Amidst the on-going lockdown, Malaysian Prime Minister (PM), Tan Sri Muhyiddin Yassin has announced multiple initiatives in an attempt to relax the burden of its people during the COVID-19 crisis.  The initiatives included the withdrawal of savings from Account 2 by 12 million Employees Provident Fund members aged 55 and below, amounting to MYR 40 billion, beginning April 1. This will be followed by an additional budget allocation of MYR 500 million to the country’s Health Ministry in its fight against COVID-19, as well as&nbs...

In an initiative to counter the impact of COVID-19 on Pakistan’s economy, a major economic relief package has been approved, at a meeting of Pakistan Government’s Economic team, which was chaired by Prime Minister (PM) Imran Khan.  The package is expected to support many sectors, including Small and Medium Businesses (SMEs), exports, agriculture, and poorer sections of the society.  The PM announced that PKR 200 billion has been allocated to assist the country's labour class, while PKR 100 billion i...

Following Malaysia’s Selangor Zakat Board’s (LZS) MYR 15 million Zakat allocation to assist the traders in Selangor state, Penang Zakat (TPZ), which is under Penang Islamic Religious Council (MAINPP) has allocated MYR 2.5 million to assist the traders in Penang state affected by the on-going COVID-19 pandemic.  TPZ intends to assist those without any substantial possessions or means of livelihood, who are mainly vendors who sell basic necessities such as food and clothes in roadsides and in housing areas. Around 5,000 traders are expected to app...

In support of the Government of Malaysia’s efforts to control the spread of Covid-19, Takaful companies and conventional insurance companies in Malaysia have reviewed and revised their operating hours during the Movement Control Order (MCO) periods, which commenced on 18th of March 2020. A joint statement issued by the Malaysian Takaful Association, Persatuan Insurans Am Malaysia, and the Life Insurance Association of Malaysia,  stating that certain companies have temporarily s...

South Korean cosmetics giant, Cosmeca Korea (CK) has moved a step forward in supplying Halal beauty care products focussing on Muslim customers by obtaining Indonesian Ulama Council (MUI) certification, stating that the products are in accordance with Shariah law. With stringent due diligence and onsite reviews, CK will be using raw materials that are Halal compliant while having customized prescriptions as well as dedicated tools and equipment that will be meeting the conditions to manufacture Halal products.  CK has also es...

Islamic Development Bank (IsDB) will partially finance the development of a Waqf Medical Commercial Complex in Tripoli, Lebanon. The medical complex will consist of retail spaces and medical functional areas that will be rented out to generate a sustainable income for the Islamic Medical Association (IMA), a non-governmental organization specializing in providing healthcare services in Lebanon. IsDB will contribute USD 5.5 million out of a total estimated cost of USD 7.98 million to complete the project. The remaining amount of USD 2.48 million...

Malaysia’s FWD Takaful (FWDT) has allocated a special fund to help its customers affected by the COVID-19 pandemic, offering a range of benefits for policyholders. The Chief Executive Officer (CEO) of FWDT, Salim Majid Zain, emphasized that FWDT intends to change people’s perception of Takaful and hence the special fund has been allocated considering the wellbeing of its stakeholders. According to the IslamicMarkets Takaful Monitor, FWDT will provide benefits to its certificate holders against hospitalisation and demise due to COVID-...

Following an AED 100 billion stimulus package launched on the 15th of March 2020, the United Arab Emirates (UAE) unveiled an additional stimulus fund worth AED 16 billion (USD 4.36 billion) on the 23rd of March 2020, local media reports stated.  The new stimulus package brings the total COVID-19-related stimulus unveiled by the UAE to AED 126 billion. The decision to unveil a second stimulus package was taken at the first-ever virtual UAE Cabinet meeting held on the 23rd of March 2020.  The additional allocation of funds com...

The Government of Indonesia is expected to auction the State Shariah Securities (SBSN) or Sukuk on the 24th of March, 2020 in order to raise IDR 7 trillion.  The funds will contribute towards meeting the financial targets within the 2020 State Budget, with the properties/activities The Sukuk will be auctioned off in two series: State Treasury - Sharia (SPN-S) and Project Based Sukuk (PBS). Auction bidders include 17 Banks and 4 Securities Companies as announced by Directorate General of Fina...

The World Bank has approved a USD 300 million facility to help Indonesia reform its financial markets, by broadening the country’s financial market outreach and expanding its product portfolio.  Leste Satu Kahkonen, World Bank Country Director (CD) for Indonesia and Timor, stated that Indonesia needed a sound and well-functioning financial sector in order to achieve sustainable economic growth, in addition to achieving the country's poverty-reduction goals. The CD stressed that more support was require...