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Islamic Lifestyle
PIF launches company to offer heritage-inspired storytelling experiences

Saudi Arabia's Public Investment Fund (PIF) has launched a new company to develop immersive story-telling experiences, inspired by Saudi heritage and Islamic history, it announced on Wednesday. 

The National Interactive Entertainment Company (QSAS) will develop and operate interactive exhibitions – including permanent and touring ones - across Saudi Arabia to provide multi-sensory immersive experiences, the company said. 

The company will highlight historical milestones as well as local and global luminaries, and will kickstart operations with exhibitions in the kingdom that showcase stories inspired by Islamic history and Saudi heritage. It aims to later expand to global markets and diversify sources of storytelling content. 

The company will contribute to the localization of knowledge and technology for the private sector content creation industry, which will contribute to supporting Saudi Arabia’s position in this fast-growing sector regionally and globally. 

The company, which is expected to create more than 11,000 jobs by 2030, falls in line with PIF’s strategy to enable the private sector locally through partnerships in building, construction, event management and technology sectors. 

The tourism and entertainment sector is a strategic local priority for PIF, Mishary Alibraheem, head of entertainment, leisure, sports and education, MENA direct investments at PIF, said. 

“QSAS will contribute to strengthening Saudi Arabia’s position as an attractive tourist destination with storytelling inspired by history, culture and heritage, and will invest in local talent to build new economic activity focused on providing interactive experiences," Alibraheem said. 

QSAS joins a list of PIF investments across the entertainment and leisure sector, including the Diriyah giga-project, and Dan Company, which focuses on agri-and eco-tourism. 

The initiative also falls in line with the objectives of the Pilgrim Experience Program: a Vision 2030 initiative which aims to construct capacity for 30 million pilgrims by the end of the decade.

Halal Industry
Halal industry roundup: Malaysia strengthen ties with China

Here's a roundup of key developments across the halal industry ecosystem during the month of September.

Editor's note: The 24th edition of MIHAS, to be held later this year, promises to be the biggest iteration of the event thus far. Companies from the Philippines, Brazil, and the world over are expected to establish a presence there.

Meanwhile, Malaysia is also looking to strengthen bilateral relations with China. 

Trade Developments
Malaysia / China
Malaysia hosts halal business session to strengthen ties with China
The Malaysia-China Halal Business Forum in Shanghai marked a significant milestone in strengthening bilateral business relations.

 

Deputy Prime Minister Dr. Ahmad Zahid Hamidi highlighted the global growth of the halal industry, now valued at $3 trillion and growing at 9.3%.

 

Malaysia has dedicated 14,300 acres for halal hubs, with 88 international companies, including six from China, receiving the Malaysian halal certification.

 

Additionally, 40 Chinese companies have shown interest in investing 4 billion Malaysian ringgits in Malaysia’s halal sector. (The Star)

 

Company News

United Kingdom/ France
French halal meat major acquires Tesco-supplying British halal brand
The acquisition of the British halal brand Takul by French investor Perwyn, which specializes in halal meat, marks a significant step in expanding the halal market in Europe.

 

Takul, launched in 2022, has shown rapid growth by supplying to major UK supermarkets like Tesco and Sainsbury’s.

 

The combined portfolio of Takul and Isla Délice, which includes 40 SKUs in Tesco stores, is poised to drive the UK halal market to new heights. (foodnavigator)

 

Operational Developments
Malaysia
Non-Muslim business operators on halal certification
Deputy Prime Minister Ahmad Zahid Hamidi stated that non-Muslim business operators should not be forced to apply for halal certification.

 

The government has not made any decision to require all restaurants or businesses in the food and beverage sector to obtain halal certification.(The Star)

 

Other
Philippines
Philippines to showcase halal-friendly products at MIHAS 2024
The Philippines is set to make a significant impact at the 20th Malaysia International Halal Showcase (MIHAS) 2024, showcasing a variety of halal-friendly food and non-food products.

 

The event will feature 20 exhibitors and include the Philippine Halal Investment Forum, highlighting the country’s commitment to becoming a major player in the global Halal market. (journal.com.ph)

 

UPCOMING EVENTS:

 

OIC Economies
Saudi Vision 2030 projects, service sector to pick up on consumer demand 

Saudi Arabia is expected to witness a pick-up in construction for its Vision 2030 projects and the services sector, underpinned by consumer demand and a growing workforce, S&P said in a report. 

The sheer scale and size of projects - estimated to be exceeding $1 trillion - suggest large funding requirements across government and government-related enterprises, particularly the Public Investment Fund (PIF). 

