by admin | May 25, 2021 | Business Summit, Events, Halal Food, Halal Industries, Halal Medicine, Muslim World
Istanbul : The Organisation of Islamic Cooperation (OIC) stated that the size of the global halal products market has grown exponentially in the last decade, from $3.7 trillion in 2012 and expected to reach $6.4 trillion by 2019.
This was contained in the statement of OIC Secretary General Dr. Yousef Al-Othaimeen at the opening ceremony of the 5th edition of the OIC Halal Expo and the World Halal Summit held in Istanbul, Turkey, on November 23-25.
OIC Assistant Secretary General for Economic Affairs Ambassador Hameed Opeloyeru, who read out the statement of the secretary general, explained that organizing the annual halal expo is one of the main planks for advancing trade in the OIC. The event affords actors — traders, investors, exporters, the industry guilds and the general public — the opportunity to know the latest halal products in the member states, with a view to promoting halal products and increasing communication between the investors and industry leaders.
He stressed that there was a need for active bodies in the food, halal services, production and marketing sector in the OIC member states to follow a common course to ensure that all specialized bodies unify their standards and issue accreditation certificates for a suitable regulatory environment for these procedures.
Istanbul is hosting the Halal Expo in cooperation with the OIC-affiliated Islamic Centre for the Development of Trade (ICDT), Standards and Metrology Institute for Islamic Countries (SMIIC).
—IINA/SM/OIC-UNA
by admin | May 25, 2021 | Opinions
By Zaid Khan
Bitcoin is a virtual currency, or cryptocurrency, that’s controlled by a decentralized network of users and isn’t directly subject to the whims of central banking authorities or national governments. Although there are hundreds of cryptocurrencies in active use today, Bitcoin is by far the most popular and widely used for speculation. But here is an enormous dark side of cryptocurrency.
An interesting question that arises here for Muslims is: Whether Bitcoin is money as per Islam. Let’s examine it from the Islamic prospect.
Bitcoin and Islam
Islam supports intrinsic commodities that can be used as currency or medium of exchange. Paper or electronic money can also be used but they should be backed by an intrinsic commodity or least a legitimate promise. So should Bitcoin be counted as money then? The answer is obviously No, because Bitcoin is free-floating currency as its value is totally determined by market. In other words, only people who use bitcoin think it is money and use it as money but actually it’s nothing but a virtual software.
“Historically, Islam has only recognized commodities of intrinsic value as money including things like gold (Dinar), silver (Dirham), rice, dates, wheat, barley and salt. In a strict interpretation of what qualifies as money, Bitcoin absolutely misses the parameter.”
Bitcoin can be used to facilitate illicit activity, such as the purchase of illegal drugs on “dark web” marketplaces and it encourages unlawful activities.
For all its promise, Bitcoin remains a niche currency that’s subject to wild value fluctuations. Despite the wild-eyed pronouncements of hardcore proponents, it’s certainly not a legitimate investment or trading vehicle, as is the case with stable national currencies, such as the U.S. dollar and Indian rupee.
How Does Bitcoin Work?
Bitcoin is a cryptocurrency, meaning it’s supported by a source code that uses highly complex algorithms to prevent unauthorized duplication or creation of Bitcoin units. The code’s underlying principles, known as cryptography, are based on advanced mathematical and computer engineering principles. It’s virtually impossible to break Bitcoin’s source code and manipulate the currency’s supply.
Although it was preceded by other virtual currencies, Bitcoin is known as the first modern cryptocurrency. That’s because Bitcoin is the first to blend certain key features shared by most subsequently created cryptocurrencies.
User Anonymity
Intense privacy protections are baked into Bitcoin’s source code. The system is designed to publicly record Bitcoin transactions and other relevant data without revealing the identity of the individuals or groups involved. Instead, Bitcoin users are identified by public keys, or numerical codes that identify them to other users, and sometimes pseudonymous handles or usernames.
Every Bitcoin user has at least one private key (basically, a password), which is a whole number between 1 and 78 digits in length. Individual users can have multiple anonymous handles, each with its own private key. Private keys confirm their owners’ identities and allow them to spend or receive Bitcoin. Without them, users can’t complete transactions – meaning they can’t access their holdings until they recover the corresponding key. When a key is lost for good, the corresponding holdings move into a sort of permanent limbo and can’t be recovered.
Bitcoin Exchanges
Bitcoin exchanges allow users to exchange Bitcoin units for fiat currencies, such as the U.S. dollar and euro, at variable exchange rates.
Bitcoin exchanges ensure that the Bitcoin market remains liquid, setting their value relative to traditional currencies – and allowing holders to profit from speculation on fluctuations in that value. That said, Bitcoin users must understand that Bitcoin’s value is subject to wild swings – weekly moves of 50% in either direction have occurred before. Such swings are unheard of among stable fiat currencies because the encrypted currency has no value; it’s completely determined by market sentiment and anyone owns it on their own risk unlike other currency like US dollar and Indian rupee which are backed by central bank like RBI.
RBI had cautioned on its website in February 2017.
“Any user, holder, investor or trader dealing with virtual currencies like bitcoin is doing it at their own risk.”
The RBI has been repeatedly flagging concerns about Bitcoins, stating that they pose potential financial, legal, customer protection and security-related risks. And according to Harvard economics professor Kenneth Rogoff, “Collapse of Bitcoin Inevitable”
Therefore, before you rush out and cash in your fiat money for Bitcoin, remember that Bitcoin has a long way to go before it’s a legitimate currency on par with the U.S. dollar, euro, rupee or pound. And despite the seductiveness of cryptocurrency as a means of exchange, there’s no guarantee that Bitcoin – or any other decentralized, virtual currency not controlled by a national bank – will ever be a viable alternative to fiat currencies.
