Haj can be funded by loan, says Saudi scholar

September 15, 2014

Riyadh, Sep 15: Pilgrims can borrow money from the government and banks to perform Haj, said Sheikh Abdullah Al-Mutlaq, a member of the Saudi Council of Senior Scholars.

Sheikh-Abdullah-Al-Mutlaq“Debt that will be paid back in monthly installments through salary deductions does not hinder pilgrims from performing Haj,” he said. “Only debt owed to other people must be paid back before embarking on the spiritual journey.”

The Ministry of Haj, meanwhile, made available another 6,000 spots on the low-cost Haj program on Sunday. The ministry introduced a new service that will enable applicants to electronically cancel their reservations via the ministry portal.

Deputy Haj Minister Hussein Al-Sharif urged pilgrims who will no longer be going on Haj to cancel their reservations so that the slots become available for others.

The new deadline for making reservations with the program will be on the first day of Dhul-Hijjah.

Meanwhile, the holy site of Arafat, where more than two million pilgrims stand in prayer at the peak of the annual Haj pilgrimage, will have permanent fireproof tents next year like Mina, said Maj. Gen. Sulaiman Al-Amr, director-general of the Civil Defense Department.

“The fireproof tent project for Arafat will be implemented next year or the year after,” Al-Amr said in comments published on Sunday. He said specialized committees that were set up to conduct a study on the project have recommended its implementation.

The Arafat tents, to be designed like the Haj Terminal of King Abdulaziz International Airport, will have two floors and will accommodate nearly eight million pilgrims. The project is estimated to cost about SR2 billion.

Habeeb Zainul Abideen, undersecretary at the Ministry of Municipal and Rural Affairs, said the project would change the face of Arafat completely. “It will cover an area of eight million square meters,” he said, adding that the double-story tents would increase Arafat’s capacity by 71 percent.

Saud bin Hamdan Al-Dikri, director of projects at the ministry, said the Arafat tents would be fire-resistant with a minimum height of 15 meters. The ground floor of these tents will be for common and pedestrian use as well as for first aid, food, maintenance and cleaning services. “The project will eliminate the risk of fire hazards posed by cotton tents currently in use,” he added.

Some domestic Haj service firms, meanwhile, said they are planning to sign contracts with specialist companies to set up 100-percent heat-resistant German-made tents in Arafat. Some groups have invited bids for the purpose.

Ali Muqallid, manager of a company that supplies European tents, said his company rents high quality fire-resistant to Haj service firms.

He said the Civil Defense has no objections on erecting the tents in Arafat so long as they comply with the safety regulations. Specialized companies set up 400,000 meters of tents for Tawafa organizations and domestic Haj service firms in Arafat during the last Haj season, one source said.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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Agencies
April 26,2020

Riyadh, Apr 26: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia has issued an order to partially lift the curfew in all regions of the Kingdom, to become from 9am to 5pm, starting Sunday through Wednesday May 13, while keeping a 24-hour curfew in the holy city of Makkah and in previously isolated neighbourhoods, state news agency (SPA) said early on Sunday.

The order also allowed the opening of some economic and commercial activities, which include wholesale and retail shops in addition to malls.

They can operate for two weeks, beginning on April 29 (Wednesday) until May 13 (Ramadan 6-20), however, certain shops within malls like beauty clinics, barber salons, gyms, cinemas, and restaurants will continue to be restricted from reopening.

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News Network
January 3,2020

Hong Kong, Jan 3: Oil prices soared more than four per cent Friday following claims that the US had killed a top Iranian general, ratcheting up tensions between the foes and fuelling fears of a conflict in the crude-rich region.

The head of Iran's Quds Force, Qasem Soleimani, was hit in an attack on Baghdad international airport early Friday, according to Hased, a powerful Iraqi paramilitary force linked to Tehran.

Brent surged 4.4 per cent to USD 69.16 and WTI jumped 4.3 per cent to 63.84.

“Oil prices still have room for further upside as many analysts are still having to upgrade their demand forecasts to include a rather calm period on the trade front,” Moya said, referring to the warming trade relation between China and the United States.

“President Trump is likely to take a break on being ‘tariff man’ until we get beyond the presidential election in November.”

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