Therefore, the government is recalibrating to prioritize projects based on economic returns and reassessing timelines to avoid economic overheating and funding pressures, the report said. 

“We therefore project a more gradual execution of investments, and that the government's net asset position will gradually fall, but remain comfortably strong, through to 2027,” S&P said. 

S&P Global Ratings revised its outlook for the kingdom to positive from stable and affirmed its 'A/A-1' long- and short-term foreign and local currency unsolicited sovereign credit ratings. 

However, over the longer term, Saudi Arabia will likely emerge as a more diversified economy, with more jobs created for broader workforce participation, S&P said. 

The non-oil sector – including government activities – account for about 70% of the kingdom’s GDP. 

While debt will fund a considerable part of the kingdom’s development, foreign direct investment and portfolio inflows are expected to gradually increase from a low base. 

The newly passed investment law, effective from February 2025, seeks to achieve parity between domestic and foreign investors and ease rules and regulations to make foreign investment more attractive. 

Moreover, the government is encouraging the kingdom's large firms to increase investments in the local economy to about $1.3 trillion by 2030 via the Shareek program.

Despite the non-oil growth momentum, lower oil production because of OPEC+ production cuts will drive economic expansion of just 1.4% in 2024, from a 0.8% contraction last year. 

Given weak global oil demand, especially from China, and increasing crude oil supply from non-OPEC+ countries like the US and Canada, 
Saudi Arabia and OPEC+ decided to extend the existing production cuts until the end of November, gradually easing them through to November 2025.

The kingdom promised additional voluntary cuts in excess of the OPEC+ quota. 

“We estimate Saudi oil production will average 9.0 million barrels per day (bbl/day) in 2024, down from 9.6 million bbl/day in 2023. Oil production should then increase in line with higher global demand from next year,” the report said. 
 

Islamic Finance
UAE's Fasset launches blockchain to promote real world asset ownership

UAE based fintech Fasset has announced the launch of a blockchain to create, manage and real world assets (RWAs).

IOWN – Fasset's Ethereum Layer 2 blockchain – is backed by Labuan Financial Services Authority, the regulator of the Labuan International Business and Financial Centre, in Malaysia. 

The government regulator-backed blockchain aims to democratize access to real world assets for people in emerging markets, the company said in a statement. 

Ethereum Layer 2 blockchains are solutions built on top of an Ethereum blockchain, inheriting its security, whilst aiming to provider cheaper and faster transactions. Such solutions are designed to enhance the scalability of the underlying network. 

Fasset said that the blockchain will enable the “growth of a trusted ecosystem for projects and end users looking to engage with a wide range of real-world assets, from commodities and real estate to publicly traded stocks and bonds”. 

The company aims to target 30 million asset owners through IOWN by the end of the decade.

The company added that a native token - also named IOWN - will be introduced in "the near future". However, no launch date was specified. 

Mohammad Raafi Hossain, CEO and co-founder of Fasset, said that the company’s mission is to foster a future where financial inclusion and empowerment are not privileges but universal rights. 

“With IOWN, the promise of blockchain is fully realized - delivering not just technological innovation, but a tangible impact on global economic disparity, lighting the way for a future where everyone shares the fruits of the digital economy."

Fasset said it has accumulated a substantial digital assets licensing portfolio in emerging markets and has raised a total of $26.7 million in funding. It received a virtual asset service provider licence by Dubai’s Virtual Asset Regulatory Authority.  

Islamic Finance
Islamic finance roundup: Saudi leads GCC sukuk issuances, global volumes to cross $200bn

Here's a roundup of key developments across the Islamic finance ecosystem during the month of September

Editor's note: Saudi Arabia is leading GCC sukuk issuances, with global volumes expected to surpass $200 billion in 2024. Meanwhile, Egypt is exploring green bonds and local sukuk to bring about economic stability across the country. Its Al Baraka Capital also launched the country's first Shariah-compliant investment fund to finance small industries businesses. 

Investment


Egypt
Egypt explores green bonds, sukuk to ease debt
Egypt is actively pursuing economic reforms to stabilize its economy and reduce debt burdens.

The country's finance minister Ahmed Kouchouk discussed plans to issue green bonds and local sukuk with Hani Salem Sonbol, CEO of the Islamic Trade Finance Corporation, to boost investor confidence and economic growth, especially in food security and energy sectors.

The government is also planning tax reforms to simplify procedures for SMEs and freelancers. (State Information Service, Egypt)
 

Bahrain
CBB Sukuk Al-Salam securities oversubscribed
The latest Sukuk Al-Salam securities issued by the Central Bank of Bahrain (CBB) were oversubscribed by 185%, with subscriptions amounting to 79.572 million Bahraini dinar for a 43 million Bahraini dinar issue.

