ISLAMIC BANKING AND FINANCE PAGE 3rd May 2019
Story of Two Islamic Banks of Pakistan
Assets of Islamic banking industry were recorded at Rs. 2,658 billion. Similarly, deposits of Islamic banking industry stood at Rs. 2,203 billion by end December, 2018. Market share of Islamic banking assets and deposits in the overall banking industry was recorded at 13.5 percent and 15.5 percent, respectively by end December, 2018 Profit after tax of Islamic banking industry was registered at Rs. 34 billion by end December, 2018
Financing and related assets (net) of Islamic banking industry continued their growing trend and reflected a quarterly growth of 10.7 percent (Rs. 146 billion) to reach Rs. 1,511 billion by end December, 2018.
Out of above two main Islamic Banks of Pakistan stand with their financial results as under:-
Assets Rs in billions | Deposits Rs in billions | Profit after tax Rs in billions | Financing Rs in billions | Branches | ||||||
Dec 2017 | Dec 2018 | Dec 2017 | Dec 2018 | Dec 2017 | Dec 2018 | Dec 2017 | Dec 2018 | Dec 2017 | Dec 2018 | |
Meezan bank | 789 | 938 | 667 | 785 | 6.31 | 8.9 | 420 | 512 | 601 | 660 |
Bank Islami | 216 | 218 | 185 | 174 | .213 | 1.5 | 130 | 131 | 330 | 330 |
However main flaw of Meezan Bank, though has shown quarterly profit of Rs 3 billion as of 31 March 2019 but overall its financing revolves around Diminishing Musharkah and Running Musharkah with their share as 55.71% of total financing with almost no financing in agriculture sector and with no Qardae Hassnah.
In case of Bank Islami with down ward trend in assets and deposits with profit in last two years its total assets has risen to Rs 227 billion with Deposits as Rs 191 and Profit of Rs 867 million as of 31-3-19.However its financing also revolves around istisna, running mushrakh, murhabah, diminishing mushrkah with only in Karabar Rs 17 billion out of total financing of Rs 114 billion with no financing in agriculture and Qardae Hassnah.
Need of an organization to coordinate growth of Islamic Banking and Finance world wide
Islamic Banking Finance needs some international forum immediately to find solutions for the given challenges-
- The four schools (Madhhab) of Sunni fiqh(Islamic jurisprudence) apply “Islamic teachings to business and finance in different ways”, and have not come closer to agreement. Furthermore, shari’a boards sometimes change their minds, reversing earlier decisions.” Differences between boards as to what constitutes shariah compliance may raise “doubts in the minds of clients” over whether a given bank is truly shariah compliant, and should be given their business.
- Sources differ over whether Islamic banking is more stable and less risky than conventional banking. Proponents (such as Zeti Akhtar Aziz, the former head of the central bank of Malaysia) have argued that Islamic financial institutions are more stable than conventional banks because they forbid speculation and the two main types (in theory) of Islamic banking accounts — “current account” and mudarabahaccounts — carry less risk to the bank. On the other hand, Habib Ahmed —writing in 2009 shortly after the financial crisis — argues that the practices of Islamic finance have gradually moved closer to conventional finance exposing them to the same dangers of instability.
- During the global financial crisisIslamic banks “on average, showed stronger resilience” than conventional banks, but “faced larger losses” when the crisis hit “the real economy,” according to a 2010 IMF At the beginning of the “Great Recession” of 2007-9, Islamic banks were “unscathed”, leading to one Islamic banking supporter to write that the collapse of leading Wall Street institutions, particularly Lehman Brothers, “should encourage economists world-wide to focus on Islamic banking and finance as an alternative model.” However gradually the effect of the financial downturn moved to the real sector, affecting Islamic banking. According to Ibrahim Warde, `this showed that Islamic finance was not all a panaceas, and that a faith-based system is not automatically immune to the vagaries of the Financial system.`
- Concentrated ownership is another danger to the stability of Islamic banking and finance. Munawar Iqbal and Philip Molyneux write that only “three or four families own a large percentage of the industry. This concentration of ownership could result in substantial financial instability and possible collapse of the industry if anything happens to those families, or the next generation of these families changes their priorities. Similarly, the experience of country-wide experiments has also been mostly on the initiatives of rulers not elected through popular votes.”
