Investment Disclaimer: Precious metal prices can fluctuate and may vary 
depending on market conditions. Customers are advised to conduct their own 
research and seek professional financial advice before making any investment 
decisions.

The post Amanah.gold Iaunches 999.9 Bullion Gold & Silver Bars with a Price Promise! appeared first on IFN - Islamic Fintech News.

Morocco did try to see the crescent moon on Sunday.

Islamic countries rely on various methods to determine the first day of the holy month of Ramadan and the two Eid celebrations. Most significantly, they refer to the saying of the Prophet Muhammad; “Fast when you see it (the crescent moon) and break the fast when you see it.”

Accordingly, some nations like Morocco base their calendar on actually sighting the crescent moon with the naked eye. Others, like Brunei and Oman use telescopes for moon observations. Countries including Turkey and Tunisia depend primarily on astronomical calculations.

A third group, including Malaysia and Indonesia, employ both sighting and calculations in tandem. Meanwhile, the majority of countries follow the official moon sighting declaration from Saudi Arabia.

Through years of practice, Morocco has honed a reliable methodology for observing and validating moon sightings, earning global renown for its precision. The kingdom deploys a network of specialized committees and cross-checks visual sightings against astronomical computations to leave no margin for error.

270 observation points across Morocco

The Moroccan approach relies on two main methods for moon sighting.

Morocco’s moon sighting process actively engages clerics, astronomers, and armed forces units in a coordinated effort. On the 28th day of each lunar month, the Ministry of Endowments and Islamic Affairs puts out a call for monitoring the moon on the 29th day.

The Ministry of Endowments and Islamic Affairs contacts 270 official observation points across the country, asking designated Muslim legal experts, judges, and ministry officials to visually identify the crescent moon.

These trained observers carefully scan the sky and then fill out detailed forms recording the moon’s specifications. The official watchers must note whether they clearly spotted the crescent with the naked eye or not.

Separately, assigned teams from Morocco’s armed forces also conduct sightings and submit their findings. Inputs stream into the Ministry’s central commission, which analyzes them to conclusively confirm or negate that month’s moon sighting. Once all results are cross-checked, the ministry’s central committee makes the final announcement.

With over 2300 people participating across 278 official sighting committees, the data is extensive.

Cross-checking with astronomical calculations

Morocco does not rely solely on visual sightings, even with 278 official monitoring committees across the kingdom. The results are meticulously cross-checked against the latest astronomical calculations of the moon’s size, brightness, and position.

If both empirical sightings and computational models align in either confirming or negating the emergence of the Shawwal crescent, Moroccans can rest assured that their Ramadan date will be accurately fixed.

Centuries of indigenous expertise

Morocco’s prowess in moon sighting draws from centuries of indigenous expertise, rather than modern technology alone.

According to Ali El Amaroui – one of the experts who calculates the lunar calendar – the parameters used can be traced back to 15th-century scholars from Andalusia and the Arab world whose extensive observations allowed them to precisely define the conditions needed for a definite sighting. These methods are still taught at the famous Qarawiyyin University in Fez.

The crescent is only clearly visible to the naked eye if it remains above the western horizon for over 48 minutes after sunset and has an angular separation from the sun of over 10 degrees. Morocco applies strict international benchmarks such as these before confirming a moon sighting.

In contrast, “some countries declare sightings based on reported naked eye views lasting barely a minute with a separation from the sun of less than 5 degrees,” says El Amraoui, making errors more likely.

Global recognition

After some 20 years of effort, Morocco has achieved global recognition for its reliable methods. Given its proximity, European Muslim communities would do well to follow Morocco’s lead on key dates like the start of Ramadan rather than relying on sightings from farther east, El Amaroui suggests.

The end of Ramadan 2015 highlighted how Morocco’s moon sighting prowess minimizes errors. Much of the Muslim world celebrated Eid-al-Fitr on Friday after claiming the Shawwal crescent was spotted on Thursday evening.

However, Morocco and Oman announced that the moon had not been visible that night. They completed 30 days of the preceding Ramadan month and declared Saturday as Eid instead. Shortly afterward, Tunisia’s Grand Mufti admitted a “mistake in sighting” had occurred.

The Moroccan Ministry of Endowments issues a statement on Ramadan

Every year, Morocco’s Ministry of Endowments and Islamic Affairs publishes an official statement about the start of the holy month of Ramadan. In its announcement, the Ministry also urges caution in spreading news prematurely, particularly media outlets eager to scoop the story.

