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Halal Industry
Hong Kong to certify 500 halal restaurants by end of next year 

Hong Kong is looking to certify more than 500 halal restaurants by the end of 2025 to beckon Muslim tourists to the city. A total of 142 restaurants have already been approved. 

The city's chief executive John Lee Ka-chiu, urged tourism-related businesses to look to Muslims visitors from the Middle Eastern and the Southeast Asian regions, Hong Kong-based South China Morning Post reported. 

In his latest annual policy address, the leader also suggested compiling a roster of restaurants that offered halal food, encouraging commercial entities to provide Muslim-friendly facilities such as prayer rooms. 

Dr Pang Yiu-kai, chairman of the Hong Kong Tourism Board (HKTB) said that the policy address puts forward various measures in developing a diversified portfolio of visitor source markets.

"Targeting the Middle Eastern and ASEAN markets, the HKTB promotes Hong Kong as a Muslim-friendly destination, and constantly encourages and helps restaurants, hotels and attractions to be equipped with Muslim-friendly facilities. We have also stepped up marketing efforts in the Middle East and ASEAN countries to open up new visitor sources.”

Islamic Finance
Islamic finance: East Africa presents opportunities amid ecosystem challenges

East Africa hosts several opportunities for Islamic finance to thrive. The region is home to a burgeoning Muslim customer base which presents significant demand for Islamic finance products and services, as well as offers substantial opportunities to develop and deepen the existing ecosystem.  

However, the industry has struggled to realise its potential owed to several challenges, including regulatory gaps and a lack of adoption stemming from limited awareness and education.

On balance, East Africa is an economic powerhouse, hosting some of the fastest growing economies on the continent. It is forecasted to lead Africa’s economic pulse, with growth projected to scale from 3.5% in 2023 to 5.1% in 2024 and 5.7% in 2025, according to an Africa Development Bank (AfDB) report. Seven economies in the region are projected to grow 5% or more in 2024, it adds. 

Similarly, East African nations are seeking to develop relations with Gulf countries both in terms of trade and foreign direct investment (FDI). GCC countries have collectively invested more than $100 billion in Africa over the last decade, while GCC companies announced 73 FDI projects worth $53 billion in Africa last year. 

Yet, despite potential opportunities for Islamic finance in the region, the past decade has yielded mixed results, according to analysts.

Islamic finance faces a lot of challenges in East Africa, according to Samira Mensah, director and lead analyst Africa, financial institutions & sovereign ratings at S&P Global. 

“There has been robust headline economic growth, but external shocks, high level of sovereign debt and debt service costs have hindered public finances and investments.”

Kenya
Islamic finance has been active in Kenya since the 1990s. In 2017, the government pledged to offer Islamic finance a bigger chunk of the country’s financial infrastructure. 

Key Islamic banks include Gulf African Bank, Premier Bank (previously First Community Bank) and Dubai Islamic Bank. Meanwhile, conventional lenders like Absa Kenya, National Bank of Kenya and Kenya Commercial Bank, operate Islamic banking windows.

But S&P’s Samira Mensah believes that Islamic finance in Kenya over the last decade has been a disappointing story. 

“The industry has faced several challenges including weak public finances and indebtedness. Nonetheless, Kenya has the legal framework that caters to Islamic finance, which should attract foreign investors.”

Saad Rehman, CEO at Salaam Investment Bank in Kenya, adds that the actual adoption of Islamic products among Kenyans remains an open question.

“It depends on the age group of consumers. With the older generation, it will be harder,” he says. “There is movement from younger millennials while Gen Z is demanding Islamic products.”

There is room for optimism in the capital markets space. Linzi Finco, a subsidiary of Liaison Group, sold the country’s first sukuk this August. The 3 billion Kenyan shilling ($23 million) 15-year sukuk offers a profit rate of 11.13%. The listed debt will be used to fund the construction of over 3,000 affordable institutional housing units, supporting the Kenyan government’s affordable housing agenda.

