Emirates Islamic has partnered with Qindeel Printing, Publishing, and Distribution, a subsidiary of the Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF), to promote literacy inclusion worldwide.
The partnership follows the announcement of March as the month dedicated to reading in the UAE, as marked by HH Sheikh Mohammad Bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai.
In support of Qindeel’s initiative to donate books worldwide and encourage reading, Emirates Islamic has placed kiosks in the bank’s branches, for customers and staff to donate used or new books. Qindeel will then distribute the donated books to local and global educational institutions in need of reading resources.
Saif Al Mansoori, GM, MBRF Holding, said: “Encouraging reading for children, not just in the UAE, but across the region, has been a passionate cause of Qindeel under the vision of our leader, His HH Mohammad bin Rashid Al Maktoum, VP and PM of UAE and Ruler of Dubai. We thank Emirates Islamic for its efforts in supporting this noble cause and serving as a stellar example of the private sector’s social responsibility in the Year of Giving. We hope to give young children all over the world a chance to read meaningful and inspiring books that will facilitate their intellectual and emotional growth.”
Awatif Al Harmoodi, GM, Operational Quality & Processes, Emirates Islamic said: “Emirates Islamic is proud to participate in a sustainable and worthy campaign that empowers literacy inclusion among the disenfranchised both in the local community as well as internationally. A small gesture from the bank can have a tremendous impact on the children who will receive these books, as they will help shape their young minds with knowledge and moral values. We are happy to have our customers as well as our employees participating in this drive, and believe that grassroots efforts such as these have the longest lasting impact on society.”
Interested?
Locate a branch
Thursday, 30 March 2017
Singapore Muslims donate S$342,569 to Syrian refugees in Jordan, Lebanon
The Rahmatan Lil Alamin Foundation (RLAF) has reported that the Singapore Muslim community is contributing S$342,569 in aid of Syrian refugees living in the refugee camps and dwellings located in Jordan and Lebanon.
The Syrian internal conflict and war, which has gone on for nearly six years, has inflicted a heavy toll. More than 4 million Syrians have sought refuge in countries such as Turkey, Jordan, Lebanon, Iraq as well as other countries beyond. According to the United Nations High Commission for Refugees (UNHCR), more than half are children below 17 years of age.
Jordan alone is hosting about 650,000 refugees while Lebanon is hosting more than 1 million. The high concentration of refugees in the countries have strained the resources of the nations which have to meet the demands of their own populations as well.
With severe winter conditions enveloping the region, mosques in Singapore in collaboration with the RLAF appealed for donations from the Singapore Muslim community to show our care and compassion toward the ongoing suffering of the Syrian refugees there. Donation boxes were placed at all 70 mosques from 3 to 9 February 2017. Donations were also invited via cash, cheque and online to this cause.
For this initiative, RLAF is collaborating with the UNHCR that is on the ground in Jordan and Lebanon. The equivalent of US$100,000 of the collection will enable the UNHCR to extend the provision of gas to Syrian refugees in Al-Azraq camp in Jordan to enable them to survive the winter.
The remaining funds, amounting to US$132,600, will be used to support UNHCR’s Outreach Educational programme, as well as parent engagement and homework support programmes to ensure access of education for Syrian children in across Lebanon. Through this assistance parents will also be empowered to assist in the learning process. Through these programmes is it hoped that children will be able to discover the joy of learning and find new confidence after the ordeal they face as refugees.
The RLAF and mosques in Singapore wish to express sincere thanks to the Singapore Muslim community and all Singaporeans who have generously contributed to the fund.
The Syrian internal conflict and war, which has gone on for nearly six years, has inflicted a heavy toll. More than 4 million Syrians have sought refuge in countries such as Turkey, Jordan, Lebanon, Iraq as well as other countries beyond. According to the United Nations High Commission for Refugees (UNHCR), more than half are children below 17 years of age.
Jordan alone is hosting about 650,000 refugees while Lebanon is hosting more than 1 million. The high concentration of refugees in the countries have strained the resources of the nations which have to meet the demands of their own populations as well.
With severe winter conditions enveloping the region, mosques in Singapore in collaboration with the RLAF appealed for donations from the Singapore Muslim community to show our care and compassion toward the ongoing suffering of the Syrian refugees there. Donation boxes were placed at all 70 mosques from 3 to 9 February 2017. Donations were also invited via cash, cheque and online to this cause.
For this initiative, RLAF is collaborating with the UNHCR that is on the ground in Jordan and Lebanon. The equivalent of US$100,000 of the collection will enable the UNHCR to extend the provision of gas to Syrian refugees in Al-Azraq camp in Jordan to enable them to survive the winter.
The remaining funds, amounting to US$132,600, will be used to support UNHCR’s Outreach Educational programme, as well as parent engagement and homework support programmes to ensure access of education for Syrian children in across Lebanon. Through this assistance parents will also be empowered to assist in the learning process. Through these programmes is it hoped that children will be able to discover the joy of learning and find new confidence after the ordeal they face as refugees.
The RLAF and mosques in Singapore wish to express sincere thanks to the Singapore Muslim community and all Singaporeans who have generously contributed to the fund.
posted from Bloggeroid
Tuesday, 28 March 2017
Islamic Development Bank approves US$715 million in funding
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| Source: Islamic Development Bank Board Members at the 318th meeting convened in Madinah Al Munawarah, KSA. |
Members of the Board of Executive Directors of the Islamic Development Bank, have approved the allocation of US$714.7 million in financing for new development projects in member countries.
Approved financing included:
US$328.5 million for the reconstruction of the Atyrau – Border of Russian Federation (Astrakhan) project in Kazakhstan;
US$300 million for phase two of the Construction of Rural Housing project in Uzbekistan; and
US$86 million for the Expansion and Development of the Port of Tripoli project in Lebanon.
The Board Members were also informed of a US$270,000 technical assistance grant approved by the IsDB Group President, Dr Bandar Hajjar, for Oman aimed at increasing the export value of luban (Editor's note: frankincense) and dates.
Sunday, 26 March 2017
Applications open for primary 1 admission to Singapore madrasahs in 2018
The Primary 1 Madrasah Application Exercise 2018 is now in effect. A joint
effort between the Islamic Religious Council of Singapore (Majlis Ugama Islam Singapura, Muis), and the four full-time
madrasahs offering primary level education, the exercise allows interested parents and legal guardians with eligible children to apply to the madrasahs online.
Children born on or between 2 January 2011 and 1 January 2012 are invited to apply to one of the four madrasahs for admission to primary 1 in 2018 via their websites:
Madrasah Irsyad Zuhri Al-Islamiah, Singapore Islamic Hub, 277, Braddell Road, Singapore 579711
Madrasah Al-Ma'arif Al-Islamiah, 3 Lorong 39 Geylang, Singapore 387865
Madrasah Wak Tanjong Al-Islamiah, 589 Sims Ave Singapore, Singapore 387600
Alsagoff Arab School, 111 Jalan Sultan, Singapore 199006
*Results will be released sometime within that week.
Interested?
View the list of required documents
Children born on or between 2 January 2011 and 1 January 2012 are invited to apply to one of the four madrasahs for admission to primary 1 in 2018 via their websites:
 |
| Source: Muis. Logos for the four madrasahs. |
Madrasah Irsyad Zuhri Al-Islamiah, Singapore Islamic Hub, 277, Braddell Road, Singapore 579711
Madrasah Al-Ma'arif Al-Islamiah, 3 Lorong 39 Geylang, Singapore 387865
Madrasah Wak Tanjong Al-Islamiah, 589 Sims Ave Singapore, Singapore 387600
Alsagoff Arab School, 111 Jalan Sultan, Singapore 199006
- An administrative fee is charged for every application
- A qualifying test will be conducted at the chosen madrasah
- Successful applicants will be required register at the respective madrasahs on the date and time specified.
- Unsuccessful applicants must ensure that the child/ward is registered in a national school as required by the Compulsory Education Act (Cap 51).
| Application Period | 25 March – 31 March 2017 |
| Test Date | 8 April 2017 |
| Application Result | *8 May 2017 |
| Period of Appeal | 15 – 27 May 2017 |
| Registration Date | 3 Jun 2017 |
*Results will be released sometime within that week.
Interested?
View the list of required documents
Saturday, 25 March 2017
Eastspring Investments announces income distribution for three Islamic funds
Asset manager Eastspring Investments, a Prudential subsidiary, has announced the income distribution for three of its existing shari'ah-compliant
unit trust funds, the Eastspring Investments Dana al-Ilham, Eastspring
Investments Dana al-Islah and Eastspring Investments Dana Wafi (collectively
referred to as “funds”). All three ended the financial year on 31 March.
All unit holders who have maintained their unit holdings in the Funds as of 23 March 2017 are entitled to the income distribution.
“We are seeing more buying opportunities for both equities and bonds as compared to a year ago. Our appetite for equities has increased but as always, with our bottom-up approach, we continue to be on the look-out for attractively valued stocks with good long-term growth potential.” says Rudie Chan, Chief Investment Officer, Eastspring Investments.
- Eastspring Investments Dana al-Ilham has a gross distribution of RM0.0357 per unit, corresponding to a dividend yield of 5% as of 15 February 2017;
- Eastspring Investments Dana al-Islah has a gross distribution of RM0.0292 per unit, corresponding to a dividend yield of 4% as of 15 February 2017;
- Eastspring Investments Dana Wafi has a gross distribution of RM0.0230 per unit, corresponding to a dividend yield of 4% as of 15 February 2017.
All unit holders who have maintained their unit holdings in the Funds as of 23 March 2017 are entitled to the income distribution.
“We are seeing more buying opportunities for both equities and bonds as compared to a year ago. Our appetite for equities has increased but as always, with our bottom-up approach, we continue to be on the look-out for attractively valued stocks with good long-term growth potential.” says Rudie Chan, Chief Investment Officer, Eastspring Investments.
Thursday, 23 March 2017
Halal cosmetics market to surpass US$52 billion by 2025
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| Source: Grand View Research. Regional share for halal cosmetics, 2015. |
The global halal cosmetics market is expected to reach US$52.02 billion by 2025, according to a new report by Grand View Research. The market once deemed to be niche, was
worth US$14 billion in 2014 and is expected to double by 2020. It is
expected to account for over 6% of the overall cosmetic industry in the
same year.