- The “macroeconomic exposures” of Islamic banks constitute a “ticking time bomb” of a “billions of dollars” in “unhedged currencies and rates”. The difficulty, complexity and expense of hedging these in the correct Islamic manner is such that as of 2015, the Islamic Development Bank”was hemorrhaging cash as if it were funding a war. It simply couldn’t swap dollars for euros or vice versa on an ongoing basis without resorting to the conventional markets.” Regional Islamic banks in the Middle East and Malaysia did not have “specialized personnel trained to understand and negotiate Sharia-compliant treasury swaps” and were not willing to hire the consultants who did.
- The majority of Islamic banking clients are found in the Gulf States and in developed countries. Studies of Islamic banking customer in Malaysia and Pakistan found customer satisfaction was connected to service quality. A study of Islamic banking customers in Bangladesh found “most customers” between 25–35 years, “highly educated” and having a “durable relationship” with the bank, more knowledgeable about account than financing products. In series of interviews conducted in 2008 and 2010 with Pakistani banking professionals (conventional and Islamic bankers, Shariah banking advisors, finance-using businessmen, and management consultants), economist Feisal Khan noted many Islamic bankers expressed “cynicism” over the difference or lack thereof between conventional and Islamic bank products. One estimate of customer preference (given by a Pakistani banker) in the Pakistani banking industry, was that about 10% of customers were “strictly conventional banking clients”, 20% were strictly Shariah-compliant banking clients, and 70% would prefer Shariah-compliant banking but would use conventional banking if “there was a significant pricing difference”.
- Muhammad El-Gamal argues that because Islamic financial products imitate conventional financial products but operate in accordance with the rules of shariah, different products will require additional jurist and lawyer fees, “multiple sales, special-purpose vehicles, and documentations of title”. In addition there will be costs associated with “the peculiar structure that Islamic banks use for late payment penalties”. Consequently, their financing tends to cost more than, and/or accounts pay less return than conventional products.
- According to M.O.Farooq, “common explanations offered by” the Islamic finance movement for the Islamic banking industry shortcomings are that
- industry problems and challenges are part of a “learning curve” and will be solved over time;
- Unless and until the industry operates in an Islamic society and environment it will be hindered by non-Islamic influences and won’t “operate in its essence”.
Various international organizations like Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI),Islamic Financial Services Board for Islamic capital market products and operations —Islamic International Rating Agency with support of Islamic Development Bank, IMF and world bank are working for that but still they have not been able for establishing an Islamic banking system as well as finding solutions to social and political issues being faced by the Muslims across the globe.
Halal Certification Bureau for offering courses in halal businesses has also emerged to help strengthen global food industry.
However the final question arises that how to procure these objectives? The answer is that It can be done only with the support of OIC who may request AAOFI, IFSB, ISDB, IMF and world Bank to form a joint committee for looking after challenges to Islamic Banking and Finance with their solutions.
Immediate Requirements for the growth of Islamic Banking and Finance in Pakistan in 2019
In 2019 Islamic finance industry in Pakistan has reached with share of Islamic banking sector as 14.8% of the total Pakistan banking market and share of Islamic mutual fund industry capturing 30% market share.
Based on a projected 30% growth of Islamic financial sector and SBP vision to take Islamic banking share to 20% by 2020, the annual demand of qualified and trained Islamic finance professional is projected around 3,000 to 4,000 professionals for the next five years. Further to this demand, the need of qualified and skilled Islamic finance experts in the industry including professional accountants and auditors can be estimated at 500 per annum after the development of All Share Islamic Index at PSX and income tax rebate announcement by FBR for Shariah compliant listed companies.
According to industry expert, one of the factors that can limit growth of Islamic finance industry is lack of awareness of Islamic finance among young business graduates and limited availability of trained and qualified human resource.
