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Ajman Bank Partners with AAOIFI to Certify the Workforce in Shari’ah Standards

Ajman Bank, a leading Islamic financial institution in the United Arab Emirates, has partnered with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) to strengthen its Shari’ah compliance by enrolling its employees in the Certificate of Proficiency in AAOIFI Shari’ah Standards (CPSS) program. The formal signing of this strategic capacity-building initiative was held during the 19th AAOIFI-IsDB Islamic Banking and Finance Conference on November 3-4, 2024, in the Kingdom of Bahrain.

Through this collaboration, Ajman Bank employees, will engage in the CPSS certification program via AAOIFI’s advanced e-learning portal, culminating in a professional qualification that emphasizes the technical and practical application of Shari’ah standards. This move reflects Ajman Bank’s commitment to upholding the highest Shari’ah compliance standards across its operations and services.

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, commented on the significance of this partnership, stating, “At Ajman Bank, we understand the critical importance of adhering to the rigorous AAOIFI standards. Since the Central Bank of the UAE adopted these standards in 2018, they have become the benchmark for best practices in Islamic finance. By enrolling our employees in the CPSS program, we aim to empower our team to interpret and implement these standards effectively, reinforcing our commitment to excellence in Shari’ah compliance. Moreover, we are setting a new standard by mandating the CPSS qualification for current and future employees.”

In response, Mr. Omar Mustafa Ansari, Secretary General of AAOIFI, expressed his appreciation for Ajman Bank’s proactive stance, stating, “We are delighted to support Ajman Bank’s efforts to strengthen Shari’ah compliance by enrolling its workforce in our CPSS program. This initiative is designed to equip Islamic finance professionals with the necessary skills to interpret and apply AAOIFI Shari’ah Standards in real-world scenarios. By advancing technical knowledge and practical competencies within the Islamic finance sector, our shared mission is to enhance compliance standards and contribute to the industry’s overall growth.”

As part of the CPSS program, Ajman Bank employees will gain access to a wide range of resources, including comprehensive study materials, mock exams, practice questions, e-learning videos, and live Q&A sessions with AAOIFI experts. The program offers flexibility, allowing staff to study at their own pace and providing a pathway to the final qualification.

AAOIFI’s offerings extend beyond the CPSS program, with certifications such as the Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Auditor (CSA), Certified Shari’ah Expert (CSE), and Certificate of Proficiency in Financial Accounting Standards (CPFAS). These credentials are available in English, Arabic, and Russian, and are backed by the guidance of the AAOIFI Education Board (AEB), which includes prominent educators, professionals, and scholars worldwide.

This partnership between Ajman Bank and AAOIFI reinforces Ajman Bank’s commitment to Shari’ah compliance excellence and underscores the importance of continuous professional development in Islamic finance.

CONSULATE GENERAL OF PAKISTANDUBAI

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November 6, 2024
 
Consul General Participates in Arab Classic Dubai-2024 Launch
 
H.E. Hussain Muhammad, Consul General today attended the inaugural ceremony of Arab Classic Dubai-2024 baseball tournament at Dubai Sports Council. He joined esteemed figures, including Baseball United’s Chairman and CEO, Kash Shaikh, along with notable partners and legendary baseball players, marking a milestone event for the region’s growing interest in the sport.
 
The Arab Classic Dubai 2024 (7th to 10th November) will feature participation from Pakistan’s baseball team and eight other countries, showcasing talent from across the region. Pakistan is set to face India on Friday, November 8.
 
The Consul General said that it was a matter of immense excitement that Pakistan is part of promoting baseball in the Middle East. He further said that the event will also play an important role in strengthening people-to-people ties.

Consul General attends Pakistan Association Dubai’s Future Fest Education and Career Expo

H.E. Hussain Muhammad, Consul General was the Chief Guest at Pakistan Association Dubai (PAD)’s Future Fest Education and Career Expo, today.  The event was attended by Dr. Faisal Ikram, President of PAD, Mr. Dawood Sharif, Head of PAD’s Education Committee and a vibrant gathering of students and educators. The Consul General acknowledged PAD’s efforts to empower Pakistani youth through initiatives that support career decisions.

During his address, the Consul General emphasized the importance of thoughtful career choices. “Today’s decisions will shape tomorrow’s leaders. Career counselling like this Expo will open doors for students to discover paths aligned with their strengths and aspirations”, he noted. He urged Pakistani community members to collaborate and join hands with PAD to implement an effective roadmap for enrolment of out of school children of Pakistani expats in the Emirates. 

Mr. Hussain encouraged students to view careers as more than just jobs and see it as a journey of purpose, passion, and potential. He advised students to define success by focusing on societal impact rather than conventional measures like titles or external recognition. He highlighted that in an age of rapid technological change, education is about developing critical thinking and creativity. 

Mr. Hussain also advised youth to choose careers that align with well-being and personal growth. Acknowledged the tremendous efforts by PAD for arranging the Expo, he encouraged students to seize the opportunities presented at the event.  

