Australian Islamic financial services provider Hejaz has launched a financial app to offer Shariah-compliant financial services to the country’s growing Muslim community.

The Halal Money app provides features tailored to the needs of Muslim investors, including Sharia-compliant superannuation services, home loans, auto finance and exchange traded funds (ETFs) that would otherwise be forbidden.

Hejaz has teamed up with Bahrain’s ruling family to launch a regional HQ in Bahrain, in tandem with the Australian launch. 

The move facilitates Hejaz's expansion into the UK and European markets, leveraging Bahrain as a springboard for its global growth, the company said in a statement. 

Currently, two billion Muslims worldwide hold $4.5 trillion in assets yet face slim pickings in terms of investment options with financial institutions that offer Shariah-compliant services. 

Muslims comprise 3.2% of Australia’s approximately 25.5 million people in 2021, according to the country’s latest census data. 

“The Muslim community, like all other communities globally, must be empowered to have values-aligned access to finances, payment infrastructure, and investment opportunities. And yet this growing global market has been underserviced in this regard for decades, including in Australia,” said Hakan Ozyon, founder and CEO of Hejaz Group.  

The platform aims to democratise access to halal investments and provide a user-friendly interface for managing Islamic finance portfolios in one single app, he added. 

“We’re not like the big four banks that have a million apps for every service they offer, with the Hejaz app you can spend, invest and save, all in one.”
 

Islamic finance, as an industry, often finds itself at a crossroads. While there is much to celebrate -  double-digit growth and the establishment of a global trillion-dollar industry - there is also a need for honest introspection.

Too often, Islamic finance insiders dwell on external barriers: regulators, the global riba (interest-based) system, or the so-called “conventional” competition. These were valid concerns during the foundational years of modern Islamic finance (1970s–1990s). 

Today, however, such rhetoric risks are becoming an excuse for stagnation and complacency. Many conventional financial institutions and financial technology (fintech) companies have solved financial service challenges while adhering to principles far more aligned with the ethos of Islam than the Islamic finance industry has managed.

Yet, my critique comes from a place of deep belief. 

Islamic finance, at its core, is more than an alternative system to conventional finance. It is a mission-driven endeavour rooted in divine guidance, embodying justice, inclusivity, and sustainability. 

The Qur’an repeatedly emphasises these values while cautioning excess, extravagance and hoarding:

“Cooperate with one another in goodness and righteousness, and do not cooperate in sin and transgression.” (Al Qur’an, 5:2)

The Sharīʿah, as a socio-legal and ethical framework, seeks to ensure shared prosperity and justice. Yet, the disconnect between these principles and their application in modern Islamic finance is glaring. Even without accounting for the undisclosed private wealth of the Muslim ultra-rich stashed away in tax havens such as Switzerland or Singapore, there is a major inequality problem. 

The top 5 countries, as measured by total Islamic finance assets such as Saudi Arabia and Malaysia, represented ~81% of the total industry in 2022. None of the five countries with the largest Muslim nations such as Indonesia and Pakistan feature among the top Islamic finance centres. 

The data is clear, Islamic finance is primarily for and used by the wealthiest Muslims. This divergence must be rectified.

Rethinking Islamic finance in Australia
While a significantly smaller and more recent market, Australia’s Islamic finance sector exemplifies some of these challenges.

Australia has lagged more innovative Islamic finance markets like the United Kingdom, the United States and Singapore, where product diversity, robust institutions, and community foundations thrive.

In my reflections on the root causes for the obstacles to a flourishing Australia Islamic finance market, three things jump out:

Right products: Proliferation of “packaged” products
Islamic finance products are often packaged as “Shari’ah-compliant” without a wholesale bottom-up, comprehensive solution. For instance, many Islamic home loans are processed by brokers who repackage interest-bearing contracts from wholesale funders and banks under Shari’ah-approved structures. 

