Latest news with #KingAbdulazizUniversity
Gulf Today
12 hours ago
- Business
- Gulf Today
Diamond Standard announces Fatwa: The ideal solution for Islamic finance
Diamond Standard Co., producer of the world's only regulator-approved natural diamond commodities, today announced a historic milestone for the Islamic finance industry: the issuance of a Fatwa by Sheikh Dr. Mohamed Ali Elgari, approving the use of diamond commodities to enable more efficient and more proper Islamic finance applications. Dr. Elgari is an esteemed authority in Islamic finance, having served as Professor and Director of the Centre for Research in Islamic Economics at King Abdulaziz University, and as Shariah board member for organizations including AAOIFI, Islamic Fiqh Academy, Abu Dhabi Islamic Bank, BlackRock, Citibank, Dubai Islamic Bank, Emirates NDB, HSBC, Standard Chartered and other banks worldwide. A New Era for $5 Trillion of Islamic Finance The Fatwa signifies a pivotal breakthrough for Islamic finance, where the lending of money with interest is prohibited under Shariah. Instead of directly lending money, the annual settlement for $5 trillion of global loan and bond transactions must be asset-backed, through structures like commodity Murabaha. Until now, commodity Murabaha used metals like nickel, copper, or aluminum. These assets were often created on paper, as options and warrants—a practice now in conflict with AAOIFI Standard 62, which requires the title to the commodity to be delivered to the borrower. Gold, silver, and food commodities are not permitted for Murabaha, and use of metals can result in substantial storage and delivery costs. In contrast, Diamond Standard commodities are a Shariah compliant, fully deliverable and fungible physical asset, with custody and delivery costs up to 97% less than that for metals like copper. After the issuance of Standard 62, a consortium of Islamic banks asked Diamond Standard to develop a commodity Murahaba solution, with audited physical custody in a Muslim majority country. Technology Meets Tradition Diamonds are a $1.2 trillion natural resource that was inaccessible to investors. Diamond Standard commodities—physical Coins and Bars—contain optimized and equivalent sets of diamonds, transparently sealed with a wireless computer chip. Since the commodities are all equal, they trade easily on spot exchanges, with a daily market price reported by Bloomberg. The wireless chip enables each commodity to issue an electronic title of ownership, recorded and traded securely on a public blockchain. This innovation supports instant title transfer and remote audit, and eliminates all uncertainty. The commodities are approved to settle CFTC-regulated futures and options in the U.S., and the commodity production is internally audited by Deloitte. GCC Expansion and Islamic Trading Platform To provide a standing pool of commodities to support Islamic applications, and enable investors to allocate to diamonds as a newly accessible natural resource, Diamond Standard is launching a commodity holding and trading company in the Gulf Cooperation Council (GCC) region. This entity will: Supply Shariah-compliant diamond commodities to Islamic finance institutions and trading platforms for Murabaha via an active market making desk. Offer a listed fund vehicle for equity and Sukuk investors seeking to invest in hard assets, expecting the value of diamonds to increase due to Islamic and investment demand. Anchor the development of new manufacturing, exports, and trading in the GCC region. This Diamond Standard commodity holding company has secured $280 million in capital commitments and is in discussions with GCC anchor investors to finalize the location of diamond importing, production and trading in the region. The initiative is expected to create over 200 new jobs, relating to commodity operations, import and export, marketing, trading, custody, and lending–as well as Islamic finance jobs. Tax Free Custody at DMCC Diamond Standard also announced that it had selected the Dubai Multi Commodities Centre (DMCC) as the venue to provide audited, tax-free custody for the Diamond Standard commodities. This will benefit Islamic banks and investors by avoiding the tariffs on diamonds entering the U.S. and elsewhere. Unlocking a New Future Cormac Kinney, Founder and CEO of Diamond Standard, stated: 'We intended to unlock $1.2 trillion of natural diamonds as an investment asset, but their dense value, combined with modern technology, has surprisingly made diamonds ideal for Islamic finance. We are honored to offer this asset to strengthen Islamic values.' By establishing Shariah-compliant diamond commodities, Diamond Standard is pioneering a new asset class for Islamic finance—fusing centuries-old ethical values with the latest innovations in blockchain and commodities, and offering borrowers and investors an unexpected, but ideal solution for modern Islamic financial transactions. For more information, visit
The Star
a day ago
- General
- The Star
Feature: For Saudi youth, learning Chinese is a crucial path to cultural understanding
