New Saudi currency will go into circulation on Dec. 26

Updated 15 December 2016
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New Saudi currency will go into circulation on Dec. 26

RIYADH: The Kingdom’s newly designed currency will go into circulation on Dec. 26 in denominations of SR500, SR100, SR50, SR10 and SR5 with coins of different values including SR2 and SR1.
The new bills commemorating the era of Custodian of the Two Holy Mosques King Salman represent the sixth issue of Saudi banknotes and coins, which were launched on Tuesday night.
“The new banknotes and coins will be officially circulated by the Saudi Arabian Monetary Authority (SAMA) alongside existing banknotes and coins,” said Ahmed Alkholifey, SAMA governor, while speaking on the occasion of the release of the new legal tender on Tuesday.
Alkholifey said the issuance of the currency represents a bright picture of the economic development realized in different periods of the nation’s history.
The new bills have machine-readable security features to ensure the safety and authenticity of the currency and to safeguard it from forgery.
Alkholifey said that coins will gradually replace paper-based riyals because coin-based riyals have added advantages. In fact, “the life span of coins is estimated between 20 and 25 years compared to 12 to 18 months for paper banknotes based on conditions of their circulation,” said the SAMA chief.
The coin of SR1 has a silver picture of King Salman. On top of the coin, the Hijri year (1438) is written, while in the bottom the Gregorian year 2016 is written. The third coin of 50 halalas have also its value written in English and Arabic. The coin of 25 halalas, like other coins, the title of the king — Custodian of the Two Holy Mosques — is written with Arabic and English pointers for values.
The 10 halala coin has the Kingdom’s emblem above, and the title of Custodian of the Two Mosques is written in Arabic like other coins.


Muslim World League chief honored for strengthening ties between Islamic world, Russia

Updated 26 min 25 sec ago
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Muslim World League chief honored for strengthening ties between Islamic world, Russia

 

MOSCOW: The Institute of Oriental Studies of the Russian Academy of Sciences has awarded the secretary-general of the Muslim World League (MWL), Dr. Mohammad bin Abdul Karim Al-Issa, an honorary doctorate in recognition of his efforts to strengthen the relationship between the Islamic world and Russia.

Prof. Vitaly Naumkin, the director of the institute, who represents one of the most well-known academic institutions in the world over the past 200 years, talked about Al-Issa’s career, noting that he has contributed to the promotion of cultural rapprochement among nations through his visits to countries and his connections with different cultures and religions.

Naumkin said that the principles of moderation adopted by the MWL and its secretary-general contributed to the establishment of security in the world, noting that these principles addressed extremism and violence.

The honorary doctorate was given to Al-Issa for his services in the development of Islamic jurisprudence and improving official and popular relations between Russia and the Islamic world, he said.

The MWL secretary-general said that he was proud to receive the honorary doctorate from an institute that is well-known for its dedication and neutrality.

He also praised the Russian Federation’s care for Arab and Islamic culture and its keenness to communicate with the Muslim world, learn its language and understand its culture.

Al-Issa considered the award to be motivation to work on promoting cultural communication and exchange between the Islamic world and Russia.

He said that the institute has contributed to changing the stereotype of Orientalism in the Muslim world and has encouraged cultural communication between nations and peoples.

The ceremony was attended by representatives of the Russian presidency, the Duma and the Senate, as well as high-ranking diplomats, senior academics of Orientalism, religious leaders and a group of researchers and students.