However, Mensah remains sceptical on corporate sukuk issuances, adding that Kenya’s capital markets are neither deep nor broad and are largely animated by sovereign issuance. 

“Banks in Kenya are reliant on customer deposits to fund their lending operations. Rather they rely on development banks for foreign currency funding. We haven’t seen much corporate issuance in the conventional space,” she says.

A more positive area could be within Kenya’s fintech sector. S&P notes 80% of the country’s adult population used mobile money service providers for money transfers in 2022, compared to 44.1% for banks. The fintech ecosystem  is spread across four key sectors: payments and remittances, lending, finance business administration  and insurance.

“I think there is a lot of potential for technological solutions like fintech and tokenization in East Africa,” says Rehman. “Technology can democratise Islamic financial services and products like retail sukuk.”
 
Tanzania
Tanzania introduced Islamic banking in 2008, allowing lenders to offer Shariah-compliant products to a large Muslim population, estimated to comprise 35-40% of the total resident base of over 61 million.

Aman Bank is Tanzania’s first fully-fledged Islamic bank, while conventional lenders like National Bank of Commerce operate an Islamic window.

Whilst the country permits Islamic banking, there is no specific regulatory framework. However, the East African nation is developing its Islamic finance industry beyond banking. For example, in April 2022, Tanzania’s insurance regulator issued guidelines on takaful activities.

Although there has yet to be a sovereign sukuk issuance, Imaan Finance, a local financial services provider, sold the country’s first sukuk worth 2.72 billion Tanzanian shilling  ($1.17 million) in 2021.

Salum Awadh, CEO, Shirkah Asset Management, believes sukuk issuances are increasing, awareness is growing, and the industry is gaining traction. 

“[In particular], we have seen the launch of two takaful operators, an asset-backed sukuk, as well as the first halal mutual fund and sukuk guidelines have been issued,” he notes. 

Awadh also identifies challenges such as tepid education and awareness levels as significant barriers to growth. 

"We really need to invest here; then the enactment of Islamic banking regulations will be a key opener. We need more investment products in the market, and the use of technology through fintech will disrupt the traditional paths to stimulate faster growth through innovation, increasing access, and lowering costs.”

Uganda
Uganda’s nascent Islamic finance sector is slowly becoming part of the country’s financial ecosystem. Muslims constitute around 14% of the country’s population of about 47 million.

In 2016, the Bank of Uganda, the country’s central bank, began working on legislative amendments to introduce Islamic banking.

In September last year, Bank of Uganda granted its first Islamic banking license to Salaam Bank Uganda, a subsidiary of a Djibouti-based bank. Saudi-headquartered Islamic Development Bank (IsDB) has also established a regional hub in Kampala, responsible for overseeing its activities in Uganda as well as in Comoros, Djibouti, Mozambique, and Somalia.

Its fintech sector is beginning to expand, too, with companies like Thiqa Digital Finance, offering Shariah-compliant products such as payments, asset financing, and trade finance.

Ethiopia
The National Bank of Ethiopia authorised commercial banks to offer interest-free banking windows within its conventional banking system in 2011. In 2019, authorities expanded the framework to enable fully-fledged Shariah-compliant lenders.

ZamZam Bank, the first Islamic lender in Ethiopia was established in 2020, followed by Hijra Bank a year later. Conventional banks like Commercial Bank of Ethiopia and Abay Bank, continue to offer Shariah-compliant services through Islamic windows.

Nonetheless, lack of managerial expertise and regulatory gaps in areas like takaful, sukuk, and Islamic capital markets, remain. S&P’s Mensah adds that markets like Ethiopia and Madagascar face their own [economic] challenges, which makes it difficult for Islamic finance to develop.  

“In Ethiopia, the sovereign defaulted on its Eurobond and the financial sector is to a large extent public sector led,” she says.

However, the Ethiopian Securities Exchange is reportedly looking to develop Shariah-compliant capital market products.

