Latest news with #Transparency
CNN
4 days ago
- CNN
U.S. trade partners react to Trump's tariffs
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Zawya
6 days ago
- Business
- Zawya
UBF highlights importance of Ijarah of identified tangible assets' standard in strengthening Islamic finance
Abu Dhabi, Dubai, United Arab Emirates: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reaffirmed its full support for the efforts of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in promoting global transparency and credibility in Islamic banking and finance. This came during a session to discuss the Draft of the AAOIFI Shari'ah Standard on 'Ijarah of Identified Tangible Assets', hosted by UBF in Dubai, bringing together leading Islamic banking professionals, and experts in accounting and auditing for Islamic financial institutions. AAOIFI aims to develop this standard as a clear and integrated framework to regulate Ijarah contracts of identified tangible assets. Mr. Jamal Saleh, Director General of UBF, said: 'With the rapid and significant development witnessed by Islamic banking and financial institutions, the role of AAOIFI in setting the standards and general frameworks for Shari'ah-compliant financial activities becomes increasingly vital. Unified standards are essential to harmonise practices and ensure consistency in banking operations for individuals and institutions.' He added: 'The discussion around the draft Shari'ah standard on Ijarah of identified tangible assets represents another important step as a result of ongoing constructive dialogue. It promotes exchange of knowledge and experiences and collaboration to establish a unified reference for structuring Ijarah contracts in accordance with Islamic Shari'ah. This strengthens operational integrity and transparency in dealing with customers, and is in line with the vision and initiatives of the Central Bank of the UAE (CBUAE) to enhance governance, risk management, and innovation in Islamic financial institutions, and to reinforce the UAE's position as a global hub for Islamic finance.' The event included a welcoming remarks and brief introduction of the standard by Dr. Abdurrahman Al Saadi, AAOIFI Shariah Board Secretary and Rapporteur, and two sessions to take comments on exposure draft of AAOIFI Shari'ah Standard on 'Ijarah of Identified Tangible Assets' chaired by Sh. Esam Mohamed Ishaq and Sh. Dr. Osaid Kailani, AAOIFI Shari'ah board members. The importance of this standard is underscored in transactions involving the leasing of vehicles, equipment, real estate, and infrastructure assets, which represent a significant share of Islamic finance activity. UBF called on all its member banks and financial institutions to carefully review the draft and contribute to its development as a comprehensive and precise framework for product design, contract structuring, and operational procedures related to Ijarah of identified tangible assets. The Director General of UBF added: 'The UAE is one of the largest and fastest-growing countries in Islamic banking and finance globally. Our Shari'ah-compliant member banks are committed to actively participating in the development of AAOIFI standards through constructive dialogue and full compliance, in line with global best practices, investor protection, and principles of responsible finance.' He noted that Islamic banking development remains a top priority for UBF. Under the direct supervision of the Central Bank of the UAE, the Federation has contributed to supporting Islamic financial institutions in developing innovative solutions that meet customer needs and enable a competitive, sustainable growth that supports society and the economy. UBF continues to support AAOIFI's efforts to develop accounting and auditing standards and practices for Islamic financial institutions. This includes issuing relevant standards for banking, investment, and insurance activities to keep pace with industry evolution and meet customer expectations. About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks. For further information, please contact: Sooyin Lee UAE Banks Federation +971 562042254 sooyin@
CNN
01-08-2025
- CNN
Trump faces continued Epstein fallout and a tariffs deadline as he returns from his Scotland trip
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Malay Mail
30-07-2025
- Politics
- Malay Mail
Fahmi urges Media Council to engage all stakeholders, clarify accreditation amid transparency concerns