The large Islamic population and their lifestyles has pushed the mainstream beauty-care industry to consider product offerings that are halal-certified, especially since consumers are willing to pay a premium price for these goods.
The large Islamic population and their lifestyles has pushed the mainstream beauty-care industry to consider product offerings that are halal-certified, especially since consumers are willing to pay a premium price for these goods.
Countries such as Malaysia and Indonesia offer tremendous opportunities for growth as they have sizeable Muslim populations experiencing socioeconomic growth. Products certified by recognized bodies, such as JAKIM (Jabatan Kemajuan Islam Malaysia), will also boost consumer confidence and further propel growth, says Grand View Research.
Malaysia and Indonesia together accounted for nearly 60% of the Asia Pacific revenue in 2015, with skincare and makeup being the dominant products consumed. Personal care and beauty-care launches in Malaysia outnumbered UK and Philippines, primarily due to local brands such as SimplySiti and IVY Beauty.
Malaysia and Indonesia together accounted for nearly 60% of the Asia Pacific revenue in 2015, with skincare and makeup being the dominant products consumed. Personal care and beauty-care launches in Malaysia outnumbered UK and Philippines, primarily due to local brands such as SimplySiti and IVY Beauty.
Key findings from the report suggest:
Asia Pacific was the dominant region, hosting nearly 45% of the global Muslim population and accounting for nearly three-quarters of the overall revenue in 2015.
Countries such as India, Malaysia, Indonesia, Bangladesh, Pakistan and Maldives are characterised by considerable Muslim population numbers and improving socioeconomic conditions
The Middle East is also an important consumer hub for the industry, particularly considering high income levels in UAE, Saudi Arabia, Jordan, and Oman.
Major players include Malaysia's Clara International, INIKA, Talent Cosmetic Company, MMA Bio Lab, The Halal Cosmetics Company, Saaf Skincare, Prolab Cosmetics, Martha Tilaar Group, and Iba Halal Care. Shiseido, a Japanese company sells 28 halal skin care products under the brand name Za. Colgate-Palmolive Company also offers toothpaste products which are halal certified.
Awareness levels of Muslim populace regarding the ingredients used in
cosmetic and personal care formulations are to determine the industry's
future growth trajectory.
However, lack of standardised
certification system is hampering the growth of the market. When manufacturers have to follow different standards in different countries, the process
becomes complex and costly.
Interested?
Public-private partnerships are the way to go in socioeconomic development
 |
| Source: Islamic Development Bank. Participants at the event. |
Dr Bandar Hajjar, President of the Islamic Development Bank Group, said that the group is putting every resource available at the disposal of its 57 member countries so they can gain experience in building successful partnerships between the public and private sectors in every field, especially with the gap between the two in the funding they provide for these partnerships.
“We all know that laws and regulations alone are no guarantee for a successful partnership,” said Dr Hajjar. “Both parties must work hard to create successful, ties that actually work. Each one of the two sectors have multifaceted administrative, economic, judicial, legal, and social aspects that need to intertwine and hook up at just the right points, and all stakeholders must share a common understanding of the principles of transparency, disclosure, accountability, and equal rights, as well
as a clear determination of responsibilities for the efficient use of resources, boosting competitiveness, finding new sources of funding, expanding projects, creating new job opportunities, and solidifying economic stability in our member countries.”
At the forum, water desalination and housing came up as the two sectors set to see the strongest interest from PPPs, particularly in KSA's Kingdom Vision 2030. Challenges for PPPs that were identified included inadequate funding. Participants also stressed that these partnerships need support at the highest levels of government to succeed, as well as teams of specialists in place that are dedicated only to this model. Also, universally recognised procedures and contracts need to be adopted, so as to encourage funding and attract the global talent which will ultimately build capabilities and expertise in the private sectors of respective member states.
More than 300 government figures and private-sector business leaders from the member countries participated in the forum, set to be the first of many that are scheduled to be held successively in member states.
The IsDB launched the forums after the major changes witnessed in the economies of many of the bank’s member states, mostly due to weak oil prices, at a time of immense pressure for infrastructure projects to continue in member countries especially now that the traditional model of the government-funded infrastructure projects has proven to be inadequate, with the huge disparities between national budgets and the funds actually needed to keep projects on track.
Wednesday, 22 March 2017
Rural Afghanistan goes online with SpeedCast and Wasel Telecom
SpeedCast is connecting residents of remote villages in Afghanistan to the Internet through a partnership with one of the country’s largest CDMA operators, Wasel Telecom. Connectivity is provided through a fully managed, off-grid small cell end-to-end solution* that includes satellite communications, solar panels, base transceiver stations (BTS) and accompanying towers.
“The solution SpeedCast is providing here is making a difference in people’s lives,” said PJ Beylier, CEO, SpeedCast. “We are enabling the rural population in Afghanistan to gain access to modern communications infrastructure so they can see the world with a new perspective. The arrangement has the potential to bring broadband, cellular services, e-health services, e-learning and telemedicine to the most remote areas of the globe.”
After completing a successful proof of concept with Wasel Telecom to connect three rural villages, SpeedCast and Wasel Telecom agreed to collaborate on a bid for an upcoming project for the Afghan government. The work would extend the solution to more than 200 villages in the hardest-to-reach areas of the country.
“We are excited to collaborate with a customer-focused company like SpeedCast,” said Hatem Al Sibai, CEO, Wasel Telecom. “I’m extremely confident that our combined expertise will enable a solution that will change the lives of the Afghan people.”
“The solution SpeedCast is providing here is making a difference in people’s lives,” said PJ Beylier, CEO, SpeedCast. “We are enabling the rural population in Afghanistan to gain access to modern communications infrastructure so they can see the world with a new perspective. The arrangement has the potential to bring broadband, cellular services, e-health services, e-learning and telemedicine to the most remote areas of the globe.”
After completing a successful proof of concept with Wasel Telecom to connect three rural villages, SpeedCast and Wasel Telecom agreed to collaborate on a bid for an upcoming project for the Afghan government. The work would extend the solution to more than 200 villages in the hardest-to-reach areas of the country.
“We are excited to collaborate with a customer-focused company like SpeedCast,” said Hatem Al Sibai, CEO, Wasel Telecom. “I’m extremely confident that our combined expertise will enable a solution that will change the lives of the Afghan people.”
*According to SpeedCast, an off-grid small cell solution is a radio access network that includes outdoor small cells (low-powered radio access nodes that operate in licensed and unlicensed spectrum supporting 2G, 3G and 4G LTE) and a base station controller. Satellite backhaul provides the connection to the Internet. The network is enabled by a solar power system and battery bank with a self-supporting tower and has a range of up to 5km.
Tuesday, 21 March 2017
Warba Bank celebrates Nasdaq Dubai listing of US$250 million sukuk tranche
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| Source: Nasdaq Dubai. Celebrating the listing of Warba Bank's sukuk. |
Warba Bank’s sukuk comprises perpetual tier 1 mudarabah capital certificates, non-callable before 14 March 2022, with the initial coupon set at 6.5%. The sukuk listed on Nasdaq Dubai on March 15, 2017.
The sukuk will further strengthen the Kuwaiti bank's capital base and support the bank’s continued growth and development as well as its commitment to Islamic finance. Established in 2010, Warba Bank is expanding its activities in the full range of banking and investment services in Kuwait in compliance with shari’ah principles.
The sukuk reflects the accelerating growth in financial markets ties between the UAE and Kuwait. It also reinforces Nasdaq Dubai’s status as the global leader for sukuk listings, with a total nominal value of US$46.31 billion from issuers in the MENA region and beyond.
The bell-ringing ceremony took place in the presence of HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Warba Bank, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai.
Al-Ghanem said: “The success of our sukuk in attracting investors from Kuwait, the MENA region and beyond reflects the confidence of the market in Warba Bank’s strategy for growth and development across all our business areas including investment, treasury, corporate banking and retail banking. Nasdaq Dubai’s first-class listing environment, including its close links with regional and global investors as well as its international regulatory standards, provides important support for this capital-raising initiative.”
HE Essa said: “Warba Banks’s choice of Dubai for its sukuk listing further strengthens the collaboration between the capital markets of Kuwait and the UAE, which provides attractive opportunities to issuers and investors as well as supporting wider economic relationships within the GCC. The listing also strengthens the growth of Dubai as the global capital of the Islamic economy under the initiative launched by HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE VP and PM, and ruler of Dubai.”
Al Fahim, Chairman of Nasdaq Dubai, said: “Drawing on our unrivalled network of relationships with regional and international issuers, advisers and investors in the Islamic capital markets, Nasdaq Dubai will expand as a centre for listing sukuk and other Islamic products. We will further streamline and enhance our listing processes to meet the commercial needs of issuers.”
Chief Executive Hamed said: “As one of Kuwait’s and the region’s most active and prominent financial institutions, Al Warba Bank is a very significant addition to Dubai’s sukuk market. We are delighted to support the bank’s expansion across a range of activities by facilitating its capital raising needs and strengthening its links with investors, including through the high visibility that our listing platform provides across the region and internationally. We are in contact with a number of leading Kuwait companies and institutions and look forward to providing them with an effective listing venue that will assist their development strategies.”
Warba Bank operates through corporate, retail, treasury and investment business functions, offering a variety of banking and investment products as well as financial services to corporate and retail customers.
Monday, 20 March 2017
Milk and milk beverages a growth market for Malaysia
Malaysian consumers continue to sustain demand for milk and milk-based beverages as they contain high levels of calcium and so help to strengthen bones and keep joints healthy, says Euromonitor.
According to the research firm, new players such as Hybrid Allied Dairy Company and Calpis entered the drinking milk category and helped drive sales of drinking milk products in Malaysia last year. In addition, Holstein Milk Company shared plans to expand its drinking milk production line in Malaysia in 2016.
Dutch Lady Milk Industries led sales of drinking milk products with a 23% retail value share in 2016 due to Dutch Lady Milky in April 2016. Dutch Lady Milky was successful due to its use of seven cartoon characters and its availability in three variants which gained the attention of children in particular. In addition, the company improved its packaging of Dutch Lady PureFarm fresh milk from brick liquid cartons to gable-top liquid cartons for its 1-litre pack size.