 

The securities have a maturity of 91 days, with an expected return of 6.13%, and are part of the ongoing short-term Sukuk Al-Salam series issued by the CBB. (Zawya)
 

Oman
Oman’s Islamic banking sector records substantial growth
Oman’s Islamic banking sector reached 7.8 billion Omani riyals in total assets as of June 2024, representing 18.1% of the country’s total banking assets.

 

The sector contributed 6.4 billion Omani riyals in total financing and saw a 33% increase in deposits. Despite a slight rise in impaired financing, the sector remains stable with a capital adequacy ratio of 15.8% and an 8.7% increase in profits in 2023. (Oman Observer)

 

Afghanistan
Agricultural Development Fund offers Mudarabah and Musharakah
Afghanistan's Agricultural Development Fund introduced Mudarabah and Musharakah to support farmers, distributing over 1.3 billion Afghanis last year and projecting 2 billion this year.

 

The initiative is part of ongoing projects to boost agricultural development, energy, water, and infrastructure projects in the country. (Ariana News)
 

Saudi Arabia
Saudi Arabia leads GCC as global sukuk issuances set to surpass 2023
Saudi Arabia is leading GCC sukuk issuances, with global volumes expected to surpass $200 billion in 2024, according to Moody’s.

 

The first half of 2024 saw GCC sukuk issuance surge by 138%, with Saudi Arabia accounting for 37% of the total. ESG sukuk volumes also hit record levels and are expected to continue rising. (Zawya)


Operational Development



Kazakhstan
Kazakhstan strengthens partnership with Islamic Development Bank, OPEC Fund, and Arab Coordination Group
Kazakhstan’s President Tokayev met with IsDB President Muhammad Sulaiman Al Jasser to highlight the bank’s role in the country's sustainable development, with over 70 joint projects worth $2 billion.

 

Tokayev also discussed infrastructure funding with OPEC Fund Director-General Abdulhamid Alkhalifa and praised ties with Gulf countries to attract $150 billion in foreign direct investment by 2029. (The Astana Times)
 

Bangladesh
Eastern Bank launches Islamic banking services
Eastern Bank PLC (EBL) has introduced Shariah-compliant Islamic banking services across 20 branches in Bangladesh, offering a range of products for its retail, SME, corporate, and trade clients.

 

The bank’s commitment to Shariah principles includes the launch of a unique product, "Continuous Musharakah Finance," designed to meet capital financing needs. (The Daily Star)
 

Egypt
AUB completes conversion of its Egypt operations from conventional to Islamic banking
Ahli United Bank (AUB) has successfully converted its operations in Egypt to Islamic banking, positioning the bank as a leading provider of Shariah-compliant financial solutions in the country.

 

The conversion is a key milestone in expanding the bank's Islamic finance footprint. (The Daily Tribune)
 

Kazakhstan
IsDBI completes pilot implementation of Islamic Finance Strategic Mapping Framework in Kazakhstan
The Islamic Development Bank Institute (IsDBI), in partnership with the Astana International Financial Centre (AIFC), has completed its Islamic Finance Strategic Mapping Framework (IF-MAP) in Kazakhstan.

 

The Kazakhstan Islamic Finance Country Report 2024, launched during the Astana Finance Days, offers key insights for investors and policymakers to drive the growth of the sector. (Zawya)
 


Company News


Bangladesh
Prime Bank launches Islamic Payroll Banking services
Prime Bank introduced Islamic Payroll Banking services to cater to businesses seeking Shariah-compliant solutions. The service offers employees benefits like zero balance accounts, no minimum balance, and daily profit on savings.

 

The bank aims to foster financial inclusion and ethical banking across 146 branches nationwide. (New Age)
 

Egypt
Al Baraka Capital, INVIA launch Sharia-compliant fund for small firms
Al Baraka Capital, in partnership with INVIA, launched Egypt’s first Sharia-compliant investment fund to finance small industrial businesses. The fund will initially provide 200 million Egyptian pounds in financing and is expected to grow to 1 billion Egyptian pounds by 2025.

 

Future plans include the issuance of green sukuk and additional Sharia-compliant funds. (Zawya)

 


Education


Global
IsDBI and INCEIF launch journal bridging Islamic finance and sustainable development
The Islamic Development Bank Institute (IsDBI) and INCEIF University launched the “International Journal of Islamic Finance and Sustainable Development” (IJIFSD), expanding the journal's scope to cover green finance, impact investing, and financial inclusion.

