A panel discussion on Generation Z at the Global Islamic Economy Summit (GIES) has highlighted the characteristics of the generation after Millennials. Gen Z individuals have not experienced a time without the Internet or mobile phones, and other than being more technologically savvy, also have differences in outlook.
“The group is increasingly on the radar of governments who are beginning
to question whether the existing education and employment ecosystem can
cater to their expectations,” said Sunil John, CEO, ASDA’A Burson-Marsteller. John quoted from the ASDA’A Burson-Marsteller Arab Youth Survey 2016, which found that most young Arabs – 58% – want to further their education, and that more than a third of young Arabs – 36% – want to start their own businesses. Traditionally, young Arabs have looked to the government to provide them with jobs.
“These findings are really interesting in terms of the Gen Z effect,” he said. “We within government, within the Islamic economy, within the private sector and within civil society need to listen to these voices and make the right decisions on their behalf. If you really look at it, these are very positive findings. Government will see light at the end of the tunnel. They will see a young generation that has a hunger to be successful; people who have an appetite for education, and who want to start their own businesses.”
John added that change will not be gradual. While 95% of nationals in the UAE for example
work in the public sector today, depressed job markets
and unemployment rates in countries such as KSA mean that the public sector cannot continue as the main employer for long.
Marcie Merriman, Executive Director, Growth Strategy and Retail Innovation at Ernst & Young contrasted Generation Z and Millennials. Millennials, she said, expect companies to do the heavy lifting, and patronise firms they respect in terms of environmental and sustainable practices.
“When I talked to Generation Z, however, who I originally thought of as young Millennials, I began to see something very different: they immediately talked about what they were doing about the environment, as opposed to what the companies were doing.
“The key difference between these two groups, apart from age, was their self-awareness. Gen Z see themselves as having responsibility for their ecosystem, whereas Millennials were looking at others to do things.”
Commenting on their choice of employers Merriman said: “Gen Z has seen what has happened with Millennials. They say this isn’t
going to happen to us, we’re not going to let other people tell us what
to do. We’re going to take charge of it. And that’s what underlies the
entrepreneurial spirit. They have nothing to lose.”
Amani Al Khatahtbeh, founder of Muslimgirl.net, a US website for Muslim women and herself a Millennial, agreed. “For Generation Z, a lot
of industries are outdated. They want to be disruptors. They want to
flip these institutions upside down, and that gives us a lot of hope.”
Al Khatahtbeh also pointed out that the global economy, and in particular Western brands have been co-opting Islamic identity for their own purpose. She said the brands may have generated publicity for themselves, but do not represent an authentic Muslim voice. “What are brands in it for: empowering Muslims, or exploiting them?” she asked.
Dolce & Gabana introduced a range of abayas for the Middle Eastern market as an example, she said.
“The model is a white-passing woman, who might not even be Muslim,” she said. “The fashion designers didn’t consult with a Muslim, and the range was only launched in the Middle East. It overlooked the US – a US$140 billion market for Muslims.”
Showing posts with label Summit. Show all posts
Showing posts with label Summit. Show all posts
Wednesday, 12 October 2016
Thursday, 4 August 2016
Global Islamic Economy Summit returns in October
The Dubai Islamic Economy Development Centre (DIEDC) and Dubai Chamber of Commerce and Industry, have announced that the third Global Islamic Economy Summit (GIES) will be held at Madinat Jumeirah, Dubai in the UAE on October 11 and 12, 2016 with Thomson Reuters as Strategic Partner.
Themed Inspiring Change, this year's event will include six plenary sessions covering the macro to the micro: global dynamics shaping the Islamic economy on the one hand to Islamic finance on the other. Parallel sessions will discuss Islamic economic sectors from halal products and modest fashion to family tourism and Islamic art. The GIES 2016 schedule also include gala dinners and the now-annual Innovation 4 Change Competition.
Under the patronage of HH Sheikh Mohammad bin Rashid Al Maktoum, VP and Prime Minister of the UAE and Ruler of Dubai, the summit aims to provide an integrated platform for decision makers and specialists to discuss key issues and major trends in Islamic economy, underlining the potential contributions that the Islamic economy can make to improve people's lives and to achieve sustainable development.
HE Majid Saif Al Ghurair, Chairman, Dubai Chamber and Board Member of the DIEDC said: "As the Islamic economy continues to grow at a rapid pace and prove itself as a viable solution to the stagnation that is plaguing global markets, the Global Islamic Economy Summit becomes all the more important as a platform for the major stakeholders in the fields to come together and share knowledge and ideas on how to drive the sector forward and, through it, achieve sustainable economic growth."
Abdullah Mohammed Al Awar, CEO of Dubai Islamic Economy Development Centre, pointed out that the third edition of the Global Islamic Economy Summit will examine some of the primary goals and values of Islamic economy - namely, social development and sustainability. Al Awar said: "We expect fruitful discussions on important issues such as socioeconomic progress and stability that will set the stage for the future development of the Islamic economy. In its first two editions, GIES helped draw up a road map for the growth of the Islamic economy and it is heartening to share that we are well on track to strengthening the culture of Islamic economy globally. An integrated Islamic economy will help forge international partnerships to better meet people's aspirations for social and financial security and overall progress."
Nadim Najjar, Managing Director for the Middle East and North Africa at Thomson Reuters, said: "We are very proud to be one of the key players promoting the great value of Islamic economy along with our strategic government partners. For the past three years, GIES has significantly contributed to change the whole perception of the industry. We believe that growing awareness about the Islamic economy will open vast prospects for investors and companies outside of the Muslim world to participate and support these growing industries."
