At the international summit on Islamic Microfinance being held in Istanbul, it was said that due to the failure of the conventional financial system, many countries in the world are adapting the Islamic microfinance system for poverty alleviation through which not only poverty will be eradicated but also a sustained economy shall come into being in these countries.
IdealRatings to provide OSK-UOB Islamic Fund Management with top quality Shariah screening data for their Global Halal Food Fund and also for the other unique funds they will be offering as part of their portfolio in the future.
One Islamic Finance consultant based in Dubai blames some banks for not operating in an Islamic way at all but “running a Shariah-bank with a conventional window”. Other professionals are outraged that some financial firms try to develop Islamic derivatives or even Islamic hedge funds despite the fact that Shariah bans interest, short-selling and speculation.
The Malay Chamber of Commerce Malaysia (DPMM) has offered to facilitate, on behalf of the Tabung Haji Board, Amanah Saham Mara Bhd and Felda, the purchase of Kulim Bhd’s interest in QSR Brands Bhd worth over RM1 billion.
The New Zealand Trade and Enterprise recommends companies stay up to date with this rapidly changing global Halal market said to be worth $2.95 trillion. Food products comprise 61% pharmaceutical products 26% and cosmetics 11%.
With Gulfood coming up, and many companies wanting to enter the UAE with their goods, please find attached the export requirements for eligible products being sent to the region.
Simple rules and regulations, attractive tax incentives and a welcoming environment are the qualities that businesswomen from the United Arab Emirates (UAE) look for when exploring investment opportunities in any country, including Malaysia.
The United Arab Emirates (UAE) is often associated with Dubai, billed as the financial and liberal capital of the Gulf. But behind this bright facade lies a shaky national identity, a rocky relationship with neighbouring Iran, and a long term political and less talked about military alliance with the US.
Haj Saeed Ahmed Lootah, Founder and Chairman of Al Islami and Lootah Group, spearheaded development of ‘Halal Food’ and ‘Islamic Banking’ in UAE. One such testament and model is ‘Al Islami Foods’ company, formerly known as Co-op Islami, established in 1981 which has become a leading trend-setter in the GCC’s processed halal food industry; and establishment of Dubai Islamic Bank.
President of the Abu Dhabi Business Women Council and chief operating officer of Al Jaber Group Fatima Al Jaber said Islamic finance and halal food were the two mutual areas that Malaysia and UAE could work together.
“There is a disconnect between the halal industry and Islamic financing, which is ironic since we’re working within the same religion, but are not talking to each other,” said Thomson Reuters head of Islamic finance (Asia) Rafiza Ghazali at a discussion on “Halal Economy” during the Islamic Financial Intelligence Summit.
With Dwolla, payments are made directly from your bank account. No credit or debit cards are allowed. And because they don’t exist in the system, we don’t have to bring the fees into the system. You can spend any amount of money and when you do that, the person on the other end doesn’t have to pay 1, 2, 3 or 4%. They only pay $0.25 a transaction.
Malaysia has raised the profile of Islamic finance, takaful and the halal industry, and, now, it must do the same to venture capital (VC). VC is an important emerging asset class that should contribute to the government’s objective of building a knowledge- based economy by 2020. There were several important takeaways from the recently concluded International Venture Capital Symposium 2011.
Demand for Islamic funds has risen in the past three to six months as the global economic slowdown prompted investors to seek alternative investments to help manage risk, according to Germain Birgen, Luxembourg-based global head of HSBC Amanah Securities. The unit will help set up more than 30 Sharia-compliant funds globally.
Pfizer has become the first multinational pharma investor to set up a wholly owned subsidiary. It is all part of the Saudi efforts to expand the healthcare sector. Because of restrictions on foreign-ownership of businesses, foreign investments in Saudi Arabia’s pharma sector have traditionally been limited to joint ventures with domestic firms. Now the development of economic “free zones” is changing that, and Pfizer of the US is one company taking advantage.
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