Djibouti
In 2011, the government introduced its Islamic banking law, followed by takaful legislation a year later. Furthermore, in October 2016, it established a National Shariah Council to oversee the sector. However, it does not have a sukuk law in place and currently does not borrow from international capital markets.

The Central Bank of Djibouti is an AAOIFI regulatory member and a full IFSB member. Djibouti is a member of the IsDB, too. Islamic banks operating in Djibouti include Dahabshil Bank International, East Africa Bank, Salaam Bank, Saba African Bank, and Shoura Bank. 

Conventional lenders like Djibouti International Bank, operate Islamic banking windows. 

Collectively, these banks are estimated to hold between 15% and 20% of the local financial market.

OIC Economies
OIC roundup: UAE, Malaysia conclude CEPA negotiations

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 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. Saudi is exploring trade and investment opportunities 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)

Islamic Lifestyle
Islamic lifestyle roundup: Omani sites feature in Islamic heritage list

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. 

 

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)

 

 

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)

 

 

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)

Islamic Lifestyle
Why Muslim-centric video games are a mine of gold

With millions of Muslim gamers across the globe and a wealth of Islamic stories that can unleash a plethora of game genres, it's a prime time to capitalize on the opportunity

Despite the well-known truism that gaming is a global business, Muslims accounting for nearly a quarter of the world’s population, continue to be underrepresented in video games.

Notwithstanding the occasional representation in mainstream games, the sizeable demographic is systematically presented in an orientalist way, and Muslims are only a scattershot target audience.

“I can count on one hand the games that came out of the industry in the last five years and featured a Muslim character,” Younès Rabii, a France-based game designer and AI researcher, tells Salaam Gateway. 

When the number of Muslim game players are compared to the attention accorded to them by the industry, the ratio is incredibly small.

“Games with a substantial international player base often hold special events for celebrations that are religious in nature, such as Christmas or Easter, but the vast majority completely ignore the Muslim community when it's time for Ramadan or Eid, for example.” 

There is much to gain from the world of gaming. Global video games revenue – including esports - reached $227.6 billion in 2023, and is projected to top $300 billion in 2028, according to PwC.

Stereotypical representations dominate

Rabii, a decade-old game developer, is currently studying for a PhD in Intelligent Games and Games Intelligence at Queen Mary University of London, the world's largest doctoral research programme in games. During Ramadan of 2021, he set out to find a game per day that featured the Muslim world in a manner that wasn’t superficial or exploitative. His search yielded limited results.

“If you want to find games where Muslims have a genuinely central role, you need to look for teams where Muslims also have a genuinely central role. These tends to be smaller indie projects or artists with little to no funding.”

That doesn't mean the Muslim world has zero representation in the world of games.  

“The industry loves using the Middle East as a shooting ground after all, and the Gerudos - a recurring race in the Legend of Zelda game series - are an example that ‘oriental’ aesthetics are still fashionable in the industry. But do these games speak to Muslim audiences? The answer is: No.”

Alireza Doostdar, an associate professor of Islamic Studies and the Anthropology of Religion at the University of Chicago Divinity School, says that while there are video games being produced in Muslim-majority societies that feature Muslim protagonists, such games mostly cater to local audiences and rarely venture beyond borders. 

“When it comes to games produced in the US and Europe, there has certainly been some positive change in terms of Muslim representation, but there’s still a long way to go,” says Doostdar, who is also the director of the Center for Middle Eastern Studies at the University of Chicago, and co-creator of the YouTube video series Gaming Islam.

He gives the example of Assassin's Creed games, including the recent Mirage set in Baghdad - although the series largely reproduces a Western narrative about Muslims being relevant only in the past. 

He also points to Kamala Khan in Marvel's Avengers, the American media franchise’s first Muslim superheroine, but whose character is far less developed, and whose Muslimness far less explored in the video game than in the comics or TV series about the same character.

Other games that could have been Muslim-centric completely dodge the opportunity, according to Doostdar. 