An official notification from the Ministry is required to formally declare the start of Ramadan.

Of course, variations in the start and end of lunar months will persist between countries as long as different criteria are used. But Morocco’s system leaves little room for doubt.

The post Morocco Leads the Way in Precise Moon Sighting Techniques. appeared first on IFN - Islamic Fintech News.

The joint program, unveiled by the WGC and DMCC, seeks to address key challenges facing the gold sector while unlocking new opportunities for growth and development. At the forefront of their agenda is the promotion of responsible gold sourcing and production practices. By supporting initiatives that prioritize environmental stewardship, fair labor practices, and the fight against illegal mining activities, the program aims to ensure that gold is sourced and produced in a socially and environmentally responsible manner.

In addition to sustainability, the program will focus on driving innovation and technological advancements within the industry. Research and development initiatives will be supported to enhance extraction and refining processes, as well as explore new applications for gold in various industries. By fostering innovation, the program aims to enhance the efficiency and competitiveness of the gold sector while opening up new avenues for growth and diversification.

Transparency and integrity are also key priorities of the program, with efforts aimed at enhancing the visibility and traceability of gold throughout the supply chain. Measures will be implemented to combat fraud, money laundering, and other illicit activities associated with the gold trade. By promoting transparency and integrity, the program aims to instill confidence in consumers and investors alike, ensuring that gold remains a trusted and reliable asset class.

The partnership between the WGC and DMCC underscores the importance of collaboration in driving positive change within the gold industry. By leveraging their respective strengths and resources, these two leading organizations aim to create a more sustainable, transparent, and innovative gold sector that delivers value for all stakeholders.

As the program unfolds, stakeholders across the gold industry can anticipate a wide range of initiatives and activities aimed at promoting responsible sourcing, driving innovation, and enhancing transparency. By embracing these principles and working together towards common goals, the WGC and DMCC are laying the foundation for a brighter and more sustainable future for the gold industry.

The post World Gold Council (WGC) and Dubai Multi Commodities Centre (DMCC) Announce Joint Gold Industry Program appeared first on IFN - Islamic Fintech News.

In a groundbreaking series of experiments, scientists have uncovered previously unknown secrets of gold, shedding light on its properties and potential applications. These discoveries mark a significant milestone in the study of this precious metal and open doors to exciting new possibilities.

Exploring the Depths: The experiments delved deep into the molecular structure and behavior of gold, revealing intricate details that had remained hidden for centuries. Researchers employed state-of-the-art techniques and innovative methodologies to unravel the mysteries surrounding this revered element.

Revealing Hidden Properties: One of the most astonishing revelations from the experiments was the discovery of unique properties inherent to gold. Scientists uncovered unexpected behaviors and interactions at the atomic level, challenging conventional wisdom and reshaping our understanding of this noble metal.

Unlocking Potential Applications: The newfound insights into gold’s properties have vast implications across various fields, from materials science to medicine. Researchers are exploring innovative applications, such as advanced nanomaterials, biomedical devices, and catalysis, harnessing the unique characteristics revealed by the experiments.

Implications for Industry: The discoveries have significant implications for the gold industry, offering potential avenues for enhanced extraction, processing, and utilization of this valuable resource. By leveraging the newfound knowledge, companies can optimize their operations and explore novel approaches to gold-related technologies.

Looking Ahead: As scientists continue to delve deeper into the secrets of gold, the possibilities are limitless. Future research endeavors promise to unveil even more intriguing aspects of this precious metal, paving the way for groundbreaking advancements and transformative innovations.

Conclusion: The series of groundbreaking experiments have illuminated previously hidden facets of gold, unlocking new realms of knowledge and possibilities. From unveiling hidden properties to exploring potential applications, these discoveries herald a new era of understanding and innovation in the realm of precious metals. As researchers continue their quest for knowledge, the secrets of gold are poised to captivate and inspire future generations of scientists and innovators.

The post Unveiling the Secrets of Gold: Ground-Breaking Experiments Unlock New Insights appeared first on IFN - Islamic Fintech News.

Introduction:

In recent times, the economic landscape has witnessed a significant shift as Chinese investors turn to gold amid uncertainties in property and stock markets. The trend, once confined to the East, is now making its way to Western markets, signaling a growing preference for the age-old precious metal as a safe haven for wealth preservation.