 

The journal aims to promote innovative research to address economic, social, and environmental challenges globally. (Africa Business Communities)

 

OIC Economies
Israel will not stop in Gaza, warns Turkish premier 

Turkish president Tayyip Erdogan has said that Israel will not stop in Gaza and will move to occupy other territories should it continue its operations. 

The comments by the Turkish premier came on Saturday following the killing of Aysenur Ezgi Eygi, a Turkish-American activist, at the hands of Israeli forces a day earlier. 

Erdogan warned that Israel will not stop in Gaza, and if it continues its current actions, it will move on to occupy Ramallah and then set its sights on other regions. 

"Lebanon and Syria will be next... They will covet our homeland territories between the Tigris and the Euphrates," he added. 

Ramallah is a Palestinian city located in the central West Bank of Israel 10 miles north of Jerusalem. It serves as the de facto administrative capital of the Palestinian National Authority. 

Erdogan said that now Israel aims to commit genocide in both the West Bank and Gaza and to occupy these areas as well, Turkiye’s state run Andalou Agency reported.  

“They (Israel) heinously murdered our young child, Aysenur Ezgi Eygi. To date, they have killed over 40,000 innocent civilians, including 17,000 children,” Erdogan said. 

Eygi was shot dead by an Israeli snipper while participating in a protest against settlement expansion in the town of Beita, near Nablus in the northern West Bank.

Standing against Israel's state terrorism is an Islamic duty, and also a national issue, the president said.

Erdogan said that both within Türkiye and in some Islamic countries, there is a misconception that this issue is distant from them, which he believes is a serious mistake.

"All Islamic countries should adopt a unified stance against the uncertain extent of the Israeli occupation," he added. 

A total of 186,000 or more deaths could be attributable to the Gaza conflict, a study published in medical journal Lancet has revealed. 

According to the Gaza health ministry, as of June 13, 2024, a total of 37, 396 people had been killed in the Gaza Strip since last October’s attack. 

The study revealed that armed conflicts have indirect health implications beyond the direct harm from violence and that the total death toll is expected to be large given the intensity of the Gaza conflict. 
 

OIC Economies
OIC and Olympics – where is the disconnect?

More than 11,000 athletes convened to compete at the Olympics this year.

The event, which was held from July 26 until August 11, garnered millions of spectators and billions of viewers worldwide. 

Athletes represented their National Olympic Committees (NOCs) at the Olympics, attached to the countries or territories of their origin. This year, there were 206 such committees. 

The United States registered the most towering presence at this year’s event, with 623 athletes. Running it close was France with 601 participants, followed by Australia (477). China sent 398 participants. The US bagged the most medals (126), followed by China (91), Britain (65), France (64), and Australia (53). 

The Organization of Islamic Cooperation (OIC), which consists of 57 countries, registered a moderate presence at this year's event.

A contingent of 1,180 OIC athletes participated this year, making up just over 10% of the total participating cohort. They had a paltry 81 medals to show for it, led by Uzbekistan whose athletes bagged 13 medals, followed by Iran (12) and Turkiye (8). 

This makes for grim reading by any account and raises more questions than it answers. 

The lacuna between OIC countries versus high-flying nations lays bare the gap in sports investments and inclusion on a policy, socio-economic and state level. 

“Preparing better athletes to compete in international competitions may not be a priority if the country is struggling to combat poverty, malnourishment, and other menaces. In that case, athletes will not be having sufficient government support, and they may rely mostly on individual efforts. A notable example worth mentioning is Pakistan's Arshad Nadeem, who was training on his own, and won a gold medal in the Paris Olympics 2024, breaking the Olympic record in javelin throw,” Sary Mahmoud Farah, school administrator and basketball coach at Nobles International School, tells Salaam Gateway.  

“OIC developing countries need to fulfil the citizens' basic needs first, and then move up to the level in which they can pave the way for local athletes to develop by providing them with proper moral and financial support.”

According to the 2023 Global Hunger Index (GHI) scores, almost 40% of the 57 OIC countries have moderate, serious or alarming levels of hunger. Of the nine countries with alarming levels of hunger on the index, three are OIC states, namely Niger, Somalia and Yemen.

The Great Sports Continuum
So, what have developed countries, such as the US, China and France, done so conspicuously right?

A 2022 UN reports reveals that France integrated sport and development into its roadmap for the 2030 Agenda and created an inclusive sports policy arm in its development cooperation framework. Italy has also integrated sport into its international development cooperation. In China, the draft for the five-year plan (2021–2025) for its national economic and social development and Vision 2035 includes policies to leverage sport for socioeconomic development. 