Themed Inspiring Change, this year's event will include six plenary sessions covering the macro to the micro: global dynamics shaping the Islamic economy on the one hand to Islamic finance on the other. Parallel sessions will discuss Islamic economic sectors from halal products and modest fashion to family tourism and Islamic art. The GIES 2016 schedule also include gala dinners and the now-annual Innovation 4 Change Competition.
Under the patronage of HH Sheikh Mohammad bin Rashid Al Maktoum, VP and Prime Minister of the UAE and Ruler of Dubai, the summit aims to provide an integrated platform for decision makers and specialists to discuss key issues and major trends in Islamic economy, underlining the potential contributions that the Islamic economy can make to improve people's lives and to achieve sustainable development.
HE Majid Saif Al Ghurair, Chairman, Dubai Chamber and Board Member of the DIEDC said: "As the Islamic economy continues to grow at a rapid pace and prove itself as a viable solution to the stagnation that is plaguing global markets, the Global Islamic Economy Summit becomes all the more important as a platform for the major stakeholders in the fields to come together and share knowledge and ideas on how to drive the sector forward and, through it, achieve sustainable economic growth."
Abdullah Mohammed Al Awar, CEO of Dubai Islamic Economy Development Centre, pointed out that the third edition of the Global Islamic Economy Summit will examine some of the primary goals and values of Islamic economy - namely, social development and sustainability. Al Awar said: "We expect fruitful discussions on important issues such as socioeconomic progress and stability that will set the stage for the future development of the Islamic economy. In its first two editions, GIES helped draw up a road map for the growth of the Islamic economy and it is heartening to share that we are well on track to strengthening the culture of Islamic economy globally. An integrated Islamic economy will help forge international partnerships to better meet people's aspirations for social and financial security and overall progress."
Nadim Najjar, Managing Director for the Middle East and North Africa at Thomson Reuters, said: "We are very proud to be one of the key players promoting the great value of Islamic economy along with our strategic government partners. For the past three years, GIES has significantly contributed to change the whole perception of the industry. We believe that growing awareness about the Islamic economy will open vast prospects for investors and companies outside of the Muslim world to participate and support these growing industries."
Tuesday, 2 February 2016
Islamic arts symposium to be held at Islamic Museum of Australia in March 2016
The Council for Australia-Arab Relations and the Islamic Museum of Australia present An International Islamic Arts Symposium on 5 March 2016, on the theme Bridging the Gulf: How are we affecting change through art?.
The event will be followed by the Islamic Museum of Australia Annual Fundraising Gala Dinner 2016, on 6 March.
Interested?
The symposium will be held on 5 March at the Islamic Museum of Australia from 9am. Call 1300 915 71 to register
The Islamic Museum of Australia Annual Fundraising Gala Dinner 2016, will follow on 6 March at 6pm, to be held at 215 Bell Street, Preston 3072, Melbourne. A table of 10 costs A$1,000 while individual tickets are priced at A$110 per person. Buy tickets or call 1300 915 71 with questions
The event will be followed by the Islamic Museum of Australia Annual Fundraising Gala Dinner 2016, on 6 March.
Interested?
The symposium will be held on 5 March at the Islamic Museum of Australia from 9am. Call 1300 915 71 to register
The Islamic Museum of Australia Annual Fundraising Gala Dinner 2016, will follow on 6 March at 6pm, to be held at 215 Bell Street, Preston 3072, Melbourne. A table of 10 costs A$1,000 while individual tickets are priced at A$110 per person. Buy tickets or call 1300 915 71 with questions
Tuesday, 6 October 2015
Second Global Islamic Economy Summit launched
The President and Prime Minister of the UAE and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum has inaugurated the second Global Islamic Economy Summit (GIES 2015), WAM, the Emirates news agency has reported.
Sheikh Mohammed bin Rashid Al Maktoum said the Islamic economy harmonises ethics with innovation, and combines real commitment with actual development objectives in order to meet the aspirations of humanity at large, regardless of circumstances.
"We are keen to shape a better world that is steered by unprecedented standards of progress. Islamic economy is not merely a tool for producing commodities and growing wealth, it is an incubator of values and ethics that elevate and advance human beings," he said.
Mohammad Al Gergawi, Chairman of the Board at DIEDC, said the summit will "steer the world into a new economic era in which Islamic investments will become a pillar of global economic activities." He added that the vision of Sheikh Mohammed bin Rashid has given a "contextual relevance and credibility to the Islamic economy on the global landscape".
During the summit’s inaugural session, HE Sultan Bin Saeed Al Mansouri, UAE Minister of Economy said, "GIES 2015 is today mandated to firmly set the direction and innovation that will govern Islamic economics in the years to come, in addition to creating a legislative framework for an entire spectrum of economic transactions that are likely to take place as a logical outcome of these deliberations."
Al Mansouri added: "Dubai is well poised today to achieving its vision of emerging as the global capital of the Islamic economy. Hosting the current edition of the GIE summit with its historic mandate is one more milestone in its remarkable journey."
HE Issa Kazim, Secretary General of DIEDC said that the government has launched several initiatives under the umbrella of the Dubai Islamic Economy Development Centre to promote the Islamic economy.
He said: "In the short span of time since His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, articulated the Dubai: Capital of Islamic Economy vision, this nascent sector has achieved significant milestones. Despite general consensus, the Islamic economy is so much more than Islamic finance and halal food. The sector is steadily progressing and broadening the scope of its commercial activities due to the increased demand for shari'ah-compliant alternatives across a range of products and services."
GIES is organised by the Dubai Islamic Economy Development Center (DIEDC) in collaboration with the Dubai Chamber of Commerce and Industry and Thomson Reuters. Themed Driving Innovation, Unlocking Potential, the Summit is taking place at the Madinat Jumeirah, Dubai, UAE.
