en shafaqna BEIJING IS LAUNCHING A MINI-MARSHALL PLAN FOR THE MIDDLE EAST

Beijing is launching a mini-Marshall Plan for the Middle East

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SHAFAQNA- As President Xi Jinping impels China to take a more active role internationally, the Middle East is becoming one of its key staging grounds. Beijing is launching a mini-Marshall Plan for the Middle East and North Africa. China and…

Egypt’s foreign exchange reserves rose to $44.46bn in September

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SHAFAQNA- Egypt’s net foreign reserves rose to 44.46 billion U.S. dollars in September, the Central Bank of Egypt (CBE) announced in a statement. The country’s net foreign reserves rose to $44.459 billion at the end of September 2018,…

International counseling to replace dollar by euro for trading with Iran

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SHAFAQNA- Following US restrictions on global trading with Iran, international counseling has started to replace dollar by euro for trading with Iran. If it happens, this motivation is one step forward to free Europe from excessive dependence…

Iran oil exports can never be reduced to zero

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SHAFAQNA-  Saudi Arabia officials have been claiming they are able to offset Iranian losses in Oil export under U.S. pressure. But, Iranian Oil Minister Bijan Zanganeh said that the market will never buy Saudi Arabia’s claim that it has been…

Arab nations invest more on US homes

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SHAFAQNA- While International investment, in both the national real estate market and New York City specifically, has been on the decline this year, there are more investment from Saudi Arabia because of their better relationship with Trump. Despite…

156 million Muslims are expected to travel by 2020

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SHAFAQNA - By 2020, it is estimated by Regional travel trade show ITB Asia, that there will be 156 million Muslim travellers, growing nearly 30% since 2016. By 2026, the total purchases by Muslim travellers is expected to rise to US$300 billion,…

E3 agree to establish non-dollar trade with Iran: Russia’s Lavrov

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SHAFAQNA - ISNA : Major European countries party to nuclear negotiations with Iran – France, Germany, and the UK – have agreed to maintain trade with Tehran independent from the US dollar, Russian Foreign Minister Sergey Lavrov said. European…

Rouhani: US plan for Iran oil export may impact regional exports

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SHAFAQNA - Iranian president in Switzerland and Austria discussed boosting Tehran's ties with Europe which has been scrambling to save the 2015 nuclear deal. Hassan Rouhani said that the Iranian nation has never bowed and will never bow to…

South Africa has promised Iran to resume oil purchases

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SHAFAQNA -  Less than a month ago, Iranian foreign minister visited South Africa, a country which is considered as an old friend and strong supporter of the Iran nuclear deal. The formation of the technical commission to track the agreements…

Egypt to construct Middle East’s largest petrochemical complex

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SHAFAQNA - Egypt government said to sign a deal to build the largest petrochemical complex in the Middle East , worth $11 billion. Head of the General Authority for Suez Canal Economic Zone (SCZone) Mohab Mamish (representing the government)…

Saudi king agreed to Trump’s request to boost oil production

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SHAFAQNA - US President Donald Trump said in a tweet that he persuaded Saudi Arabia's King Salman to increase oil output "maybe up to" two million barrel. The world's top oil exporter plans to pump as much as 11 million barrels per day (bpd)…

Iran-Iraq trade balance hit $10b: Envoy

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SHAFAQNA - IRNA:  The value of trade exchanges between Tehran and Baghdad reached ten billion dollars for a one-year period, Iran's ambassador to Iraq announced on Wednesday. There are many historical, cultural and political commonalities…

Australia leading Global Hub of Halal Meat With Muslim Population of Over 500,000

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SHAFAQNA - The Halal food market has been rapidly growing in the global food industry. The market is worth over $667 million, around 20 percent of the total global food industry. This number is expected to jump to $2.25 trillion by 2024. Economic…

Kuwait ranks 10th globally on most popular travel destinations for Muslims

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SHAFAQNA - Kuwait ranks last in the Gulf and 10th globally on the most popular travel destinations for Muslim in 2018, according to Global Muslim Travel Index 2018 issued by Mastercard-Crescentrating company. Kuwait recorded 60.5 points…