Consumers are expected to continue to demand drinking milk products for their nutrients and because popular brands are priced affordably. Euromonitor expects frequent discounting by leading brands such as Dutch Lady, Yeo’s, Goodday and F&N Magnolia to continue.
Interested?
Buy the Euromonitor Dairy in Malaysia report (December 2016)
Dutch Lady Milk Industries led sales of drinking milk products with a 23% retail value share in 2016 due to Dutch Lady Milky in April 2016. Dutch Lady Milky was successful due to its use of seven cartoon characters and its availability in three variants which gained the attention of children in particular. In addition, the company improved its packaging of Dutch Lady PureFarm fresh milk from brick liquid cartons to gable-top liquid cartons for its 1-litre pack size.
Consumers are expected to continue to demand drinking milk products for their nutrients and because popular brands are priced affordably. Euromonitor expects frequent discounting by leading brands such as Dutch Lady, Yeo’s, Goodday and F&N Magnolia to continue.
Interested?
Buy the Euromonitor Dairy in Malaysia report (December 2016)
Sunday, 19 March 2017
Museum of Islamic Art focuses on carpets in new exhibition
Imperial Threads: Motifs and artisans from Turkey, Iran and India will run at the Museum Of Islamic Art in Doha, Qatar till 4 November 2017.
This exhibition will focus on the exchange of artistic and material cultures between the Ottoman, Safavid, and Mughal empires. Highlighting MIA's masterpiece carpets, among other artworks from Turkey, Iran and India, these objects will be contextualised within the historical circumstances of politics and artistic production of their time, primarily from the 16th to the 18th centuries.
Interested?
Watch the introductory video on Imperial Threads
Attend events inspired by Imperial Threads:
School workshops
Every Sunday, Monday, Wednesday to 9 November 2017, 8:30am to 10:30am (1.5 hours)
School workshops based on the themes of the exhibition are available throughout the exhibition for group plus of up to 25 students. To book, please contact +974 4422 4268 or email educationmia at qm.org.qa
Introduction to Carpet Weaving
19 to 23 March, 4pm to 8pm
A practical course to learn the principles of traditional carpet design as well as essential weaving techniques with Shorsh Saleh, lecturer at the Princes School of Traditional Arts in the UK.
This exhibition will focus on the exchange of artistic and material cultures between the Ottoman, Safavid, and Mughal empires. Highlighting MIA's masterpiece carpets, among other artworks from Turkey, Iran and India, these objects will be contextualised within the historical circumstances of politics and artistic production of their time, primarily from the 16th to the 18th centuries.
Interested?
Watch the introductory video on Imperial Threads
Attend events inspired by Imperial Threads:
School workshops
Every Sunday, Monday, Wednesday to 9 November 2017, 8:30am to 10:30am (1.5 hours)
School workshops based on the themes of the exhibition are available throughout the exhibition for group plus of up to 25 students. To book, please contact +974 4422 4268 or email educationmia at qm.org.qa
Introduction to Carpet Weaving
19 to 23 March, 4pm to 8pm
A practical course to learn the principles of traditional carpet design as well as essential weaving techniques with Shorsh Saleh, lecturer at the Princes School of Traditional Arts in the UK.
posted from Bloggeroid
Saturday, 18 March 2017
Umrah tour operators in Pakistan to submit documents by end-April
The Pakistan Ministry of Religious Affairs
has announced that umrah tour operators must submit their
contract/agreement documents for attestation by 30 April to the Section
Officer for Umrah.
Interested?
View the list of approved umrah tour operators for the year 2016-2017 (1438)
Interested?
View the list of approved umrah tour operators for the year 2016-2017 (1438)
Low expectations for cheese market in Malaysia
The cheese market in Malaysia remained lacklustre in 2016. Consultancy Euromonitor says many imported brands focus only on high-end supermarkets as distribution channels, such as Cold Storage, Sam Groceria and Presto Grocers. On the other hand, dual-breadwinner families prefer to dine out more than cook at home, which makes cheese a rarity in homes.
Mondelez is the leading player in cheese for Malaysia in 2016, accounting for a 46% retail value share. The company offers a wide range of brands including Kraft Singles, Philadelphia, Kraft Cheese Spread and Kraft. These brands are widely distributed, in particularly through hypermarkets and supermarkets, and have many loyal consumers due to their affordable prices, quality and flavour.
Euromonitor does not see cheese taking off in Malaysia as consumers cook at home relatively rarely, making it unlikely to become a common recipe ingredient. The research firm also notes that domestic distributors are not educating consumers on incorporating cheese into their meals.
Mondelez is the leading player in cheese for Malaysia in 2016, accounting for a 46% retail value share. The company offers a wide range of brands including Kraft Singles, Philadelphia, Kraft Cheese Spread and Kraft. These brands are widely distributed, in particularly through hypermarkets and supermarkets, and have many loyal consumers due to their affordable prices, quality and flavour.
Euromonitor does not see cheese taking off in Malaysia as consumers cook at home relatively rarely, making it unlikely to become a common recipe ingredient. The research firm also notes that domestic distributors are not educating consumers on incorporating cheese into their meals.
Masjid Maarof sets up Ramadhan 2017 appeal
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| Source: Masjid Maarof Facebook page. |
Sponsors may contribute to costs for porridge, daily iftar, or to the general fund.
Masjid Maarof accepts cash or Nets, to be paid in person at the Masjid Maarof Reception Office Level 1, or by cheque, mailed to Masjid Maarof, 20 Jurong West St 26, Singapore 648125. Online bank transfers are also accepted.
Interested?
Register
Wednesday, 15 March 2017
Iranians prefer traditional sugar confections
The modern sugar confectionery market is immature in Iran. Traditional products were popular in 2016, consultancy Euromonitor said, with geo-specific confectionery in different cities that are often sold as souvenirs. Gaz (گز) from Isfahan, a type of nougat; sohan (سوهان) from Qom, a saffron-laced toffee; and baklava (باقلوا) from Yazd, a layered pastry with nuts soaked in sugar syrup, are all popular traditional sugar confectionery in Iran.
Sugar is popularly consumed with tea as sugar 'cubes' which are cut into irregular shapes by hand. Sugar-free products are also increasingly popular among Iranian consumers, as they are increasingly concerned with their appearance and health.
The Iranian sugar confectionery market is dominated by Shiva Manufacturing Company, the key leading player in pastilles with a wide range of products in different shapes and flavours accounts for a 22% retail value share in 2016. Next in line is Dadash Baradar Company (Aidin) which accounts for 15% market share by retail value in 2016. It is known for boiled sweets, toffees and mints. Draje Food Industries is in third place, accounting for 8% of retail value sales of sugar confectionery, mainly in pastilles.
Sugar confectionery is expected to grow steadily with a CAGR of 1% in constant 2016 terms from 2016 to 2021, and will be higher than that seen in the review period (2011 to 2016). Domestic suppliers will expand their activities while multinational brands are expected to enter the market. The consumption of new premium brands is expected to grow over the forecast period due to increased consumer curiosity and the willingness of the younger generation to spend more on these products.
The Iranian sugar confectionery market is dominated by Shiva Manufacturing Company, the key leading player in pastilles with a wide range of products in different shapes and flavours accounts for a 22% retail value share in 2016. Next in line is Dadash Baradar Company (Aidin) which accounts for 15% market share by retail value in 2016. It is known for boiled sweets, toffees and mints. Draje Food Industries is in third place, accounting for 8% of retail value sales of sugar confectionery, mainly in pastilles.
Sugar confectionery is expected to grow steadily with a CAGR of 1% in constant 2016 terms from 2016 to 2021, and will be higher than that seen in the review period (2011 to 2016). Domestic suppliers will expand their activities while multinational brands are expected to enter the market. The consumption of new premium brands is expected to grow over the forecast period due to increased consumer curiosity and the willingness of the younger generation to spend more on these products.
Interested?
Buy the Euromonitor Confectionery in Iran report (December 2016)
Tuesday, 14 March 2017
Inaugural International Halal Technical Capacity Development Program this April
In conjunction with 8th Halal Certification Bodies Convention, the Department of Islamic Development Malaysia (JAKIM) will be organising the first International Halal Technical Capacity Development Program (IHTCDP) 2017 from 3 to 4 April 2017 at Sama-Sama Hotel, Kuala Lumpur International Airport Sepang.
The IHTCDP is a workshop to streamline the technical components amongst recognised international certification bodies and the halal industry.
The workshop has three streams:
Emerald, for entry-level attendees
Local and international industry players, non-recognised certification bodies (CBs) and whomever interested to know about Malaysia’s halal certificates are welcome to join.
Diamond, for intermediate-level attendees
Speakers are subject matter experts in halal theory and practice from JAKIM such as Dato’ Sirajuddin bin Suhaimi, Ustaz Mohd Amri bin Abdullah, and Ustaz Mohd Fakaruddin bin Masod.
The IHTCDP is a workshop to streamline the technical components amongst recognised international certification bodies and the halal industry.
The workshop has three streams:
Emerald, for entry-level attendees
Local and international industry players, non-recognised certification bodies (CBs) and whomever interested to know about Malaysia’s halal certificates are welcome to join.
Diamond, for intermediate-level attendees
For local and international industry players, executives and auditors from recognised CBs.
Sapphire, for experts
Targeted at experts in the halal industry, academicians, and policy makers. This session will be in a roundtable format.
Sapphire, for experts
Targeted at experts in the halal industry, academicians, and policy makers. This session will be in a roundtable format.
Speakers are subject matter experts in halal theory and practice from JAKIM such as Dato’ Sirajuddin bin Suhaimi, Ustaz Mohd Amri bin Abdullah, and Ustaz Mohd Fakaruddin bin Masod.
Interested?
Call +603 2171 1128 with questions
Call +603 2171 1128 with questions
Halal products market expected to grow through to 2024
ReportBuyer has released an overview of the halal products market from Transparency Market Research. The global halal products market is highly lucrative, with the meat, processed food and beverage segments being the most attractive market in 2015. This market is also highly diversified, covering food and beverage products to personal care and pharmaceutical products.