“The Prince of Persia series, for example, shed a lot of its orientalist baggage in its most recent iteration, Prince of Persia: The Lost Crown, with excellent results. But none of the characters in the game, including the protagonist Sargon, are explicitly identified as Muslim, and the game largely draws on pre-Islamic Iranian myths and legends anyway,” he says.

“The indie game Heaven's Vault is another example: the game is set on a distant nebula with landscapes that look like stereotypical Middle Eastern cities, and the protagonist is a hijabi woman by the name of Aliya Elasra. And yet, again, she’s not identified as a Muslim.”

Are Sargon and Aliya advances for Muslim representation? Doostdar believes so, simply insofar as they bring complex and appealing Middle Eastern characters to the center of well-made, entertaining video games. 

That said, these games also remind us about the challenges of including positive and explicitly Muslim characters in mainstream games, especially when these do not somehow serve dominant Western narratives, as in the Call of Duty shooter series where the "good" Muslims serve US imperialism, according to Doostdar. 

Enormous potential

Considering there are over 1.8 billion Muslims in the world, representing a rich tapestry of cultures, traditions, and ethnicities, there is a vast potential market for Muslim-centric video games.

“There are tens of millions of Muslim gamers. And if done well, Muslim-focused games can also appeal to non-Muslim audiences,” says Doostdar. This growing and increasingly diverse customer base craves compelling stories and characters that are not a retread of the same old stereotypes. 

“When it comes to content, there are hundreds of stories in the Islamic tradition that can provide inspiration for all kinds of game genres. Beyond this, game developers can look to ordinary Muslim life in all its diversity and richness as a source for game-making,” he explains. 

Rabii, too, believes that Muslim gamers react very positively when they feel genuinely included. “I cannot speak for the Muslim world at large, but I can confidently say that the Muslim diaspora in the West is hungry for games that take the time to include them.”

“There's an entire library of stories to tell in the Muslim world, but it's like the game industry is obsessed with reprinting the same outdated book, over and over,” says Rabii.
 
“Games like Tandis by Mahdi Bahrami, Mira and the Legend of the Dijnns or Abdullah Karam's Path Out are proof that the Muslim diaspora at large can house games in a plethora of genres. The only way to tap into them, however, is to trust Muslim developers to make them.”

Filmmaking and novels can also offer good parallels, according to Doostdar. “There are innumerable works of fiction that have proven universally appealing, both those made by Muslims and those that are Muslim focused. Why not the same with videogames?” 

On the other hand, the growing number of Muslim game developers is bound to bring positive change in the long run, notes Doostdar.

"For example, the highly rated games Prince of Persia: The Lost Crown and Assassin's Creed: Mirage both drew heavily on Muslim talent and
expertise,” he says.

Missing elements

What is certain is that it's not talent or incentive that is lacking; it's trust and funding, says Rabii. 

“If you look into the workers of the game industry, you'll find plenty of people with the relevant knowledge, skills and even desire to develop more games for whom Muslim audiences would not be an afterthought.”

But without access to funds or investor support, studios keen on developing Muslim-centric games are left to do so on their own.

“Even the new game industry investors such as Saudi Arabia do not seem interested in changing the types of games that are funded. They fashion their strategy after the American and European model, which notably refuse to fund games made for Muslim audiences,” he says.

As a writer for Neurocracy 2.049, a murder mystery game set in a realistic future of our world and released in 2023, Rabii wrote a short story that explores a dream manipulation technology invented by a Muslim woman, the child of French-Moroccan immigrants.
 
“The setting being grounded in reality; I had the room to explore how the Western world at large would treat a brilliant scientist that happens to have that specific background. From the erasure of her name in academia, to her using duas [prayers] as a ward against nightmares, her story is full of details that only someone with her background could write.”

However, the gamer’s interface with the world of Neurocracy being similar to real-life Wikipedia, they have to cross-reference sources and read articles beyond surface level to understand who that character is. Just like in the real world, they must go beyond the official narrative if they want to understand the complex lives of people from the Muslim diaspora.

