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OIC Economies
OIC wrap: Uzbekistan signs multiple agreements with ITFC

Here's a roundup of key developments across the OIC network during the two weeks of March

 

Editor's note: Trade appears to be the flavour of the month, with Egypt looking to boost trade alliances with GCC states of Saudi Arabia and Qatar.

 

In Central Asia, Uzbekistan is also gearing up with agreements worth $715m inked with the International Islamic Trade Finance Corporation. 

 

 

Trade Developments


Saudi Arabia / Egypt

Saudi Arabia's commitment to boosting trade ties with Egypt

During the 18th session of the Saudi-Egyptian Joint Committee, Minister of Commerce Dr. Majid Al-Qasabi emphasized Saudi Arabia's commitment to strengthening trade ties with Egypt.

 

The session aimed to bolster economic relations between the two nations. (Zawya)

 

Qatar

Qatar, Egypt joint supreme committee discusses cooperation in trade

The 5th session of the joint supreme committee between Qatar and Egypt convened in Doha, with Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani leading Qatar's delegation and Minister of Foreign Affairs Sameh Shoukry leading Egypt's.

 

Discussions centered on enhancing cooperation and development in areas such as trade, investment, diplomacy, social affairs, education, and youth.  (The Peninsula)

 

Malaysia

IsDB, Malaysia hold talks on deeper development ties

A delegation from the Islamic Development Bank (IsDB) Group met with Malaysian senior officials and stakeholders at an 'Open Day' for the 'Strategic Realignment Exercise' of the IsDB Center of Excellence in Kuala Lumpur.

 

The delegation was received by Seri Amir Hamzah Azizan, Minister of Finance II, and Johan Mahmood Merican, Secretary General of Treasury. (IsDB)

 

 

Investment


Uzbekistan
Tashkent hosts signing of agreements with International Islamic Trade Finance Corporation

During the Arab Coordination Group meeting in Tashkent, agreements worth $715 million were signed between the ministries of Uzbekistan and the International Islamic Trade Finance Corporation (ITFC).

 

The ITFC delegation is in Tashkent for discussions with Uzbek ministries, international organizations, and local banks. (Daryo)

Islamic Lifestyle
Wealthy Muslims look to purchase homes in Saudi holy cities

Wealthy Muslims are prepared to spend nearly $2 billion on purchasing homes in the holy cities of Makkah and Medinah, new research has found. 

Property consultancy Knight Frank surveyed just over 500 high-net-worth Muslims from nine Muslim-majority countries - Algeria, India, Indonesia, Iran, Iraq, Malaysia, Pakistan, Singapore and Turkey. 

The respondents collectively own more than 2,250 homes, with 29% already owning between 3-5 properties. 

The survey findings align with Saudi's announcement of new premium residency scheme to attract and retain foreign talent, including a premium visa for owners of property worth at least 4 million Saudi riyals. 

“The fact that 84% of global HNWI interested in purchasing in Saudi would like to do so in one of the holy cities underscores the depth of pent-up demand for home ownership from outside the country,” said Faisal Durrani, partner – head of research, MENA at Knight Frank. 

“And the demand appears to be genuine, with 48% of those looking to purchase a property in Makkah intending to use it as a main residence.”

The findings suggest that respondents - defined in the survey as individuals with a 'personal net worth of over $500,000, excluding the value of their main home - were most keen to purchase real estate in Makkah (30%), followed by Riyadh (25%) and Medinah (19%).

The wealthy Muslims surveyed allocated an average budget of $4.7 million for the purchase of a property in the holy cities. Nearly half (40%) of those considering Makkah for buying a home are prepared to spend upward of $5 million.

“The $4.7 million average Muslim global HNWI budgets for homes in the holy cities will undoubtedly give further impetus to the giga project developers, many of whom we expect will begin marketing homes from upwards of $1 million, which sits above the bulk of domestic Saudi budgets," said Durrani. 

One-fifth (22%) of wealthy Muslims surveyed are keen to complete a purchase this year, with a further 33% wanting to own a property in the kingdom in the next 12-24 months. 