The growing Muslim population is one of the prime factors pushing the demand for halal products market. It is estimated that 26.4% of the global population is expected to be Muslim by 2030 as compared to 19.9% in 1990. The growth rate is much faster compared to other religions. In addition to this, rising purchasing power of the Islamic countries due to the rapid growth in their economy, especially in Middle East and Southeast Asia. Further, consumption of halal products among the non-Muslim population is also on the rise.
Improvement of the retail sector is another major factor which is the currently driving the demand for halal products market across the globe. There has been an improvement in halal certification standards, in the quality of retail outlets selling halal-certified products, as well as a high degree of globalisation and multilateral trade agreements which have boosted the trade flow of halal products.
However, the lack of uniformity for halal standards is a major factor barring the growth of the market. Due to the absence of global halal standards, companies must get the halal certification from the Islamic regulatory organisation from each country separately. Paradoxically, the definition of halal may be different in different countries. Due to this, products accepted by the halal certification board of one country may not be accepted in other countries.
The small scale of halal product manufacture means that most of the countries with a high demand for high demand for halal products are heavily dependent on imports from other countries. In order to reduce the over-dependency on imports, the governments of some of the countries with a high Muslim population (or high halal demand) are offering big incentives to companies to manufacture halal products and promote the use of halal-certified goods.
In terms of revenue, primary meat and processed food accounted for the major market share in 2015 and is expected to witness a major surge in demand by the end of the forecast period, in 2024. Pharmaceuticals held the second-largest market share in 2015, but the market is expected to witness a decline by the end of the forecast period.
The Asia Pacific and Middle East and Africa regions accounted for more than 85% of the total market in 2015 combined, and they are expected to continue dominating the market throughout the forecast period.
Some of the key players operating in this field include Nestle, The Coca Cola Company, Kellogg's, Krafts Food Group, Unilever, GlaxoSmithKline and L'Oreal.
Interested?
Download the Halal Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024 report (November 2016)
The growing Muslim population is one of the prime factors pushing the demand for halal products market. It is estimated that 26.4% of the global population is expected to be Muslim by 2030 as compared to 19.9% in 1990. The growth rate is much faster compared to other religions. In addition to this, rising purchasing power of the Islamic countries due to the rapid growth in their economy, especially in Middle East and Southeast Asia. Further, consumption of halal products among the non-Muslim population is also on the rise.
Improvement of the retail sector is another major factor which is the currently driving the demand for halal products market across the globe. There has been an improvement in halal certification standards, in the quality of retail outlets selling halal-certified products, as well as a high degree of globalisation and multilateral trade agreements which have boosted the trade flow of halal products.
However, the lack of uniformity for halal standards is a major factor barring the growth of the market. Due to the absence of global halal standards, companies must get the halal certification from the Islamic regulatory organisation from each country separately. Paradoxically, the definition of halal may be different in different countries. Due to this, products accepted by the halal certification board of one country may not be accepted in other countries.
The small scale of halal product manufacture means that most of the countries with a high demand for high demand for halal products are heavily dependent on imports from other countries. In order to reduce the over-dependency on imports, the governments of some of the countries with a high Muslim population (or high halal demand) are offering big incentives to companies to manufacture halal products and promote the use of halal-certified goods.
In terms of revenue, primary meat and processed food accounted for the major market share in 2015 and is expected to witness a major surge in demand by the end of the forecast period, in 2024. Pharmaceuticals held the second-largest market share in 2015, but the market is expected to witness a decline by the end of the forecast period.
The Asia Pacific and Middle East and Africa regions accounted for more than 85% of the total market in 2015 combined, and they are expected to continue dominating the market throughout the forecast period.
Some of the key players operating in this field include Nestle, The Coca Cola Company, Kellogg's, Krafts Food Group, Unilever, GlaxoSmithKline and L'Oreal.
Interested?
Download the Halal Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024 report (November 2016)
Monday, 13 March 2017
Gum to have checkered future in Iran
Gum in Iran is being held back by smuggled goods which compete with official brands in both quality and unit price, says Euromonitor. "It is very common to go to a typical hypermarket or supermarket in Tehran and see shelves full of smuggled products, sometimes even more than official imports," the research firm said in an executive summary of the Confectionery in Iran report.
The weak Iranian economy also limits purchasing power, the company said.
Pars Minoo Industrial Company is a key domestic supplier and one of the leading gum players in the Iranian gum market for 2016, with its sugarised Chic and sugar-free White products both being very popular. The Chic brand has almost 100% penetration in retail, making it the best-selling gum in Iran. Retailers also use Chic gum as small change when they have no coins, a practice that is common in many countries where the smallest denominations are hard to find but still required.
The sugar-free White brand for gum by Pars Minoo is very similar to Orbit in terms of quality and packaging and has convinced many fans of Orbit to switch their loyalty to White because it is more affordable.
According to Euromonitor, the gum market outlook is promising. The leading domestic players are expected to expand their activities every year, resulting in stronger consumer awareness of local gumm brands and boosting gum sales. Smaller gum suppliers will also continue to maintain their small share in a highly competitive environment.
Interested?
Buy the Euromonitor Confectionery in Iran report (December 2016)
Saturday, 11 March 2017
Euromonitor sees strong potential for chocolate in Iran
Growth in the chocolate industry in Iran is driven by demand from Iranian youth, but is hindered by a decline in purchasing power and a still-high rate of inflation in 2016, says Euromonitor in its Confectionery in Iran report.
Euromonitor says the gradual loosening of sanctions in 2016 which will make dealing in Iran easier for key importers like Mars and Turkey's Yildiz Holding, which owns Godiva. Domestic manufacturers have also benefited from easier importation of raw materials and export of finished products. Due to these positive factors and strong potential, chocolate confectionery is expected to record retail value growth of 10% in 2016.
Parand Chocolate Company will maintain its lead in 2016, accounting for a 20% retail value share of chocolate confectionery. The company has a long history in the production and distribution of chocolate confectionery and offers a wide portfolio ranging from boxed assortments to tablets with different cocoa content. The company’s key brand, Farmand, enjoys a strong penetration level inside the retail environment, even in remote areas, the consultancy said.
Chocolate confectionery is expected to see better performance compared to the review period (2011 to 2016) as it starts off a low base and Iranian youth are ready to pay more for it. Key domestic manufacturers are expected to improve the quality and packaging of their products and transition consumers from traditional unpackaged products to modern packaged versions. Overall, chocolate confectionery is expected to record a CAGR of 7% at constant 2016 prices during the forecast period (2016 to 2021) which is much higher than the review period figure at 2%.
Parand Chocolate Company will maintain its lead in 2016, accounting for a 20% retail value share of chocolate confectionery. The company has a long history in the production and distribution of chocolate confectionery and offers a wide portfolio ranging from boxed assortments to tablets with different cocoa content. The company’s key brand, Farmand, enjoys a strong penetration level inside the retail environment, even in remote areas, the consultancy said.
Chocolate confectionery is expected to see better performance compared to the review period (2011 to 2016) as it starts off a low base and Iranian youth are ready to pay more for it. Key domestic manufacturers are expected to improve the quality and packaging of their products and transition consumers from traditional unpackaged products to modern packaged versions. Overall, chocolate confectionery is expected to record a CAGR of 7% at constant 2016 prices during the forecast period (2016 to 2021) which is much higher than the review period figure at 2%.
Interested?
Buy the Euromonitor Confectionery in Iran report (December 2016)
Fruit juice isn't good enough: it must be cold-pressed now
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| Source: Techsci Research. |
In 2015, global GDP per capita in terms of purchasing power parity reached US$15,470.15 from US$14,020.31 in 2012. Rising health concerns and increasing global healthcare expenditure per capita to US$1,083.28 in 2015 from around US$1,026.16 in 2012 are also fuelling demand for cold pressed juices across the globe.
Additionally, rising focus on preventive healthcare, growing awareness among consumers about the harmful effects of consuming products manufactured using synthetic ingredients and increasing demand for organic cold pressed juices is projected to drive sales of cold pressed juices. Although conventional cold pressed juices dominated the global cold pressed juices market, there has been robust growth in demand for organic cold pressed juices. This can be attributed to rising awareness about health and nutritional benefits of organic products.
Additionally, rising focus on preventive healthcare, growing awareness among consumers about the harmful effects of consuming products manufactured using synthetic ingredients and increasing demand for organic cold pressed juices is projected to drive sales of cold pressed juices. Although conventional cold pressed juices dominated the global cold pressed juices market, there has been robust growth in demand for organic cold pressed juices. This can be attributed to rising awareness about health and nutritional benefits of organic products.
“Rising health awareness, expanding youth working class population base and rapidly changing consumer preference towards organic cold pressed juices over conventionally manufactured cold pressed juices due to its high nutrient content has driven sales of cold pressed juices across the globe.
"Moreover, greater accessibility of these products through supermarkets/hypermarkets, brick and mortar stores and online channels along with continuous developments in supply chain network across the globe are also anticipated to drive demand for cold pressed juices across the globe through 2022.” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Some of the leading players in the global cold pressed juices market include PepsiCo’s Naked Juice, Hain Celestial’s BluePrint, Starbucks Evolution Fresh, and Suja Life.
Interested?
Download a sample from the report (December 2016)
Thursday, 9 March 2017
Alizz Islamic Bank launches Hasalti Children’s Savings Account
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| Source: Alizz Islamic Bank. The launch ceremony for the Hasalti Children’s Savings Account. |
Alizz Islamic Bank has launched a shari'ah-based product called the Hasalti Children’s Savings Account. The Omani rial account is opened and operated in a child’s name by parents or a court-appointed guardian. It will bear the child’s name along with the parents’ name until the child attains the age of majority, which is 18 years, or 21 years in case of court-appointed guardianship.
The account requires a minimum of OR50 to be deposited on a monthly basis to be eligible for monthly draws with cash prizes. Five winners are selected each month, winning a deposit of OR100 each. Account holders receive a free Hasalti membership card which can be used to deposit cash through the branch. Cash withdrawals from the account may be made through any of the bank’s branches.
The bank will award the official guardian a free life takaful cover that is equal to double the monthly balance available in the account, up to a maximum of OR20,000. For example, the insurance cover is OR10,000 if the monthly balance average is OR5,000. If the monthly balance average is OR20,000, the cover will be OR20,000.