Sheikh Mohammed bin Rashid Al Maktoum said the Islamic economy harmonises ethics with innovation, and combines real commitment with actual development objectives in order to meet the aspirations of humanity at large, regardless of circumstances.
"We are keen to shape a better world that is steered by unprecedented standards of progress. Islamic economy is not merely a tool for producing commodities and growing wealth, it is an incubator of values and ethics that elevate and advance human beings," he said.
Mohammad Al Gergawi, Chairman of the Board at DIEDC, said the summit will "steer the world into a new economic era in which Islamic investments will become a pillar of global economic activities." He added that the vision of Sheikh Mohammed bin Rashid has given a "contextual relevance and credibility to the Islamic economy on the global landscape".
During the summit’s inaugural session, HE Sultan Bin Saeed Al Mansouri, UAE Minister of Economy said, "GIES 2015 is today mandated to firmly set the direction and innovation that will govern Islamic economics in the years to come, in addition to creating a legislative framework for an entire spectrum of economic transactions that are likely to take place as a logical outcome of these deliberations."
Al Mansouri added: "Dubai is well poised today to achieving its vision of emerging as the global capital of the Islamic economy. Hosting the current edition of the GIE summit with its historic mandate is one more milestone in its remarkable journey."
HE Issa Kazim, Secretary General of DIEDC said that the government has launched several initiatives under the umbrella of the Dubai Islamic Economy Development Centre to promote the Islamic economy.
He said: "In the short span of time since His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, articulated the Dubai: Capital of Islamic Economy vision, this nascent sector has achieved significant milestones. Despite general consensus, the Islamic economy is so much more than Islamic finance and halal food. The sector is steadily progressing and broadening the scope of its commercial activities due to the increased demand for shari'ah-compliant alternatives across a range of products and services."
GIES is organised by the Dubai Islamic Economy Development Center (DIEDC) in collaboration with the Dubai Chamber of Commerce and Industry and Thomson Reuters. Themed Driving Innovation, Unlocking Potential, the Summit is taking place at the Madinat Jumeirah, Dubai, UAE.
posted from Bloggeroid
Wednesday, 23 September 2015
State of Global Islamic Economy Report outlines challenges across food and lifestyle markets
The global halal food and lifestyle sector is expected to grow at a CAGR of 6% by 2020, according to the State of the Global Islamic Economy Report 2015/2016, commissioned and supported by the Dubai Islamic Economy Development Centre (DIEDC) in partnership with Thomson Reuters and in collaboration with DinarStandard.
The global Muslim market spent US$142 billion on travel in 2014, and is expected to reach US$233 billion by 2020. The most popular destination countries for Muslim tourists are Malaysia, Turkey and the UAE, which is outpacing other countries in terms of hotel development. To meet that growth, new channels are being created, such as HalalBooking.com, a travel search and booking website for halal-conscious travellers.
Although the halal travel market segment is expected to grow at a CAGR of 8.6% by 2020, some investors are still reluctant to invest in "Muslim-friendly" hotels for fear of revenue loss associated with not serving alcohol. Banqueting, however, is considered a viable alternative revenue-generating option for Muslim-friendly hotels. According to Riyanto Sofyan, CEO of Sofyan Hotels, "The halal tourism industry is not limited to Muslims, but rather extols Islamic values that are universal and inclusive, helping to broaden our market reach and attract a wider customer base, regardless of religion."
The halal food market is expected to grow at a CAGR of 5.8% by 2020, with the demand for ethical treatment of animals alone resulting in a US$100 billion organic food market. Although the principle of treating animals humanely is embodied within the concept of halal food, educating Organisation of Islamic Cooperation (OIC) countries about the halal sector and its standards and accreditation continues to be a challenge.
The Muslim media and recreation sector has also seen an increase in demand, with new emerging media channels tailored for Muslims. An example of this is "Muslim Face", a new social media website initiative developed by Muslim entrepreneurs and aimed at bringing young Muslims together. This sector, expected to grow at a CAGR of 5.5% by 2020, is still facing the misperception that Islamic content is either religious or educational.
Contrary to the rest of the fashion industry, which is facing financial pressures as a result of global recession, the modest or Islamic fashion sector continues to expand. Islamic fashion accounts for about 11% of the global fashion industry today, and is expected to grow at a CAGR of 6% by 2020. Some of the key challenges facing the sector are the need to adopt a wider perspective when incorporating Islamic values throughout the modest fashion value chain, the lack of unified payment platforms, and variations in customs rules and regulations across countries.
In 2013, global Muslim spend in the pharmaceutical industry reached US$72 billion, and is expected to grow to US$103 billion by 2019. One of the major challenges facing the pharmaceuticals and personal care sector today is the lack of funding for research and development.
HE Majid Saif Al Ghurair, Chairman, Dubai Chamber, commented: "From clothing to food to pharmaceuticals, the demand is steadily growing and what is really needed at this point is information for the average Muslim consumer on what is available and where. This is where the State of the Global Islamic Economy Report will serve the discerning Islamic finance and halal lifestyle consumers."
Nadim Najjar, Managing Director of Thomson Reuters, Middle East and North Africa, said, "With impressive growth figures predicted over the next five years, diverse sectors within the halal lifestyle market are asserting themselves in the global economy, boosted by Muslim consumer buying power. This report will provide an invaluable tool for key stakeholders in navigating emerging trends in the industry."
The inaugural State Global Islamic Economy Report will be revealed before the Global Islamic Economy Summit (GIES). Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, the Global Islamic Economy Summit this year will bring together thinkers and business leaders to address these issues.