The survey further revealed that two-thirds (66%) of those keen on owning a house in Makkah prefer to pay the full amount at the point of transaction, while 54% of the respondents considering Medinah for investment are keen to pay for the property in full at the time of purchase. 

Halal Industry
Halal industry wrap: Peru aims to become halal food exporter

Here's a roundup of key developments across the halal industry ecosystem during the first week of March

Editor's note: Good news for South American Muslims - Peru, home to epic landmarks, is now keen to become a halal food exporter.

Meanwhile, delivery app Zouq is looking to capture the Philippines market handsomely, by delivering halal food to Muslim Filipinos. 

 

Trade Development


Peru / Malaysia

Peru to leverage Malaysian halal certification for food exports

Peru targets becoming a halal food exporter following its halal certification from Malaysia.

 

Vice foreign trade minister Teresa Stella Mera Gomez reveals ongoing discussions with Malaysian authorities to leverage their expertise.

 

A memorandum of understanding is anticipated in the coming months to enhance Peru's agricultural industry amid efforts to reduce reliance on mining. (The Sun)

 

Bangladesh

D-8 CCI seeks more stake in global halal market

The D-8 Chambers of Commerce and Industry (D-8 CCI) unveils a five-year strategic plan to boost its presence in the global halal economy by 2029.

 

The members of the D-8 CCI are national chambers of commerce and industries of eight countries of D-8. These include Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. 

 

The D-8 CCI president highlighted the importance of standardization and the potential for countries like Bangladesh to contribute.

 

The roadmap was discussed during the organization's third general assembly, with Turkey and Malaysia currently leading in halal economy contributions among D-8 nations. (The Business Standard)

 

 

Company News


Philippines

Delivery app delivers halal food to your doorstep

Zouq, a halal food delivery app, is revolutionizing the halal dining experience for Muslim Filipinos and health-conscious consumers.

 

Unveiled by the NCMF-NCR in Quezon City, Zouq is set to bridge the gap between halal consumers and cuisine. (PIA GOV)

 

 

 

UPCOMING EVENTS :

Islamic Finance
Islamic finance wrap: CIMB Islamic, Petronas partner for Islamic commodity derivatives

Here's a roundup of key developments across the Islamic finance ecosystem during the first week of March

Editor's note: Islamic finance is stepping up the pace in Malaysia as two giants signed an agreement for Shariah-compliant commodity derivatives. 

UAE entities Bee'ah Group and Emirates Islamic partnered, too, to foster sustainable initiatives. 

 

Company News


Malaysia

An ECF site has launched a halal venture capital firm & accelerator

Ethis advances its mission of supporting halal enterprises by introducing HASAN, a venture capital accelerator initiative.

 

Umar Munshi, Ethis Group co-founder and HASAN managing partner, along with Mohamad Akhtaar bin Abdul Ghani, HASAN's head of accelerator and Investor Relations, elucidated on this development.  (Vulcan Post)

 

Oman

Alizz Islamic bank partners with Al Jabr MENA to nurture SMEs
Oman's Alizz Islamic Bank embarks on a year-long strategic partnership with Al Jabr MENA to foster SME growth through knowledge enrichment.

 

The formal signing of a memorandum of agreement  took place at Alizz Islamic Bank's Head Office in Wilayat Bawshar. (Zawya)

 

Malaysia

CIMB Islamic and Petronas sign agreement for Islamic commodity derivatives

CIMB Islamic Bank Bhd and Petronas have signed the inaugural Tahawwut Master Agreement (TMA) for Shariah-compliant commodity derivatives.

 

This agreement marks Petronas' entry into Shariah-compliant derivatives, positioning it as the first Malaysian corporation to utilize CIMB Islamic's instruments for Islamic energy commodity derivative trades. (The Star)

 

 

Event


Republic of Somaliland

African Islamic Finance Summit successfully concluded in Somaliland

The 11th African Islamic Finance Summit, organized by AlHuda Centre of Islamic Banking and Economics (CIBE) in collaboration with the Central Bank of Somaliland and the National Insurance Authority (NIA), took place on March 5, in Hargeisa, Somaliland.