The life takaful cover contribution will be borne by the bank and will not be taken from the account holder. A monthly account statement will be sent to the Takaful Company as per current procedures, which apply to all takaful financial transactions. Once the Hasalti account holder is 18, he or she may also apply for an educational grant at competitive rates.
“We have worked a lot on developing this product before launching it in its new form. Alizz Islamic Bank always strives to entrench the value of saving in children and adults using different ways. When opening the account, the child will get the welcome booklet, and a gift. Our top priority is to forge permanent relationships with child customers and offer them variety of discounts and exclusive offers,” said Moosa Al Jadidi, Chief Operating Officer of Alizz Islamic Bank.
Kazakhstan consumers buying yoghurt, sour milk products for health
Yoghurt and sour milk products, which is a growing dairy category in Kazakhstan, has seen interest from health-conscious consumers who believe the products are healthy and aid the immune system and digestion. The demand has spurred manufacturers to constantly update product lines with new tastes and health-orientated additives, says Euromonitor in a report on the dairy market in Kazakhstan.
Euromonitor identified Wimm-Bill-Dann Produkty Pitania as the leading company in 2016 with a 21% share of retail value sales for yoghurt and sour milk products. "This international manufacturer offered a wide range of yoghurt and sour milk products in Kazakhstan. Its leadership in retail value sales terms was due to comparatively high unit prices and strong marketing campaign," Euromonitor stated in an introduction to the report.
According to Euromonitor, Wimm-Bill-Dann Produkty Pitania also topped the 'other' dairy category, with a 17% share of retail value sales. The company offers brands such as Chudo, Domik v Derevne and Vesely Molochnik in chilled and shelf stable desserts, chilled snacks, cream, fromage frais and quark.
The increasing popularity of non-traditional products, such as chilled and shelf stable desserts, chilled snacks and coffee whiteners, will stimulate volume and value growth. Euromonitor says there will also strong demand for cream, condensed milk, fromage frais and quark*, as they include traditional products that remain popular among Kazakhstanis. Cream is consumed with tea for instance, while smetana (sour cream) is mainly taken with traditional hot meals like meat as well as berry dumplings and pancakes.
Interested?
Buy the Euromonitor report on Dairy in Kazakhstan (December 2016)
*Quark is a dairy product made by warming soured milk and then straining it. The curds are spoonable and are said to have a mild flavour that goes well with both sweet and savoury dishes.
Euromonitor identified Wimm-Bill-Dann Produkty Pitania as the leading company in 2016 with a 21% share of retail value sales for yoghurt and sour milk products. "This international manufacturer offered a wide range of yoghurt and sour milk products in Kazakhstan. Its leadership in retail value sales terms was due to comparatively high unit prices and strong marketing campaign," Euromonitor stated in an introduction to the report.
According to Euromonitor, Wimm-Bill-Dann Produkty Pitania also topped the 'other' dairy category, with a 17% share of retail value sales. The company offers brands such as Chudo, Domik v Derevne and Vesely Molochnik in chilled and shelf stable desserts, chilled snacks, cream, fromage frais and quark.
The increasing popularity of non-traditional products, such as chilled and shelf stable desserts, chilled snacks and coffee whiteners, will stimulate volume and value growth. Euromonitor says there will also strong demand for cream, condensed milk, fromage frais and quark*, as they include traditional products that remain popular among Kazakhstanis. Cream is consumed with tea for instance, while smetana (sour cream) is mainly taken with traditional hot meals like meat as well as berry dumplings and pancakes.
Interested?
Buy the Euromonitor report on Dairy in Kazakhstan (December 2016)
*Quark is a dairy product made by warming soured milk and then straining it. The curds are spoonable and are said to have a mild flavour that goes well with both sweet and savoury dishes.
Wednesday, 8 March 2017
Women's cosmetics to grow at a CAGR of over 11% in KSA
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| Source: Research and Markets. |
According to the TechSci Research report, the cosmetics market in KSA for women is anticipated to grow at a CAGR of over 11% from 2017 to 2022, on account of growing demand for halal cosmetics, a booming retail industry and easy availability of cosmetics online.
Cosmetic products are no longer restricted to being used on special occasions, but are gaining prominence as part of a daily regimen. In KSA, women's cosmetic products are being widely adopted, and have emerged as high utility products, especially over the last few years.
Women in the country are becoming more open to trying new products which help them in maintaining a youthful and elegant look. In addition to conventional cosmetics, several new products are being introduced in the Saudi Arabian market to help women in protecting their skin from pollution and sun damage. Moreover, backed by growing trend of workplace gender equality in the country, the women workforce is continuously expanding, which in turn is aiding the KSA women cosmetics market.
Increasing urbanisation, growing per capita spending on cosmetics, continuous product innovations and aggressive marketing by companies as well as online retailers are expected to positively influence the market during the forecast period.
Companies mentioned in the report include Avon Saudi Arabia, Beiersdorf, Clara International Beauty Group, Inika, L'Oréal Saudi Arabia, Louis Vuitton Saudi Arabia, OnePure, Procter & Gamble,
Saaf Skincare, and Unilever Saudi Arabia.
Interested?
Buy the Saudi Arabia Women Cosmetics Market, By Type, By Point of Sale, By Age Group, By Halal Vs. Conventional, By Organized Vs. Unorganized, Competition Forecast & Opportunities, 2012-2022 report
Monday, 6 March 2017
Milk demand to grow despite saturated market in Kazakhstan
Milk is an integral part of the nutrition intake of Kazakhstanis, especially in tea. As the population increases, the demand for milk is set to grow from 2016 to 2021, says Euromonitor.
In 2016, manufacturers competed by offering high-quality products at affordable prices, relying on the use of high-quality raw materials and modernised equipment as well as on improving their production processes to do so.
Agroprodukt Asia remained the leading player in 2016 with an 18% share of retail value sales. The company offers a wide range of drinking milk products, such as Odari, Zorkin Lug, Mumunya, Lyubimoe, Beloye, Moloko, Svezhee Moloko and Nashe.
Interested?
Interested?
Register at Al-Ahdaf Academy for madrasah tuition
Al-Ahdaf Academy has opened 2017 registration for madrasah* tuition, conversational Arabic and preparatory courses for kindergarten.
Classes are either held in Paya Lebar or in Tampines. The Paya Lebar location is near Paya Lebar MRT station, at the Arab Association (Al-Wehdah), 11, Lorong 37, Geylang Road, Singapore 387908. The Tampines venue is at #07-06 Income @ Tampines Junction, 300 Tampines Avenue 5,
Singapore 529653.
The Madrasah Tuition Program caters to full-time Singapore madrasah students from primary up to secondary level. It aims to equip students with the knowledge and skills necessary for their exams in Arabic and Islamic subjects.
There is a Weekday Tuition Program from Monday to Thursday at Paya Lebar. Students can choose from a twice weekly or weekly tuition programme.
A Week-end Tuition Program is held once a week on Saturdays or Sundays at Tampines, either at 9.30am to 11.30am or at 11.30am to 1.30pm.
A minimum of four students are required to start a twice weekly class. Lower primary students pay a monthly fee of S$180 each; upper primary students pay S$190 and secondary students pay S$200.
The weekly class requires at least two students. Lower primary students pay S$150 each a month; upper primary students pay S$160 and secondary students pay S$180.
The Kindergarten Students Preparatory For Primary 1 Madrasah course provides sufficient preparation in the Arabic language for K1 and K2 students to sit for the madrasah’s primary one entry test. K1 and K2 refer to the two years of kindergarten just before primary school, and would correspond to students of four to five years old, and five to six years old respectively.
This course is available all year round. K2 classes are held every Wednesday at the Paya Lebar venue from 3.45pm to 5.45pm. There are currently some vacancies.
A weekly K1 class at Paya Lebar will be beginning soon, with the days and times to be shared later. New once-a-week K1 and K2 classes are beginning in March at the Tampines venue.
Three or more students are required to start a class, at S$130 per month per student. Materials will be provided.
A Conversational Arabic course for secondary madrasah students is also available at Tampines on Sundays from 2.30pm to 4.30pm. The course is designed to enable students to converse in Arabic with basic vocabulary in three months (14 lessons). The course is tailored to help individual students on pronunciation, memorisation and general progress.
At least 10 students are required to form a class. The course costs S$80 a month for three months, and the books cost S$25.
There is a one-time registration fee of S$20 that is waived for those who register for any course by 11 March 2017.
Interested?
Register. Registrations will be confirmed via email, SMS or WhatsApp.
*An Islamic religious school is termed a madrasah in Singapore. There are six full-time madrasahs in Singapore:
Classes are either held in Paya Lebar or in Tampines. The Paya Lebar location is near Paya Lebar MRT station, at the Arab Association (Al-Wehdah), 11, Lorong 37, Geylang Road, Singapore 387908. The Tampines venue is at #07-06 Income @ Tampines Junction, 300 Tampines Avenue 5,
Singapore 529653.
The Madrasah Tuition Program caters to full-time Singapore madrasah students from primary up to secondary level. It aims to equip students with the knowledge and skills necessary for their exams in Arabic and Islamic subjects.
There is a Weekday Tuition Program from Monday to Thursday at Paya Lebar. Students can choose from a twice weekly or weekly tuition programme.
A Week-end Tuition Program is held once a week on Saturdays or Sundays at Tampines, either at 9.30am to 11.30am or at 11.30am to 1.30pm.
A minimum of four students are required to start a twice weekly class. Lower primary students pay a monthly fee of S$180 each; upper primary students pay S$190 and secondary students pay S$200.
The weekly class requires at least two students. Lower primary students pay S$150 each a month; upper primary students pay S$160 and secondary students pay S$180.
The Kindergarten Students Preparatory For Primary 1 Madrasah course provides sufficient preparation in the Arabic language for K1 and K2 students to sit for the madrasah’s primary one entry test. K1 and K2 refer to the two years of kindergarten just before primary school, and would correspond to students of four to five years old, and five to six years old respectively.
This course is available all year round. K2 classes are held every Wednesday at the Paya Lebar venue from 3.45pm to 5.45pm. There are currently some vacancies.
A weekly K1 class at Paya Lebar will be beginning soon, with the days and times to be shared later. New once-a-week K1 and K2 classes are beginning in March at the Tampines venue.
Three or more students are required to start a class, at S$130 per month per student. Materials will be provided.