In the last few years, Islamic finance related courses are being introduced as part of elective in top universities like IBA, LUMS, NUST, Comsats, KSBL, IoBM and some others. Some universities in Pakistan have also taken lead to incorporate Islamic finance as part of the core requirement for their business degrees. IBA Karachi also started its first MS Islamic Finance Program, a very comprehensive and in-depth program covering theoretical and practical aspect of Islamic finance. LUMS has also started offering PhD in Islamic Finance.
In the area of professional education NIBAF, IBP, IBA Centre for Excellence in Islamic Finance (CEIF) and Center for Islamic Economics are playing active role by offering different level of certification programs, professional development program, post graduate diplomas and short courses for existing finance professionals, bankers and academics.
Establishment of three centers for excellence in Islamic finance
If we review the curriculum development guidelines of finance related program from Higher Education Commission of Pakistan, a strong need is felt that HEC must introduce Islamic finance related topics as part of the mandatory requirement for accreditation of any finance related academic programs.
At present the curriculum at the Matric, Intermediate, O & A Levels does not provide any coverage to basic or foundation level concept of Islamic finance and need to be updated by the relevant boards.
Going forward Centre of Advisory Services for Islamic Banking and Finance (CAIF) proposes as follows.
There can be Short Term On line Courses on Internet as in practice in some countries like Australia with given features.
The course should be completely online with all the flexibility you need, designed to get you an insight into the building blocks of Islamic finance, one of the fastest growing segment of the global finance industry.
The course should cover key principles underlying Islamic finance: Modes of Islamic finance such as Islamic leasing (Ijarah); Islamic investment (Mudarabah); Cost-Plus Financing (Murabaha): Partnerships (Musharakah); Islamic Forward Selling and Manufacturing Contracts (Salam and Istisna’), and; Islamic Securitisation (Sukuk). Other topics should include: Global Development of Islamic Finance; Challenges for Islamic Financial Providers; Opportunities in Pakistan (Government policies and tax reforms); Islamic Capital Markets; Islamic Insurance (Takaful) and Islamic Banking Products with Risk Management and Price calculation of different products.
Modus Operandi: – The course should contain 16 lectures conveyed through internet. Exam through multiple choices should be held on completion of 4 lectures and answers should be received through internet on given address. The course should also include a research project that could potentially be adopted by financial institutions. The idea behind the research project should be to encourage students and professionals to take on projects that are practical and relevant to their individual interests and expertise. Record of each student should be maintained at initiating institution.”
4 Day workshops can be conducted of 2 hours in the morning and two hours in afternoon on the given subjects.
- Advanced Sukuk & Islamic Securitization Taking examples of Bahrain, Malaysia and Pakistan
- Structuring & Shariah Issues for Islamic Trade Finance Products taking example of Malaysia
- Asset Liability Management & Hedging for Islamic Banks
- Islamic Treasury & Liquidity Management Products
- Funds Transfer Pricing taking example of Malaysia
- Cash Waqf & Corporate Waqf: New Financial Products taking example of Malaysia
- Shariah Standards & Structuring Issues for Tawarruq taking example of Malaysia and as defined by AAOFI
- Musharakah-Based Contracts & Financial Products Equity like contracts but with lot of issues.
- Wealth Management with Islamic Mutual Funds and Takafu/Retakaful Taking example of GCC
- Islamic Microfinance taking example of Bangladesh and Indonesia
Executive Certificate Course can be conducted on Islamic Banking and Finance with given Course outlines.
- Basics of Financial Management
- What Banking and Finance means
- Islamic Economics in comparison with conventional Economics
- Basics of Islamic Banking and Financial System in comparison to Conventional system and Banking.
- How Islamic Finance is derived from Fiqh.
- Islamic Law of Business & Contract
- Islamic Modes of Finance. Implication of Debt based and Non based financing (Musharkah, Murabaha, Ijara, Product Development)
- Regulatory Framework for Islamic Banking (Pakistan, Malaysia and UK
- Shariah Standards (What they are and implementation of Shariah Standards.)
- Islamic Accounting Standards
- Shariah Audit & Compliance
- Sukuk Short and long term.