 

The event garnered participation from industry leaders, scholars, and practitioners from Africa and beyond. (Zawya)

 

 

ESG Developments


UAE

BEEAH and Emirates Islamic sign landmark ESG Agreement

BEEAH Group and Emirates Islamic have forged a pioneering partnership in the UAE, focusing on sustainable initiatives.

 

This collaboration introduces an environmental, social, and governance (ESG) linked financing facility, emphasizing both entities' dedication to advancing environmental objectives.

 

The partnership aims to drive sustainable solutions across various sectors, including clean energy and waste management. (Emirates Islamic)

Halal Industry
Halal companies shine at Gulfood as they gear up to expand in Muslim markets

From non-alcoholic ale to halal Scotch lamb, the broad range of halal food and beverage products showcased at this year’s Gulfood reflects the growing importance of Muslim markets for global firms.

The latest edition of Gulfood concluded two weeks ago but the energy is still high as halal food producers capitalize on the interest generated at the Dubai trade show.

Some of the biggest names in the industry were present, including Saudi Arabian poultry producer Tanmiah, Brazilian food processor BRF, and UAE-based food and beverage heavyweight Agthia Group. 

Many smaller players were also present, such as Australia’s Green Grass Exports, which showcased the country’s halal goat meat, and Spanish family-run Costa Brava Mediterranean Foods, which participated with its halal lamb and beef meat products.

Innovative beverages

Gulfood 2024 was the largest in the trade show’s history, having grown from 65 exhibitors in its inaugural event in 1987 to more than 5,500 in its 29th edition.

The latest edition saw the introduction of innovative halal beverages. Dubai-based Midtown Factory, for example, launched its non-alcoholic craft Arabian ale Majlis, made and brewed in the UAE.

“We showcased exquisite products from the Majlis range - Majlis Original, Majlis Gluten-Free and Majlis Stout. Visitors to the exhibition were among the first to taste these new additions alongside our original ale,” the company said in a social media post.

The response was “phenomenal”, it added, with industry representatives from the Gulf region, Europe, and Canada expressing interest in collaborations. 

“We're discussing various partnership formats, including exporting our finished product and potentially setting up manufacturing facilities in partner countries.”

Belgium-based malt beverage manufacturer Martens Brewery also promoted its Belgian non-alcoholic and halal malt beverages in different flavours to Muslim consumers.

UK focus on halal lamb products

A highlight of this year’s Gulfood was the addition of halal Scotch lamb.

The product was introduced by Quality Meat Scotland (QMS), a government body that promotes Scottish red meat, and Woodhead Brothers. The latter became the first Scottish lamb processor to receive accreditation to supply to the Middle East market in December 2023, according to QMS. 

“Having sampled our products in early November, buyers in Dubai were delighted with the quality and flavour our range had to offer. As of today, we will mainly be supplying products into high-end food service, the leisure and tourist markets, and look forward to growing trade with other nations,” Scott Bradley, trading manager at Woodhead Brothers, said in November.

With the sheep meat production levels of the six Gulf Cooperation Countries (GCC) fulfilling only 66% of their consumption, QMS estimates the new market could have significant worth to the Scottish sheep industry. 

The UK Pavilion also featured grass-fed halal-certified lamb products from British food processer ABP UK. “We met a lot of new buyers from across the region and beyond and renewed our relationship with existing ones,” said Adil Khan, the company’s commercial consultant and founder of UAE-based trade specialist Crown Houze Events. 

Strong participation from Latin America

Meanwhile, Brazil, the world's largest exporter of halal meat, accounting for almost 28% of global halal exports, sent its biggest-ever delegation to Gulfood 2024.

As many as 117 companies across six pavilions, including three dedicated to animal protein, took part.

