The Milli Gazette

Apply for Islamic Development Bank undergraduate scholarship by 21 August

The Islamic Development Bank (IDB) announced the availability of scholarships for Muslim Community in India to pursue undergraduate studies in India. The scholarship may cover tuition fees and/or monthly stipends, books & clothing allowance and medical coverage through public or university sponsored hospitals. Major fields at undergraduate level include Medicine, Dentistry, Pharmacy, Nursing, Engineering, Agriculture, Information Technology, Economics, Education, Psychology and Learning, Education Policy and International Development.

Shariah-compliant New Islamic Insurance Law of Oman

Delhi-based Transworld Consultants, a company specialising in laws in the Gulf states, has come out with an English version of the New Islamic Insurance Law of Oman. According to the Chief Executive Officer of Transworld Consultants, Syed Saami Mahmood, the new 58-article Law provides that the companies conducting the Takaful insurance business have to be listed on the Muscat Securities Market with a capital of RO 10 million and above. Mahmood said that the Law does not permit traditional underwriters to open Takaful insurance windows, making it mandatory for a company interested in doing the Takaful insurance in Oman to devote itself exclusively to the Islamic insurance business.

Less known Quranic injunction — Turn Riba into charity

Dr Syed Zafar Mahmood, President, Zakat Foundation of India, presented a research paper at the University of Glasgow's International Conference on Islamic Perspective of Accounting, Finance, Economics and Management (7 -9 April 2015). The paper explores the effect of Zakat, Sadaqah and Qulil Afwa on society, and discusses why riba is forbidden in Islamic economies. In conclusion, the concomitant theme of all economic activity should be to ensure that the community's wealth keeps on changing hands and circulating across the entire social spectrum.

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