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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News Network
July 28,2020

Dubai, Jul 28: A heart-broken father who lost his 19-year-old son in a tragic car accident during Christmas last year has sponsored the repatriation costs of 61 Indians stranded in the UAE.

 The special flydubai repatriation flight, chartered by the All Kerala Colleges Alumni Federation (Akcaf) volunteer group, of which he is a member of, departed from Dubai to Kochi on July 25 carrying 199 passengers.

 On this particular flight, I sponsored 55 air tickets," said TN Krishnakumar, a sales and marketing director. He had lost his son Rohit Krishnakumar in a car accident, which also claimed the life of the teen's friend, Sharat Kumar (21).

"All passengers who were registered with the Indian missions were also asked to register on the Akcaf volunteer group website. Each passenger was further vetted, after which we made home visits to ensure that all the applicants were genuinely in need of financial support and repatriation," he said.

Commenting on what inspired him to dedicate himself to community work, Krishankumar said: "When a situation like this comes up, you realise there is no meaning in money. I invested everything I made into my son, and that had crashed in front of my eyes. He was a third-year medical student at the University of Manchester in the UK and had returned home for a vacation when the accident took place. Since then, I have been involved in a lot of social activities. If I do not do this, there is no meaning to my existence."

Since the outbreak of the Covid-19 pandemic, Krishnakumar said the group has supported thousands of individuals in need of help. "We supported unemployed people with several hundred bags of grocery kits and other necessary items. We also supported Covid-19 patients by transferring them to the medical facility in Warsan, etc.," he said.

"I come from a very middle-class family. I got a scholarship to study in college, and I studied with the help of taxpayers' money. I have always wanted to give back to society. I have grown immensely in life and now is my time to give back.," he added.

Krishnakumar also sponsors the education of over 1,000 academically gifted school children in Kerala's government-aided schools. He is a life trustee at the College of Engineering Trivandrum Alumni Galaxy Charitable Trust and an active participant towards various educational causes.

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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
June 23,2020

Riyadh, Jun 23: Authorities in Saudi Arabia have decided to allow a limited number of citizens and residents who are already in the Kingdom to do this year’s Haj.

In a statement on Monday, the Ministry of Haj and Umrah said that in light of the continuation of the coronavirus pandemic and the risks of infections spreading in crowded spaces and large gatherings, it has been decided that Haj for this year (1441 H/ 2020 AD) will be held whereby a very limited number of pilgrims from various nationalities who already reside in Saudi Arabia, would be able to perform it.

“The decision was taken to ensure Haj is performed in a safe manner from a public health perspective while observing all preventative measures and the necessary social distancing protocols to protect human beings from the risks associated with this pandemic and in accordance with the teachings of Islam in preserving the lives of human beings, the statement added.

“The government of the Custodian of the Two Holy Mosques is honored to serve millions of Haj and Umrah pilgrims annually and it confirms that this decision stems from the top priority it accords maintaining the safety of pilgrims on its land until they depart to their home countries.”

“We ask Allah the Almighty to protect all countries from this pandemic and keep all humans protected and safe, the statement said.

Saudi Arabia’s top priority is to always enable Muslim pilgrims to perform Haj and Umrah rites safely and securely and the Kingdom has been keen since the beginning of the pandemic to take all necessary precautionary measures to protect pilgrims, including by suspending the entry of Umrah pilgrims while ensuring the safety of the pilgrims already present at the holy sites, the statement further added.

Commenting on the Haj decision, the Saudi Human Rights Commission said that Saudi Arabia believes in the universal right to health. Limiting Haj not only protects the Kingdom but also many pilgrims and the communities they call home around the world.

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