Islamic Wall Street

Islamic Wall Street Intersection of Islam and Finance.

After a historic ruling by the Saudi Capital Market Authority, foreigners can now invest in Saudi-listed businesses that...
27/01/2025

After a historic ruling by the Saudi Capital Market Authority, foreigners can now invest in Saudi-listed businesses that own real estate in Makkah and Madinah.

The CMA said in a press release that the action, which takes effect immediately, will increase the competitiveness of the capital market and support the Kingdom's Vision 2030 goals for economic diversification.

Further strengthening their economic connections, Oman and India have finalized an upgraded treaty to minimize double ta...
27/01/2025

Further strengthening their economic connections, Oman and India have finalized an upgraded treaty to minimize double taxation and curb income tax-related financial evasion.

According to Oman News Agency, Nasser bin Khamis Al-Jashmi, Chairman of Oman's Tax Authority, and Amit Narang, the Indian Ambassador to Oman, signed the agreement in Muscat on January 27.

Following her meeting with Saudi Crown Prince Mohammed Bin Salman, Italian Prime Minister Giorgia Meloni announced that ...
27/01/2025

Following her meeting with Saudi Crown Prince Mohammed Bin Salman, Italian Prime Minister Giorgia Meloni announced that Italy and Saudi Arabia had inked agreements totaling approximately $10 billion as part of a reinforced strategic cooperation, according to Reuters.

One of the agreements was the provision of $3 billion in loan guarantees for Saudi Arabia's NEOM real estate project by Italy's credit export agency, SACE. In November, there had already been news about the deal.

A key component of Bin Salman's Vision 2030 strategy to establish new growth sources outside of oil is NEOM, an urban and industrial development in the Red Sea that is expected to accommodate some nine million people.

Advanced training programs for Uzbek civil officers in charge of international commerce, economic cooperation, and inves...
26/01/2025

Advanced training programs for Uzbek civil officers in charge of international commerce, economic cooperation, and investment collaboration are scheduled to begin in the United Kingdom. The Uzbek Embassy in the UK is leading this effort in partnership with the Hampshire County Chamber of Commerce, IT-Park Uzbekistan, and the "El-yurt Umidi" Foundation.

In an interview with NOVA TV, Azerbaijani Ambassador to Bulgaria Huseyn Huseynov said that Azerbaijan's natural gas deli...
26/01/2025

In an interview with NOVA TV, Azerbaijani Ambassador to Bulgaria Huseyn Huseynov said that Azerbaijan's natural gas deliveries to Bulgaria had grown dramatically in 2024, exceeding 2 billion cubic meters, according to Azernews. Following Bulgaria's energy crisis, Azerbaijan increased its delivery to match the country's rising demand, which led to the supply rise.

In order to properly meet a large amount of Bulgaria's natural gas needs, Huseynov noted that supplies first increased from 1 billion cubic meters to 1.2 billion, then to 1.5 billion, and finally to 2 billion cubic meters by the end of 2023.

Residents of Kabul said that many people are concerned about the increased cost of goods as a result of the dollar's app...
26/01/2025

Residents of Kabul said that many people are concerned about the increased cost of goods as a result of the dollar's appreciation vs the Afghani.

The price of food is directly impacted by changes in the dollar's value because a significant amount of Afghanistan's goods are imported and paid for in US dollars.

One US dollar has gained four Afghani in value on the country's markets during the last two weeks.

Iran's economy would develop by 3.1% in 2025, less than the 3.9% average growth rate for the area, according to IMF proj...
26/01/2025

Iran's economy would develop by 3.1% in 2025, less than the 3.9% average growth rate for the area, according to IMF projections quoted in a Tasnim news agency report on Monday.

The IMF predicted that Iran's GDP will rise by $29 billion to $463 billion in the upcoming year.

It predicted that in 2025, Iran's non-oil economy will likewise grow by 2.3%.

Tehran is not scared of a possible new phase of "maximum pressure" under US President Donald Trump, according to Iran's ...
26/01/2025

Tehran is not scared of a possible new phase of "maximum pressure" under US President Donald Trump, according to Iran's Minister of Economic Affairs and Finance, who also emphasized that preparations are in place to handle any eventualities.

In a lengthy interview with Iran's official television, Abdonnasser Hemmati claimed that during Trump's first term as US president from 2016 to 2020, Iran had gone through difficult economic times and had learned how to handle them.

Picking up his pickax, Samir al-Baghdad ascended a shaky flight of stairs composed of debris and cinderblocks.He is rest...
24/01/2025

Picking up his pickax, Samir al-Baghdad ascended a shaky flight of stairs composed of debris and cinderblocks.

He is restoring his family's wrecked home in the Qaboun district close to the Syrian capital, Damascus.

