India Islamic Culture Center to set up regional chapters

April 29, 2012

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Riyadh, April 29: India Islamic Culture Center (IICC), an apex Islamic center with a mandate to provide a unified platform for promoting Islamic heritage and interfaith harmony, is planning to open regional chapters across India to give greater wingspan to its activities.


“A total of five chapters including one in the eastern Indian state of Bihar have been proposed,” announced Sirajuddin Qureshi, IICC president, in Riyadh Thursday night.


“The IICC will work with Indian government agencies and Saudi organizations including the New Delhi-based Saudi Embassy to generate support for the IICC’s expansion plan and for building its chapters in different provinces of India,” said Qureshi, while speaking at a function organized by welfare organization Bihar Anjuman in the capital. Qureshi arrived here on Thursday on a private visit. Nadeem Tarin, a prominent community leader and businessman, was the chief guest at the event, while Qureshi and Dilnawaz Roomi were the guests of honor.


Indian community leaders including S. Muneer Ahmed, Murshid Kamal, Faizan Balkhi, Jabed Hussain, Ziauddin Ahmed, Seraj Akram, Naushad Alam and Kaunain Shahidi were instrumental in organizing the event. A presentation about the activities of Bihar Anjuman was made by Shakeel Ahmed, the founder.


Qureshi said the state-level chapters would be launched soon. “We have already applied for the land allotments in some states,” said the IICC chief, adding that the IICC had called on the Kingdom's donor agencies and also the affluent NRIs living in Saudi Arabia and other countries to back the efforts to set up new centers.


To this end, he noted the IICC has become a hub of activities and program including seminars, symposiums and roadshows on mostly Muslim issues since its inauguration by Congress President Sonia Gandhi way back in June 2006. Late Prime Minister Indira Gandhi laid the foundation stone of the center in 1984. The IICC chief, who held a luncheon meeting with a group of affluent Indian community members to conceive the idea of IICC chapter in Patna and to formally launch a campaign to generate support for Patna center, said the New Delhi-based main IICC needs more resources to expand its facility.


Qureshi, who is chairman of the world-renowned India-based Hind Group, also called on Indian youth and especially his co-religionists to launch their own business ventures. "Our young generation must venture into the business field," he said.


Qureshi, who wrote his own fate and amassed huge prestige and wealth after starting a small venture on the roadside of the Indian capital several decades back, said business relations between Indian and Saudi Arabia are progressively growing.


He said official visits by leaders of both countries have built on the existing partnership. “In forging strategic ties with Saudi Arabia, India is always at an advantageous position,” said Qureshi, adding the recent visit of Indian Defense Minister A. K. Antony has boosted our defense ties with this nation. Qureshi, who heads a big Indian industry conglomerate with businesses in the slaughtering, processing and export of meat and meat products, fast food chains, infrastructure and aviation sector, has also plans to expand his fast food network.


In the meat industry, he has the most modern state of the art Abattoir-cum-meat processing plant, which is part of the Hind Agro Industries Limited. It was established in the CDF Complex in north Indian city of Aligarh with the world-renowned companies of New Zealand and Australia as technical collaborators.


Bihar Anjuman, which has chapters across the six-nation Gulf Cooperation Council (GCC) and India, is a premier welfare organization dedicated to helping poor Muslims. Qureshi has always been on the forefront in promoting social and charitable organizations like Bihar Anjuman. The foundation for Bihar Anjuman was laid on March 11, 1999, with some people joining hands to help those who may be in need of financial help, or in need of a job.


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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
April 15,2020

Dubai, Apr 15: Saudi Arabia reported 493 new cases of coronavirus, bringing the total number of infections in the country to 5869, the Ministry of Health announced on Wednesday.

According to the ministry of health, the number of recoveries today are 42 cases, making total of recoveries in the kingdom 931. And 71 critical cases in intensive care.

The ministry also confirmed 6 deaths bringing the total number of deaths in the kingdom to 79.

Saudi Arabia imposed a 24-hour curfew and lockdown on the cities of Riyadh, Tabuk, Dammam, Dhahran and Hofuf and throughout the governorates of Jeddah, Taif, Qatif and Khobar. This week the curfew was extended until further notice.

Overall, Saudi Arabia has reported one of the lowest rates of infection in the region, with around 5,000 cases in a population of over 30 million. Mecca was one of the first Saudi cities to be placed under a full-day curfew, and authorities took unprecedented precautions, suspending religious tourism in February and closing mosques across the country in March.

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Agencies
July 26,2020

Jeddah, Jul 26: The city of Makkah is opening its arms again to welcome pilgrims for the annual Hajj — although only a handful compared with previous years.

Because of the COVID-19 pandemic, this year’s event is limited to about 1,000 pilgrims, all from inside Saudi Arabia, about 700 of whom are expatriates.

Abdullah Al-Kathiri, an Emirati and a recovered COVID-19 patient, postponed his pilgrimage last year because it coincided with his wedding plans. “I’ve heard from many who’ve performed the pilgrimage in past years that it was always a smooth process, even with the massive numbers,” he said. “So you could imagine how it would be with the limited number of pilgrims this year. Surely it will be a great experience.”

Khadija, a Bulgarian expatriate, was overcome with tears when she heard she would be performing Hajj this year. “I didn’t expect they’d accept,” she said. “I’m sure this year’s Hajj will be an exceptional one in all respects.”

Dr. Haifa Yousef Hamdoon, a Tunisian physician in Qassim, is another who did not expect to be accepted because of the low numbers this year. “When I received confirmation of my request, I was overjoyed and couldn’t believe it,” she said.

Mu’taz Mohamed, a Sudanese pilgrim who also lives in Qassim region, praised the preventive and precautionary health measures taken in order to ensure his safety and that of other pilgrims, to enable them to perform the rituals safely.

After completing their arrival procedures, the pilgrims were taken to their accommodation in Makkah, supervised by the Ministry of Hajj and Umrah. They will stay there for four days before beginning their pilgrimage on July 30.

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