by admin | May 25, 2021 | Investing, Muslim World
Kuala Lumpur : Muslim countries and affinity customers should tap into the green sukuk market as it is in line with the Shariah-compliant standards, said CIMB Islamic Bank Bhd Chief Executive Officer Rafe Haneef.
He said there was growing demand for green sukuk, capitalizing on projects related to environmental sustainability and green environment infrastructure projects.
“Last year, the environmental, social and governance (ESG) risks investment globally amounted to around $23 trillion and compared with the Islamic finance industry, the total size is about $2 trillion, it was 12 times higher.”
“And look at the actual demand for the ESG-compliant assets which is $45 trillion, the demand is almost double of what we have regarding supply, Bernama News reported.
“So, there is certainly a good reason why we should tap into green sukuk,” he said during the second-panel discussion on Green Financing/Green Sukuk at the third Annual Symposium 2017 on Islamic Finance here on Tuesday.
—SM/OIC-UNA
by admin | May 25, 2021 | Halal Food, Halal Industries, World
Paris : The court of Nanterre in the western suburbs of Paris in France has ruled that a halal supermarket in the Colombes to be closed down and its rental lease to be canceled after it failed to heed warnings that it must “sell pork and alcohol products.”
The supermarket had come under fire last year in August by Nicole Goueta, mayor of Colombes and local authorities for “not catering to the general public.”
The matter was taken to court after the owner of the market objected accusations that it was “discriminatory” and not following the conditions on its lease which stipulated that the market must act as a “general food store.”
The court said that the market had not added alcohol and non-halal meats to its range of products and therefore went against its lease, and ruled its lease to be canceled while ordering the owner of the shop to pay 4,000 euros’ worth of court fees and empty the premises, Daily Sabah News reported.
The warnings to the market came after locals complained that they could no longer get a broad range of products at the now-halal market, which had replaced a regular supermarket and had to travel further to get the products they desired.
The market owner had told Le Parisien, a French daily newspaper, that he did not sell pork or alcohol because he took the supply-demand balance into account in the neighborhood. Many on social media had come to the owner’s rescue, saying there were many specialty shops across France which only sold specific products, and that authorities’ insistence was a “discriminatory” practice.
—SM/OIC-UNA
by admin | May 25, 2021 | Islamic Finance, News
American University
Washington : American University is now offering a graduate certificate in Islamic finance to better prepare professionals to compete and do business in both emerging and established markets.
The curriculum includes courses that focus on the role of Islamic finance in the global economy and Islamic capital markets. Coursework also focuses on Sukuk (Islamic bonds), which are structured to generate returns without generating interest, which is prohibited in Islam.
For Ghiyath Naqshbandi, an executive in residence at American University’s Kogod School of Business in the US, the graduate certificate in Islamic finance is a dream now realized. Naqshbandi created the certificate as part of his larger vision of advancing Islamic finance. The United States is run by a very different kind of financial model, he said while noting that the American University is one of the only institutions in the country to offer a program.
“I am trying to establish a legacy,” Naqshbandi said. Coursework includes more than book learning. Naqshbandi regularly brings in experts to speak to classes. Speakers who visit and Skype in include CEOs, lawyers and high-profile Islamic finance professionals from Kuwait, and Bahrain, among other countries, News Wise reported.
“There are lots of opportunities for employment,” he continued. “It’s a new field and untapped field in the United States. We’ve been out of the loop for more than 15 years. London, Paris, Singapore, Shanghai and other countries have been taking the lead. It’s about time for us to capture some of the markets.”
Naqshbandi does not want finance professionals to be deterred by the “Islamic” in Islamic finance. Students enrolled in the certificate program come from a variety of backgrounds and religious traditions. Ultimately, he says, the program will help redefine the way professionals do business.
“Islamic finance is for humanity. It means socially responsible business, partnerships between entrepreneurs and financial institutions focusing on real markets. That means productive capacities to produce things that have a real impact on people’s lives.”
American University is a leader in global education, enrolling a diverse student body from throughout the United States and nearly 140 countries. Located in Washington, D.C., the university provides opportunities for academic excellence, public service, and internships in the nation’s capital and around the world.
The Kogod School of Business is the leading destination for the study of business in the Washington, D.C. metro area. The School has been a part of the D.C. business community for 60 years and is accredited by the Association to Advance Collegiate Schools of Business. AACSB accreditation represents the highest standard of achievement for a business school worldwide. Kogod’s Washington, D.C. location serves as a laboratory for learning through work, internships, and other forms of experiential education.
—SM/OIC-UNA
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 | Muslim World
Jeddah : The Islamic Organization for Food Security (IOFS), the Astana-based OIC specialized institution, established a cooperation framework with the Arab Organization for Agricultural Development (AOAD) aimed at collaborating on joint programmes and project development as well as promoting exchange of knowledge, best practices and expertise in the domain of agriculture, rural development and food security for the benefit of their member states.
This measure was concretized on 28 of September as the Director General of IOFS and Director General of AOAD concluded a Memorandum of Understanding (MoU), on cooperation between the two organizations at the OIC headquarters in Jeddah, Saudi Arabia.
It should be mentioned that the inaugural general assembly of IOFS was held in Astana, Kazakhstan on 26-28 April 2016 concurrently with the Seventh OIC ministerial conference on food security and agricultural development. The general assembly elected the 8-member executive board of the IOFS as well as appointed Director general of IOFS Secretariat. Besides, the general assembly approved a 5-year plan of action of the organization that would seek to implement quick-win programmes aimed at fast-tracking exchanges and cooperation among IOFS member states.
IOFS 5-year plan of action includes: the creation of a comprehensive database and conducting research on all aspects of the food security; establishment of agricultural and scientific-research fund; establishment of agriculture SME fund; development of regional food security programmes (RFSP), and elaboration of IOFS investment programmes, among others.
—SM/IINA