His family, parents, and other relatives used to reside in the traditional building, which included a tiled floor and a plant-decorated courtyard where visitors were welcomed. However, years of civil strife have left the house and countless others in the area in ruins.

Days after its bitter rival Donald Trump returned to the White House, Iran sent a conciliation message to Western leader...
24/01/2025

Days after its bitter rival Donald Trump returned to the White House, Iran sent a conciliation message to Western leaders at Davos on Wednesday, with a senior official denying the country wants nuclear weapons and seeking to discuss chances.
Nonetheless, the U.N. nuclear watchdog warned that Tehran is "pressing the gas pedal" to enrich uranium to almost weapons-grade, coinciding with remarks made by Iran's vice president for strategic affairs, Mohammad Javad Zarif.

The MOU was signed at the 21st Iran-Oman Joint Economic Committee meeting, which took place in Muscat, according to IRIB...
24/01/2025

The MOU was signed at the 21st Iran-Oman Joint Economic Committee meeting, which took place in Muscat, according to IRIB.

Three main agenda items were the focus of this meeting, which the Iranian Minister of Industry, Mining, and Trade characterized as different from the prior 20 meetings.

The MOU's signature was highlighted by Industry, Mining, and Trade Minister Muhammad Atabak, who also provided more details on the meeting's agenda.

Hassan El-Houry, chairman of Menzies Aviation, said the Middle East should be proud of its "absolutely incredible" ascen...
24/01/2025

Hassan El-Houry, chairman of Menzies Aviation, said the Middle East should be proud of its "absolutely incredible" ascent to prominence as a worldwide aviation hub.

El-Houry told Arab News during the World Economic Forum's annual conference in Davos that the expansion of aviation in the area over the last 20 years shows that "the impossible is possible."

Following a four-month suspension due to the fighting between Israel and Hezbollah, Emirates Airlines will begin operati...
24/01/2025

Following a four-month suspension due to the fighting between Israel and Hezbollah, Emirates Airlines will begin operating flights to Beirut on February 1st, the airline announced on Friday.

According to the announcement, starting on April 1, the largest airline in the Middle East will provide a daily return flight before expanding to two daily services.

Additionally, it stated that starting February 1, Emirates will fly daily to Baghdad, the capital of Iraq.

The new minister of trade and economy told Reuters that Qatar intends to enact three new laws as part of a comprehensive...
23/01/2025

The new minister of trade and economy told Reuters that Qatar intends to enact three new laws as part of a comprehensive review of existing legislation aimed at increasing the Gulf Arab state's appeal to global investors.

In an interview, Sheikh Faisal bin Thani stated that Qatar intends to enact new laws, such as one pertaining to bankruptcy, public-private partnerships, and commercial registration.

In 2024, Oman's cautious fiscal policies, high oil prices, and increase in nonhydrocarbon exports helped the country pos...
23/01/2025

In 2024, Oman's cautious fiscal policies, high oil prices, and increase in nonhydrocarbon exports helped the country post a 6.2 percent budget surplus and a 2.4 percent current account gain.

The International Monetary Fund ascribed these numbers to efficient economic management in its 2024 Article IV consultation.

The government's commitment to financial restraint was demonstrated by the nonhydrocarbon primary deficit as a percentage of nonhydrocarbon gross domestic product remaining constant despite increased social spending under a new protection statute.

Saudi Arabia is on course to emerge as a “super-connector hub,” using ongoing global trade disruption to its advantage, ...
23/01/2025

Saudi Arabia is on course to emerge as a “super-connector hub,” using ongoing global trade disruption to its advantage, according to analysts presenting at the World Economic Forum in Davos on Thursday.

The Gulf Cooperation Council's large infrastructure investments were cited by Henadi Al-Saleh, chair of the board of directors at Agility, a world leader in supply chain services, as the primary factor behind this change.

Shafqat Ali Khan, a spokesman for the Pakistan Foreign Office (FO), stated on Thursday that Pakistan was still working w...
23/01/2025

Shafqat Ali Khan, a spokesman for the Pakistan Foreign Office (FO), stated on Thursday that Pakistan was still working with the member nations to join the intergovernmental organization and that the country's policy to join the BRICS had not changed.

The spokeswoman made these comments in response to a query on the incoming US President Donald Trump's threat of taxes and sanctions on the BRICS countries at a weekly media briefing.

Following remarks by recently elected President Donald Trump that he may travel to the Gulf Kingdom if such a payment we...
23/01/2025

Following remarks by recently elected President Donald Trump that he may travel to the Gulf Kingdom if such a payment were made, Saudi Arabia's Crown Prince, Mohammed Bin Salman, has promised to spend $600 billion in the United States over the next four years.

In a phone conversation with US President Trump following his recent reelection and inauguration, Saudi Crown Prince Bin Salman stated that Riyadh would spend $600 billion in the US, according to the Saudi Press Agency (SPA) on Thursday.

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