- Asset Management, Mutual Funds Insurance & Takaful
- Test
- Seminars / Panel Discussions
Diploma in Islamic Banking and Finance can be conducted to provide necessary skills and in-depth knowledge required to work in this growing and sophisticated Islamic banking and finance sector. Specifically the course should:
- Provide a rigorous, academically challenging and vocationally relevant programmer for onward postgraduate study, and provide students with the appropriate advanced level skills and knowledge which will enable them to contribute to the needs of the growing and sophisticated Islamic banking and finance sector.
- Enable Students to apply general banking requirements and the specific requirements in providing Islamic Banking and Finance products and services.
- Equip Students with advanced level skills and understanding necessary to effectively and efficiently perform tasks relevant to the organization or organizations involved with Islamic banking and finance services.
- Develop the intellectual ability to work effectively in teams and independently, to evaluate critically, think creatively and communicate effectively with respect to issues in general, commercial and Islamic banking and finance; and to recognize good practice in the analysis, planning and management of general, commercial and Islamic banking and finance products and services.
- Develop an advanced level understanding of research methods and an effective capability of applying advanced Islamic banking and finance concepts and techniques to a wide range of general, commercial and Islamic banking and finance problems.
On successful completion of the course students will be able to:
- Develop knowledge and critical understanding of essential components of Islamic finance theory and associated current research, and develop the capability of applying both general and Islamic financial concepts and principles to the analysis of corporate circumstances;
- Develop the capability of critical evaluation of the impact of market behavior on bank performance and organizational behavior with reference to Islamic bank products and services.
- Synthesize and critically evaluate recent and current literature on a wide range of MSc Investment and Finance theories and issues in order to develop and apply conceptual frameworks.
- Develop and apply a strategy for the collection, analysis, critical evaluation and interpretation of data.
- Work with others in making effective strategic and operational decisions related to the management of an enterprise in a globally competitive, diverse and dynamic environment.
International Financial Management courses can be conducted with given subjects-
1. Accounting and Finance
2. Valuation and Pricing
3. Islamic Financial Market, Instruments and Product Development
4. Risk, Regulation and Compliance In regard to Islamic Finance
5. Hedging In Islamic Finance
- Islamic Shariah
1-Shariah; key to understanding Islamic banking
2-Sources of Shariah
3-The concept of lawful and unlawful as per Shariah
4-Islamic economic system
5-Architecture of Islamic Financial System
6-Objectives of Islamic economics and finance vs. capitalism and socialism
7- The concept of wealth in Islam
8-Objectives of distribution of wealth in Islam
9-Factors of production in Islam and their compensations
10-Concept of free and fair market system in Islam
11- Islamic Shariah and economic system
12-The concept of Riba, Gharar, Qimar and other prohibited activities
(a)Islamic Law of contract, sales and purchase
(b) Dedifferentiation between Islamic and conventional banking
(c) Understand the concepts of Takaful, Securitization and Sukuk
(d) Understand the rules of agency contract (Al Wakalah)
- Islamic Law of Contract
(a) Basic elements of contract void and valid conditions
(b) Uqood Muawadha and GhairMuawadha
- Islamic Law of Sale
(a) Subject matter, price, delivery & possession
(b) BaiBatil, BaiFasid, BaiMakrooh
(c) Prohibited transactions in Islam
(d) Khayar, Iqala
- Comparison of Islamic and Conventional Banking
(a) Conceptual difference between Islamic and conventional banking
(b) Difference between the governing principles
(c) Business model differentiation
(d) Product level differentiation
(e) Features of Islamic banking (Liability/Assets)
(f) Concept of reward and risk under shariah
Three Month Certificate course on Islamic Finance and Banking can be arranged
The principal objective of this course should be to impart knowledge and expertise in the field of Islamic banking and finance. It enables the student to understand the basis of Islamic banking and finance; differentiate the elements between the Islamic financial system and its conventional counterpart. The course should also cover the theories and concepts of the Islamic financial instruments used in the industry.