With the UAE ranked the 13th largest buyer of Brazilian agribusiness products, there was a waiting list of companies wanting to participate in this year’s Gulfood, according to the Brazilian Trade and Investment Promotion Agency (ApexBrasil), which is responsible for the delegation at Gulfood.

“Gulfood is a strategic event for the Brazilian poultry industry. Brazil is the world’s largest exporter of chicken meat, and nearly half of its shipments are halal products, making our sector the largest exporter of poultry products to Islamic nations,” Ricardo Santin, president of the Brazilian Association of Animal Protein, told Arab News.

By the end of the trade show, Brazilian companies had closed business deals worth an estimated $4.5 billion, according to Apex-Brasil, surpassing the agency’s projections of $3 billion.

Furthermore, Abu Dhabi Food Hub - a trading and logistics hub - and the Arab Brazilian Chamber of Commerce signed a memorandum of understanding during Gulfood to strengthen food trade from Brazil to the UAE and the region.

Under the agreement, which is part of the Halal do Brasil initiative, Abu Dhabi Food hub will be enabling Brazilian businesses to tap into the region’s booming halal market. 

Argentinian halal-certified beef also took centre stage at Gulfood, with the Argentine Beef Promotion Institute (IPCVA) bringing together 13 meat-exporting companies at its pavilion. 

The exhibitors saw interest from buyers from many Arab countries, including Saudi Arabia, Egypt, Qatar, Lebanon, Iraq, Libya, and UAE. As such, IPCVA expects to see exports with halal certification grow in the coming months. 

Mariano Durán, foreign trade executive at Compañía Bernal, one of Argentina’s largest beef processing companies and an exhibitor at Gulfood, noted that in 2022, Muslim consumer expenditure on food represented 12% of global food expenditure. 

Given the size of the halal food market, most of Argentina’s meat-exporting companies attended the trade show in Dubai, with their sights set on expanding to markets such as the Middle East and Asia, as well as the Muslim market that is not geographically limited to these regions.
 
Halal certifiers play crucial role

With more companies seeking halal certification to access Muslim markets, Brazil’s two biggest halal certifiers, the Federation of Muslim Associations in Brazil (FAMBRAS) and CDIAL Halal, ensured their presence at Gulfood.

The certifiers focused on expanding halal business opportunities for companies to help place more of their products on international shelves, especially in Muslim markets.

During the trade show, FAMBRAS’ certifying team met with executives from the Brazilian beef exporters association (ABIEC), which is responsible for 98% of the country's beef traded in international markets, and the national association of poultry production and exports in Brazil (ABPA), among others.

Meanwhile, CDIAL Halal helped facilitate meetings between companies such as Brazilian egg specialists Netto Alimentos, and high-level representatives from various organizations, including the Ministry of Investment of Saudi Arabia and the kingdom’s Halal Products Development Company.

Asian countries highlight their halal potential

The Philippines and Taiwan - two non-Muslim majority countries - both put the spotlight on their halal offerings at Gulfood. 

For example, Taiwan Pavilion’s 15 exhibitors promoted foods and beverages that were all halal certified. Some of them had done business in the region for years, while others, such as Mayushan Foods Co., a producer of rice bran and roasted wheat flour, were looking to break into the Middle East market.

The pavilion was set up by the Taiwan External Trade Development Council (TAITRA) and the Kaohsiung City Farmers' Association, with Wu Yo-ting, a specialist with Dakwah Halal Foundation Taiwan, heading TAITRA’s delegation. 

Dakwah, established by Taiwan’s government in 2017 and entrusted to TAITRA, reflects the East Asian country’s strategic approach to serving the halal market. The foundation aims to assist Taiwanese manufacturers in producing halal-certified foods that can be marketed to the vast Muslim communities.

The Philippines, on the other hand, continued to solidify its position in the competitive halal marketplace, with 25 companies showcasing their halal-certified food products at the trade show.

Miguel Kyan Aman, CEO of Miguilitos Ice Cream, which was among the exhibitors, told the Filipino Times that they were pushing to become the number one soft-serve ice-cream in the Philippines. “It’s halal and vegan, with plans to expand into the Middle East.”

