The management of KFC indicated that it planned to open circa 10-12 outlets per annum in India in new shopping complexes and urban areas. It was expected that the average product prices in India would be about 10 per cent higher than in Malaysia based on the Ringgit. However, this was still competitive since it is similar to the product prices by its closest competitor, McDonald’s.
The comments about cultural ignorance are equally hard-hitting. “I know a paranoid Frenchman,” says one, “who was under the impression that halal meat comes from Muslim chickens as opposed to their Christian chickens!” (Cluck cluck, goes the impartial observer.)
The number of institutions offering Islamic financial services is multiplying. More than 50 new financial institutions have opened for business in the past three years alone. In certain countries, governments have fostered the development of the Islamic banking sector.
Intertek, a leading provider of quality and safety solutions to a
wide range of industries, has joined the International Halal Integrity
Alliance (IHIA) in signing a Memorandum of Understanding with the
Central Islamic Committee of Thailand (CICOT) and Halal India Pvt Ltd
(HI) to implement the Global Halal Management System (GHMS). The GHMS is a set of standards and regulations for which the Halal
Certification practice is set against to implement a global
accreditation standard.
The ASEAN-India Free Trade Agreement (AIFTA), which has been concluded, after protracted discussions, is a strategic event that holds promise for both parties. The agreement is noteworthy as it completes ASEAN’s links with Asia’s two major
emerging powers and two of the fast growing economies in the world,
China and India.
India could leverage on its massive Muslim population (160 million, and
the third largest in the world) to connect with Islamic banking and
finance and the halal food market.