The global Muslim market spent US$142 billion on travel in 2014, and is expected to reach US$233 billion by 2020. The most popular destination countries for Muslim tourists are Malaysia, Turkey and the UAE, which is outpacing other countries in terms of hotel development. To meet that growth, new channels are being created, such as HalalBooking.com, a travel search and booking website for halal-conscious travellers.
Although the halal travel market segment is expected to grow at a CAGR of 8.6% by 2020, some investors are still reluctant to invest in "Muslim-friendly" hotels for fear of revenue loss associated with not serving alcohol. Banqueting, however, is considered a viable alternative revenue-generating option for Muslim-friendly hotels. According to Riyanto Sofyan, CEO of Sofyan Hotels, "The halal tourism industry is not limited to Muslims, but rather extols Islamic values that are universal and inclusive, helping to broaden our market reach and attract a wider customer base, regardless of religion."
The halal food market is expected to grow at a CAGR of 5.8% by 2020, with the demand for ethical treatment of animals alone resulting in a US$100 billion organic food market. Although the principle of treating animals humanely is embodied within the concept of halal food, educating Organisation of Islamic Cooperation (OIC) countries about the halal sector and its standards and accreditation continues to be a challenge.
The Muslim media and recreation sector has also seen an increase in demand, with new emerging media channels tailored for Muslims. An example of this is "Muslim Face", a new social media website initiative developed by Muslim entrepreneurs and aimed at bringing young Muslims together. This sector, expected to grow at a CAGR of 5.5% by 2020, is still facing the misperception that Islamic content is either religious or educational.
Contrary to the rest of the fashion industry, which is facing financial pressures as a result of global recession, the modest or Islamic fashion sector continues to expand. Islamic fashion accounts for about 11% of the global fashion industry today, and is expected to grow at a CAGR of 6% by 2020. Some of the key challenges facing the sector are the need to adopt a wider perspective when incorporating Islamic values throughout the modest fashion value chain, the lack of unified payment platforms, and variations in customs rules and regulations across countries.
In 2013, global Muslim spend in the pharmaceutical industry reached US$72 billion, and is expected to grow to US$103 billion by 2019. One of the major challenges facing the pharmaceuticals and personal care sector today is the lack of funding for research and development.
HE Majid Saif Al Ghurair, Chairman, Dubai Chamber, commented: "From clothing to food to pharmaceuticals, the demand is steadily growing and what is really needed at this point is information for the average Muslim consumer on what is available and where. This is where the State of the Global Islamic Economy Report will serve the discerning Islamic finance and halal lifestyle consumers."
Nadim Najjar, Managing Director of Thomson Reuters, Middle East and North Africa, said, "With impressive growth figures predicted over the next five years, diverse sectors within the halal lifestyle market are asserting themselves in the global economy, boosted by Muslim consumer buying power. This report will provide an invaluable tool for key stakeholders in navigating emerging trends in the industry."
The inaugural State Global Islamic Economy Report will be revealed before the Global Islamic Economy Summit (GIES). Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, the Global Islamic Economy Summit this year will bring together thinkers and business leaders to address these issues.
Thursday, 17 September 2015
Pre-register for World Halal Summit 2016
 |
| Source: World Halal Summit website. |
The next World Halal Summit will run from 30 March to 2 April 2016, at the Kuala Lumpur Convention Centre (KLCC), Malaysia.
The agenda shows that 28 March and 29 March will be devoted to the 7th Jakim International Halal Certification Bodies Convention, at the
Putrajaya International Convention Centre.
The 29th will also be host to the Matrade Incoming Buying Mission, at the Menara Matrade.
The bulk of activities for the World Halal Summit begin on 30 March, including the Malaysia International Halal Showcase (MIHAS), World Halal Conference, Certifiers' Forum, Academics & Research Forum, Islamic Marketing & Business Forum, and the Islamic Finance & Investment Forum. The World Halal Conference and the Islamic Finance & Investment Forum will end on 31 March, while the other events will continue till 2 April. All of these activities will be held at KLCC.
MIHAS 2016 is a premier integrated trade fair for a complete spectrum of halal products and services. It debuted in 2004, and the organisers describe it as the world’s largest halal marketplace.
The Academics & Research Forum will address academic research as well as scholar-led discussions. It focuses on education, training, roles of academia, scientific research and knowledge development.
The Certifiers' Forum provides a platform for members of independent halal certification bodies, standards development agencies, industry experts and decision makers to explore new avenues towards a common ground.
The Islamic Marketing & Business Forum aims to bring some of the sharpest minds and best research to explore the way forward in this arena of trade and investment.
Islamic Finance & Investment Forum is designed to explore the opportunities in Islamic finance in the global landscape – concentrating on building the market and exploring its potential through inward investment and international collaboration.
Interested?
Download the World Halal Summit e-brochure
View the agenda online
Pre-register
Wednesday, 2 September 2015
Global Islamic Economy Summit to take place this October
The 2015 Global Islamic Economy Summit (GIES 2015) follows on from the inaugural event in 2013, which introduced the concept of a cohesive global Islamic economy. This year's event will discuss benefits of such an economy, say organisers the Dubai Chamber of Commerce & Industry and Thomson Reuters.
This year’s Summit will host over 2,000 policymakers and business leaders, and cover issues affecting the Islamic economy, including business and investment opportunities in Islamic finance and insurance; the halal food value chain, from manufacturing to logistics; halal product manufacturing; tourism; and small- to medium-sized enterprises (SMEs).
Interested?
Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, the Global Islamic Economy Summit 2015 will be held at Madinat Jumeirah, Dubai, UAE on October 5 and 6 2015.