The Chinese Paradigm:

China, long regarded as the world’s largest consumer of gold, has traditionally seen gold as a symbol of wealth and prosperity. However, the recent surge in gold investments goes beyond cultural symbolism. As property and stock markets experience fluctuations, Chinese investors are turning to gold to safeguard their assets and hedge against economic uncertainties.

Property Market Turbulence:

The Chinese property market, known for its rapid growth in recent years, is now facing challenges, with concerns about overheating and potential bubbles. In response, investors are diversifying their portfolios by allocating a portion of their wealth to gold. Unlike property, which requires ongoing maintenance and is subject to market volatility, gold offers a tangible and enduring store of value.

Stock Market Volatility:

Simultaneously, the Chinese stock market has experienced fluctuations, prompting investors to seek alternatives. Gold’s historical resilience during times of economic turbulence makes it an attractive option for those looking to preserve capital and minimize risk.

The Western Influence:

While traditionally associated with Eastern investment strategies, the trend of turning to gold is gradually making its presence felt in Western markets. As global economic uncertainties persist and market dynamics evolve, Western investors are taking note of gold’s role as a reliable asset class that can serve as a hedge against inflation, currency devaluation, and market volatility.

Factors Driving Western Interest:

1. Diversification Strategy:
   • Western investors are recognizing the importance of diversification beyond conventional assets like stocks and real estate. Gold, with its low correlation to traditional investments, is gaining prominence as a crucial component of a well-balanced portfolio.
2. Inflation Hedge:
   • Concerns about inflationary pressures are prompting investors to explore assets that historically retain value during inflationary periods. Gold has a proven track record as an effective hedge against inflation.
3. Global Economic Uncertainties:
   • Ongoing geopolitical tensions, the impact of the COVID-19 pandemic, and uncertainties surrounding interest rates are contributing to a sense of caution among Western investors. Gold’s status as a safe-haven asset is becoming increasingly attractive in this context.

Conclusion:

The surge in gold investments among Chinese investors reflects a broader global trend as the precious metal gains prominence in Western portfolios. As economic uncertainties persist, gold’s role as a reliable store of value and a hedge against market volatility is likely to see continued appreciation. Investors worldwide are recognizing the timeless appeal of gold as a strategic asset that stands the test of time.

The post Investors buy gold as property and stock markets fall appeared first on IFN - Islamic Fintech News.

The Digital Dirham Initiative:

At the forefront of this transformative initiative is the digital dirham, a state-backed digital currency designed to modernize the UAE’s payment landscape. With its foundation built on blockchain technology, the digital dirham aims to enhance the efficiency, security, and accessibility of monetary transactions within the UAE and, as demonstrated by recent developments, beyond its borders.

The First Cross-Border Transaction:

The successful execution of the first cross-border payment using the digital dirham serves as a proof of concept, showcasing the versatility of the digital currency in facilitating secure and swift international transactions. This achievement not only underscores the UAE’s commitment to financial innovation but also positions the digital dirham as a player on the global stage.

Key Features of the Digital Dirham:

1. Blockchain Technology:
   • The digital dirham leverages the inherent security and transparency of blockchain, providing a decentralized platform for financial transactions. This feature ensures the integrity and traceability of cross-border payments.
2. Instant Settlement:
   • With near-instant settlement capabilities, the digital dirham significantly reduces the processing time of cross-border transactions, offering a marked improvement over traditional payment systems.
3. Reduced Costs:
   • By streamlining processes and minimizing intermediaries, the digital dirham has the potential to significantly reduce transaction costs associated with cross-border payments, benefitting businesses and consumers alike.
4. Enhanced Financial Inclusion:
   • The digital dirham contributes to financial inclusion by providing secure and efficient payment methods, aligning with the UAE’s vision of a digitally connected and accessible financial ecosystem.

Global Implications and Amanah.Vault:

The success of the UAE’s digital dirham initiative holds global implications, inspiring other nations to explore the integration of digital currencies into their financial systems. Simultaneously, in the UAE, Amanah.Vault is set to revolutionize the gold trading landscape. Amanah.Vault will offer tokenized vaulted gold services, allowing real-time trading of gold assets through a secure and transparent platform.

Sunnah Digital Gold Backed Coin:

Looking ahead, Amanah.Vault has ambitious plans to introduce a Sunnah Digital Gold Backed Coin. This initiative aligns with the principles of Islamic finance, providing a gold-backed digital coin as a secure and ethical investment option.

