Sharia-compliant bonds returned 6.9 per cent this year, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index. Goh Seng Chong/Bloomberg
Sharia-compliant bonds returned 6.9 per cent this year, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index. Goh Seng Chong/Bloomberg

Action on lack of Islamic expertise



Bahraini group that sets standards for Islamic finance in 45 countries is helping universities start courses in Sharia-compliant business practices to avert a shortage of experts in the US$1 trillion (Dh3.67tn) market.

The industry will need 15 per cent more personnel over the next five years and 25 per cent more in a decade, said Khairul Nizam, the deputy secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions. Pakistan is offering its first doctorate in Sharia banking, while the UAE has introduced an Islamic Masters of Business Administration.

"There is a shortage of people in the industry at the entry level," Mr Nizam said. "We will need to make sure there are enough heads in the future."

Sharia-compliant bonds returned 6.9 per cent this year, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index, outpacing the 5.9 per cent jump in emerging-market debt, data compiled by JPMorgan Chase shows. Countries including Nigeria, Thailand, Australia and France plan to introduce legislation to facilitate Islamic financing, moves that will boost demand for scholars to certify that the products meet requirements on no interest payments.

"If you don't have quality people, then growth in the industry won't be sustainable," said Azahari Kamil, the chief executive of the Asian Finance Bank based in Kuala Lumpur. "Governments and central banks should encourage universities to come up with more professional courses."

The Canadian University of Dubai is offering a UAE-accredited MBA in Islamic banking, while the International Islamic University in Islamabad, Pakistan, started its doctorate course in Sharia banking to compliment its Masters programme in August.

Experts in Singapore are also setting up an association focused on Sharia-compliant investments to foster links between bankers, lawyers and investors in the Gulf and Asia, Raj Mohamad, the managing director at Five Pillars, a consulting firm in the city-state, said on Wednesday. Mr Mohamad will be the secretary of the new body.

The Accounting and Auditing Organisation, known as AAOIFI, has more than 200 members and its standards are used in Islamic finance in Bahrain, Jordan, Lebanon, Qatar, Sudan and Syria, according to its website. The organisation may issue 35 Sharia standards for Islamic institutions next year, according to a September 7 statement, citing Mohamed Nedal Alchaar, the secretary general.

Under Islamic law, the charging or receiving of interest on a loan or bond is banned and investment in businesses that deal in tobacco, gaming or alcohol are prohibited, making conventional stock and bond indexes off limits to those wanting to invest in accordance with Islamic principles.

"We have been speaking with a few universities to help them introduce some courses on Islamic finance and we are helping other universities to improve the courses they offer," Mr Nizam said. "We are also offering our own courses."

Assets that are Sharia compliant are estimated to almost triple by 2015 to $2.8tn, according to the Islamic Financial Services Board, a standards-setting body based in Kuala Lumpur.

Global sales of sukuk have risen to $17.4 billion this year, from $10.7bn in the same period last year, according to data compiled by Bloomberg News. Issuance reached a record $31bn in 2007.

Islamic banking assets in Malaysia, which pioneered financing along religious guidelines 30 years ago, have grown an average 20 per cent annually since 2006 to 350.8 billion ringgit (Dh350.7bn) last year. The South East Asian nation accounts for 66 per cent of global sukuk outstanding, according to the central bank's annual report issued in March.

Australia and Thailand are pushing through legislation to remove tax barriers on Sharia-compliant products that would pave the way for issuance of Islamic bonds. Nigeria's Stanbic IBTC Bank, a unit of South Africa's Standard Bank Group, has been issued with a preliminary licence to offer Islamic banking services. Stanbic would be the African nation's second lender to gain approval.

The International Islamic University of Malaysia offers postgraduate and PhD courses in Sharia-compliant banking and finance, according to its website. The UK's Durham University also offers Islamic finance courses, while Harvard University in Massachusetts runs an Islamic legal studies programme through its law school, according to data on their websites.

The French Institute for Islamic Finance, based in Paris, in partnership with the French Institute for Management, is providing vocational training in Sharia-compliant finance through 15 programmes.

* Bloomberg News

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

World Series

Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)

* if needed

Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday

MATCH INFO

Brescia 1 (Skrinia og, 76)

Inter Milan 2 (Martinez 33, Lukaku 63)

 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A
ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

  • Manifest cargo
  • Excess luggage in the hold
  • Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

 

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

 

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty. 

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport. 

 

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

 

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

'Cheb%20Khaled'
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COMPANY%20PROFILE
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COMPANY%20PROFILE
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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now