Read the Suroor Asia blog post on the State of the Global Islamic Economy Report 2015-2016
Hashtag: #2015GIES
The event website explains that the Islamic economy is a way of life, through products, experiences,
services, processes and relationships, that is halal, ethical,
wholesome and family-friendly.
HE Majid Saif Al Ghurair, Chairman of Dubai Chamber of Commerce & Industry, said: "Dubai has played a central role in the growth story of the global Islamic economy and we are convening top business minds and enterprising young individuals to hear from them new ideas and insights that can positively shape the industry further."
Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre (DIEDC), added: "The summit is designed to give a full picture of the Islamic Economy with a focus on the breadth of sectors underpinning the phenomenal growth and highlight the impact of trends that we all contribute towards in our everyday lives."
Nadim Najjar, Managing Director of Thomson Reuters, Middle East and North Africa, commented: "We have assembled two days of programming for delegates attending GIES 2015 which will explore how the Islamic economy is having an increasing effect at the global level, and how it presents viable solutions well beyond the typical sectors of banking and finance."
HE Majid Saif Al Ghurair, Chairman of Dubai Chamber of Commerce & Industry, said: "Dubai has played a central role in the growth story of the global Islamic economy and we are convening top business minds and enterprising young individuals to hear from them new ideas and insights that can positively shape the industry further."
Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre (DIEDC), added: "The summit is designed to give a full picture of the Islamic Economy with a focus on the breadth of sectors underpinning the phenomenal growth and highlight the impact of trends that we all contribute towards in our everyday lives."
Nadim Najjar, Managing Director of Thomson Reuters, Middle East and North Africa, commented: "We have assembled two days of programming for delegates attending GIES 2015 which will explore how the Islamic economy is having an increasing effect at the global level, and how it presents viable solutions well beyond the typical sectors of banking and finance."
This year’s Summit will host over 2,000 policymakers and business leaders, and cover issues affecting the Islamic economy, including business and investment opportunities in Islamic finance and insurance; the halal food value chain, from manufacturing to logistics; halal product manufacturing; tourism; and small- to medium-sized enterprises (SMEs).
Interested?
Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, the Global Islamic Economy Summit 2015 will be held at Madinat Jumeirah, Dubai, UAE on October 5 and 6 2015.
Read the Suroor Asia blog post on the State of the Global Islamic Economy Report 2015-2016
Hashtag: #2015GIES
Tuesday, 16 June 2015
World Halal Travel Summit 2015 expects to foster real progress in halal tourism and travel
The World Halal Travel Summit 2015 (WHTS15) will be the largest B2B gathering of global halal travel specialists ever assembled, say Cacti Events, the organiser. More than 200 toursim brands will be on show, according to the website.
Supported by the Abu Dhabi Tourism and Culture Authority and taking place in Abu Dhabi at ADNEC from 19 to 21 October 2015, WHTS15 is expected to host 6,000 Organisation of Islamic Cooperation (OIC) travel agents, hospitality groups, hoteliers, developers, investors and key decision makers from the halal tourism market.
The halal travel and tourism market is growing 100% faster than any other niche travel sector, and represents US$135 billion of outbound bookings. According to the WHTS15 website, forecasts are that it will grow to US$200 billion by 2020.
WHTS15 incorporates ITHMAR15, a conference focusing on tourism investment in the halal travel sector that aims to drive real impact. The conference covers five main milestones in investment:
An Investment Den segment will enable tourism entrepreneurs to pitch their projects to banks, business angels and investment professionals and bring funders and delegates together in 10-minute meetings.
Supported by the Abu Dhabi Tourism and Culture Authority and taking place in Abu Dhabi at ADNEC from 19 to 21 October 2015, WHTS15 is expected to host 6,000 Organisation of Islamic Cooperation (OIC) travel agents, hospitality groups, hoteliers, developers, investors and key decision makers from the halal tourism market.
The halal travel and tourism market is growing 100% faster than any other niche travel sector, and represents US$135 billion of outbound bookings. According to the WHTS15 website, forecasts are that it will grow to US$200 billion by 2020.
WHTS15 incorporates ITHMAR15, a conference focusing on tourism investment in the halal travel sector that aims to drive real impact. The conference covers five main milestones in investment:
- Trends & Opportunities
- Funding, including business angel networks, venture capitalists, development banks
- Government regulations, infrastructure and support
- Global public-private partnerships (PPPs)
- Implementation
An Investment Den segment will enable tourism entrepreneurs to pitch their projects to banks, business angels and investment professionals and bring funders and delegates together in 10-minute meetings.
Additionally, TURATH15 (HERITAGE15) will focus on the professionals driving cultural tourism experiences in Muslim-majority countries. TURATH-related exhibitors will be hosted in a dedicated area within the larger WHTS15 arena.
WHTS15 will also host The World Halal Travel Awards to celebrate best practices, service and distinction in the global international halal tourism sector. The results will be announced at a gala dinner at The Emirates Palace Ballroom, Abu Dhabi on 20 October.
Need background?
Read the Suroor Asia blog post about WHTS15
WHTS15 will also host The World Halal Travel Awards to celebrate best practices, service and distinction in the global international halal tourism sector. The results will be announced at a gala dinner at The Emirates Palace Ballroom, Abu Dhabi on 20 October.
Need background?
Read the Suroor Asia blog post about WHTS15
Saturday, 30 May 2015
IFSB unveils Islamic Financial Services Industry Stability Report for 2015
The Governor of the National Bank of Kazakhstan, HE Kairat Kelimbetov, launched the Islamic Financial Services Industry (IFSI) Stability Report 2015 during the opening session of the 12th Islamic Financial Services Board (IFSB) Summit on 20 May in Almaty, Kazakhstan. The report aims to contribute to a wider cross-border engagement on stability issues in Islamic finance, while helping to strengthen the building blocks needed for greater resilience.