Conclusion:

The UAE’s successful implementation of the first cross-border payment using the digital dirham signifies a pivotal moment in the evolution of global finance. This achievement, coupled with Amanah.Vault’s innovative approach to tokenized vaulted gold services and plans for a Sunnah Digital Gold Backed Coin, reinforces the UAE’s position as a trailblazer in the digital currency and fintech space. As the world witnesses these advancements, the stage is set for a future where digital currencies and innovative financial instruments play a central role in shaping the global economic landscape.

The post Historic Milestone: First Cross-Border Payment Made Using UAE’s Digital Dirham appeared first on IFN - Islamic Fintech News.

Amidst growing concerns about the reserve ratios of financial institutions like the Federal Deposit Insurance Corporation (FDIC) in the USA and the Financial Services Compensation Scheme (FSCS) in the UK, individuals are exploring robust alternatives to safeguard their generational wealth. Amanah.gold emerges as a comprehensive solution, offering a secure platform where you can not only buy and sell gold but also vault and tokenize your precious metal assets. Amanah.gold continues to stand out as a comprehensive solution, offering not only a secure platform for buying, selling, and vaulting gold assets but also a unique feature that allows clients to have their precious metal securely shipped anywhere in the world.

Amanah.gold’s state-of-the-art vault, safeguarded by the Dubai Police, ensures the utmost security for physical gold holdings. This high-security facility in the UAE reflects the company’s commitment to providing a trustworthy environment for investors seeking to protect their generational wealth.

One notable advantage Amanah.gold offers is the flexibility for clients to have their gold securely shipped to them at any time and anywhere globally. This feature adds a practical dimension to gold ownership, allowing individuals to physically possess their gold assets whenever they desire, regardless of their location.

This global accessibility aligns seamlessly with Amanah.gold’s mission to empower individuals in navigating the uncertain financial landscape. It provides clients with the assurance that their gold holdings are not only securely stored but can also be delivered to their doorstep, offering a tangible connection to their wealth.

Whether for personal possession, strategic relocation, or diversification of assets across different geographical locations, Amanah.gold’s secure delivery service caters to the varied needs and preferences of its clients. This distinctive offering reinforces the company’s commitment to providing a comprehensive and client-centric approach to wealth preservation.

In conclusion, Amanah.gold continues to redefine the standards of gold investment by combining technological innovation, state-of-the-art security, and global accessibility. With the added convenience of secure gold delivery anywhere in the world, Amanah.gold solidifies its position as a trusted partner for individuals seeking to safeguard and manage their generational wealth in an ever-changing financial landscape.

The post Preserving Generational Wealth: Amanah.gold’s Global Accessibility and Secure Delivery appeared first on IFN - Islamic Fintech News.

In a groundbreaking development, Russia and Iran have officially severed ties with the SWIFT system, marking a pivotal departure from the Western-dominated transaction framework. Mohsen Karimi, Deputy Head of the Central Bank of Iran (CBI), made this announcement, revealing that both nations have embraced a direct interbank transfer mechanism.

During an interview on Iranian state television, Karimi highlighted the transformative nature of the new system, allowing companies in Russia and Iran to engage in trade using their respective national currencies, thereby eliminating the dependence on the dollar or euro. This strategic shift has intricately linked the financial correspondence networks of the two countries, rendering intermediaries like Switzerland obsolete for communication between their banks.

Karimi explained, “The banks of our two countries no longer need Switzerland to communicate with each other, and commercial banks of both countries can establish brokerage relations directly.” He emphasized the practical implications, stating that Iranian exporters can now issue invoices to their Russian counterparts in rials, receiving payments through Russian banks based in Iran. Crucially, the system also facilitates transactions in Russian rubles.

This move signifies not only a departure from traditional Western-centric financial systems but also the establishment of a more direct and sovereign channel for economic interactions between Russia and Iran. By passing the SWIFT system, these nations are forging a new path in international trade, promoting increased autonomy and flexibility in their financial dealings.

The switch to a direct interbank transfer mechanism reflects a growing trend among sanctioned countries seeking alternatives to Western-dominated financial infrastructures, ushering in a new era in global economic relations. Russia and Iran’s bold step underscores the changing dynamics in the geopolitical and economic landscape, as nations explore innovative solutions to enhance their financial independence and bolster international partnerships.

The post Russia and Iran Make Historic Move Away from SWIFT for Direct Bilateral Transactions appeared first on IFN - Islamic Fintech News.

