Cambodian officials and Muslim leaders will meet this month to discuss the establishment of the country’s first halal food institution. Experts in the region will be invited to teach local Muslims, known as ‘Cham’, how to process Halal food. It will be a state-run facility with a recognised Halal standard.
Islamic finance and halal industry are twins separated at birth. The Halal industry, as an asset class, is looking for compliant liquidity. Islamic finance, as a movement connected to the real economy, is looking for impactful intra-OIC (compliant) investment and financing opportunities.
Seeking their share of the growing halal industry, different food and healthcare brands in India are getting halal stamps to woo the country’s Muslim population as well are millions of customers around the globe.
The Republic of Tunisia is keen to invest in Malaysia given its large market potential and the fact that Europe was currently facing an economic crisis, says Second Finance Minister Datuk Seri Husni Hadanzlah.
The Malaysian Minister of Finance stated that his country is willing to host over 30 Tunisian Halal companies in order for them gain experience from the well-established Malaysian Halal industry.
HDC CEO Datuk Seri Jamil Bidin said, “We can use the fund as a mechanism and propose it to the wealthy countries like in the Middle East and Brunei to inject funds and then, channel it to IDB member countries that have the ability to produce food supply.”
Global Health city, world class tertiary multi super specialty hospital, is the first hospital in India to receive the Halal Certification for it’s hospital services by Halal Development Corporation (HDC). Global Health City, Chennai is a 500 bedded super specialty tertiary care facility.
Today Nestlé Malaysia produces about 300 halal products in its food and beverage range which are exported to more than 50 countries worldwide. Nestlé Malaysia is now the company’s global Halal Centre of Excellence.
Bangkok is moving in the direction of having its world-renowned spa establishments and treatments, “conform to halal regulations,” in a move to lure more tourists from the Middle East.
Given they are barred from charging interest and must abide by a strict religious code, Islamic financial institutions are often dismissed by sophisticated western bankers as living in the dark ages. However, Islamic finance, a cash-rich sector, has much to teach the west’s financial system.
The Malaysian Islamic Development Department (Jakim) does not commercialise its halal certificates as its application fees covered the costs of research and laboratory tests on the status of product ingredients, said Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom.
Islamic finance officials will gather in Kuala Lumpur next week to debate the industry’s future path and craft crisis measures, as banks’ limited capital base and liquidity management ability render them vulnerable to a global slowdown. Product diversification and deepening the secondary sukuk market will also be high on the agenda.
Since Dubai’s economic boom several years ago, major Japanese food companies have been taking steps to gain Halal Certification for their products. Previously the culture barrier had been too difficult to overcome for small Japanese companies. Now, a small local firm is taking its first step into the Halal market.
Malaysian investments are welcomed, particularly in the field of food through coming up with a Memorandum of Understanding between the Public Establishments for Industrial Estates and the Malaysian Industrial Development Authority to promote the “Halal” food industry.
A special steering and implementing committee should be set up to ensure that halal certified medicines are prescribed to Muslims in the country, said Universiti Sains Malaysia dean of the School of Pharmaceutical Sciences.
A group of officials representing seven ministries and government agencies, as well as businessmen from over 32 companies, will be in Muscat on April 29-30, at Crowne Plaza Muscat for a very special event, ‘1Malaysia Promotion in Oman’.
Officials from tourism agencies from Arab countries, have spoken about why their citizens chose to come to Turkey for holidays. Among the most important factors they detailed were the food, the shared history, the natural beauty, and religious similarities between Turkey and their home countries.
Kazakhstani President Nazarbayev showed great interest in promoting Islamic financing in Kazakhstan, “probably because both countries have a similar background of government based on Islam.” They also plan joint ventures to produce Halal food.
Islamic Finance news – IFN Today, Thursday, 24th May 2012
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