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Saturday, 30 April 2016

Nigeria: MUSWEN Moves to Strengthen Zakat Collection

Plans are underway by the Muslims Umah of South West Nigeria (MUSWEN) to strengthen Zakat collection to assist more indigent Muslims and solve some social problems confronting them.
However, the group has bemoaned the spate of insurgency in the country, urging the Federal Government to put in place proper mechanism to guarantee security of lives and properties.
The group, in a communiqué made available to The Guardian after its second general assembly meeting in Ibadan condemned the bloody and destructive activities of Boko Haram insurgents who are masquerading under the garb of Islam to perpetrate unprecedented atrocities in some parts of the country.
MUSWEN, in a statement signed by its Chairman, Sakariyau Olayiwola Babalola insisted that Islam stands for peace in all ramifications adding that such atrocities was grossly antithetical to the tenets of Islam.
Besides, it called on the Federal Government to quickly devise a means to address the fundamental causes of insecurity in the land and make frantic efforts to rescue the Chibok girls.
It therefore enjoined Muslims to organize special prayers for the nation. "That the political situation in the country today, when combined with the well known insecurity has become so dangerous that only constant prayer can rescue it. MUSWEN therefore calls for such prayers from all and sundry,"
MUSWEN at the meeting however established a Muslim Elders' Forum for the southwest to address some socio-economic and political issues affecting Muslims, which were often overlooked by an existing Yoruba Elders' Council and similar bodies in the region.
Worried about the present economic situation of the country, particularly as being affected by the crash in crude oil prices, It insisted that, existing agricultural policies should be quickly implemented by the federal and state governments to engage millions of Nigerian youth as a way of curbing unnecessary restiveness in the society.
The group also noted that the overwhelming poverty within the Ummah betrays the preponderance of the meaningful Muslim population in Nigeria, which forms a great workforce that should help to stabilize the economic and political harmony of the country.
"Nigerian Muslims are incessantly confronted by two major problems: One is poverty. The other is ignorance. Whereas a solution to one of these two problems can automatically pave way for the solution to the other. However, no serious attention seems to have been paid to such solution for a long time," it stated.

It further called all Nigerians, irrespective of their ethnic and religious backgrounds, should come together to rally round the present government especially President Muhammad Buhari in solving the multifarious problems staring the Nigerian people on the face.

(All Africa / 29 April 2016)
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Malaysian sukuk issuance jumps 50.5pc to RM22.8b

KUALA LUMPUR, April 29 — Malaysian sukuk issuance jumped 50.5 per cent to RM22.8 billion in the first two months of 2016, compared to RM15.1 billion for the same period in 2015, says RAM Ratings.
Notably, this made a significant contribution to global sukuk issuance figures, it said in a statement today.
The top three sukuk global issuers in February 2016 were all Malaysia-based Danga Capital Bhd (US$2.3 billion — RM8.946), International Islamic Liquidity Management (US$1.3 billion), and the Government of Malaysia (US$1.1 billion).
“A total of US$8.9 billion of global sukuk was issued the same month, bringing the year-to-date (YTD) issuance to US$12.3 billion as at end-February 2016,” it said.
In the latest issue of its Sukuk Snapshot, designed as a quick reference point for sukuk data and trends, RAM highlights that a total of RM14.4 billion of domestic sukuk was issued in February, leading to a YTD issuance value of RM22.8 billion.
RAM’s Head Islamic Finance, Ruslena Ramli, said: “Malaysia is holding its ground, with 53.9 per cent of the world’s outstanding sukuk.”
Meanwhile, corporate sukuk issuance also picked up, making it the largest contributor (69 per cent) of domestic sukuk issues, followed by government sukuk (31 per cent).

(Malay Mail Online / 29 April 2016)
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