This “middleman” approach where the mortgage broker stands to make windfall risk-free brokerage fees leads to higher financing costs, longer processing times, and opaque pricing.

If we truly aspire to develop sustainable solutions, why haven’t we developed Shari’ah-compliant models like Brighte (green financing), Athena (home financing) or Prospa (business financing) who reimagined financial intermediation using digital innovations? 

Moreover, we need to develop upstream funding markets with securitisation and warehouse funding to create fixed income investment opportunities via sukuk issuances.

Right governance structures: Licensing and regulation
The proliferation of unprofessional, poorly structured schemes has undermined trust in Islamic finance. Reports of financial scandals and collapses highlight the risks of inadequate governance. Establishing properly licensed, well-regulated institutions is expensive and more challenging to launch but non-negotiable for the sector’s credibility and stakeholder protections. 

Right education: Going beyond halal
The assumption that labelling something “halal” will attract customers is fading.

Customers demand competitive, user-centric and value-driven products, especially Millennials and Gen Z customers. For example, there is blind faith in the property market – something that was unfortunately to the detriment of investors in the $200 million Qartaba Homes project who didn’t understand the liquidity and development risks. Over the past 30 years, real estate in Australia has appreciated at an average growth rate of 6.4% (before ownership costs). 

Meanwhile, the S&P 500 has achieved 9.9% over the same period. Over-reliance property investing diverts resources from critical areas like business financing, entrepreneurship and agriculture.

Opportunities for transformation
To bridge these gaps, the Australian Muslim community must work collectively across educational, religious, non-profit and corporate segments to:

1.    Develop talent
We lack tier-1 Islamic financial institutions to train the next generation of financial managers and entrepreneurs. In their midst, encouraging bright minds - particularly women - to pursue careers in finance, albeit with conventional financial institutions is critical. We need to address the stigma with working in finance and counter the unjustified emphasis on medicine, engineering and law that attracts the brightest young minds. Leaders in finance must also step up, taking lucrative pay cuts with new ventures if necessary to build enduring community-focused institutions.

2.    Embrace innovation
Rather than replicating conventional products, we should focus on disruptive models. Take Afterpay, which transformed point-of-sale consumer finance without requiring credit scores (using a trade-based murabaha financing model). Islamic finance needs bold thinking to address systematic financial service gaps.

3.    Educate consumers
Misconceptions about Islamic finance abound. Many believe it prohibits debt outright, ignoring nuanced Islamic rulings. 
Additionally, long-term investment vehicles like awqaf (endowments) or private credit remain underutilised compared to property funds and home financing. Effective consumer education is vital to empower communities and redirect resources toward long-term, impactful initiatives.

Inspiration and progress
Despite its challenges, Islamic finance is evolving. Across the globe, visionary leaders are pushing boundaries in partnership with conventional institutions.

For example, the US recently welcomed its first Islamic bank, Stearns Salaam Bank, incubated by a 110+ year-old institution committed to financial inclusion. 

The initial spark? The large under-served Somali Muslim community in Minnesota.  In Saudi Arabia, the Islamic Development Bank has pioneered blockchain-enabled systems to stabilise prices of assets traded on organised markets with SettleMint. At Wholesum, we are trying to offer a genuinely innovative investment product – passive income investing that pays monthly profit distributions from financing a global pool of small and medium-sized businesses (SMEs). 

The World Bank estimates that SME financing is key to socio-economic development and face a $5.2 trillion annual funding gap. These success stories highlight what’s possible when we embrace innovation and systematic thinking.

We must reframe Islamic finance not as an exercise in fear—avoiding riba out of concern for punishment—but as a vehicle for building a just, inclusive financial system. With inspiration from the Shari’ah, and a coalition of like-minded partners, we can develop products and services that are truly impactful and competitive.

Dr. Tanvir Ahmed Uddin is the founder and CEO of Invest Wholesum

Note: This editorial reflects the personal views of the author and does not represent the views of Wholesum, Wholesum’s affiliates or any other organisation that the author has associated with currently or in the past.