Introduction:

In a significant development under the governance of the Islamic Emirate of Afghanistan, Acting Minister of Industry and Trade, Nooruddin Azizi, declared the abolition of all usury systems in the country. This announcement reflects the commitment of the Islamic Emirate to uphold the principles of the Islamic system through lawful and ethical means.

Abolishing Usury Systems:

Acting Minister Nooruddin Azizi emphasized the eradication of usury systems, a move aligned with Islamic financial principles. Usury, commonly known as “riba” in Islamic finance, refers to the charging or payment of interest, which is prohibited in Islam. The decision to abolish usury reflects the Islamic Emirate’s dedication to establishing an economic system that adheres to Islamic values and principles.

Commitment to the Islamic System:

The Acting Minister reiterated the commitment of the Islamic Emirate to fulfill all requirements of the Islamic system through lawful methods. This commitment extends to various aspects of governance, including economic policies that prioritize fairness, justice, and adherence to Islamic financial principles.

Islamic Finance Principles:

Islamic finance principles are rooted in Sharia law, aiming to create an economic system that promotes ethical and equitable practices. The prohibition of usury is a fundamental tenet of Islamic finance, promoting economic justice and preventing exploitation. Instead of traditional interest-based systems, Islamic finance encourages profit-sharing, risk-sharing, and ethical investment practices.

Global Implications:

The decision to abolish usury systems in Afghanistan holds broader implications for the global financial landscape. It showcases the Islamic Emirate’s dedication to establishing an economic model that prioritizes ethical considerations over profit motives. This move aligns with the growing global interest in ethical and sustainable finance, with Islamic finance principles offering an alternative framework that emphasizes social responsibility.

Conclusion:

The announcement by Acting Minister Nooruddin Azizi marks a significant step by the Islamic Emirate of Afghanistan towards implementing Islamic finance principles and abolishing usury systems. As the country seeks to rebuild and establish its governance, this move reflects a commitment to an economic system rooted in justice, fairness, and adherence to Islamic values. The global community will be keenly observing how these principles shape Afghanistan’s economic landscape in the coming years.

The post Islamic Emirate of Afghanistan Announces Abolishment of Usury Systems appeared first on IFN - Islamic Fintech News.

The BRICS Alliance and Its Economic Significance:

The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, represents a collective force challenging the traditional dominance of Western economies. These nations have sought to foster collaboration on economic, political, and strategic fronts, with a vision of reshaping the global financial order.

China’s Recent Actions:

Recent reports suggest that China, a linchpin of the BRICS coalition, has executed a series of transactions involving the aggressive sale of US dollars over a three-day period. This move is seen as a deliberate attempt to diversify its foreign exchange reserves and reduce dependency on the US currency.

Implications for the US Dollar:

The US dollar has long served as the world’s primary reserve currency, providing the United States with significant economic advantages. However, China’s strategic divestment raises questions about the dollar’s enduring dominance and could potentially signal a shift toward a more multipolar monetary system.

Possible Motivations:

China’s decision to dump US dollars may be driven by various factors. One key consideration is the ongoing geopolitical tensions between China and the United States, particularly in the realms of trade and technology. By reducing its exposure to the US dollar, China aims to insulate itself from potential economic repercussions arising from these conflicts.

Additionally, China’s move aligns with its broader efforts to internationalize its currency, the yuan (renminbi). A reduced reliance on the US dollar could bolster the yuan’s standing on the global stage, potentially challenging the dollar’s role as the dominant reserve currency.

Market Reactions and Speculations:

Global financial markets have reacted to China’s actions with a mix of uncertainty and speculation. Analysts are closely monitoring the potential ripple effects on exchange rates, commodity prices, and the overall stability of the international monetary system.

While some experts argue that China’s move may be a tactical response to recent US economic policies, others posit that it signifies a more profound reorientation in the dynamics of global finance. The impact of these developments is likely to unfold over time, with consequences for various stakeholders in the international arena.

Conclusion:

China’s aggressive divestment of US dollars over a three-day period has ignited discussions about the future of the global monetary order. As a key player in the BRICS alliance, China’s actions could influence the trajectory of international finance, challenging the longstanding dominance of the US dollar. The coming weeks and months will reveal the true extent of these developments and their implications for the evolving landscape of global economics.

The post BRICS: China Aggressively Dumps US Dollars For 3 Days Straight appeared first on IFN - Islamic Fintech News.