The Philippines has moved a step closer to opening the country to the wide range of banking and other financial services available through Islamic banking and finance.

The move comes after the House of Representatives recently approved on second reading a proposed bill providing for the regulation and organization of Islamic banks in the Philippines.

 

A common cryptocurrency system should be formed for use among Islamic states, said Erol Yarar, chairman of the International Business Forum (IBF).

 

He stated that the U.S. keeps down money transfers, imposes sanctions on the international market, and causes crises in countries by using the dollar. 

 

"In IBF, this year, we will discuss the term 'monetary pluralism' to create a fairer and healthier trade environment," he said. 

 

Malaysia can lay claim to be the center of the world’s global Islamic economy, but the United Arab Emirates (UAE) is hot on its heels, according to new research.

 

The “State of the Global Islamic Economy Report 2018/19,” commissioned by the Dubai Islamic Economy Development Centre (DIEDC) and produced by Thomson Reuters, shows a narrowing gap between the two hubs. The Islamic economy is the Muslim-majority countries that have financial sectors and economies which comply with Islamic law.

 

The EU is punishing itself for doing Washington's bidding and sanctioning Russia, Russian Foreign Minister Sergey Lavrov said. However, while the restrictions policy does not harm the US, the EU suffers billions in losses.

In an interview with the Spanish newspaper El País, Lavrov lamented the dismal state of EU-Russia relations, describing them as far from normal. The divisions are being fueled from across the pond, he said.

 

Muslim travel industry could generate USD 36 billion and have a positive impact in the Middle East’s Gross Domestic Product (GDP) until 2020. If confirmed, the forecast would represent a surge of 21% over the USD 29.7 billion registered in 2017, according to a study by Salam Standard, the online halal hospitality rating system, that is, Muslim-friendly. The Islamic tourism industry should create 1.2 million jobs in the region until 2020, more than twice of the current 528,000 jobs. The information was published by the website of Dubai-based magazine Arabian Business.

The UAE has expedited its march towards making the economy more attractive for foreign investment and easier to do business as the latest World Bank report ranked the nation among the world's top 20 countries for the ease of doing business.

 

According to the Ease of Doing Business 2019 report released on Wednesday by the World Bank, the UAE ranked 11th globally, jumping 10 places from last year's ranking of 21. The UAE also maintained its highest ranking in the Middle East and North Africa region, with reforms captured in four areas.

Saudi Arabia expects to attract investments of more than 1.6 trillion riyals ($427 billion) by 2030 in its push to boost industry, Energy Minister Khalid Al-Falih said on Thursday, according to state TV al-Ekhbariya. 

 

“The program to develop national industries and logistics services (is) the largest and most important, and has a huge impact on the Saudi economy,” Al-Falih said. 

 

The minister estimated that the country’s mineral wealth was worth more than 1.3 trillion riyals.

Head of Iran’s Sericulture Center Adil Sarvi said the country is ranked 8th in the world in silk production, putting the annual production volume of silk at 120 tons.

 

According to him, 90% of the world’s silk is produced by Asian countries, with China in the first place with an annual production of 142,000 tons and India in the second place with production of 32,000 tons of silk.

 

Nearly three weeks after making the leap to the 8th most powerful in the world, the UAE passport has risen yet again in the ranks to the 7th place.

 

Citizens of the UAE can now enter 159 countries worldwide without a visa or with visa on arrival.

 

The UAE's passport ranking score is 159 in the Passport Index, with UAE's citizens allowed to travel to 112 countries without a visa, and to 47 countries with visa on arrival.