Hong Kong is steadily accommodating Muslim visitors as it seeks to attract additional travellers from the Middle East and Southeast Asian regions. However, critical gaps need to be addressed before the city can fully establish itself as a Muslim-friendly tourist destination.

Hong Kong has made notable strides in becoming more Muslim-friendly over the past two years, expanding its halal dining options and increasing the availability of prayer facilities throughout the city.

The number of halal-certified restaurants in the city has surged to 142, up from just 63 in 2022. By the end of 2025, the Incorporated Trustees of the Islamic Community Fund (also known as the Board of Trustees, or BOT) aims to certify over 500 halal establishments.

To support this goal, an enhanced halal certification system is being introduced, says Nixie Lam, BOT advisor and a legislative council member from the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), the city's largest political party.

“Since July 2024, the Hong Kong Tourism Board (HKTB) in collaboration with BOT and Crescent Rating, has adopted a set of classification, standards, and assessment criteria for halal certification that meet international standards and suit Hong Kong's actual situation, covering restaurants, hotels, attractions, shopping malls, and MICE venues,” Lam tells Salaam Gateway.

Halal dining options in Hong Kong are on the rise, with Middle Eastern, Indian, and Malaysian cuisines now widely available in popular districts like Tsim Sha Tsui, Central, and Wan Chai. Notably, the Islamic Centre Canteen offers the city's only halal Cantonese dishes, while Toast Box became Hong Kong's first halal-certified Singaporean restaurant last August.

“Muslim travellers can easily access information about halal restaurants through the HKTB or halal travel websites. Also, many establishments prominently display the halal certification logo to attract Muslim customers,” says Sharifa Leung, founder of 3 Hani Enterprises, a Hong Kong-based halal consultancy which has guided many businesses, including Toast Box.

Top-tier support 

Hong Kong has intensified efforts to cultivate a Muslim-friendly tourism environment following Chief Executive John Lee’s 2024 Policy Address, where he highlighted the importance of supporting Muslim visitors. Among his proposals were the introduction of Arabic language services in taxis and at the airport, the creation of halal restaurant lists, and the establishment of prayer facilities in hotels. 

HKTB has also compiled a range of travel information and tips for Muslim visitors on its website and has been actively promoting the city in the Middle East and Southeast Asia.

The focus on providing Arabic signage in taxis and at the airport may be unnecessary, as most Arab travellers can read and speak English, Ilnur Minakhmetov, a Hong Kong-based educator, public advocate, and cultural ambassador tells Salaam Gateway.

“Instead of focusing on Arabic signage, it would be more meaningful to have banners and signs wishing ‘Eid Mubarak’, which I have seen in other places but have yet to encounter during my time here,” he says. “Before suggesting that taxi drivers learn basic phrases in Arabic, shouldn’t we prioritize improving their English skills?” 

Additionally, DAB is organizing a recruitment day to train more Muslim tour guides, equipping them with the language skills needed to better serve tourists and business travelers, according to Lam. 

The political party also plans to propose the introduction of Ramadan food fairs and cultural festivals to raise awareness of Muslim traditions among the wider public.

Organizing markets and light displays during the holy month, particularly in vibrant areas like Park Lane Shopper’s Boulevard, would not only attract more Muslim visitors to Hong Kong but also create memorable photo opportunities at night, suggests Minakhmetov. 

Plugging key gaps

Despite growing demand, the number of halal-certified dining establishments still falls short of meeting the needs of the city’s increasing Muslim tourist population, according to Leung. 

Halal-certified restaurants make up a paltry 1.9% of the city's 17,500 eateries, with most located in major metropolitan areas. 

When it comes to hotels, 21 establishments have received the Muslim-friendly Crescent Rating as of October, including international brands like Kowloon Shangri-La and Mira Hong Kong, says Lam. These account for only 6.5% of the city’s 321 hotels. 