Specific Objectives
After the successful completion of the course, participants will have a basic understanding of:
Islamic Shariah and economic system, The concept of Riba, Gharar, Qimar and other prohibited activities, Islamic Law of contract, sales and purchase Be able to differentiate between Islamic and conventional bankingUnderstand the concepts of Takaful, Securitization and SukukUnderstand the rules of agency contract (Al Wakalah)
Course
- Islamic Banking – Introduction, Background & Global Scenario (Week one)
(a) Islamic Shariah
(b) Shariah; key to understanding Islamic banking
(c) Sources of Shariah
(d) The concept of lawful and unlawful as per Shariah
(e) Islamic economic system
(f) Architecture of Islamic Financial System
(g) Objectives of Islamic economics and finance vs. capitalism and socialism
(h) The concept of wealth in Islam
(i) Objectives of distribution of wealth in Islam
(j) Factors of production in Islam and their compensations
(k) Concept of free and fair market system in Islam
- Concept of Riba, Gharar and Qimar and other Prohibited Activities (Week 2)
(a) Riba – Quran, Hadith, definition and types
(b) Arguments against commercial interest
(c) Gharar, Qimar and Gambling
(d) Derivatives and their applications if any on Islamic Finance
- Islamic Law of Contract/Sale (Week 3)
(a) Basic elements of contract void and valid conditions
(b) Uqood Muawadha and Ghair Muawadha
(c) Subject matter, price, delivery & possession
(d) BaiBatil, BaiFasid, BaiMakrooh
(e) Prohibited transactions in Islam
(f) Khayar, Iqala
- Comparison of Islamic and Conventional banking (week 4)
(a) Conceptual difference between Islamic and conventional banking
(b) Difference between the governing principles
(c) Business model differentiation
(d) Product level differentiation
(e) Features of Islamic banking (Liability/Assets)
(f) Concept of reward and risk under shariah
- Categories of Islamic Modes of Finance (week 5)
(a) Trade based modes
(b) Participation based modes
(c) Rental based modes
(d) Disclosed agent, non disclosed agent
(e) WakalatulIstismar contract (portfolio management)
(f) Differeniate Waadah (unilateral promise), Muawadah (bilateral promise), Aqd (contract)
Dhamanat
(g) Guarantee, mortgage, liquidated damages, letter of guarantee, collateral
- Islamic products (Week6)
Murabaha
(a) Introduction to Murabaha
(b) Murabaha as a financing mode
(c) Murabaha terminology and its variants
(d) Characteristics and essentials of Shariah compliant Murabaha
(e) Practical steps for Murabaha transactions
(f) Issues and mistakes in Murabaha: Rebate in early payment, penalty on late payment
(g) Difference between Murabaha based financing and conventional bank lending
(h) Risks for Islamic banks in Murabaha transactions
(i) Scope and application of Murabaha
Ijarah
(a) Basic rules of Ijarah
(b) Lease as a mode of Islamic financing
(c) Rights and Obligations of lessor and lessee
(d) Conditions of Ijarah/Lease
(e) Differentiating Islamic Ijarah from conventional leasing
(f) Sharia alternative to the finance lease-IjaraMuntahiaBitamleek
Musharakah
(a) Terminology and characteristics of Musharakah
(b) Type and basic rules of Musharakah
(c) Termination of Musharakah
(d) Constructive liquidation of Musharakah
(e) Security/collateral in Musharakah
(f) Profit/loss distribution
(g) Application of Musharakah as a mode
(h) Problems and risks for banks in Musharakah financing
Diminishing Musharakah
(a) Concept of diminishing Musharakah
(b) Basic features of diminishing Musharakah
(c) Steps in a diminishing Musharakah transaction
(d) Lease rentals in diminishing Musharakah
(e) Unilateral promise and transfer of ownership title
(f) Diminishing Musharakah as a financing mode
Mudarabah
(a) Mudarabah defined
(b) Mudarabah capital
(c) Profit/loss distribution
(d) Unrestricted and restricted Mudarabah
(e) Difference between Mudarabah and Musharakah
(f) Termination of Mudarabah
(g) Scope of Mudarabah for banking system
(h) Problems and risks for Islamic banks providing Mudarabah based financing
Salam
(a) Salam : Definition and concept
(b) Background and purpose of Salam
(c) Rules for valid Salam contract
(d) Difference between Salam and Murabaha
(e) Taking delivery of Salam goods
(f) Parallel Salam