PUTRAJAYA, July 30 — The Founding Board of the Malaysian Media Council must urgently engage with all media organisations to ensure that the accreditation process and the spirit of media freedom are fully understood, said Communications Minister Datuk Fahmi Fadzil. He said this in response to concerns raised by several media representatives regarding transparency in the establishment and operations of the Malaysian Media Council. As such, Fahmi proposed a comprehensive meeting involving all media organisations to ensure transparency and a shared understanding of the council's direction. 'Some media representatives have voiced concerns; they do not want the emergence of certain groups or blocs. 'Therefore, I urge the Media Council and its Founding Board to immediately engage with all media organisations so that they receive accurate information ahead of the first Annual General Meeting this November,' he said at the Communications Ministry's Monthly Assembly here today. Also present were Deputy Communications Minister Teo Nie Ching, the ministry's secretary-general, Datuk Seri Mohamad Fauzi Md Isa, Malaysian National News Agency (Bernama) chief executive officer Datin Paduka Nur-ul Afida Kamaludin and Bernama editor-in-chief Arul Rajoo Durar Raj. Fahmi said the government had recently signed the official gazette for the establishment of the Founding Board of the Malaysian Media Council as a significant step in strengthening the country's media landscape. The board comprises 12 members — four representatives each from media companies, media associations, and independent media practitioners and non-media members. The establishment of the Malaysian Media Council is part of the government's media industry reform initiatives aimed at ensuring that freedom, accountability and professionalism in the media sector are preserved and enhanced. — Bernama
Daily Mail
28-07-2025
- Politics
- Daily Mail
White House made 'misstep' on Epstein files, MAGA ally confesses
The Trump Administration's refusal to release any more files about Jeffery Epstein has dominated the news cycle in recent weeks, and both the President's political allies and adversaries are growing weary. Progressive Democrat Ro Khanna (pictured) appeared on Meet The Press Sunday, when he told host Kristen Welker that he considered the issue of the Epstein filed a winning one for his party. 'This is about trust in government. When John F. Kennedy was president, trust in government was 60%. Today it's in the teens. Speaker Johnson and I came to Congress together. He was on the reform side too. He wanted to make government work,' Khanna noted. 'This is a perfect opportunity for him to say, "Look, the past is the past." Okay, I didn't love that he shut down government. Maybe on your show today he'll commit that when we come back, let's have a vote. Remind him of what were like, the conversations we had in our freshman class. This is about being a reform agent of transparency,' Khanna continued, doing his best to put additional pressure on the Republican Speaker. Voters as well are not happy with Trump's handing of the files, with only 16% of respondents to a recent Emerson College poll saying that they approve 'of the Trump administration's handling of the Jeffrey Epstein files.' Emerson College Polling director Spencer Kimball noted Thursday that the Epstein files issue was the one Trump fared the worst on. Khanna and libertarian-minded Republican Thomas Massie of Kentucky teamed up earlier this month to introduce the Epstein Files Transparency Act, which would compel Attorney General Pam Bondi to publicly release all unclassified materials relating to Jeffery Epstein. The duo's resolution is receiving the the backing of a diverse set of members, including New York socialist darling Alexandria Ocasio-Cortez and Michigan 'Squad' member Rashida Tlaib , as well as Boebert of Colorado, Nancy Mace of South Carolina, and Greene of Georgia. Khanna noted during a media appearance last week that his resolution had the backing of all 212 of his Democratic colleagues in the House. Even if only the 10 GOP co-sponsors of the resolution were to support it, it would easily pass the House as just a simple majority is need, which is 218 votes out of 435. Speaker Mike Johnson had choice words for the uncanny duo's push to release the files during his own Meet The Press appearance Sunday. 'The Massie and the Khanna discharge petition does not have adequate protections. For example, in the way that it was drafted, they cite that they don't want child abuse, sexual abuse information uncovered, but they cite the wrong provision of the Federal Code, and so it makes it unworkable,' Johnson told Welker. 'It requires the DOJ to release grand jury testimony. They are prohibited by law from doing so. So it is not the right approach. There is another approach out there. The House Republicans on the Rules Committee have a resolution that is well drafted, that is thoughtfully drafted by lawyers, that would make this workable. That's the approach, we have to protect the innocent. We'll do it at all cost,' Johnson added. Yet, even members of the President's own political party are calling the Administration's handling of the files a 'political mistake' and 'misstep.' Eric Burlison (pictured left), a Missouri Republican, told CNN's Manu Raju Sunday that part of the issue is 'that there were false expectations that are created, and that's a political mistake.' 'I think that saying that you're going to be able to deliver when you haven't even looked at all of the files, what's available, was probably a misstep,' Burlison told Raju.