Said the Secretary General of the IFSB Jaseem Ahmed: "The issuance of the IFSB’s third Islamic Financial Services Industry Stability Report takes place at a time of continuing concern over a fragile and uneven global economic recovery, and the potential for volatility in the financial sector. Against this backdrop, the regulatory changes to the capital and liquidity framework initiated by the Group of Twenty (G20) and the Financial Stability Board (FSB) has seen the issuance of a range of guiding principles by the IFSB, culminating in two standards in 2015, on liquidity management and on core principles.”
Both standards set the stage not only for the integration of the IFSI into the global economy, but also into the global surveillance mechanism for financial stability. The IFSI Stability Report 2015 complements the standards with discussions on the following topics:
An overview of the IFSI as well as updates on trends and developments in the three sectors of the industry – Islamic banking, the Islamic capital market and takaful. It also assesses the resilience of the Islamic financial system, which includes technical analyses of selected indicators as well as assessment of risks and vulnerabilities in the sectors.
Initiatives undertaken by international standard-setting bodies to further ensure the stability of the financial institutions and markets, as well as the implications of such reforms for institutions offering Islamic financial services (IIFS). It also reviews the progress of various projects and initiatives undertaken by the IFSB to enhance the supervisory framework so as to ensure stability and soundness of the IFSI.
A surveillance framework for the global financial system including identification of the gaps in the global surveillance framework in the absence of a set of core principles for Islamic finance, which eventually led to the development of an advanced approach to the assessment of supervisory and stability regimes for Islamic finance. It also tracks the implementation mechanisms undertaken by the global standards-setters, which provide a valuable reference for strengthening implementation efforts in the IFSI.
Emerging issues in Islamic finance, including financial consumer protection in Islamic finance, and the importance of having a global Islamic finance database for financial stability, focusing on the IFSB’s initiative on the Prudential and Structural Islamic Finance Indicators (PSIFIs).
Interested?
Interested?
Read the Suroor Asia blog posts on PSIFIs and core principles.
Tuesday, 19 May 2015
IFSB Annual Summit to discuss prudential and supervisory infrastructure for Islamic finance
The 12th Annual Summit of the Islamic Financial Services Board (IFSB) will be held on 20 and 21 May 2015, in the commercial capital of Kazakhstan, Almaty. The Summit is aimed at harnessing the latest developments and innovation in regulation, prudential standards, current market practices and future challenges to keep stakeholders informed about the global Islamic financial services market; to provide a platform for dialogue with peers; and to give delegates a voice in contributing to the future direction of the industry.
According to the organisers, the Islamic finance landscape is populated by sovereign sukuk issuances by non-traditional markets such as the UK and Hong Kong; reforms underway in both Asia and the Middle East to integrate Islamic finance into governmental budgets; and increased interest from international institutions such as the International Monetary Fund and the World Bank.
The transformational impact of the Islamic finance industry can only be truly enhanced if the requisite prudential and supervisory infrastructure is in place. As such, issues relating to Core Principles for Islamic Finance: Integrating with the Global Regulatory Framework, the Summit theme, require discussion. Discussions at the 12th IFSB Summit in Almaty with focus on the new regulatory developments, policy and market trends in the global Islamic financial services industry, concluding with a panel on The New Silk Road: The Importance of Regulatory Cooperation for Cross-Border Integration.
Need background? Read the Suroor Asia blog posts:
IFSB introduces core principles for Islamic finance
IFSB launches indicators for soundness and growth of Islamic finance banking systems
ADB and IFSB launch book on Islamic finance for Asia
According to the organisers, the Islamic finance landscape is populated by sovereign sukuk issuances by non-traditional markets such as the UK and Hong Kong; reforms underway in both Asia and the Middle East to integrate Islamic finance into governmental budgets; and increased interest from international institutions such as the International Monetary Fund and the World Bank.
Developments such as new IFSB standards on stress testing, liquidity management, capital adequacy are occurring alongside strong private sector activity, the organisers note, especially on the sukuk front:
- The Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank (IDB) Group has won mandates from Jordan, the Ivory Coast and Senegal to assist them in issuing sukuk.
- Dubai’s Noor Bank recently debuted a US$500 million sukuk wakālah.
- Kuveyt Turk Participation Bank inaugurated a RM300 million sukuk murābahah in the Malaysian market.
- The syndicated sukuk murābahah market helped AlBaraka Turk Participation Bank raise US$268 million.
- The first sharī`ah-compliant insurance product was launched through Lloyd’s of London by XL Group and Cobalt Underwriting.
- The Central Bank of Bahrain launched a new wakālah liquidity management instrument.
The transformational impact of the Islamic finance industry can only be truly enhanced if the requisite prudential and supervisory infrastructure is in place. As such, issues relating to Core Principles for Islamic Finance: Integrating with the Global Regulatory Framework, the Summit theme, require discussion. Discussions at the 12th IFSB Summit in Almaty with focus on the new regulatory developments, policy and market trends in the global Islamic financial services industry, concluding with a panel on The New Silk Road: The Importance of Regulatory Cooperation for Cross-Border Integration.
Need background? Read the Suroor Asia blog posts:
IFSB introduces core principles for Islamic finance
IFSB launches indicators for soundness and growth of Islamic finance banking systems
ADB and IFSB launch book on Islamic finance for Asia
Saturday, 21 March 2015
World Halal Travel Summit to top other events on halal travel and tourism
The World Halal Travel Summit (WHTS15), the largest showcase of halal travel and tourism solutions, is to run over halls 6 and 7 at the Abu Dhabi National Exhibition Centre (ADNEC) from October 19 to 21, 2015.