RIYADH, May 31 (Xinhua) -- Under the bright sunlight of Jeddah, red Chinese knots swayed in the breeze, national flags fluttered, and the melodic notes of the guzheng filled the auditorium at King Abdulaziz University (KAU). The air rang with cheerful greetings -- "Nihao!" and "I love China!" -- as Saudi students welcomed visitors in Mandarin. On May 27, the Saudi finals of the "Chinese Bridge" Chinese proficiency competition for foreign college and secondary school students began in this coastal city, coinciding with the 35th anniversary of China-Saudi diplomatic ties and the ongoing China-Saudi Cultural Year. For the first time, the event featured a dedicated middle school division, drawing 15 university and 15 secondary school participants from across the kingdom. "Learning Chinese is a journey of growth, with both sweet and bitter moments," said Meshari Almutairi, a student from the KAU. "Chinese characters looked like paintings when I first started. But I kept going. I believe this 'key' will one day open the door to truly understanding China." Among the most inspiring performances came from Ahmed Alarishi, a visually impaired university student. "I love the Tang and Han dynasties. I learn by listening to documentaries and talking with Chinese friends," he said. Using auditory tools and Pinyin, Ahmed taught himself Mandarin. "It's not that difficult. You just need time and dedication." Alarishi's recital was followed by a performance of Baduanjin, a traditional Chinese fitness routine, which brought the audience to its feet. "Understanding a culture brings you closer to the soul," he said. "Chinese is my window to the world." "Ahmed is one of our most dedicated students. His love for learning drives him to overcome every challenge," said his instructor Zhang Wenyi. The student spent two months preparing for the event, and he aspires to pursue his master's and doctoral studies in China, aiming for a future in academia. The growing interest in Mandarin reflects a wider trend. Since 2023, over 100 Saudi middle schools have introduced Chinese courses. Wang Junbao, a Chinese teacher in Riyadh with teaching experience across Africa, South Asia and Latin America, said Saudi students are increasingly fluent not just in Mandarin, but in expressing their hopes through it. "They're drawn to Chinese culture," he said. "Their curiosity is sincere." Zhang Xinying, director of the Confucius Institute at Prince Sultan University, echoed the sentiment. "In the eyes of many Saudis, Chinese is not just a language -- it's a life skill," she said. "As China-Saudi cooperation deepens, Mandarin is becoming a strategic tool for the next generation." For students like Saba Anwar from Al-Brayan Model School in Jeddah, the motivation is clear. "I hope to work for a Chinese company someday," she said. "I see more Chinese firms building roads, ports and factories here. Learning Chinese will help me find a good job." Quoting a well-known Arab proverb, Wang Qimin, Chinese Consul General in Jeddah, said, "'Seek knowledge, even as far as China,' -- Saudi youth are now living that wisdom, using Chinese as a bridge to build lasting ties."
Arab News
a day ago
- Health
- Arab News
Saudi students tackle Hajj challenges with tech
RIYADH: A team of students at King Abdulaziz University has developed a mobile app designed to help Hajj pilgrims navigate their journey with ease, eliminating a common challenge faced during the intense pilgrimage: getting lost. Led by student Hassan Al-Sulami, the team created the Musaed app, an interactive tool that can help pilgrims locate their camps and navigate crowded areas. 'The innovative idea aims to ease the pilgrims' journey by presenting it at the upcoming Hajj and Umrah Conference, seeking a sponsor to adopt it,' Al-Sulami said. 'We are working to integrate it into the Nusuk Haq Hajj app.' • Although the app is still in its prototype phase and pending official approvals, the Musaed project reflects the creativity and technical potential of Saudi youth. • Led by Saudi student Hassan Al-Sulami, the Musaed app is an interactive tool that can help pilgrims locate their camps and navigate crowded areas. The app was born out of firsthand observation during the 2022 Hajj, when Al-Sulami and his team noticed many pilgrims struggling to find their tents, leading to missed rituals and logistical and transport delays. Using technologies like the Internet of Things, Musaed enables pilgrims to identify their camp locations on an offline map after an initial download. A standout feature is its use of the phone's camera to identify the direction of the camp, similar to how one uses augmented-reality compass function to find the Qibla direction. The app's concept also includes audio and visual directions that serve as a personal guide to help pilgrims navigate their surroundings. The app will also provide suggested routes and available facilities, as well as a real-time alert feature that notifies users of congestion. A built-in contact feature allows direct communication with supervisors or relevant authorities, adding a layer of safety and assurance. Although the app is still in its prototype phase and pending official approvals, the Musaed project reflects the creativity and technical potential of Saudi youth. With more than 1 million pilgrims arriving each year, initiatives like Musaed offer scalable, tech-forward solutions that support Saudi Arabia's commitment to serving pilgrims with efficiency and care.