A Conversational Arabic course for secondary madrasah students is also available at Tampines on Sundays from 2.30pm to 4.30pm. The course is designed to enable students to converse in Arabic with basic vocabulary in three months (14 lessons). The course is tailored to help individual students on pronunciation, memorisation and general progress.
At least 10 students are required to form a class. The course costs S$80 a month for three months, and the books cost S$25.
There is a one-time registration fee of S$20 that is waived for those who register for any course by 11 March 2017.
Interested?
Register. Registrations will be confirmed via email, SMS or WhatsApp.
*An Islamic religious school is termed a madrasah in Singapore. There are six full-time madrasahs in Singapore:
- Madrasah Al-Arabiah Al-Islamiah
- Madrasah Al-Irsyad Al-Islamiah
- Madrasah Aljunied Al-Islamiah
- Madrasah Al-Maarif Al-Islamiah (this is a girls-only school)
- Madrasah Alsagoff Al-Arabiah (this is a girls-only school)
- Madrasah Wak Tanjong Al-Islamiah
Sugar confectionery market to grow at 4% CAGR through to 2021 in Indonesia
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| Perfetti Van Melle Indonesia PT is known for the Mentos brand in Indonesia. |
A large variety of affordable sugar confectionery, coupled with marketing efforts from leading manufacturers in Indonesia has been driving sales in this product category in Indonesia, says research consultancy Euromonitor in its Confectionery in Indonesia report.
Perfetti Van Melle Indonesia PT continues to lead sugar confectionery with a value share of 23% in 2016. The company is known for the Mentos, Alpenliebe, Fruit-tella, Marbels, Golia, Chox and Chupa Chups brands. Over the review period of 2011 to 2016 the company invested heavily in new product development as well as marketing in order to maintain its leadership of the category, Euromonitor said.
Sugar confectionery is expected to increase at a value CAGR of 4% at constant 2016 prices over the forecast period from 2016 to 2021, driven by the Indonesian consumer characteristics such as the willingness to try new products. Euromonitor believes that manufacturers are likely to work on brand differentiation in the face of tough competition. They are also expected to launch new products regularly, while at the same time maintaining stable prices.
Sugar confectionery is expected to increase at a value CAGR of 4% at constant 2016 prices over the forecast period from 2016 to 2021, driven by the Indonesian consumer characteristics such as the willingness to try new products. Euromonitor believes that manufacturers are likely to work on brand differentiation in the face of tough competition. They are also expected to launch new products regularly, while at the same time maintaining stable prices.
Interested?
Buy the Euromonitor Confectionery in Indonesia report
Sunday, 5 March 2017
Halal economy is one of 17 top trends for 2017
Research and Markets has announced the addition of the Top 17 Trends for 2017, a February 2017 report from Frost & Sullivan, to their offering.
Top 17 Trends for 2017 is part of the Frost & Sullivan Visionary Innovation (Mega Trends) Growth Partnership Subscription. It forecasts which trends will most affect business, society, and government in the coming year. Each top trend is analysed and supported with key predictions for the coming year and the expected impact of those predictions.
One of the top trends revolves around the halal economy. Other trends range from artificial intelligence personal assistants to the impact of the Donald Trump presidency.
According to Frost & Sullivan, these trends threaten the position of many existing players but will also prompt companies to become smarter and more efficient in business models and practices. Some of the implications of these trends were set in motion in 2016, such as the advances and launches of artificial intelligence (AI) personal assistants and smart home platforms. Businesses may also have to prepare for a winner-take-all competitive environment and impending social disruptions brought about by the spate of innovations, Frost & Sullivan said.
“Long-awaited drones, autonomous vehicles, space capabilities and robotics are all poised to notably affect the commercial market this year,” noted Lauren Taylor, Principal Consultant, Visionary Innovation Group, Frost & Sullivan. “These technologies, while enhancing efficiency, productivity, accuracy and filling employment gaps, could lead to combustible labor dynamics. Such colliding interests will change the course of revenue streams and pricing segmentation, as well as encourage a thorough evaluation of trade-offs.”
The top trends are:
- The global impact of President Trump
- Brexit - the exit process
- AI personal assistant race for dominance
- Increasing insularity, nationalism, and protectionism
- Level 3 autonomous vehicles hit the road
- Connected living transforms the home
- Cognitive is the new smart
- The industrial IoT ecosystem play
- Space accessibility broadens
- China becomes a hyper robotic society
- Horizontal realisation
- The mainstreaming of augmented reality for B2B
- Data as a service explosion
- Platforms become a commodity
- Rise of the halal economy
- Drones take off
- IoT pivots to sentient tools
- Brexit - the exit process
- AI personal assistant race for dominance
- Increasing insularity, nationalism, and protectionism
- Level 3 autonomous vehicles hit the road
- Connected living transforms the home
- Cognitive is the new smart
- The industrial IoT ecosystem play
- Space accessibility broadens
- China becomes a hyper robotic society
- Horizontal realisation
- The mainstreaming of augmented reality for B2B
- Data as a service explosion
- Platforms become a commodity
- Rise of the halal economy
- Drones take off
- IoT pivots to sentient tools
Interested?
Download a complimentary excerpt
Buy the report
Al-Ahdaf Academy opens applications for March Arabic courses
Al-Ahdaf Academy, which specialises in Arabic language tuition in Singapore, is promising that students will master basic Arabic conversation in two months with the Al Muhawarah Conversational Arabic course.
"We tailor the course to track students' pronunciation, memorisation and general progress to better cater to their varying personal needs," states an overview of the course, which focuses on listening, speaking, reading and writing proficiency in modern standard Arabic.
Teacher Mustafa Altahir graduated from Al-Azhar University of Egypt and attended The American University of Cairo for Translation (Arabic-English). He also attended Dar Almustafa, Tarim, Yemen and Darul Lughah in Indonesia.
The beginners' course is two months long, and a minimum of 10 students are required. Course fees are S$300 for 16 lessons, twice weekly. Books and course materials cost S$25*. It will cover:
- Use and understanding of common verbs in the present tense ✅
- Use and understand basic nouns such as family members, body parts and tools ✅
- Introduce themselves comfortably in Arabic ✅
- Share their daily activities in Arabic ✅
- Conduct casual conversations in Arabic, as opposed to formal reading and writing in formal Arabic ✅
- Greet and interact with guests with simple questions ✅
-Tell the time, days and be able to count ✅
- Construct basic sentences confidently ✅
- Tell a simple story ✅
- Describe objects and pictures ✅
- Recognise simple words and meanings found in the Quran ✅
Students are eligible for the beginners' level if they can recognise the different letters, sounds of the Arabic alphabet and read simple Arabic sentences.
Intermediate classes are two months long. Course fees are S$300 for 16 lessons, twice weekly. Books and course materials cost S$25*. The intermediate level will cover:
- Use and understanding of common verbs in the past tense, and their imperative forms ✅
- Use and understanding of basic nouns such as food, transportation and furniture ✅
- Sharing of experiences in travelling and favourite sporting activities ✅
- Sharing of daily activities in Arabic ✅
- Spoken Arabic (different from reading and writing in formal Arabic) ✅
- Tell the time, days and count ✅
- Construct more advanced sentences confidently ✅
- Converse in Arabic at restaurants, airport and hotels ✅
- Tell stories ✅
- Describe objects and pictures ✅
- Understand words and meanings found in the Quran ✅
At the intermediate level, students must already be able to introduce themselves in simple Arabic, and:
Advanced level students must first complete the intermediate level, and is scheduled after the intermediate level is completed, at the same venue. The advanced level course is one month long, and costs S$150 for nine lessons.
Interested?
Classes are held either in Tampines or Sembawang, at:
NTUC Income Building @Tampines Junction, next to Telepark building and opposite Tampines Hub.
#07-06
The Canberra Community Club, next to Sembawang Neighbourhood Police, 5 minutes' walk from Sembawang interchange
The beginners' course will be held at
Tampines from 8 March, every Monday and Wednesday
6.30pm to 8.30pm (10-minute break for maghrib)
Tampines from 25 March, every Saturday
9.30am to 12pm (15 minutes' break)
Sembawang from 10 March, every Tuesday and Friday
6.30pm to 8.30pm (10-minute break for maghrib)
Intermediate classes will be held at
Tampines from 8 March, every Monday and Wednesday
8.30pm to 10.30pm (10-minute break included)
Sembawang from 14 March, every Tuesday and Friday
8.30pm to 10.30pm (10-minute break included)
Watch the promotional video
Register. There are discounts applicable for full-time students, registering with family members or friends, and early-bird registration.
Read reviews
*Course materials are from Darul Lughah wa Dakwah Institute in Indonesia. The textbooks are in Arabic and will be used until the Advanced course:
- AlMuhawarah Alhadisiah (Modern Arabic Conversation)
- Kalimaat Af 'aal Alyaumiyah (Daily Verbs)
- Kalimaaat Asmaa' Alyaumiyah (Daily Nouns)
"We tailor the course to track students' pronunciation, memorisation and general progress to better cater to their varying personal needs," states an overview of the course, which focuses on listening, speaking, reading and writing proficiency in modern standard Arabic.
Teacher Mustafa Altahir graduated from Al-Azhar University of Egypt and attended The American University of Cairo for Translation (Arabic-English). He also attended Dar Almustafa, Tarim, Yemen and Darul Lughah in Indonesia.
The beginners' course is two months long, and a minimum of 10 students are required. Course fees are S$300 for 16 lessons, twice weekly. Books and course materials cost S$25*. It will cover:
- Use and understanding of common verbs in the present tense ✅
- Use and understand basic nouns such as family members, body parts and tools ✅
- Introduce themselves comfortably in Arabic ✅
- Share their daily activities in Arabic ✅
- Conduct casual conversations in Arabic, as opposed to formal reading and writing in formal Arabic ✅
- Greet and interact with guests with simple questions ✅
-Tell the time, days and be able to count ✅
- Construct basic sentences confidently ✅
- Tell a simple story ✅
- Describe objects and pictures ✅
- Recognise simple words and meanings found in the Quran ✅
Students are eligible for the beginners' level if they can recognise the different letters, sounds of the Arabic alphabet and read simple Arabic sentences.