“It would be a mistake to think that giving more funding and creative space to Muslim developers is only relevant when you want to make Muslim-centric games. Muslim developers have the skill set to create a depth and nuance that can enrich about any fictional world that has at least a semblance with our reality,” says Rabii.

“With almost 25% of the world population being Muslim, it's safe to say that if your creative team cannot truly engage with it, you're closing your door to a huge chunk of the human experience.”

Note: Article updated on October 21, 2024

 

Islamic Finance
Islamic finance roundup: Omani lender launches Shariah-compliant medical finance solution

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

 

Editor's note: Muzn Islamic Banking has launched a Shariah-compliant product to facilitate ethical financing for medical treatments both in Oman and abroad. Meanwhile, a UAE-based JV has launched a pilot program for what it calls the world's first real-world Mudarabah smart contract.

 

Company News


United Kingdom

Sonali Bangladesh UK boosts Shariah-compliant services with Finastra

Sonali Bangladesh UK (SBUK), a London-based financial institution focused on trade finance for Bangladesh, has partnered with Finastra to enhance its banking operations.

 

The lender will faciliate transactions through the Finastra Essence core banking solution hosted on Microsoft Azure Cloud.

 

The new system will cater to both Shariah-compliant and conventional banking needs. Its CEO Masum Billah emphasized the need for a flexible platform to meet evolving demands. (IBS Intelligence)

 

Indonesia

HAQQ partners with KNEKS, BUMR to enhance Shariah-compliant financial services 

HAQQ Association has teamed up with the National Committee for Sharia Economy and Finance (KNEKS) and PT BUMR Industri Terhubung Indonesia to advance Indonesia's Shariah economy through technology and innovation.

 

The partnership aims to leverage blockchain and Shariah-compliant financial services to create new opportunities for businesses, investors, and communities. (The Jakarta Post)

 

Oman

Muzn launches Shariah-compliant medical finance solution

Muzn Islamic Banking has launched a Shariah-compliant medical finance product to provide flexible and ethical financing for medical treatments both in Oman and abroad.

 

Muzn is National Bank of Oman's Islamic banking window. Salima Obaid Issa Al-Marzoqi, Chief Islamic Banking Officer at NBO emphasized the importance of healthcare and the alignment of the product with Shariah principles, ensuring access to quality medical care for customers. (Zawya)

 

UAE

Firoza Finance announces launch of $2m pilot for world’s first real-world Mudarabah smart contract

Firoza Finance, a UAE-based joint venture between Liberty Finance and HAQQ Network, has launched a pilot program for what it claims is the world’s first real-world Mudarabah smart contract.

 

The initiative, which has a budget of $2 million, aims to revolutionize Islamic finance by integrating technology with traditional financial principles.

 

The move highlights Firoza Finance's commitment to innovation in the financial sector. (Arabian Business)

 

 

Investment


Cameroon

BDEAC approves Islamic finance window to boost project funding 

Shareholders of the Central African States Development Bank (BDEAC) approved the establishment of an Islamic finance window.

 

This new initiative is designed to diversify and enhance the bank's resources while complementing its conventional financing.

 

The Islamic finance window aims to attract and allocate funds to states and businesses in accordance with Islamic law, expanding BDEAC's financial capabilities. (Business In Cameroon)

Halal Industry
Halal industry roundup: Philippines to send halal trade mission to Saudi Arabia 

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

 

Editor's note: Philippines aims to strengthen ties with the largest Arab economy, and is sending a halal trade mission to achieve the same. Malaysia is inking a deal with Pakistan to import halal food, while India is setting new guidelines for halal meat exports.

 

Company News


Malaysia

Gigi Coffee gets halal-certified by JAKIM

Gigi Coffee, a Malaysian coffee chain, has received halal certification from JAKIM after passing a thorough examination of its food handling, preparation, and sourcing processes.

