn meal before the start of fasting hours.
The official said that the attack left all the 12 people inside the trailer dead. Meanwhile, they set the trailer on fire before fleeing the scene.
However, a manhunt had been launched to arrest them.
Iraq declared victory over Islamic State in December 2017, having retaken all the territory captured by the Sunni extremists in 2014 and 2015 with the help of a U.S-led alliance.
However, some remnants of the extremist group remained in the country.

Edited By: Yahaya Isah/Ali Baba-Inuwa (NAN)

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Foreign

Palestinians visit market during Islamic holy fasting month of Ramadan in Gaza City

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Palestinians visit a market during the Islamic holy fasting month of Ramadan in Gaza City, April 29, 2020. (Photo by Rizek Abdeljawad/Xinhua)

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Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

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