Additionally, recreational facilities that prioritize privacy - such as gender-segregated swimming hours - remain relatively uncommon.

“Throughout my 13 years in Hong Kong, I have not encountered prayer mats or Qibla direction indicators in hotel rooms. For instance, during a recent function at the Island Shangri-La Hotel, I had to pray in a corridor where guests regularly passed by,” adds Minakhmetov.

There is much to be done. “Currently, only one halal café can be found at Hong Kong International Airport, and the prayer room is not easily accessible. Furthermore, airport lounges do not offer halal food options. In local hotels, the buffet offerings are not halal, and there is not a single prayer room available. Also, none of the shopping centres have prayer rooms, which is common practice in other regions,” says Minakhmetov.

Despite being one of the world's most visited destinations, Hong Kong may not be the first choice for Muslim visitors, largely due to a lack of convenient prayer facilities and a limited selection of halal cuisine, says Leung. With a Muslim population of around 300,000, the city has only five mosques and 43 prayer rooms, some of which are located at major tourist attractions like Hong Kong Disneyland and Ocean Park.

“In Japan's major cities, for example, I found prayer rooms and ablution facilities conveniently located within shopping centers,” says Leung.

“Increasing the availability of wudhu-friendly washrooms in Hong Kong is essential. Some locations provide prayer rooms without ablution facilities, which indicates a lack of understanding of Islamic culture and fails to meet the faith-based needs of Muslim visitors.”

3 Hani Enterprises recently received inquiries from both the Hong Kong Convention and Exhibition Centre and Ocean Park about the installation of ablution facilities. “We see this as a positive step and hope that more tourist attractions and shopping centers will follow suit by offering suitable prayer rooms and ablution facilities,” says Leung.

Viable steps

The Muslim population is projected to increase from 2.12 billion in 2024 to 2.47 billion in 2034, according to the Mastercard-CrescentRating Global Muslim Travel Index 2024. Given the sizeable opportunity that awaits the city, there is much ground to cover. 

Hong Kong could learn valuable lessons from cities with well-developed Muslim-friendly tourism infrastructure, such as Shenzhen in southeastern China and his hometown of Kazan in Russia, adds Minakhmetov. 

He further advocates for the establishment of a dedicated task force to enhance Hong Kong’s appeal to Muslim tourists. The lack of Muslims working in tourism-related government departments means many businesses still don’t fully understand what halal entails or recognise Islam as the world’s fastest-growing religion, he adds. 

Leung shares a similar perspective, noting that the shortage of trained halal auditors and executives in Hong Kong hampers the city’s ability to cater to Muslim visitors effectively.

“At present, not a single Muslim is employed by HKTB or InvestHK,” Minakhmetov points out.

“How can Hong Kong market itself as a Muslim-friendly destination without people who are knowledgeable about Islamic culture, traditions, and lifestyles? This situation needs to change.” 

The Islamic economy has emerged as a powerful force in an ever-evolving global landscape. It is shaped by the principles of Shariah and driven by a quest for inclusive growth, ethical investments, and sustainable development.

Among the nations contributing to this dynamic sector, Malaysia has consistently set the benchmark, securing the top position in The Global Islamic Economy Indicator (GIEI) for ten consecutive years since the report's inception in 2013, surpassing countries with larger export volumes.

2024 marks a momentous occasion for Malaysia as it celebrates the Golden Jubilee of Halal Malaysia, the nation's halal certification registered trademark renowned globally. This milestone signifies 50 years of unwavering dedication and commitment to Halalan Toyyiban (lawful good things), assuring quality and integrity in products for consumers worldwide and upholding the principles of excellence (Itqan) and integrity (Nazaha).

Far from solely focusing on economic gain, this journey has profoundly shaped Malaysia's identity, establishing it as a global leader and trusted voice in halal certification and standards.

