LSG Skychef-Brahim’s Sdn Bhd, the world’s biggest Halal flight kitchen caterer, is embarking on expanding its services to new markets such as China, Eastern Europe as well as scouting for opportunities in the former Soviet states and the Middle East.
The Republic of Tatarstan, a Muslim-majority region, has proved to be an interesting investment destination for funds with Muslim shareholders or that are based in Muslim countries. The Malaysian private equity firm Amanah Raya Capital Group, has launched several projects the republic. Their first project was the Kazan Halal Hub.
An overview on Halal in France, Russia, USA, UK and Europe. As numbers grow, Muslims continue to maintain purchasing habits that align with their Islamic faith. Muslims want to be able to look at a product and see a recognizable Halal logo. There is an increasing demand for products that are inclusive.
Halal products volume in Russia is growing 30-40 percent annually, the Halal Standard Committee at the Tatarstan Islamic High Council said based on research outcomes.
The stricter, more ethical rules of Islamic finance helped many countries avoid the worst of the 2008 economic meltdown. Now officials in the Russian republic of Tatarstan are hoping that Islamic finance can help them attract direct investment from Muslim nations around the world.
The feedback from over 500 participants was that this year’s Moscow Halal Expo was a huge success in showcasing the diversity of local Halal products and services, as well as highlighting the potentials of 27 million-plus Muslims in Russia.
During the meeting with Linar Yakupov, the Chairman of Small and Medium-size Enterprises Development Committee of the Republic of Tatarstan Russian side presented a number of investment agriculture, construction and Halal industry development projects.
Moscow Halal Expo 2011 is the opportunity for the Russian and foreign producers and businessmen to present themselves on an international level, to share experience and to establish useful business contacts. It will be held on May 26-28, 2011 in the largest International Exhibition Centre of Russia “Crocus Expo” in Moscow.
Russia is the most attractive of the four BRIC countries for Islamic investment because it’s relatively stable, close to the Middle East and has an established legal system and infrastructure, said Abas Jalil, executive director of AmanahRaya Capital Group in Malaysia.
Malaysian trustee company Amanah Raya Berhad is joining forces with Fattah Finance, a local Kazakh brokerage company, and the state-owned Development Bank of Kazakhstan to conduct a feasibility study to establish the second Islamic bank in the CIS country.
The MoU and the possibility of a Tatarstan sukuk origination in 2011 are just some of the developments on Islamic finance to emerge out of Russia. Indeed, Tatarstan is the most proactive Russian republic in this context which is manifested through its close relationship with the Islamic Development Bank (IDB) Group.
When rival energy producers Russia and Qatar talk business, it’s no longer only about natural gas — they’re talking reindeer meat, which Russia has promised to export and butcher according to Muslim dietary law.
The major milestones are the establishment of the Russian Association of Experts in Islamic Finance; the first Halal Expo Exhibition; publication of an authorized translation of the Accounting and Auditing Organization for Islamic Financial Institutions’ Standards of Islamic Finance Transactions; and the first Islamic finance deals on the Russian market.
Indonesian Ambassador to Russia, Hamid Awaluddin pointed out that there had been demand from Russia’s Muslim community for Indonesian garments and packaged Halal food.
Russia’s first halal industrial park opened on Friday in Tatarstan. Russia is the home to 20 million Muslims.
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