LONDON: The research arm of the Islamic Development Bank plans to use blockchain technology to develop Shariah-compliant products, aiming to support financial inclusion efforts across its member countries.
The Jeddah-based Islamic Research and Training Institute said it had signed an agreement with local firm Ateon and Belgium-based SettleMint, with the first stage to focus on a technical feasibility study.
The agreement is the latest effort to combine blockchain technology to tap demand from Muslim investors, with firms from Indonesia to Canada having already received Shariah-compliant certification for their products.
Involvement of the IDB, a multilateral development institution, could also encourage other fintech firms to incorporate Islamic finance to tap markets across the Middle East, Asia and Africa.
Islamic finance follows religious principles such as a ban on gambling and outright speculation, but until now the sector has focused on traditional retail banking services.
Blockchain involves a shared electronic ledger that allows all parties to track information through a secure network, removing the need for third-party verification.
The IDB said such features would allow for instantaneous clearing and settlement of transactions and asset exchanges, while helping eliminate counterparty risk.
— REUTERS
IDB to develop Shariah-compliant blockchain
IDB to develop Shariah-compliant blockchain
Hamas says it accepts ceasefire proposal of Egypt, Qatar
CAIRO: Hamas said on Monday that it had accepted a Gaza ceasefire proposal from Egypt and Qatar.
The group said in a statement that its chief, Ismail Haniyeh, had informed Qatar’s prime minister and Egypt’s intelligence chief of its acceptance of their proposal.
There were no immediate details over what the agreement entailed.
First National Greening Forum held in Riyadh
- Experts discussed nature-based solutions to environmental issues, highlighting Kingdom’s nature reserves as prime example
- Forum highlighted the role of public, private and nonprofit sectors in achieving the Saudi Green Initiative target of planting 10 billion trees
RIYADH: As countries around the world push to invest in nature-based solutions to environmental problems, experts in Saudi Arabia came together in Riyadh to discuss the most pressing issues at the inaugural National Greening Forum.
Launched under the patronage of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadhli, the forum was organized by the National Center for Vegetation Cover Development and Combating Desertification and attended by Minister of Municipal, Rural Affairs and Housing Majed Al-Hogail, several other ministers, organisations and specialists from local, regional and international sectors related to the environment.
CEO of the center, Khalid Al-Abdulqader, said in his opening speech that the forum will “unify and consolidate national efforts to enhance vegetation cover and mitigate land degradation.”
Addressing the restoration of green spaces in the Kingdom, he said: “We are committed to restoring natural green spaces using sustainable irrigation methods, planting local tree species, and ensuring their protection and monitoring through advanced technologies.”
In a panel discussion titled “Nature-Based Solutions: Key to Transformation,” industry specialists and experts discussed various issues related to promoting the natural growth of trees and their environmental effect, as well as the industries tied to environmental issues and ways their institutions work to find sustainable solutions for the future.
“Vegetation and afforestation are part of nature, which includes the atmosphere, soil, and organisms. The correlation between all of these is the main element for these solutions. So, organizing and monitoring this relationship is key for sustainability and greening,” said Dr. Ahmed Al-Farhan, board member of the center and a faculty member at King Saud University.
For ages, large plumes of dust and sand sweeping across most of Saudi Arabia were a natural, seasonal occurrence, but this year there has been an unusual and noticeable decrease in sandstorms.
Jamaan Al-Qahtani, executive director of the Regional Center for Dust and Sandstorms, explained: “Sandstorms need two factors to occur: dry, load-bearing soil and winds fast enough to carry it.” A few years ago, he said, there were indications that the Kingdom was experiencing fewer sandstorms.
“This April was a 60 percent drop on the average of the past 20 years. March was 30 percent, and January was more than 60 percent. Last year, Riyadh had a record of only one sandstorm.”
Explaining the reason behind this, he said: “We attribute that firstly to rainfall and the timing of that rainfall. When rain falls during the best time for vegetation, that helps with stabilizing the soil.”
The environmental system also plays a pivotal role in preventing degradation, as well as laws that restrain individuals and other entities from tampering with the environment.
Sand and dust storms affect 11 of the UN’s 17 sustainable development goals. For example, 7 million people in total die from all sources of air pollution and degraded air quality. The Middle East and North Africa region loses $150 billion annually due to weather and climate disasters, Al-Qahtani said.
To meet the growing demand for fresh water in Saudi Arabia, authorities launched a project in 2022 that alters the structure of clouds to increase rainfall; a technique known as cloud seeding.
Ayman Al-Bar, executive director of the Regional Cloud Seeding Program, said “environmental phenomena have become much more severe and common than before.” He went on to say that one of the initiatives under the Middle East Green Initiative, the cloud seeding program, targets an increase in rainfall of between 10% and 20%.