Mr. Arsalan Yunus, Mr. Abdul Karim Hanif, Ms. Saima Hasan and Mr. Omar Hayat participated in the Expert Talks

Pakistan Embassy in Abu Dhabi Unveils Newly Renovated Consular Halls with Support from Al-Ansari Exchange to Enhance Services for Pakistani Community

Newly constructed and renovated Consular Halls at Pakistan Embassy Abu Dhabi were inaugurated on 30 October 2024. This was a joint effort of the Government of Pakistan and Al-Ansari Exchange, a leading exchange company in the UAE providing financial services to the UAE residents including expatriate community.
Ambassador Faisal Niaz Tirmizi and CEO of Al-Ansari Exchange, Mr. Rashed Al Ansari unveiled the inaugural plaque and visited the passport and attestation sections of the consular halls. The event was attended by Pakistan community members and Emirati nationals.
Speaking on the occasion, Ambassador Tirmizi reaffirmed commitment of the Government of Pakistan for provision of consular services to Pakistani diaspora efficiently and in a conducive and peaceful environment. He indicated that these halls were also equipped with Queue Management System (QMS) and the seating capacity has been doubled. He expressed his pleasure and satisfaction over the completion of the project and thanked Al Ansari Exchange for their contribution.
The CEO of Al Ansari Exchange Mr. Rashed Al Ansari appreciated the joint effort and hard work of the people involved in the Projects. He praised the Pakistani community for its role in strengthening the bilateral ties between Pakistan and the United Arab Emirates as well as their contribution in establishment of UAE’s multiple institutions. He assured Al Ansari Exchange’s commitment to work jointly with the Embassy for the welfare of the Pakistani community.

Abu Dhabi
30 October 2024

International and Local Artists to Pay Tribute to the Legacy of Queen Elizabeth 2

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The iconic Queen Elizabeth 2 (QE2), Dubai’s only floating hotel docked at Port Rashid, will host a unique art exhibition titled ‘Echoes from the Past’. This extraordinary event will pay tribute to the ship’s storied past, featuring an exclusive preview of artworks by celebrated French artist Fernando Costa, alongside other renowned local artists from Dubai. The preview of the 3-day exhibition will take place on Friday, 8 November 2024, at 6:30 PM at the prestigious Queen’s Grill.

As a symbol of maritime history and elegance, the QE2 continues to inspire, and this artistic celebration will bring its legacy to life through a captivating blend of international and regional artistic talent. The event will offer a sophisticated evening of art and culture, accompanied by curated mocktails, set within the historic and elegant surroundings of the Queen’s Grill, providing guests a truly immersive experience.

Fernando Costa, an internationally renowned artist, is celebrated for his unique ability to breathe new life into discarded metal objects. Through his intricate process of cutting, mixing, and welding materials such as road signs, car bodies, and machinery, he transforms them into stunning works of art. Costa’s creations have been exhibited in world-class cities such as Paris, London, New York, and Singapore. His art embodies a sense of resilience and transformation – values that perfectly align with the enduring legacy of the QE2.

Notably, Fernando Costa’s personal connection to the QE2 runs deep. As a young man in the 1990s, he worked as a steward on the iconic ocean liner, a life-changing experience that shaped his artistic journey. His tribute, created especially for this exhibition, will be unveiled during the event, marking a nostalgic and emotional return to the ship where his story began.

Alongside Costa’s work, other acclaimed local artists from Dubai will also present their own interpretations of the QE2’s heritage, bringing a unique regional perspective to the exhibition. This fusion of global and local artistry will create a rich narrative, celebrating the enduring legacy of the QE2 through diverse artistic expressions.

This event is a must-attend for art enthusiasts, history buffs, and those passionate about the QE2’s heritage. It will be an evening to remember, as these well-known artists pay tribute to one of the most iconic ocean liners in history through the powerful medium of art.

Event Details:

  • Exhibition Title: Echoes from the Past
  • Date: Friday, 8 November 2024
  • Time: 6:30 PM
  • Location: Queen’s Grill, Queen Elizabeth 2 Hotel, Port Rashid, Dubai
  • Admission: By Invitation Only

Magnati partners with Ajman Bank to enhance financial solutions for SMEs in the UAE

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Abu Dhabi, UAE – 24 October 2024 – Magnati, a leading payment solutions provider in the Middle East, has partnered with Ajman Bank to launch an embedded finance solution aimed at supporting the growth of SMEs. This collaboration will provide seamless access to Shari’ah-compliant financial services, giving SME merchants the tools they need to scale their businesses and contribute to the UAE’s economic progress.

With this new offering, SME merchants can use real-time POS payment transaction data to gain access to a broad range of financing options from Ajman Bank. These include Shari’ah-compliant business financing, as well as invoice, equipment, receivables and POS financing. The platform is designed to meet the unique financial needs of SMEs in a fast and efficient manner, while aligning with Shari’ah principles.

The collaboration between Ajman Bank and Magnati underscores a shared vision of financial inclusion to enable SMEs in the UAE to succeed and contribute to the growth of UAE’s economy.

Commenting on the partnership, Mustafa Al Khalfawi, CEO of Ajman Bank, said: “At Ajman Bank, we are dedicated to supporting the UAE’s SME sector. This partnership with Magnati exemplifies our commitment to providing innovative, Shari’ah-compliant financial solutions that enable SMEs to thrive and contribute to the UAE’s prosperity. By streamlining access to finance, we are giving businesses the tools they need to succeed in today’s competitive landscape.”

Ramana Kumar, CEO at Magnati, commented: “We are excited to partner with Ajman Bank, a financial institution that is integral to the Emirate’s economic progress. By integrating Ajman Bank’s Shari’ah-compliant financial solutions with our platform, we are enabling SMEs to access essential financial resources easily and enhancing their contribution to UAE’s economy.”

This partnership simplifies the application process for SMEs using Magnati’s payment solutions. This also enables faster approvals and a more personalized and enhanced customer experience. EMI repayments are automatically deducted from daily payouts, improving cash flow management and providing businesses with financial stability.

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