Contributions to global halal certification
Halal certification in Malaysia began in 1974 when the monarch and government recognised the need to regulate and ensure the integrity of halal products. This initiative aimed to protect Muslim consumers' rights and provide assurance that the products they consumed adhered to Islamic laws.

Halal Malaysia's journey began not with meat products but with certification for cooking oil made from Malaysian palm oil, highlighting the nation's early understanding of the vast scope and potential of the halal market.

Over the years, the halal certification process has evolved, becoming more rigorous and encompassing a more comprehensive range of products and services. This has established Malaysia as the global leader in halal standards and certification. 

Halal pharmaceuticals: A paradigm shift
Coincidentally, 2024 also marks the 25th year since the first Halal Malaysia certification was issued for vitamins and health supplements manufactured by a local large corporation pharmaceutical manufacturer in Malaysia. This milestone is a testament to Malaysia's pioneering role in the halal pharmaceuticals sector.

The introduction of halal-certified pharmaceuticals, supported by the world’s first ISO-level Halal Pharmaceuticals Standard MS2424, has revolutionised the industry domestically and internationally, aligning it with Halal Malaysia's principles of integrity and excellence.

It is a commendable breakthrough, marking a paradigm shift in mindset since health often falls under the “Dharurah” situation, where halal status is not the primary concern for consumption by Muslims. It also paves the way for a more inclusive and accessible halal market.

The Halal Malaysia journey paved the way for this game-changing mode in the pharmaceutical industry by creating a rigorous and trustworthy certification process that mirrors the stringent requirements of conventional pharmaceutical regulations.

Just as the pharmaceutical industry follows continuous improvement or Kaizen methodologies to enhance product quality and safety, halal certification adds an extra layer of assurance, emphasising purity and compliance with Islamic law. In return, the learnings from “Pharmaceutical Quality by Design” (QbD) led to the conceptualisation of Halal Built-In.

Pharmaceuticals certified with Halal Malaysia provide double assurance for consumers, Muslims and non-Muslims alike. Before applying for halal certification, pharmaceutical products must fulfil the registration requirements (GMP-Pharmaceuticals) of and be duly registered with the Ministry of Health Malaysia (MOH).

This dual approval process by two authoritative bodies, MOH (for Toyyiban aspects – safe, effective, high quality and hygienically processed) and JAKIM (halal aspects), offers consumers unparalleled peace of mind.

Next 50 Years: A future of continuous excellence
The Golden Jubilee of Halal Malaysia is not just a celebration of past achievements but a resounding commitment to the future that values integrity, excellence, and trust. Malaysia's legacy of halal excellence, built on a foundation of solid governance, stakeholder collaboration, and deep respect for Halalan Toyyiban principles, positions it as a beacon of halal excellence to lead the industry towards a future of sustainable and inclusive growth.

Malaysia recognises the growing importance of sustainability in the global halal market. Therefore, it has endeavoured to incorporate sustainable halal practices throughout the value chain. This includes encouraging the adoption of eco-friendly production methods, responsible ingredient sourcing, and reducing waste and emissions. By championing sustainable halal practices, Malaysia aims to create a more ethical and environmentally responsible halal industry that benefits both people and the planet.

As Malaysia continues to pioneer and innovate relentlessly, underscoring the transformative impact of Malaysia's halal certification, it will undoubtedly shape and inspire the future of the global Islamic economy, benefiting the Ummah and the world at large for decades to come.

Roziatul Akmam Osman is a halal subject matter expert and is the recipient of the Halal Malaysia industry lifetime achievement award 

Malaysia and Kyrgyzstan have signed a memorandum of understanding (MoU) to foster a robust halal ecosystem.

The preliminary agreement between the Halal Development Corporation Berhad (HDC) and the State Institution Centre for the Development of Halal Industry, aims to strengthen bilateral relations through cooperation in halal initiatives. 