The various initiatives under the program work to intensify vegetation cover, combat desertification, localize technology, and transfer knowledge, he said. In the fifth stage, which covers Riyadh, Hail, and southern parts such as Abha, Taif, and Asir, 1,530 flight hours were spent on precipitation efforts and 110 hours on research. “Preliminary reports indicate that precipitation exceeds 4 billion cubic meters of rainfall in the targeted area,” Al-Bar said.
Dr. Talal Al-Harigi, CEO of Imam Abdulaziz Royal Nature Reserve, said: “When it comes to carbon sequestration, which is capturing carbon through natural solutions, trees naturally grow by taking in carbon dioxide. When some soil patches deteriorate, we’ve undergone processes for soil rehabilitation and preparing them to receive rain either from rainfall or other sources.”
Nature reserves are a prime example of nature-based solutions, Al-Harigi said. Within the Imam Abdulaziz Royal Nature Reserve, the King Khalid Royal Reserve, and others, authorities found that vegetation cover was refreshed and that there was greater soil stability, as well as improved soil fertility.
Ultimately, most industries are affected by environmental deterioration and climate change, and while natural disasters are expected to increase and worsen, Saudi Arabia has taken a leading role in creating sustainable solutions for generations to come.
The forum highlighted the role of public, private and nonprofit sectors in achieving the Saudi Green Initiative target of planting 10 billion trees and providing a platform to participating organisations to engage and exchange knowledge.
Major Pakistan coalition partner opposes privatization of national airline ahead of IMF talks
- The government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term IMF program to support the economy
- The IMF has recommended privatization of state entities, increasing tax revenue and reducing duplicated expenditures for a new program
KARACHI: The Pakistan Peoples Party (PPP), one of the coalition partners in the Pakistani government, on Monday said it would resist privatization of the country’s national airline and other state entities regardless of its potential impact on the government’s talks with the International Monetary Fund (IMF) this month for a new bailout program.
Pakistan last month completed a short-term, $3 billion IMF program, which helped stave off a sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
An IMF mission is expected to visit Pakistan in the mid of May to discuss the upcoming budget, policies and reforms under a potential new program. Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.
Pakistan’s Finance Minister Muhammad Aurangzeb on Monday said he was hopeful that the Pakistan International Airlines (PIA) and other privatization deals would get through the “finishing line” by early July.
“The IMF is not in our ten points, IMF is not part of our manifesto,” said Senator Taj Haider, a senior PPP figure, when asked if his party had assessed repercussions of its opposition to the government’s privatization move.
“Those who are the slaves of the IMF should be worried. We must stand on our own feet and not look toward the outsiders.”
The PPP, whose co-chairman Asif Ali Zardari is currently serving as the president of Pakistan, has formed a three-member committee to engage with the government on privatization issues.
Haider said his party had already offered the government to hand over the Pakistan Steel Mills to the Sindh government which had the capacity to run it, while the PIA should be run through public-private partnership (PPP).
“Government entities, including the PIA and the Steel Mills, should not be privatized because they will sell their valuable properties and won’t make them sustainable like we have witnessed in the past,” he said.
“No privatization has been successful, and no public-private partnership (PPP) has been unsuccessful.”
In the past, Haider said, privatization drives remained unsuccessful because the process had only been aimed at selling state properties.
“The PIA’s problem is an outcome of mismanagement,” he said. “If other airlines are making profit, then why PIA cannot do it.”
Speaking at a conference in Islamabad on Monday, Finance Minister Aurangzeb outlined reforms under a new IMF deal, saying the government had to broaden its tax base and increase the tax-to-GDP ratio.
“And the third one is the SOE [state-owned enterprises] reform,” Aurangzeb said. “Our prime minister has been very clear that the government has no business being in business … We need to and we will accelerate the privatization agenda.”
Hidayatullah Khan, president of a union of PIA employees, lamented that private airlines had been given several domestic routes of the PIA, while the aircraft of the national airline were left standing.
“If PIA is not making profit, it’s an issue of the management, whose policies have destroyed the airline,” Khan said, adding the airline employees would stage protests in Karachi and Islamabad to stop the privatization of the airline.
Ali Khizar, an Islamabad-based financial and development consultant, said the privatization of the PIA was not the “primary concern” of the IMF.
“IMF has advocated for the privatization, including that of PIA, for quite some time, but its primary concerns are increasing taxation and reducing duplicated expenditures,” Khizar told Arab News.
“While privatization won’t greatly affect talks with the IMF, I believe PIA should indeed be privatized.”
Last week, Pakistan pushed back the deadline for companies to express interest in buying PIA to May 18, a day before the expressions had originally been due. The privatization commission says 10 companies have already expressed an interest.
Pakistan’s government has previously said it was putting on the block a stake of between 51 percent and 100 percent in the loss-making airline.
The disposal of the flag carrier is a step that past elected governments have steered away from as it is likely to be highly unpopular, but progress on privatization is key to helping cash-strapped Pakistan pursue further funding talks with the IMF.