 

The certification process includes not only food-related requirements but also broader criteria, such as having a strategic layout plan and employing a minimum number of Malaysian Muslim staff.

 

This approval ensures that Gigi Coffee adheres to strict halal guidelines. (Vulcano Post)


Trade Developments


Philippines / Saudi Arabia

Philippines to send halal trade mission to Saudi Arabia 

The Philippines is set to send a halal trade mission to Saudi Arabia from October 27 to November 5, aiming to strengthen trade ties with the kingdom.

 

Organized by the Department of Trade and Industry, the mission will visit Riyadh and Jeddah to promote the country’s growing halal industry.

 

Philippine officials are working to expand the domestic halal sector while enhancing economic relations with Saudi Arabia, according to Rommel Romato, charge d'affaires of the Philippine Embassy in Riyadh. (Arab News)

 

Malaysia / Pakistan

Malaysia inks deal with Pakistan to import halal meat, Basmati rice

During a bilateral meeting with Pakistani Prime Minister Shehbaz Sharif, Malaysian Prime Minister Anwar Ibrahim announced Malaysia’s agreement in principle to import 100,000 metric tonnes of halal meat and Basmati rice from Pakistan.

 

Anwar, on a three-day state visit to Islamabad, described the trip as personally significant. He expressed confidence that Pakistan's halal meat exporters could meet Malaysia's strict halal regulations, ensuring the quality of their products. (The Star)

 

Azerbaijan

SESRIC ready to implement joint projects with Azerbaijan in halal sector

Azerbaijan's growing halal industry is enhancing its integration into global markets and boosting trade with Islamic countries, according to Zehra Zumrut Selcuk, head of SESRIC.

 

Speaking at the Azerbaijan Halal Business and Tourism Forum, she emphasized Azerbaijan's strategic position and economic growth, making it a key player in the Islamic world.

 

The halal sector holds significant potential for the country's economy and trade, with forums like AZHAB fostering collaboration on both business and governmental levels.Top of FormBottom of Form (Azerbaycan24)

 

 

Regulatory


India

India sets new guidelines for halal meat exports

India's directorate general of foreign trade has announced new guidelines for halal meat exports, which must now meet the 'India Conformity Assessment Scheme (I-CAS) Halal' certification, supervised by the Quality Council of India.

 

The regulations specifically target exports to 15 Muslim-majority countries, including Bahrain, Iran, Iraq, and Saudi Arabia. These nations are crucial markets for halal products due to their large Muslim populations and strong demand for halal-certified meat.

(The Economic Times)

 


UPCOMING EVENTS :

Islamic Finance
Saudi’s PIF to acquire 40% stake in Selfridges 

Saudi’s Public Investment Fund will acquire a 40% stake in luxury department stores chain Selfridges, to undergird its international footprint. 

The sovereign wealth fund will form a strategic partnership with Central Group, Thailand’s retail and hospitality conglomerate and a majority shareholder of the Selfridges Group. 

Central Group and Austrian real estate company Signa Group acquired Selfridges in 2021 in a deal worth $5 billion. Central Group gained control of the British luxury retailer towards the end of last year, as Signa Holdings faced a real estate crisis.  

PIF will acquire Signa’s interest in Selfridges, owning 40% of the group’s operating and property companies, with Central Group owning the remaining 60%, it said in a statement on Monday. 

The deal, subject to regulatory approvals, will include new investment by both PIF and Central to strengthen Selfridges Group’s position and support future development. 

Turqi Al-Nowaiser, deputy governor and head of international investments division at PIF, said that the transaction allows Selfridges Group to build on its position as a premier retail destination. 

PIF has offered to increase its stake in Selfridges to 50%, up from an initial 10% ownership for a cash prize of $1.3 million, according to a Bloomberg report in July 2024. 

Selfridges Group owns and operates 18 luxury department stores across three countries, including Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. 

Selfridges, founded in 1908 by Harry Gordon Selfridge, is best known for its flagship store in Oxford Street, London. 


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