The agreement also looks to shore up greater trade and investment activities, and offer wider market access opportunities for halal industry players across both nations. 

Both entities will leverage expertise to foster a robust halal ecosystem, and collaborate in areas covering knowledge sharing and information exchange on halal markets, opportunities, products, and services between Kyrgyzstan and Malaysia.

It will also include co-organization of events, seminars, workshops, and training initiatives to enhance stakeholder awareness of halal practices, regulations, and business opportunities. 
 

Ukraine plans to open two additional halal hubs supported by Malaysia, a government official has said. 

Currently, the country has one halal hub certified by the Department of Islamic Development Malaysia (JAKIM). 

Denys Mykhailiuk, Charges d’ Affaires and interim of the Ukraine embassy in Malaysia said that discussions have taken place with Malaysia to ensure that halal certification in Ukraine would be recognised by Malaysian authorities, Malaysia state-run news agency Bernama reported. 

“Ukraine exports products to traditional markets such as North Africa and Gulf Cooperation Council, which demands halal certification.” 

“This is very vital because every Ukrainian product which will be certified with JAKIM will have Malaysian certification, so it is direct marketing for Malaysia.” 

Defence collaboration 

Ukraine’s deputy economy minister, Taras Kachka has said that the country views Malaysia as a key entry point for expanding collaborations in the ASEAN region’s unmanned aerial vehicle (UAV) and drone sectors. 

Malaysia is the most advanced in ASEAN regarding infrastructure, semiconductor spare parts supply and skilled manpower, Kachka said, adding that discussions on potential collaborations are ongoing between companies from both nations. 

Kachka was on a working visit to Malaysia where he co-chaired the Malaysia-Ukraine joint trade committee meeting. 

“The usage of UAVs in Ukraine is so high that it grabs all the engineers’ resources, that is why the knowledge developed in Ukraine is used in Malaysia. That is why we are going to support the cooperation in this area since we need strong supply chains of spare parts."

Malaysian companies have shown a strong interest in UAV technology, particularly for border surveillance in dense jungle areas, which are challenging to patrol with manpower alone. 

Here's a roundup of key developments across the OIC ecosystem during the month of October

Editor's note: Agreements and collaborations have kept the GCC region humming. The UAE concluded negotiations for a free-trade agreement with Malaysia, in an attempt to reduce tariffs, trade barriers and boost private sector cooperation. The GCC state is also exploring investment opportunities in Uzbekistan.

Meanwhile, Saudi is reviewing trade and investment prospects with Egypt, and is looking to enhance its trade partnership with Oman. 

Trade Developments

Saudi Arabia / Egypt

Egypt, Saudi explore opportunities to boost trade, investments

Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, met with Saudi Arabia’s Deputy of the General Authority for Foreign Trade, Abdulaziz Al-Sukran, to explore strategies for boosting economic cooperation between the two nations.

El-Khatib highlighted the strong bilateral relationship and the potential to significantly increase trade and joint investments. He commended the efforts of Saudi officials in securing an investment protection agreement. (Zawya)

UAE / Malaysia

UAE, Malaysia conclude negotiations towards CEPA

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Malaysia’s Minister of Investment, Trade and Industry, Zafrul Aziz, announced the completion of negotiations for a comprehensive economic partnership agreement (CEPA) between the two countries.

The deal aims to reduce tariffs, remove trade barriers, and boost private sector cooperation. In 2023, bilateral non-oil trade reached over $4.9 billion, with a 7% increase in early 2024. (Zawya)

Saudi Arabia / Oman

Saudi Arabia, Oman to enhance trade and economic partnership

Saudi Arabia and Oman discussed strengthening their economic partnership, with trade between the two nations reaching 36.8 billion Saudi riyals and Saudi exports to Oman totaling 22.5 billion Saudi riyals.

