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The Sun
4 days ago
- The Sun
Beware of fake badal haj offers, warns Tabung Haji
KUALA LUMPUR: Muslims are being warned to verify the authenticity of badal haj (haj by proxy) services, especially those advertised by travel agencies or individuals. Tabung Haji (TH) Group managing director and chief executive officer Mustakim Mohamad said fraudulent offers often surge as the haj season approaches. He noted that many such promotions appear in suraus, mosques, and on social media with suspiciously low prices. 'The Saudi Government sets official haj package rates, and offers below these should be treated with caution,' he said. Mustakim explained that foreign pilgrims require a haj visa, while Saudi residents must obtain an official permit from authorities. 'For the 1446H haj season, the lowest official package for Saudi residents was around SAR10,000 (RM11,300),' he stated. This cost covered the permit and tent accommodation in Masyair but excluded transport, lodging, and meals in Makkah and Madinah. Mustakim emphasised that performing badal haj below this cost is financially unrealistic. He also warned against unethical practices, such as one individual performing haj on behalf of hundreds. 'This violates Islamic teachings and regulations set by religious authorities,' he said. Saudi Arabia has intensified enforcement, penalising pilgrims with invalid visas or permits. Offenders may face fines, imprisonment, or long-term entry bans into the kingdom. 'Offers as low as RM1,500 should raise immediate suspicion,' Mustakim cautioned. TH advises the public to seek verified sources for badal haj arrangements to avoid scams. - Bernama
Leaders
06-05-2025
- Business
- Leaders
Alkhorayef Enhances Industrial Cooperation with French Companies
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, inaugurated on Monday the 'Industry Day' event at the Airbus Helicopters facility in Marignane, France, according to the Saudi Press Agency. 'Industry Day' The event has brought together Airbus Helicopters' suppliers and Saudi aviation companies. With a bold goal to unleash new horizons for cooperation in aerospace industry, the event seeks basically to boost bilateral investment. During his opening speech, Alkhorayef noted that aerospace sector represents one of the most prominent industries across the Kingdom. Aerospace Localization 'Industry Day' event As a result, Saudi Arabia has been making bold strides to further localize and develop this sector under the National Industrial Strategy to diversify the national economy. In line with Saudi Vision 2030, the Kingdom has also set ambitious objectives to accelerate the localization of aerospace industries and development of its manufacturing capacities. Important Factors 'Industry Day' event To achieve these goals, Alkhorayef stressed the significance of several factors, as follows: Localizing advanced technologies Empowering the private sector Expanding international partnerships Attracting promising investments Leveraging the Kingdom's strategic assets such as its geographic location, competitive energy prices, abundant mineral resources, and young talent Furthermore, the minister urged Airbus Helicopters and its supplier network to embark on cooperative deals with the Kingdom for the sake of building a sustainable and competitive aerospace ecosystem. Promising Investment Opportunities Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef Importantly, Saudi Arabia has identified several aerospace sub-sectors providing SAR10 billion in high-quality investment opportunities, as follows: Airframe maintenance Component repair Unmanned aerial vehicle (UAV) manufacturing In accordance with the National Industrial Strategy, the Kingdom also aims to increase its industrial gross domestic product (GDP) from $88 billion to $377 billion by 2035. Alkhorayef's participation at the 'Industry Day' event is an integral part of his official visit to France to enhance industrial and mining collaboration. Related Topics: Alkhorayef Embarks on Official Visit to Egypt Saudi Arabia's Industrial Investments Surge by 55%: AlKhorayef Alkhorayef Concludes Official Visit to Spain Short link : Post Views: 26
Zawya
21-04-2025
- Business
- Zawya
Bad debt securitisations to support Saudi debt capital market: Fitch
Potential bad debt securitization will support Saudi Arabian banks' liquidity profiles and capital ratios and develop the debt capital market, according to Fitch Ratings. Impaired loans, known as stage 3 loans under IFRS 9, fell to SAR 41 billion ($10.93 billion) in 2024, 1.4% of total loans, down from SAR 49 billion at the end of 2022. The drop was due to loan write-offs and reduced generation of problem loans on the back of the healthy operating environment. New impaired loans were about SAR10 billion in 2024 compared to SAR14 billion in 2023 and SAR 16 billion in 2022. Banks are also likely to opt for securitising written-off exposures. However, the par value of the associated bonds would be low as most of the exposures are deeply impaired. Banks wrote off SAR 43 billion of debt in 2022-2024. Domestic lenders are also expected to start securitizing more residential mortgage loans. This will have a big impact on funding diversification and the development of the debt capital markets, as the combined mortgage book of Saudi banks is about SAR 700 billion. However, the banking sector is expected to see a credit growth of 12-14% in 2025, as lending will outpace deposits. This will widen the deposit gap, which reached SAR 300 billion in 2024, Fitch said. 'Even if all bad loans are securitised, the gap will not shrink much,' it added. (Editing by Seban Scaria