Intermediate classes are two months long. Course fees are S$300 for 16 lessons, twice weekly. Books and course materials cost S$25*. The intermediate level will cover:
- Use and understanding of common verbs in the past tense, and their imperative forms ✅
- Use and understanding of basic nouns such as food, transportation and furniture ✅
- Sharing of experiences in travelling and favourite sporting activities ✅
- Sharing of daily activities in Arabic ✅
- Spoken Arabic (different from reading and writing in formal Arabic) ✅
- Tell the time, days and count ✅
- Construct more advanced sentences confidently ✅
- Converse in Arabic at restaurants, airport and hotels ✅
- Tell stories ✅
- Describe objects and pictures ✅
- Understand words and meanings found in the Quran ✅
At the intermediate level, students must already be able to introduce themselves in simple Arabic, and:
- Construct basic sentences using the present tense with pronouns such as أنا، نحن، أنت، هو، هي (I, we, you, he, she).
- Count to 100 in Arabic.
- Describe simple objects using tastes, colours, shapes and sizes.
Advanced level students must first complete the intermediate level, and is scheduled after the intermediate level is completed, at the same venue. The advanced level course is one month long, and costs S$150 for nine lessons.
Interested?
Classes are held either in Tampines or Sembawang, at:
NTUC Income Building @Tampines Junction, next to Telepark building and opposite Tampines Hub.
#07-06
The Canberra Community Club, next to Sembawang Neighbourhood Police, 5 minutes' walk from Sembawang interchange
The beginners' course will be held at
Tampines from 8 March, every Monday and Wednesday
6.30pm to 8.30pm (10-minute break for maghrib)
Tampines from 25 March, every Saturday
9.30am to 12pm (15 minutes' break)
Sembawang from 10 March, every Tuesday and Friday
6.30pm to 8.30pm (10-minute break for maghrib)
Intermediate classes will be held at
Tampines from 8 March, every Monday and Wednesday
8.30pm to 10.30pm (10-minute break included)
Sembawang from 14 March, every Tuesday and Friday
8.30pm to 10.30pm (10-minute break included)
Watch the promotional video
Register. There are discounts applicable for full-time students, registering with family members or friends, and early-bird registration.
Read reviews
*Course materials are from Darul Lughah wa Dakwah Institute in Indonesia. The textbooks are in Arabic and will be used until the Advanced course:
- AlMuhawarah Alhadisiah (Modern Arabic Conversation)
- Kalimaat Af 'aal Alyaumiyah (Daily Verbs)
- Kalimaaat Asmaa' Alyaumiyah (Daily Nouns)
Saturday, 4 March 2017
Cheese still a luxury item in Kazakhstan
In 2016, the key issues in the cheese industry in Kazakhstan were product quality and the presence of counterfeit products, says Euromonitor.
Relatively few have tasted cheese in Kazakhstan, the research firm said. The highest consumption of cheese was observed in large urban areas like Astana and Almaty, where consumers tend to have the highest purchasing power. Unscrupulous manufacturers have offered products that resemble cheese but were made of vegetable oil, which passed muster with uninformed local consumers.
Gadyachsyr led the pack in 2016 with a 14% share of retail value sales. Ukrainian-manufactured cheeses are preferred however because of their perceived better taste and quality.
Over the forecast period, Kazakhstan is expected to see a more stable economic situation and increased purchasing power, so expenditure on cheese is expected to grow.
Relatively few have tasted cheese in Kazakhstan, the research firm said. The highest consumption of cheese was observed in large urban areas like Astana and Almaty, where consumers tend to have the highest purchasing power. Unscrupulous manufacturers have offered products that resemble cheese but were made of vegetable oil, which passed muster with uninformed local consumers.
Gadyachsyr led the pack in 2016 with a 14% share of retail value sales. Ukrainian-manufactured cheeses are preferred however because of their perceived better taste and quality.
Over the forecast period, Kazakhstan is expected to see a more stable economic situation and increased purchasing power, so expenditure on cheese is expected to grow.
Interested?
Hong Kong government lists US$1 billion sukuk on Nasdaq Dubai
Nasdaq Dubai has welcomed the listing of a US$1 billion sukuk issued by the government of Hong Kong on March 1, 2017.
It brings the total value of Hong Kong government-issued sukuk listed on the Middle East’s international financial exchange to US$3 billion following two listings of US$1 billion each in 2014 and 2015.
The new listing strengthens Dubai’s position as the world’s largest venue for sukuk listings by value, raising the total listed in the Emirate to US$48.81 billion. The listings are from a wide range of government, multilateral and corporate issuers across the Middle East and North Africa (MENA) region and East Asia.
It brings the total value of Hong Kong government-issued sukuk listed on the Middle East’s international financial exchange to US$3 billion following two listings of US$1 billion each in 2014 and 2015.
The new listing strengthens Dubai’s position as the world’s largest venue for sukuk listings by value, raising the total listed in the Emirate to US$48.81 billion. The listings are from a wide range of government, multilateral and corporate issuers across the Middle East and North Africa (MENA) region and East Asia.
APeJ is the largest market for halal nutraceuticals and vaccines
The global halal neutraceuticals and vaccines market is expected to expand significantly with a CAGR of 7.7% between 2016 and 2026, according to a report by Future Market Insight Global & Consulting. The market is anticipated to reach a value of more than US$80 million by the end of 2026, representing an incremental opportunity of more than US$4.2 billion between 2016 and 2026.
A growing Muslim population, rising demand for halal products, and increased government initiatives to promote halal products are likely to expedite revenue growth of the global halal neutraceuticals and vaccines market.
Asia Pacific excluding Japan represents the largest market in terms of value share for halal nutraceuticals and vaccines across the globe and is expected to remain dominant in terms of value share over the forecast period. Rising demand for consumption of halal certified dietary supplements such as calcium, fish oil, protein powder and others are supporting the growth of the market across the region. Middle East and Africa is expected to be the second-most lucrative market, recording the highest CAGR of 8.5% within the forecast period.
On the other hand, the Japanese market will be stagnant till the end of 2026, growing at a CAGR of 4.7%. In Japan, halal vaccines are expected to be launched in the year 2022 and the market is forecast to cross US$0.1 million by end-2022 end, and worth US$0.3 million by end-2026.
Interested?
Download the Halal Nutraceuticals & Vaccines Market report (January 2017)
Thursday, 2 March 2017
IFSB PSIFIs project to be extended
The growth of Islamic finance has led to its emergence as a systemically important sector in an increasing number of economies in the Arab speaking countries, as well as in Asia, said Jaseem Ahmed, Secretary-General, Speech by the Secretary-General of the Islamic Financial Services Board (IFSB) at the AMF-IFSB-IMF Conference on Soundness Indicators for Conventional and Islamic Finance.
Jaseem noted that the International Monetary Fund (IMF) had recently approved the preparation of proposals for operationalising policy support to Islamic finance jurisdictions.
The Executive Board of the IMF held its first formal discussion on Islamic banking (IB) on February 3, and adopted a set of proposals on the role that the fund should play in this area. These proposals, and the case for adopting them, are contained in the staff paper Ensuring Financial Stability in Countries with Islamic Banking and the accompanying country case studies paper.
According to the IMF, IB is present in more than 60 countries and has become systemically important in 14 jurisdictions. "IB involves operations, balance sheet structures, and risks that differ from their conventional banking counterparts. Accordingly, there is a need for putting in place an environment that promotes IB financial stability and sound development, including legal, prudential, financial safety nets, anti-money laundering and countering the financing of terrorism (AML/CFT), and liquidity management frameworks," the IMF said in a statement.
As the number and complexity of IB-related issues arising during IMF country surveillance and the demand for policy advice and capacity development in this area have increased, the IMF's Directors have called for stronger efforts to establish a policy framework and environment that promote financial stability and sound development of Islamic banking, particularly for countries in which Islamic banking has become systemically important.
IMF Directors expressed support for staff's proposed approaches to developing and providing policy advice on Islamic banking-related issues in the context of Fund surveillance, programme design, and capacity development activities. They also called for staff's continued support to the work of the relevant international standard setters and other international bodies to help address current gaps in the international regulatory framework for Islamic banking.
Jaseem noted that the International Monetary Fund (IMF) had recently approved the preparation of proposals for operationalising policy support to Islamic finance jurisdictions.
The Executive Board of the IMF held its first formal discussion on Islamic banking (IB) on February 3, and adopted a set of proposals on the role that the fund should play in this area. These proposals, and the case for adopting them, are contained in the staff paper Ensuring Financial Stability in Countries with Islamic Banking and the accompanying country case studies paper.
According to the IMF, IB is present in more than 60 countries and has become systemically important in 14 jurisdictions. "IB involves operations, balance sheet structures, and risks that differ from their conventional banking counterparts. Accordingly, there is a need for putting in place an environment that promotes IB financial stability and sound development, including legal, prudential, financial safety nets, anti-money laundering and countering the financing of terrorism (AML/CFT), and liquidity management frameworks," the IMF said in a statement.
As the number and complexity of IB-related issues arising during IMF country surveillance and the demand for policy advice and capacity development in this area have increased, the IMF's Directors have called for stronger efforts to establish a policy framework and environment that promote financial stability and sound development of Islamic banking, particularly for countries in which Islamic banking has become systemically important.
IMF Directors expressed support for staff's proposed approaches to developing and providing policy advice on Islamic banking-related issues in the context of Fund surveillance, programme design, and capacity development activities. They also called for staff's continued support to the work of the relevant international standard setters and other international bodies to help address current gaps in the international regulatory framework for Islamic banking.
Directors saw merit in considering a proposal to formally recognise the Core Principles for Islamic Finance Regulation for Banking, prepared by the IFSB as a standard under the Fund/Bank Standards and Codes Initiative. Directors also called for full implementation and consistent application of the standards, and for strengthening supervisory capacity with respect to Islamic banking.
Directors emphasised the importance of having in place robust Islamic banking-specific resolution regimes and other financial safety nets for countries in which Islamic banking operates. Noting the slow progress achieved in these areas, they underscored the importance of additional work in collaboration with relevant international bodies on the design of legal regimes and institutional arrangements for effective Islamic banking resolution, deposit insurance schemes and AML/CFT, as well as adapting the conventional lender-of-last-resort framework to cover Islamic banking.