Despite a predominantly Catholic population, the Philippines aims to expand its domestic halal industry.

In January 2024, the country’s Department of Trade and Industry (DTI) introduced a four-year plan for the development of the halal industry with a goal to attract 230 billion pesos in investments and create 120,000 jobs by 2028.

This comes after the Philippines generated over 50 million pesos in export sales following its participation in Gulfood 2023, according to DTI.

Overall, products with halal certification had a much greater sales potential at Gulfood, Linas Klimavicius, director of the Lithuanian Trade Office, said.

“The UAE presents a great potential as an export market for many categories; however, aligning with the right partner will make all the difference in one’s ability to scale and to do so quickly,” he noted.

“Dubai can and should be used as a trampoline to reach the rest of the GCC states.”
 

Islamic Lifestyle
Five apps to help Muslims stay focused in Ramadan

With Ramadan approaching, many Muslims around the world turn to technology to help them prepare for the blessed month.

From tracking prayer times and Qur'an recitation to setting personal goals and finding inspiration, mobile apps offer a range of features to help make the most of the month.

Here are five apps - in no order of preference - that can help you enhance your Ramadan experience.

1) Pillars

Pillars is a privacy-focused app that offers a range of useful features. The app provides five daily prayer times, a Qibla compass, prayer notifications, and a prayer tracker, all while prioritizing user privacy and security.

The app does not collect any personal data or track user behavior, ensuring that users can use the app with peace of mind. Additionally, Pillars is completely ad-free, providing an uninterrupted and streamlined user experience.

The app's interface is clean and user-friendly, with a minimalist design that makes it easy to navigate.

2) Tarteel AI

Tarteel AI is an innovative app designed to help users memorize the Qur'an through interactive recitation. The app uses artificial intelligence to listen to the user's recitation and provide real-time feedback.

Tarteel AI analyzes the user's recitation and highlights any mistakes or areas for improvement, making it a powerful memorization and recitation tool. 

The app's interface is clean and intuitive, with a simple design. Users can select the Surah (Quranic chapter) they wish to memorize and start reciting, with the app providing feedback as they progress.

The app also tracks progress over time, allowing users to see their improvement and stay motivated.

3) Dhikr & Dua

Dhikr & Dua app is a comprehensive tool for Muslims looking to incorporate daily dhikr and duas into their routine. The app features a wide range of supplications for various occasions, making it easy for users to find the right prayer for any situation.

With a user-friendly interface the app is well-organized and easy to navigate, with dhikr and duas categorized by occasion and topic. Users can also search for specific duas and save their favorites for easy access later.

In addition to its extensive collection of prayers, the app also provides audio recitations of each supplication, allowing users to listen and learn the proper pronunciation.

The app also tracks user progress, providing statistics on the number of dhikr and duas completed over time.

4) Quranly

Quranly app is a unique Qur'an reading app that focuses on building habits and establishing a consistent reading routine.

Unlike other Qur'an apps that simply provide the text of the Qur'an, Quranly is designed to help users develop a daily reading habit and track their progress over time.

The app encourages users to set daily reading goals and provides reminders and motivation to help them stay on track. It also tracks user progress, showing the number of days in a row they have read and the total amount of time spent reading.

The Hasanat counter tracks the number of "hasanat" (rewards for good deeds) that users earn by reading the Qur'an, with different rewards assigned for reading different amounts.

The app offers multiple translations and recitations, as well as the ability to bookmark and take notes.

5) Qariah

Qariah is an app that celebrates and promotes the role of women as reciters of the Qur'an.

Designed specifically for females, it provides a platform to learn from and connect with more than 60 women Quran reciters from diverse cultures and countries.

Its aim is to inspire women worldwide to pursue Quranic understanding, memorization, and recitation.

Halal Industry
Alshaya lays off Starbucks MENA employees amid Gaza crisis

Kuwait’s Alshaya Group plans to lay off workers at its Starbucks outlets after the coffee brand took a hit linked to the Gaza war. 