Web Release
2 days ago
- Business
- Web Release
Diamond Standard Announces Fatwa: The Ideal Solution for Islamic Finance
Diamond Standard Co., producer of the world's only regulator-approved natural diamond commodities, today announced a historic milestone for the Islamic finance industry: the issuance of a Fatwa by Sheikh Dr. Mohamed Ali Elgari, approving the use of diamond commodities to enable more efficient and more proper Islamic finance applications. Dr. Elgari is an esteemed authority in Islamic finance, having served as Professor and Director of the Centre for Research in Islamic Economics at King Abdulaziz University, and as Shariah board member for organizations including AAOIFI, Islamic Fiqh Academy, Abu Dhabi Islamic Bank, BlackRock, Citibank, Dubai Islamic Bank, Emirates NDB, HSBC, Standard Chartered and other banks worldwide. A New Era for $5 Trillion of Islamic Finance The Fatwa signifies a pivotal breakthrough for Islamic finance, where the lending of money with interest is prohibited under Shariah. Instead of directly lending money, the annual settlement for $5 trillion of global loan and bond transactions must be asset-backed, through structures like commodity Murabaha. Until now, commodity Murabaha used metals like nickel, copper, or aluminum. These assets were often created on paper, as options and warrants—a practice now in conflict with AAOIFI Standard 62, which requires the title to the commodity to be delivered to the borrower. Gold, silver, and food commodities are not permitted for Murabaha, and use of metals can result in substantial storage and delivery costs. In contrast, Diamond Standard commodities are a Shariah compliant, fully deliverable and fungible physical asset, with custody and delivery costs up to 97% less than that for metals like copper. After the issuance of Standard 62, a consortium of Islamic banks asked Diamond Standard to develop a commodity Murahaba solution, with audited physical custody in a Muslim majority country. Technology Meets Tradition Diamonds are a $1.2 trillion natural resource that was inaccessible to investors. Diamond Standard commodities—physical Coins and Bars—contain optimized and equivalent sets of diamonds, transparently sealed with a wireless computer chip. Since the commodities are all equal, they trade easily on spot exchanges, with a daily market price reported by Bloomberg. The wireless chip enables each commodity to issue an electronic title of ownership, recorded and traded securely on a public blockchain. This innovation supports instant title transfer and remote audit, and eliminates all uncertainty. The commodities are approved to settle CFTC-regulated futures and options in the U.S., and the commodity production is internally audited by Deloitte. GCC Expansion and Islamic Trading Platform To provide a standing pool of commodities to support Islamic applications, and enable investors to allocate to diamonds as a newly accessible natural resource, Diamond Standard is launching a commodity holding and trading company in the Gulf Cooperation Council (GCC) region. This entity will: Supply Shariah-compliant diamond commodities to Islamic finance institutions and trading platforms for Murabaha via an active market making desk. Offer a listed fund vehicle for equity and Sukuk investors seeking to invest in hard assets, expecting the value of diamonds to increase due to Islamic and investment demand. Anchor the development of new manufacturing, exports, and trading in the GCC region. This Diamond Standard commodity holding company has secured $280 million in capital commitments and is in discussions with GCC anchor investors to finalize the location of diamond importing, production and trading in the region. The initiative is expected to create over 200 new jobs, relating to commodity operations, import and export, marketing, trading, custody, and lending–as well as Islamic finance jobs. Tax Free Custody at DMCC Diamond Standard also announced that it had selected the Dubai Multi Commodities Centre (DMCC) as the venue to provide audited, tax-free custody for the Diamond Standard commodities. This will benefit Islamic banks and investors by avoiding the tariffs on diamonds entering the U.S. and elsewhere. Unlocking a New Future Cormac Kinney, Founder and CEO of Diamond Standard, stated: 'We intended to unlock $1.2 trillion of natural diamonds as an investment asset, but their dense value, combined with modern technology, has surprisingly made diamonds ideal for Islamic finance. We are honored to offer this asset to strengthen Islamic values.' By establishing Shariah-compliant diamond commodities, Diamond Standard is pioneering a new asset class for Islamic finance—fusing centuries-old ethical values with the latest innovations in blockchain and commodities, and offering borrowers and investors an unexpected, but ideal solution for modern Islamic financial transactions. For more information, visit
Arab News
3 days ago
- Business
- Arab News
King Abdulaziz University highlights academic programs, global partnerships at NAFSA 2025
RIYADH: King Abdulaziz University is taking part in NAFSA 2025 in San Diego: The Association of International Educators' Annual Conference and Expo. It forms part of a Saudi Ministry of Education delegation featuring 12 universities. Running until Friday, the event has gathered more than 8,000 education professionals from over 100 countries. KAU is showcasing its academic programs, research achievements, and global collaboration initiatives, with a focus on innovation, talent attraction, and joint academic ventures. The university is also promoting the Study in Saudi Arabia platform, which aims to establish the Kingdom as a top destination for international students. Tareef Al-Aama, the president of KAU, said the Kingdom's higher education sector was undergoing a transformative phase under Vision 2030, supported by strong leadership and strategic planning. He also emphasized KAU's commitment to global engagement, academic excellence, and expanding international partnerships.