Organised under the theme Driving The Halal Tourism Revolution, the multi-faceted event will include an exhibition with over 230 exhibitors and sponsors and more than 6,000 delegates and trade visitors, including at a 1,000-seat conference that is expected to host keynote sessions, panel discussions, a ministerial debate and 150 presentations from 70 international speakers.
“The halal tourism market is booming with analysts saying it now represents 13% of the global market,” said WHTS15 Events Manager Hosam Moustafa in a statement at the end of 2014. “A recent Muslim travel report, released by the consultancy DinarStandard and rating agency Crescent Rating, projects that until at least 2020, Muslim international tourism will increase faster than conventional tourism – 4.79% versus 3.8%. At that point, overall annual spending for international Muslim tourism is expected to reach US$192 billion and these figures don’t even include estimated Hajj and umrah expenditures.
“The time is right for an event of this size and scope to address the needs of this vast international sector and Abu Dhabi, with its award-winning ADNEC and event facilities in the heart of this market, is an ideal venue and host.”
WHTS15 is being brought to the UAE capital by organiser Cacti Events with the support of Abu Dhabi Convention Bureau – the dedicated business events promotion arm of Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi).
“Many Muslim majority markets are now fast emerging economies, with higher than average population growth rates supported by a young demographic,” said Sultan Al Dhaheri, Acting Executive Director Tourism, TCA Abu Dhabi. “Against this background, expenditure by halal tourists is expected to rise more than 6% per annum for the foreseeable future, which is almost double global industry growth.
“With Abu Dhabi now specifically targeting the halal tourism sector with segment-specific accommodation and product, the staging of this event in the UAE capital will put the spotlight on our offering and ambitions.”
WHTS15 is expected to draw high profile international attendance from government delegations, tourism associations, market-leading private sector operators and leading financiers funding Islamic tourism projects.
“WHTS15 is a major opportunity for tourism bodies, private tourism companies and professionals interested in developing business models in the halal travel space – perhaps the single most important meeting of the decade for this sector,” added Moustafa.
“More than 60 countries will be represented at WHTS15, with many exhibiting and others contributing presentations and speakers to the conference sessions.”
WHTS15 will focus on intra-tourism between the 57 members states of the Organisation of Islamic Cooperation (OIC) - the second largest inter-governmental organisation after the United Nations with a membership spread over four continents.
Keynote conference sessions will focus on practical applications to increase intra-OIC tourism productivity – innovative technologies, capacity building and entrepreneurship, the role of the private sector and the way that local bodies can quickly adopt and adapt the best international thinking.
In addition to the Summit, WHTS15 will host a half-day high-level Dialogue on 19 October for Muslim majority tourism policy makers, influencers and key industry leaders to identify and engage on impending and future tourism initiatives. Admission is by invitation only, with enquiries to be directed to visitors@cactievents.com.
TCA Abu Dhabi has adopted a halal travel strategy which has seen it engage with four Abu Dhabi hotels, namely the One-To-One The Village; the Ayla Hotel Al Ain, the Hala Arjaan by Rotana and Al Rawda Arjaan Hotel by Rotana in Abu Dhabi city, which are all listed on www.halalbooking com.
“We can meet specific Muslim demands on a number of fronts – halal F&B is one, another is specific segmented family product and specific product segmented for use by the different genders. We also have a number of high and medium quality alcohol-free hotels and segmented sessions for females at mainline attractions,” explained Al Dhaheri.
“Some of our operators are also realising the potential of the market – one example is Captain Tony’s dhow boat cruises, which offer ladies-only tours of the Corniche. Ladies-only sessions are also available at our Yas Waterworld aqua park and on Wednesday nights at Yas Marina Circuit there is a whole evening of sports and activities training for ladies.
“Of course, a visit to our Sheikh Zayed Grand Mosque would be an essential on any halal tourism agenda. In addition, Abu Dhabi as a wealth of world-class restaurants and eateries where guests can enjoy international cuisine all prepared to halal standards.”
Al Dhaheri says halal travel will become more prominent in its destination promotion in terms of exposure and quality of product offering.
“We envisage receiving increasing numbers from this segment particularly given that Abu Dhabi serves as a hub for traffic transiting from East to West and vice versa. We can link the highly populous Muslim countries of the East to the West and those in the opposite direction via Abu Dhabi International Airport and we hope that many will choose to break their journey in the emirate and eventually become convinced to stay longer."
Organised under the theme Driving The Halal Tourism Revolution, the multi-faceted event will include an exhibition with over 230 exhibitors and sponsors and more than 6,000 delegates and trade visitors, including at a 1,000-seat conference that is expected to host keynote sessions, panel discussions, a ministerial debate and 150 presentations from 70 international speakers.
“The halal tourism market is booming with analysts saying it now represents 13% of the global market,” said WHTS15 Events Manager Hosam Moustafa in a statement at the end of 2014. “A recent Muslim travel report, released by the consultancy DinarStandard and rating agency Crescent Rating, projects that until at least 2020, Muslim international tourism will increase faster than conventional tourism – 4.79% versus 3.8%. At that point, overall annual spending for international Muslim tourism is expected to reach US$192 billion and these figures don’t even include estimated Hajj and umrah expenditures.
“The time is right for an event of this size and scope to address the needs of this vast international sector and Abu Dhabi, with its award-winning ADNEC and event facilities in the heart of this market, is an ideal venue and host.”
WHTS15 is being brought to the UAE capital by organiser Cacti Events with the support of Abu Dhabi Convention Bureau – the dedicated business events promotion arm of Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi).