Calls for disengagement dealt a serious blow to Starbucks’ business since the start of the Israel-Gaza conflict, for its perceived pro-Israel stance. 

“As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very difficult decision to reduce the number of colleagues in our Starbucks MENA stores,” an Alshaya Group spokesperson told Salaam Gateway.  

“We will ensure that we give our colleagues leaving the business, and their families, the support they need.”

Alshaya did not confirm the number of employees that would be released but according to a Reuters report this week, the retail giant plans to cut more than 2,000 jobs. According to earlier reports, it was in talks to sell a minority stake in the Starbucks regional business. 

Alshaya Group, headquartered in Kuwait, has been a licensed partner for Starbucks in MENA for more than 25 years. It operates over 1,300 coffee shops and employs 11,000 workers. 

“We are committed to the region, and we look forward to continuing to grow our business for many more years serving our customers,” the company said.

In January, Starbucks revised its sales forecast for 2024, expecting its full year comparable sales – both globally and in the US – to grow between 4% and 6%, from the previous range of 5% to 7% growth. 

“Beginning in mid-November, while our business continued to grow, the growth rate was impacted by three unexpected factors. First, we saw a negative impact to our business in the Middle East. Second, events in the Middle East also had an impact in the US, driven by misperceptions about our position,” said Starbucks CEO Laxman Narasimhan at the Q1 2024 Earnings Call. 

Starbucks forms part of a large group of Western brands that have suffered from consumer calls to shun them. 

Americana Restaurants International, operator of brands including KFC, Hardee’s, Pizza Hut, TGI Friday’s and Krispy Kreme, slashed almost 100 jobs in an internal restructuring, most of which were at the company’s Dubai headquarters, according to a January Bloomberg report. Its revenue fell 15% percent year-on-year in the last three months of 2023, while profit, too, was also down by nearly half. 

In a note published on LinkedIn beginning January, Chris Kempczinski, president, and chief executive officer at McDonald's Corporation, recognised that several markets in the Middle East and some outside the region were experiencing a “meaningful business impact” due to the war and associated misinformation. 

Islamic Finance
Qatar’s $1bn fund to prioritise tech growth 

Qatar Investment Authority (QIA) looks to launch the country’s first venture capital (VC) fund to invest more than $1 billion in regional and international VC funds. 

The ‘Fund of Funds’ program will aim to attract international VC funds and entrepreneurs to Qatar and the wider GCC region, bringing 'deep VC and start-up expertise', the sovereign wealth fund said in a statement.

The investment program will prioritise the tech sector, including fintech, edtech and the healthcare sector. 

“There is currently no dedicated pool of capital in Qatar for companies that are past seed funding and are ready for Series A to Series C funding rounds,” said QIA chief executive Mansoor Ebrahim Al-Mahmoud. 

“QIA is launching this program to help ensure that innovative businesses can readily access capital and support from VC funds, enabling them to scale operations and expand market presence in Qatar, across the GCC, and ultimately onto the international stage."

The fund will primarily invest indirectly via other VC funds. It will make targeted co-investments with participating funds, and will not invest in private equity, debt, or any other funds.

International, regional, and emerging local fund managers will be part of the program, as the initiative looks to accelerates the development of Qatar's VC landscape. 

Fund managers that wish to raise funds will need to show a commitment to Qatar and be set to play an active role in the GCC's VC and start-up ecosystem. 

Last August, Saudi Arabia's Crown Prince Mohammed bin Salman launched a $200 million fund to invest in local and international high-tech companies. The kingdom announced more than $9 billion worth of investments in its tech sector at the LEAP event held last February. 

Months later, Dubai Integrated Economic Zones Authority unveiled a $136 million (500 million dirhams) VC fund to finance technology startups to supports the objectives outlined in the Dubai Economic Agenda, D33.

Abu Dhabi sovereign fund Mubadala also announced last month that it will invest significant capital into artificial intelligence and space tech in 2024. 


Events & Courses

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