“Developed nations such as Australia and the United States are high performers in the Olympics because they [have] institutional systems from school age that train and build the best athletes in the world. In Australia alone there are multiple high performing sports schools besides elite schools also pushing their students to compete professionally. These then culminate in the best going to the Australian Institute of Sport where they are accelerated in their performance - through a science based institutional system,” Dr Sayd Farook, senior partner for Oceania and GCC at DinarStandard, tells Salaam Gateway. 

“You have this web of sporting institutions and colleges that churn out large amounts of elite athletes despite the small size of their population. The same can be said of the United States as well where elite Ivy League schools also perform a similar function.”

It all starts with schools and physical education (PE) sessions, adds Farah, noting that PE sessions are not taken seriously enough in most OIC countries. 

“If we were to observe the most successful nations in terms of athleticism on the global level, we will notice that PE is a core subject in their schools. The best examples are US, China, France, Germany, and Australia. If you want to see the difference between these countries' athletic preparation and OIC countries, the FIBA World Cup (basketball) championship (under 16 and under 18) would be a good example. You cannot miss the difference between Australian and US players on one hand and another team players from a developing country on the other. Young players' physicality and athleticism would differ significantly. This is definitely a result of long-term preparation that starts in schools at a young age,” he explains. 

Where to, next?
It is not all gloom and doom, though.

The World Economic Forum predicts that the sports industry across the Middle East – a region which hosts a number of OIC countries - is expected to grow 8.7% by 2026, compared with a global sector growth of 3.3% over the same period.

Among OIC countries, the six GCC (Gulf Cooperation Council) states have taken strong strides. Saudi Arabia’s national transformation plan (NTP), launched as part of its ambitious Vision 2030, emphasizes on the promotion of sports. 

“The NTP emphasizes the development of sports infrastructure at the grassroots level, with a focus on schools, women’s sports facilities, and local communities. The goal is to increase community participation in sports from 13% to 40% by 2030,” a Gulf Research Center (GRC) report read. 

The UAE unveiled its national sports strategy 2031 last year, to increase the involvement in sports to 71% of the country’s population, as well as to raise the number of Olympics qualifying athletes to over 30 by the year 2031. 

Bahraini public authorities have also taken initiatives to make sports and recreational activities accessible to everyone. The kingdom bagged four medals at the Paris event this year, the highest among GCC states.  

“Policies and programs have been thoughtfully implemented across different governorates to ensure affordable activities for individuals of all backgrounds and abilities. This includes the creation of neighborhood parks with sports facilities, the construction of sports stadiums, football pitches, multipurpose sports halls, Olympic swimming pools, youth centers, and youth sports grounds,” the GRC report states. 

However, much more remains to be done. 

“Across the OIC, countries have yet to develop or invest in strong institutions that churn out elite athletes. It’s a very distant concern. So most if not all of the Olympic achievements we see is due to talent and a bit of development. OIC countries have a way to go but I believe with a prioritisation of sport at all levels, they can also punch above their weight,” adds Dr. Farook. 

Paragraphs 5 and 7 edited on September 5, 2024.

Islamic Lifestyle
Philippines to open Muslim-dedicated beach in September

An island in Central Philippines is set to open a special beach dedicated to Muslim travellers this month, a government official said. 

Boracay is set to open a special beach in a move to become a more inclusive travel destination, a department of tourism (DOT) official said last Friday.

The private cove for Muslim women inside the Boracay Newcoast will launch on September 10.

“Some Muslims can swim in public but other Muslims will prefer swimming in this (private area). And I'm sure those Muslims swimming in public, if they have a choice, (would also prefer that) because at present they don’t have a choice,” DOT undersecretary for Muslim affairs Myra Paz Valderrosa-Abubakar said on the sidelines of the Philippine-Malaysia Art Expo opening in Makati City.

The initiative was a suggestion by foreign diplomats based in the Philippines, Philippine News Agency reported. 

The Boracay Newcoast is in the northeastern part of the island that houses the Savoy, a hotel that recently secured a halal kitchen certification.

Making the Philippines Muslim-friendly is among the current thrusts of the DOT to diversify its tourism products based on the national tourism development plan for 2023-2028.

The tourism department also laid plans to improve the training of frontline tourism workers through halal modules developed by the department of Science and Technology (DOST).

“With the introduction of this training module developed by the DOST, we see great benefit upon our accommodation enterprises and other tourism enterprises so that we can transform the Philippines into one of the most competitive halal and Muslim-friendly destinations,” tourism secretary Christina Frasco said.

The Philippines has been recognized as an emerging Muslim-friendly destination (non-OIC country) by Mastercard-CrescentRating Global Muslim Travel Index for two consecutive years. 


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