For the time being, treat Bitcoin as you would any speculative asset: Move cautiously, or not at all, and never invest money that you can’t afford to lose.
by admin | May 25, 2021 | Halal Food, Halal Industries, Muslim World
Ankara : Turkey’s parliament approved on Wednesday a law for establishing the country’s first halal accreditation agency.
Under the law, the Halal Accreditation Institution (HAK) will have the sole authority for certifying and accrediting halal products goods made according to Muslim standards in Turkey. It will also be able to establish offices abroad.
The agency will also accredit Turkish and foreign institutions that grant certificates of halal compliance.
The agency, with a staff of 50, will be under the Economy Ministry, and represent Turkey in the international arena and obtain membership in both regional and international accreditation unions, Anadolu Agency (AA) reported.
Halal accreditation agencies enforce halal standards according to Islam in their countries and territories. They also aim to protect the growing number of halal consumers and facilitate international trade.
Global trade in halal products and services is valued at around $3.9 trillion.
The halal food market in Turkey is now worth $6 billion annually, and this could rise to $15-20 billion within a decade, according to Hasan Ali Cesur, head of the Anatolian Businessmen’s Association (ASKON).
—SM/OIC-UNA
by admin | May 25, 2021 | Halal Food, Halal Industries, Muslim World
Makkah : The Utilization of Sacrificial Meat (Adahi) is a project undertaken by Saudi Arabia in collaboration with the Islamic Development Bank (IDB) that aims to distribute sacrificial meat among over 30 million people in 27 countries in the Asian and African continents.
In the past Hajj seasons, people used to freeze and ship the excess meat from lamb sacrifices to their countries. The abundance of meat during Hajj became a problem over the years. Pilgrims could not eat all the sacrificed meat and it was left on the streets, causing a sanitation crisis, bad smells and disease. The authorities then would bury the meat.
Saudi scholar Saeed Al-Amoudi told Al-Hayat that the increase of pollution caused by the lamb sacrifices led the Kingdom to take the first initiative in 1983 to avoid such waste and to help the poor. The Kingdom assigned the IDB to manage the project along with the Saudi authorities.
In 2000, the Adahi project was developed, with over 40,000 employees working in different fields such as management, supervision, slaughtering, shipping and distribution.
Every year, 30,000 heads of sheep, cows and camels are slaughtered to be distributed to 30 million poor people and refugees in 27 countries in Asia and Africa.
A center for treating the excess meat was also established. The center is capable of processing 500 tons of waste per day and turning it into natural fertilizers, separated from the extracted fat that can be used in factories. Thus, the center is able to get rid of the excess meat in an eight-day period following the Hajj.
This unique project emphasizes the creative ideology of turning problems into innovative solutions, and stresses the efforts of the Kingdom to provide a better life for the less fortunate.
—AG/IINA
by admin | May 25, 2021 | Entrepreneurship, Halal Food, Halal Industries, Halal Medicine, Muslim World
Kuala Lumpur : The Halal Fiesta ASEAN (Halfest ASEAN) 2017 is expected to woo both visitors and entrepreneurs to its impactful programmes, as well as, innovative and quality products and services to be showcased, says Halal Industry Development Corporation (HDC) Chief Executive Officer Jamil Bidin.
He said the five-day event, to kick off on Aug 23 at the Mines Exhibition Centre, would present a new line of strategic partners namely the Bumiputera Agenda Steering Unit (TERAJU), with the aim of enhancing Bumiputera engagement in this potentially large-scale industry, and also Starbucks Malaysia which would share its quality and branding strategies.
HDC is the organiser of Halfest ASEAN 207 and co-organised by Shapers Malaysia.
“As for our partnership with TERAJU, we will conduct a product development programme, focusing on innovation and creativity by introducing a Superb Halal Chefpreneur Challenge 2017.
“Cooking expert Redzuawan Ismail or better known as Chef Wan by Malaysians will assist us to select five entrepreneurs as the winner under the challenge round,” he told Bernama.
Jamil said five entrepreneurs will receive a grant of RM50,000 each to develop their food products to the next level.
The Chefpreneur Challenge would be an annual activity at Halfest with the allocation likely to increase, he said.
“Next year, we aim to organise Halfest on a much bigger scale, to further complement the government’s Halal agenda,” he said, adding that the next halal event in the country would focus on promoting halal ingredients.
“With all these events in the pipeline, we are confident Malaysia can export RM50 million worth of halal exports by 2020 from RM42 billion at present. This could be achieved via an additional RM2 billion (in exports) yearly before we enter 2020,” he explained.
Besides, halal products and services, Jamil noted that the demand for halal ingredients from Malaysia has started to pick up, and soon, the country would want to leverage on this platform, promoting cosmetics and healthcare.
Halfest ASEAN 2017 is an integrated trade and consumer expo for halal products and services, a platform for entrepreneurs, especially small and medium enterprises to promote their products and services while strengthening trade relations within the retail industry in Malaysia and the ASEAN region.
Meanwhile, Shapers Malaysia Sdn Bhd Chief Executive Officer Mohd Shukri Abdullah said the company expected sales during the five-day event to match would hit last year’s RM4 million.
“This year we have about 200 buyers for business matching session, therefore we are expecting to increase the number,” he said.
Besides the business matching session, other activities lined-up in conjunction with the event, include the Islamic Takaful Banking Week, talks by the Association of Islamic Banking Institution Malaysia and Malaysian Takaful Association, Halfest Asean street food kiosks, pocket talks and halal clinics.
The pocket talks and halal clinics would offer local entrepreneurs a chance to learn about halal certification and enhance the ranking and marketing of their products and services. (US$1=RM4.33)
— NNN-BERNAMA