The discussions occurred during Omani Minister of Economy Dr. Said Al-Saqri's visit to the kingdom, where he met with Saudi Minister of Commerce Dr. Majed Al-Qasabi. The meeting highlighted efforts by GCC countries to boost regional and external trade. (Saudi Gazette)

Qatar / Uzbekistan

Qatar, Uzbekistan chambers discuss enhancing commercial ties

Qatar Chamber’s first vice-chairman, Mohamed bin Towar al-Kuwari, met with Uzbekistan Chamber of Commerce and Industry deputy chairman, Safarov Umidbek Akbarovich, to discuss enhancing cooperation and boosting trade between the two countries.

The meeting explored investment climates and partnership opportunities for Qatari and Uzbek business owners. Al-Kuwari emphasized Qatari businessmen’s interest in Uzbekistan and the chamber’s commitment to encouraging joint ventures. (Gulf Times)

Qatar / Tajikistan

Qatar, Tajikistan review trade, investment ties

Qatar's Minister of Commerce and Industry met with representatives from Tajikistan, Pakistan, and Iran, discussing enhanced cooperation in trade, investment, and industry.

The meetings were held in conjunction with the Asian Cooperation Dialogue's forum.

The focus was on supporting and developing these sectors, with exchanges on the forum's agenda topics. (Zawya)

Kuwait / Oman

Kuwait, Oman sign preliminary agreements in various fields

Kuwait and Oman have signed nine memoranda of understanding and executive programs across multiple sectors, according to Kuwaiti foreign minister Abdullah Al-Yahya.

The agreements were finalized during an official visit by Oman’s minister of foreign affairs, Bader Al-Buseidi, to Kuwait, marking the tenth session of the Kuwait-Oman Joint Committee. (Zawya)

Qatar / Algeria

Qatar-Algeria business meet to strengthen partnerships 
Mohamed bin Hassan Al Malki, undersecretary of the ministry of Commerce and Industry, highlighted the strong ties between Qatar and Algeria, noting cooperation agreements and successful joint investments that have deepened bilateral collaboration.

His remarks were made at the Qatar-Algeria Business Meeting, organized by the Qatar Chamber in partnership with the Algerian Chamber of Commerce and Industry. (Zawya)

UAE / Uzbekistan

UAE trade delegation explores investment opportunities in Uzbekistan

A UAE trade delegation, led by Dr. Ali Saeed bin Harmal Al Dhaheri, first Vice Chairman of the Abu Dhabi Chamber of Commerce and Industry, engaged in discussions to foster commercial partnerships with Uzbek business leaders and investors.

The meetings occurred during the UAE-Uzbekistan Business Forum held in Tashkent from October 14 to 16, bringing together 200 public and private sector representatives.  (Middle East Economy)

Investment

Uzbekistan

IFC announces $240m loan for ACWA Power’s renewable energy projects in Uzbekistan

The International Finance Corporation (IFC) has announced a $240 million Islamic Equity Bridge Loan (EBL) for ACWA Power to bolster Uzbekistan’s renewable energy sector.

The financing will aid the construction and operation of two key projects in Uzbekistan: a 1-gigawatt solar photovoltaic (PV) plant, a 668-megawatt Battery Energy Storage System (BESS), and about 500 kilometers of high-voltage transmission lines. (Devdiscourse)

Here's a roundup of key developments across the Islamic lifestyle ecosystem during the month of October

Editor's Note: Bisya Oasis and 13th Century Rustaq Fort join the eminent list of Islamic heritage sites. Saudi Arabia, meanwhile, has rolled out regulatory updates for temporary work visas for Hajj/Umrah services. Australia beckons Muslims travellers from Indonesia. 

Trade Developments

Indonesia

Indonesia to hold Modest Fashion Month for realizing global vision

Indonesia’s Ministry of Cooperatives and Small and Medium Enterprises hosted the first Modest Fashion Month on October 13 in Jakarta, supporting the country’s goal to become a global center for modest fashion.