Saudi Arabia warns Israel against targeting Gaza’s Rafah
- Warning came after Israel’s military ordered tens of thousands of people in the southern Gaza city of Rafah to begin evacuating on Monday
RIYADH: Saudi Arabia warned of the dangers of Israel targeting the city of Rafah as part of its “bloody” and “systematic campaign to storm all areas of the Gaza Strip and displace its residents” on Monday.
The warning came after Israel’s military ordered tens of thousands of people in the southern Gaza city of Rafah to begin evacuating earlier on Monday, signaling that a long-promised ground invasion could be imminent.
The Foreign Ministry affirmed the Kingdom’s categorical rejection of continuous violations of international law by Israeli forces which are exacerbating the humanitarian crisis in the territory and limiting international peace efforts.
The ministry renewed the Kingdom’s call on the international community to intervene immediately to stop the Israeli genocide taking place in occupied Palestinian territories.
The UN’s human rights chief Volker Turk said on Monday that Israeli orders to relocate Palestinians from Rafah are inhumane and risked exposing them to further danger and misery. He warned that such actions can sometimes amount to a war crime.
Riyadh forum highlights importance of cultural identity and Arab heritage
- Scholars, officials, experts explore and celebrate Arabian Peninsula
- Katakura Kunio said that both Japanese and Islamic cultures had historic roots in promoting peace
RIYADH: The Al-Marwiyah Al-Arabiyah Conference, called “Desert Culture,” concluded on Monday in Riyadh. The two-day event brought together a diverse group of scholars, officials, and experts to explore and celebrate the rich cultural heritage of the Arabian Peninsula.
Prince Turki Al-Faisal, the chairman of the King Faisal Center for Research and Islamic Studies, said that nomadism was central to Arab culture, emphasizing its roots in values over materialism. He noted that Arabs were natural storytellers, adept at turning chaos into clarity.
Katakura Kunio, president of the Motoko Katakura Foundation for Desert Culture in Japan, delivered a speech in memory of his late wife, anthropologist Motoko Katakura, which highlighted her research in Saudi Arabia.
Kunio said: “Motoko’s enduring passion for comfort inspired our foundation to establish the Comfort Prize, aimed at supporting both Japanese and international researchers and artists. This award honors individuals who dedicate their lives to enriching desert culture.
“In the current climate of positive change within Saudi Arabia, including the increased societal participation of women and the focus on tourism development, it is natural to re-evaluate the traditional value of comfort. Perhaps, in a world increasingly driven by hyper-capitalism, comfort can offer a remedy for the global population yearning for a slower pace.”
Kunio said that both Japanese and Islamic cultures had historic roots in promoting peace. He noted that Prince Shotoku of Japan endorsed “respect for peace” in his 17-Article Constitution, while the Prophet Muhammad established the Madinah Charter, which also emphasized peace and tolerance. These parallels suggested a common ground for fostering cross-cultural understanding, he added.
Abdullah Hamidaddin, assistant secretary-general for scientific affairs at the KFCRIS, described Al–Marwiyah Al-Arabiyah as a research initiative which aimed to address confusion about Arab civilization. It sought to combat attempts to undermine and marginalize Arab culture.
Hamidaddin said that the project used scientific methods to study Arab narratives and the origin of language in the Arabian Peninsula, while promoting dialogues, field studies, and critical analyses in various fields, including history, archaeology, sociology, philosophy, literature, and art.
The conference aimed to highlight the civilizational and cultural significance of the Arabian Peninsula, while seeking to strengthen the sense of Arab identity for future generations. It also promoted cultural exchange between the Arab world and neighboring regions.
A lecture titled “Gifts of God (Camels),” by Sulaiman Al-Theeb, cultural adviser at the center, was presented during the conference.
He spoke of the Arabian Peninsula’s deep connection with camels through three key concepts: rock and mural art; archaeological finds, like daily tools; and references to camels in ancient Arabic inscriptions, especially Thamudic writings.
Al-Theeb highlighted the significant status of camels in the region, which has earned them the moniker “the ship of the desert.”
Mohammed Al-Rowaily, a member of the Cultural Council at the Abdulrahman Al-Sudairy Cultural Center, said that the Arabic narrative played a crucial role in sharing ideas with others. He noted that Arabic storytelling enhanced cross-cultural understanding by conveying elements from history, oral literature, civilization, arts, and other creative works.
Hajar Al-Shammari, a linguistic researcher in Saudi history, said that the event boosted cultural engagement by fostering dialogue and cultural exchange among academics. Through the sharing of ideas it helped to establish a foundation for field studies and critical analyses focused on Arab perceptions and identity.
Al-Shammari added that Arabic storytelling played a significant role in promoting social cohesion, fulfilling the search for roots, and reinforcing values. This was especially important in the context of cultural identity and Arab heritage.