Halal Certified Restaurants on Rise in Singapore, More Tolerance Needed

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SHAFAQNA - With the increase in the number of Halal Certified restaurants, or restaurants that are currently in the process of getting their Halal Certification, in Singapore, more tolerance is needed from those of other races. Many have…

There are now gold-backed cryptocurrencies for Muslims that conform with Sharia

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SHAFAQNA - Cryptocurrency is not great for your blood pressure. With prices soaring and plummeting on a weekly basis, there is a fast buck to be made, but also a lot to lose—and quickly. That doesn’t go down so well with Muslim nations.…

Muslim lifestyle economy

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SHAFAQNA - With the worldwide Muslim consumer lifestyle market and halal economy set to reach $3.7 trillion by 2019, there’s heaps of potential for the Islamic market. The UK is becoming a pioneer in the Muslim lifestyle economy and…

Islamic finance is becoming so attractive that even non-Muslims want in

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SHAFAQNA - Islamic finance has traditionally been dominated by Muslim-majority countries in the Middle East and Southeast Asia. Now much of the rest of the world is getting in on it. Buoyed by the perception of more tranquil market conditions…

Norway’s Saga Energy signs $3bn solar panels deal with Iran - report

SHAFAQNA - Norwegian solar panel maker Saga Energy has signed a deal worth €2.5 billion ($2.9 billion) with Iranian state-owned company Amin Energy Developers to build solar power plants, AP reported. The agreement was signed Tuesday at the…

Chinese firms eye stronger share in lucrative Halal market

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SHAFAQNA - Standing behind her stall at a Dubai exhibition Centre, Dai Dong He offered passersby what looked like carefully wrapped biscuits or chocolates. "This is dry beef, beef snacks," said Dai, general manager of Anhui Central Asia Food…

Muslim designers push forward modest fashion movement

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SHAFAQNA - Despite the arrest and subsequent release this week of a young Saudi woman wearing a miniskirt in a video that went viral, a growing number of Canadian fashion designers are looking to prove that fashion for Muslim women can be…

Islamic Finance -The Solution to Capitalist failure

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SHAFAQNA - The 11th Takaful Conference aconcluded successfully this week in London. The high powered summit focused on the development of the Islamic Finance and Insurance industries as a possible solution to the global economies plight. Afkar,…

Orly has created a breathable halal nail polish for Muslims

SHAFAQNA - It’s easy to forget the little things that aren’t suitable for those who live halal. We know that there are certain foods that aren’t allowed, but for most of us, that’s about it. Muslim women have to stay aware of…

Covered-up chic: Big brands are waking up to modest fashion

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SHAFAQNA - When Ruba Zai uploaded her first video online, the Netherlands-based Afghan student just wanted to share with other Muslim girls and women how she styled her headscarf. She had no idea that her “hijab tutorials” would be an internet…

Bank Islam Brunei said to choose Malaysia for US$500mil IPO

SHAFAQNA - Bank Islam Brunei Darussalam Bhd has picked Malaysia as the destination for a planned initial public offering that could raise as much as US$500mil, according to people familiar with the matter. The nation’s biggest lender has…

President Rouhani: "Halal Tourism in Iran can turn into a global brand"

SHAFAQNA - Halal tourism is a subcategory of tourism which is geared towards Muslim families who abide by rules of Islam. The hotels in such destinations do not serve alcohol and have separate swimming pools and spa facilities for men and women. President…

Indonesian Muslim fashion wants the world’s attention

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SHAFAQNA - Loose-fitting “modest wear” combines with monotone sporty minimalism in the unconvential motifs of Rani Hatta’s Muslim-influenced collection. Eschewing the hijab, her female models cover their hair with a baseball-like cap…

Professor Datuk Rifaat Ahmed Abdel Karim named recipient of the Royal Award for Islamic Finance 2016

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SHAFAQNA - Professor Datuk Rifaat Ahmed Abdel Karim, PhD, was today conferred the Royal Award for Islamic Finance 2016 (The Royal Award) by the King of Malaysia, His Majesty the Yang di-Pertuan Agong. This biennial Royal Award initiative,…