(g) Application of Salam and parallel Salam
(h) Risks in Salam application
(i) Scope and potential Salam
Istisna
(a) Concept and definition of Istisna
(b) Rules for valid Istisna contract
(c) Payment in Istisna
(d) Difference between Salam and Istisna
(e) Parallel Istisna
(f) Application of Istisna and parallel Istisna
(g) Risks associated with Istisna
(h) Application of Istisna in Islamic corporate finance
- Liability products of Islamic banks (week 7)
(a) Deposit (Liability) management in Islamic Banks
(b) Profit calculation mechanism and weightages
- Concept of Takaful (Islamic Insurance) (week 8)
(a) Basic concept of Takaful
(b) How it is different from insurance
(c) Models of Takaful
- Overview of Securitization and Sukuk (Week 9)
(a) Securitization of Musharakah, Mudarabah&Ijarah Liquidity management through
securitization
(b) Sukuk Al-Ijara
(c) Corporate finance transactions with live examples
(d) Islamic asset and fund management
- Introduction to AAOIFI standards (Week 10)
(a) Overview of salient features of Accounting Standards of various modes
(b) Adaptation of AAOIFI Standards by ICAP
(c) Islamic banking framework given by SBP
(Week 11 and 12 should be based on review, discussions, Seminar and tests)
5 Day Course on Islamic Banking and Finance
The recent turbulence in the global financial markets has drawn attention to an alternative system of financial intermediation: Islamic banking and finance.
Although the concept of Islamic finance can be traced back about 1,400 years, its recent history can be dated to the 1970s when Islamic banks in Saudi Arabia and the United Arab Emirates were launched. Bahrain and Malaysia emerged as centers of excellence in the 1990s. It is now estimated that worldwide around US $1 trillion of assets are managed under the rules of Islamic finance.
Islamic finance rests on the application of Islamic law, or Shariah, whose primary sources are the Qur’an and the sayings of the Prophet Muhammad. Shariah, and very much in the context of Islamic finance, emphasizes justice and partnership.
With the estimated growth rate of up to 20% year on year, the need for human capital to bring Islamic finance to the level at which it deserves and meet its markets demands is higher than ever. At least 50,000 professionals are needed within the industry over the next 7 years.
This course provides a comprehensive introduction to Islamic Banking and Finance, augmented with an analysis of the situation in Pakistan and the business potential for Pakistani companies.
Learning Outcomes
Although its presence is not yet perceptible in all countries, the growth of popularity of Islamic finance is visible in the expanding range of products and services that comply with the Sharia law. Asia Pacific regions and the Middle East as well as the United Kingdom and the United States have seen a number of Islamic banks and banking units being opened in recent years. Nevertheless, such emergence and worldwide evolution of modern Islamic finance and institutions indicates a gap in adequate education of financial sector specialists in Austria.
Topic(s): (1) Introduction to the class. (2) Overview of Shari‘ah, Islamic thought and practice, the place of Shari‘ah within the Islamic religion, and Shari‘ah-oriented transactions. (3) Contractual Forms in Islamic Finance Law and Islamic Investment (4) A First Impression of Islamic Finance (5) Introduction to the contemporary practice of Islamic finance and transactions. (6) Mudārabah and Mushārakah (7) Modes of Financing. Introduction to ribā.(7) Whetherribā equivalent to interest? (8) Wadi‘ah/Amānah and Bank Deposits: (9) Applications and Misapplications of Some Concepts in Islamic Banking (2008) (8) Ijārah. (9) Shari‘ah-related home financing with case studies (10) Screens, purification and the advent of the Dow Jones Islamic Index and MCI index in Pakistan (11) Islamic Asset Management: (12) Sukūk (“Islamic bonds”). (13) Consumer fraud concerns and the rise of halal food statutes. The question of transparency in Shari‘ah-related transactions. (14) Institutional forms: banks, investment funds, takāful and waqfs. The question of Islamic finance as constituting ethical or socially responsible finance. (15) Summary and Final Remarks.