Directors agreed that the availability of high-quality liquid assets for Islamic banking is important for effective liquidity management and financial stability, and for the sustainable development of the Islamic banking industry. In this context, they called for increased efforts to deepen the government sukuk markets. Directors also noted the importance of having in place relevant central banking liquidity facilities and instruments.
Directors agreed that the emergence in recent years of hybrid financial products in Islamic banking, which replicate the relevant aspects of conventional finance, may have brought some benefits, but also raise financial stability concerns. Such concerns include the emergence of new complex risks, the applicability of existing prudential regimes, governance and consumer protection concerns, and reputational risk. Directors encouraged additional work, by staff and other relevant international bodies and standard setters, to better understand the nature of these activities and how they can be effectively regulated.
"A key aspect of the proposals is that they will recommend the recognition of the IFSB’s Core Principles for Islamic Finance Regulation of the Banking Sector (IFSB-17), under the IMF/WB Standards and Codes Review, Jaseem said. "The IFSB welcomes these developments, which point towards an international recognition of Islamic finance that is commensurate with its importance and significance to large communities of human beings in the world today, and to financial and economic stability internationally."
Islamic finance has a system of ethics, is grounded on the real economy and on risk sharing, and avoids harmful activities, Jaseem noted, but also has risks such as those resulting from uneven development of Islamic financial markets and financial instruments.
"The external vulnerability is faced by us all: namely, that the performance of the Islamic financial system cannot be isolated from developments in conventional finance and in the global economy. We are vulnerable to external economic, financial and monetary shocks and these seem to be bigger or more volatile than ever. These vulnerabilities remain with us, they are real and they bring large risks with them which must be identified, made transparent, and managed at both the micro and macro levels," he said.
To determine if the industry can withstand turbulence arising from both internal and external sources of risk, a well-developed global database with reliable time series data is required for macroprudential oversight. The Financial Soundness Indicators (FSIs) from the IMF and adapted by the IFSB are just such a tool. FSIs are macroprudential indicators of the condition of the entire system that supplement the traditional microprudential measures used by bank supervisors. In 2004, the IFSB launched a global database of Prudential and Structural Islamic Financial Indicators (PSIFIs), which are the measures of the aggregate strength or vulnerabilities of the Islamic financial system.
The PSIFIs consist of 19 core and eight additional core indicators, compared to the IMF’s FSIs 12 core and eight additional core indicators. PSIFIs data are similar to the FSIs, aggregated banking sector data of an individual country. As almost all of the core indicators on asset quality, earnings, leverage, liquidity and sensitivity to market risks are similar to FSIs, the indicators permit a comparison with the IMF’s FSIs for a country’s entire financial system.
These PSIFIs would also facilitate comparisons between conventional banks and institutions offering Islamic financial services as part of a peer group exercise on the effectiveness of the application of the IFSB capital adequacy formula.
In phase I, the IFSB Secretariat established a Task Force for the project and undertook the preparation of a Compilation Guide which was adopted by the IFSB Council in March 2007. The IMF, Asian Development Bank (ADB) and the Islamic Development Bank (IDB) supported the PSIFIs from the beginning, and are important members of this and subsequent Task Forces.
This was followed in Phase II by a pilot study of the compilation of data through which the IFSB developed a standardised reporting template in which four member countries – namely Indonesia, Malaysia, Pakistan and Sudan – participated.
In 2014, the IFSB launched the third phase of the PSIFIs project with the aim of achieving, by 2016, the first dissemination of data, as well as a further revision of the Compilation Guide, particularly to align it with the developments of Basel III. After the successful launch of PSIFIs data on 27 April 2015, the IFSB has been regularly disseminating macro-level data collected from 17 IFSB member countries. The database is accessible to the public.
"Overall, the PSIFIs member countries collectively hold more than 85% of global Islamic banking assets. Amongst these countries are eight economies which are also members of the Arab Monetary Fund (AMF), and in which the Islamic finance sector is of systemic importance – in that it accounts for more than 15% of total banking sector assets," said Jaseem.
He also disclosed that a fourth phase of the PSIFIs project, to further extend the coverage of the database to additional countries that have a stake in the Islamic banking sector, has been approved.
Jaseem added that the Bank of England has recently confirmed that it will join the PSIFIs project.
"Today, the PSIFIs database comprise a set of well-developed and tested Islamic finance statistics reflecting sharī`ah-compliant accounting practices and regulatory standards that serve the purpose of better oversight by regulatory and supervisory authorities and the global surveillance community, as well as the analytical needs of the IFSB which are shared with our international stakeholders through the IFSB’s Annual Islamic Financial Services Industry Financial Stability Report," he said.
"The national and international members of the IFSB PSIFIs Task Forces have contributed enormously to the development and the streamlining of the reporting formats, and to the coming on line of this project. It will be important to continue this collaboration, and to develop both formal and informal networks of experts and knowledge centres, as we jointly attempt to better understand and control both domestic and cross-border sources of risks emanating from interconnected financial and economic systems," Jaseem said.
"Our goal should be further collaboration among international and national organisations so as to better measure these interconnected elements which can support better contingency planning and timely policy response by the authorities."
Directors emphasised the importance of having in place robust Islamic banking-specific resolution regimes and other financial safety nets for countries in which Islamic banking operates. Noting the slow progress achieved in these areas, they underscored the importance of additional work in collaboration with relevant international bodies on the design of legal regimes and institutional arrangements for effective Islamic banking resolution, deposit insurance schemes and AML/CFT, as well as adapting the conventional lender-of-last-resort framework to cover Islamic banking.
Directors agreed that the availability of high-quality liquid assets for Islamic banking is important for effective liquidity management and financial stability, and for the sustainable development of the Islamic banking industry. In this context, they called for increased efforts to deepen the government sukuk markets. Directors also noted the importance of having in place relevant central banking liquidity facilities and instruments.
Directors agreed that the emergence in recent years of hybrid financial products in Islamic banking, which replicate the relevant aspects of conventional finance, may have brought some benefits, but also raise financial stability concerns. Such concerns include the emergence of new complex risks, the applicability of existing prudential regimes, governance and consumer protection concerns, and reputational risk. Directors encouraged additional work, by staff and other relevant international bodies and standard setters, to better understand the nature of these activities and how they can be effectively regulated.
"A key aspect of the proposals is that they will recommend the recognition of the IFSB’s Core Principles for Islamic Finance Regulation of the Banking Sector (IFSB-17), under the IMF/WB Standards and Codes Review, Jaseem said. "The IFSB welcomes these developments, which point towards an international recognition of Islamic finance that is commensurate with its importance and significance to large communities of human beings in the world today, and to financial and economic stability internationally."
Islamic finance has a system of ethics, is grounded on the real economy and on risk sharing, and avoids harmful activities, Jaseem noted, but also has risks such as those resulting from uneven development of Islamic financial markets and financial instruments.
"The external vulnerability is faced by us all: namely, that the performance of the Islamic financial system cannot be isolated from developments in conventional finance and in the global economy. We are vulnerable to external economic, financial and monetary shocks and these seem to be bigger or more volatile than ever. These vulnerabilities remain with us, they are real and they bring large risks with them which must be identified, made transparent, and managed at both the micro and macro levels," he said.
To determine if the industry can withstand turbulence arising from both internal and external sources of risk, a well-developed global database with reliable time series data is required for macroprudential oversight. The Financial Soundness Indicators (FSIs) from the IMF and adapted by the IFSB are just such a tool. FSIs are macroprudential indicators of the condition of the entire system that supplement the traditional microprudential measures used by bank supervisors. In 2004, the IFSB launched a global database of Prudential and Structural Islamic Financial Indicators (PSIFIs), which are the measures of the aggregate strength or vulnerabilities of the Islamic financial system.
The PSIFIs consist of 19 core and eight additional core indicators, compared to the IMF’s FSIs 12 core and eight additional core indicators. PSIFIs data are similar to the FSIs, aggregated banking sector data of an individual country. As almost all of the core indicators on asset quality, earnings, leverage, liquidity and sensitivity to market risks are similar to FSIs, the indicators permit a comparison with the IMF’s FSIs for a country’s entire financial system.
These PSIFIs would also facilitate comparisons between conventional banks and institutions offering Islamic financial services as part of a peer group exercise on the effectiveness of the application of the IFSB capital adequacy formula.
This was followed in Phase II by a pilot study of the compilation of data through which the IFSB developed a standardised reporting template in which four member countries – namely Indonesia, Malaysia, Pakistan and Sudan – participated.
In 2014, the IFSB launched the third phase of the PSIFIs project with the aim of achieving, by 2016, the first dissemination of data, as well as a further revision of the Compilation Guide, particularly to align it with the developments of Basel III. After the successful launch of PSIFIs data on 27 April 2015, the IFSB has been regularly disseminating macro-level data collected from 17 IFSB member countries. The database is accessible to the public.
"Overall, the PSIFIs member countries collectively hold more than 85% of global Islamic banking assets. Amongst these countries are eight economies which are also members of the Arab Monetary Fund (AMF), and in which the Islamic finance sector is of systemic importance – in that it accounts for more than 15% of total banking sector assets," said Jaseem.
He also disclosed that a fourth phase of the PSIFIs project, to further extend the coverage of the database to additional countries that have a stake in the Islamic banking sector, has been approved.
Jaseem added that the Bank of England has recently confirmed that it will join the PSIFIs project.
"Today, the PSIFIs database comprise a set of well-developed and tested Islamic finance statistics reflecting sharī`ah-compliant accounting practices and regulatory standards that serve the purpose of better oversight by regulatory and supervisory authorities and the global surveillance community, as well as the analytical needs of the IFSB which are shared with our international stakeholders through the IFSB’s Annual Islamic Financial Services Industry Financial Stability Report," he said.
"The national and international members of the IFSB PSIFIs Task Forces have contributed enormously to the development and the streamlining of the reporting formats, and to the coming on line of this project. It will be important to continue this collaboration, and to develop both formal and informal networks of experts and knowledge centres, as we jointly attempt to better understand and control both domestic and cross-border sources of risks emanating from interconnected financial and economic systems," Jaseem said.
"Our goal should be further collaboration among international and national organisations so as to better measure these interconnected elements which can support better contingency planning and timely policy response by the authorities."
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