“Many Muslim majority markets are now fast emerging economies, with higher than average population growth rates supported by a young demographic,” said Sultan Al Dhaheri, Acting Executive Director Tourism, TCA Abu Dhabi. “Against this background, expenditure by halal tourists is expected to rise more than 6% per annum for the foreseeable future, which is almost double global industry growth.
“With Abu Dhabi now specifically targeting the halal tourism sector with segment-specific accommodation and product, the staging of this event in the UAE capital will put the spotlight on our offering and ambitions.”
WHTS15 is expected to draw high profile international attendance from government delegations, tourism associations, market-leading private sector operators and leading financiers funding Islamic tourism projects.
“WHTS15 is a major opportunity for tourism bodies, private tourism companies and professionals interested in developing business models in the halal travel space – perhaps the single most important meeting of the decade for this sector,” added Moustafa.
“More than 60 countries will be represented at WHTS15, with many exhibiting and others contributing presentations and speakers to the conference sessions.”
WHTS15 will focus on intra-tourism between the 57 members states of the Organisation of Islamic Cooperation (OIC) - the second largest inter-governmental organisation after the United Nations with a membership spread over four continents.
Keynote conference sessions will focus on practical applications to increase intra-OIC tourism productivity – innovative technologies, capacity building and entrepreneurship, the role of the private sector and the way that local bodies can quickly adopt and adapt the best international thinking.
In addition to the Summit, WHTS15 will host a half-day high-level Dialogue on 19 October for Muslim majority tourism policy makers, influencers and key industry leaders to identify and engage on impending and future tourism initiatives. Admission is by invitation only, with enquiries to be directed to visitors@cactievents.com.
TCA Abu Dhabi has adopted a halal travel strategy which has seen it engage with four Abu Dhabi hotels, namely the One-To-One The Village; the Ayla Hotel Al Ain, the Hala Arjaan by Rotana and Al Rawda Arjaan Hotel by Rotana in Abu Dhabi city, which are all listed on www.halalbooking com.
“We can meet specific Muslim demands on a number of fronts – halal F&B is one, another is specific segmented family product and specific product segmented for use by the different genders. We also have a number of high and medium quality alcohol-free hotels and segmented sessions for females at mainline attractions,” explained Al Dhaheri.
“Some of our operators are also realising the potential of the market – one example is Captain Tony’s dhow boat cruises, which offer ladies-only tours of the Corniche. Ladies-only sessions are also available at our Yas Waterworld aqua park and on Wednesday nights at Yas Marina Circuit there is a whole evening of sports and activities training for ladies.
“Of course, a visit to our Sheikh Zayed Grand Mosque would be an essential on any halal tourism agenda. In addition, Abu Dhabi as a wealth of world-class restaurants and eateries where guests can enjoy international cuisine all prepared to halal standards.”
Al Dhaheri says halal travel will become more prominent in its destination promotion in terms of exposure and quality of product offering.
“We envisage receiving increasing numbers from this segment particularly given that Abu Dhabi serves as a hub for traffic transiting from East to West and vice versa. We can link the highly populous Muslim countries of the East to the West and those in the opposite direction via Abu Dhabi International Airport and we hope that many will choose to break their journey in the emirate and eventually become convinced to stay longer."
Register to attend here.
Sunday, 3 August 2014
Japan Halal Summit kicks off on August 4
The Japan Halal Summit, organised by the Halal Development Foundation Japan and the Halal Development Council, expects to capitalise on Japan's interest in penetrating the global halal market and prepares for the Olympics in 2020. Running from 4 to 6 August, the event is themed 'We Connect Islam and Japan', and is to be held at TKP Garden City Shinagawa in Tokyo, Japan.
According to the organisers, the halal market goes beyond food and beverages to Islamic banking, Islamic tourism and halal pharmaceuticals, and targets about 1.6 billion Muslims globally, or 23% of the world’s population.
According to the organisers, the halal market goes beyond food and beverages to Islamic banking, Islamic tourism and halal pharmaceuticals, and targets about 1.6 billion Muslims globally, or 23% of the world’s population.
The event site notes that Muslims make up the majority of the population in 49 countries around the
world, with Indonesia at the top, counting 209 million or 87.2% of the population as Muslim.
Pakistan has the second-largest Muslim contingent with 179.2 million, and India is third roughly 176 million Muslims. In terms of geographies, the Middle East-North Africa region has the highest
concentration Muslims anywhere in the world. The organisers say that 93% of approximately 341 million inhabitants are Muslim in this region, compared with 30% in
sub-Saharan Africa and 24% in the Asia-Pacific region.
Key statistics for the halal market listed on the event site include:
- The global halal industry is valued at US$2.77 trillion and is growing at 20% annually
- Globally, Muslims spent US$1.1 Trillion on food and beverages in 2012, which is forecast to reach US$1.6 Trillion by 2018.
- The Islamic world imports most of its food, especially the Middle East, valued at US$15.4 billion and the halal food market is set to grow at the rate of 4.44% over the period of 2012-16.
- The halal food industry accounts for 20% of the global F&B industry. It was worth US$5.7 trillion in 2008 and is expected to increase to US$7 trillion by 2014.
- The Islamic finance market is estimated at $1 trillion.
- The global halal cosmetics market is estimated at US$13 billion and in the Middle East, the market is estimated to be worth US$2 billion. The global cosmetics market is worth US$334 billion.
- The shari'ah-compliant Islamic tourism sector is valued at US$100 billion, while the halal pharmaceutical industry is estimated to be worth US$500 billion.
A hundred delegates from around the world are expected to attend the summit, with representatives from the Organization of Islamic Cooperation, the Standards and Metrology Institute for Islamic Countries, the Islamic Development Bank, Malaysia's JAKIM, Indonesia's MUI and UAE's Emirates Authority for Standardization and Metrology among others.
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