Acting Deputy Temmy Satya Permana emphasized that the event aims to boost the local fashion industry's quality and competitiveness while promoting diversity and inclusiveness. (Antara News)

Taiwan / Brunei

Taiwan invites Bruneians to experience Muslim-friendly travel

Taiwan promoted eco-friendly travel and highlighted its Muslim-friendly environment to Brunei visitors at the Sabre Brunei Travel Fair 2024.

Abe Chou, representing Taiwan’s tourism authority, showcased unique travel experiences like the Alishan Forest Railway and Tanya Shen Green Bikeway.

Chou emphasized Taiwan’s commitment to becoming a halal hub, aiming to position Taiwan as a top destination for Muslim visitors. (Borneo Bulletin)

Japan

Tourists enjoy halal-certified Japanese cuisine in Kyoto

Muslim tourists are flocking to Honolu Grande Kyoto, a newly opened building in Kyoto’s Shijo-Kawaramachi district specialising in halal food.

The facility offers halal-compliant versions of popular Japanese dishes like ramen, beef sukiyaki, and wagyu beef, along with a prayer room.

The venue has gained popularity through social media, drawing Muslim families from Southeast Asia and beyond. (The Star)

Oman

Bisya, Rustaq Fort feature in Islamic heritage list

Oman's cultural heritage gained international recognition with Bisya Oasis in Bahla and Rustaq Fort in South Batinah being added to the Islamic world heritage list.

This achievement follows Oman’s participation in the 12th session of the Islamic World Heritage Committee in Azerbaijan.

The inclusion by the Islamic World Educational, Scientific and Cultural Organization (ICESCO) reflects Oman’s commitment to preserving its historical sites and rich cultural legacy. (Zawya)

Australia / Indonesia

Tourism Australia expands Muslim-friendly travel offerings in Indonesia

Tourism Australia has partnered with Indonesian travel agencies to introduce Muslim-friendly itineraries that showcase diverse experiences for Muslim travelers throughout Australia.

This initiative marks Tourism Australia's first consortium of travel agencies targeting the Indonesian market, offering specialized tolur packages that highlight the country's Muslim-friendly attractions and services. (Travel Daily News)

Company News

Saudi Arabia

MakeMyTrip launches one-stop visa solution for Umrah travellers

MakeMyTrip, in partnership with Umrahme, has launched an eVisa service specifically for Umrah travellers, offering a 90-day single-entry visa with added benefits.

The platform provides exclusive Umrah-related services, including flight listings and curated hotel recommendations in Makkah and Madinah.

Travellers from the UAE booking flights to Jeddah or Taif will be directed to a dedicated Umrah page. (Zawya)

Operational Developments

Saudi Arabia

WHO global network expands digital health certification for Hajj pilgrims
The World Health Organization (WHO) and Saudi Arabia announced a new collaboration to expand the Hajj health card initiative, benefiting approximately 3 million annual pilgrims.

This digital health card, built on the WHO Global Digital Health Certification Network's public key infrastructure, includes essential health information such as medications, allergies, immunization records, and pre-existing conditions. (WHO)

Regulatory

Saudi Arabia

Saudi Arabia updates regulations for temporary work visas for Hajj and Umrah services

The Saudi Ministry of Human Resources and Social Development has introduced regulatory updates for temporary work visas for Hajj and Umrah services. 

The updates include renaming the seasonal work visa to 'temporary work visa for Hajj and Umrah services' and extending the grace period for these visas from Shaban 15 to the end of Muharram. (Arab News)

Azerbaijan

Azerbaijan to implement SMIIC standards to attract tourists from Islamic countries

Azerbaijan has initiated the adoption of standards from the Standards and Metrology Institute for Islamic Countries (SMIIC), marking a significant step in enhancing its tourism sector, according to Mahammad Muradov, head of the Tourism Policy and Strategy Department of the Azerbaijani State Tourism Agency. (Halal Focus)