Finally, keeping in view the demand of qualified Islamic finance professional, it is strongly recommended that Islamic finance related course offerings should be enriched across all major universities in the country to reach out to a wider audience and coverage of Islamic finance to be made part of mandatory course offering in business and accounting degrees. Efforts are also needed to introduce Islamic finance concepts right from the secondary education level and in religion school curriculum. The culture of research needs to be promoted by encouraging faculty and students to focus on the growth areas of Islamic finance and linkage needs to be developed with international centers of excellences. Additionally, frequent mass awareness campaigns through social, print and electronic media will be essential to familiarize the masses with this asset class. All stakeholders including academicians, regulators, industry players, media and Shariah scholars needs to join hands to achieve the above mentioned objectives.
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Thieves have stolen four ancient artifacts, including an approximately 2,500-year-old gold helmet, after using explosives to break into a museum in the Netherlands.
The daring heist took place at Drents Museum in Assen during the early hours of Saturday morning, according to Dutch police, who said they received a report of an explosion at 3:45 a.m. local time.
CCTV footage released by police shows the suspects opening an exterior door before a blast sends sparks and smoke into the air. The thieves made off with three gold bracelets, dating from around 50 BC, as well as the 5th-century BC Helmet of Cotofenesti, a historically important artifact on loan from the National History Museum of Romania in Bucharest.
The items were part of an exhibition about the Dacians, an ancient society that occupied much of present-day Romania before being conquered by the Romans. On show since July, “Dacia: Empire of Gold and Silver” featured treasures borrowed from institutions across Romania.
In a press release on its website, Drents Museum described the Helmet of Cotofenesti — which was discovered in a Romanian village almost a century ago — as a “masterpiece.” Its design features mythological scenes and a pair of eyes, located above the wearers’, that were thought to deter enemies during battle while protecting against the “evil eye.”
The exhibition was set to conclude Sunday, though Drents Museum remained closed through the weekend due to the robbery. Its premises were damaged by the explosion, though no injuries were reported, the museum said.
Dutch police announced that they are working with global police agency Interpol and had, as of Sunday, received more than 50 tip-offs. Investigators are currently looking for information about a gray car that was stolen from the nearby city of Alkmaar earlier in the week and was discovered around four miles from the crime scene, on fire, shortly after the overnight heist.
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Velodrome Finance boasts a vibrant community ready to assist users at any step. Whether you’re a seasoned DeFi user or a newcomer, you can find guidance and support from community forums and dedicated customer service.
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With its focus on maximizing crypto yield, Velodrome Finance is a compelling choice for anyone looking to delve deeper into the DeFi space. From efficient token swaps to robust security measures, it offers a complete ecosystem for those eager to optimize their returns. Visit the official site and start your journey towards enhanced financial growth.
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?? Работа канала? В подобных каналах обнаруживается много объявлений, с предложениями ассортимент оружия. В основном предлагается это:
?? Травматика:: законные модели до модифицированных. ?? Боевое:: предназначенное для боя оружие, доступно без оформления. ?? Создание лицензий:: законные лицензии, позволяющие “легализовать” покупку. Заказчики коммуницируют лично с владельцами в личке. Полный цикл заказа и доставки, оплаты выполняется незаметно, тем самым делая сделки не рискованными для каждой стороны.
?? Такси для доставки Одним из самых методов обеспечения анонимности заключается в вызов такси для доставки. Тот, кто продает оружие может просто отправить посылку через курьера, и оставляет минимум следов для правоохранителей.
?? Как оплатить и безопасно ли это Почти все этих каналов принимают оплату криптовалютой (Bitcoin, Monero) либо через системы анонимных переводов, и это усложняет отслеживание транзакций.
?? Правовые риски Нужно понимать, подобная деятельность такого рода нарушает многочисленные статьи Уголовного кодекса РФ.
?? В заключение Каналы в Телеграме, продающие оружия травматического и боевого без документов, а также предлагают оформление лицензий, открывают способ анонимно приобрести необходимые предметы один из таких.
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