12th WIEF concludes with new partnerships, recommendations for the Islamic economy

The 12th World Islamic Economic Forum (WIEF), held at the Jakarta Convention Center in early August 2016, has made recommendations for overcoming challenges highlighted by the global leaders and to address the issues of decentralisation and empowering future business, not only for the host country Indonesia, but also for Muslim and non-Muslim economies across the globe.

At the event, the country leaders highlighted that growing inequality continues to defy solutions for inclusive development and that centralised development tends to overlook or even marginalise large sections of society in many countries. They also pointed out that the unintended consequence of innovative technology often was the enrichment of a few; that the potential of the young population of the developing world has not been effectively utilised; and that enhancing media strategy to improve global perception of Islamic world investments and business potentials is important.

The recommendations include:

• Promoting and supporting an enabling environment to develop micro, small and medium enterprises (MSMEs), to address job creation and income generation as well as to unlock economic opportunities in rural communities; 
• Harnessing the use of innovative training to provide youth with modern skills to enhance their economic exchange value; 
• Expanding the use of Islamic finance to grow the halal ecosystem, modest fashion industry, infrastructure development and social finance; 
• Harnessing the use of disruptive technologies for the wider benefit of a more inclusive society; and 
• Developing strategies to enhance the potential of creative industries to spread economic growth.

The 12th WIEF, themed Decentralising Growth, Empowering Future Business, was a platform for the Indonesian government “to promote investment opportunities in the country and to market our products, whether they are products with halal certification or existing products deemed competitive in the international market,” said Sri Mulyani Indrawati, Indonesia’s Minister of Finance. 

Indonesia’s President Joko Widodo and Malaysia’s Prime Minister Najib Razak witnessed the inking of a pact between the Financial Services Authority of Indonesia (OJK) and Bank Negara Malaysia where three Indonesian banks under the ASEAN Banking Integration Framework are allowed to set up subsidiary offices in Malaysia and be treated like a local bank.

A bilateral meeting between President Widodo and the Sri Lankan Prime Minister, Ranil Wickremesinghe, has spurred the interest of Indonesia to help set up a railway system in Sri Lanka and for Sri Lanka to import Indonesian-made train carriages.

The President of Tajikistan, Emomali Rahmon and President Widodo discussed economic cooperation in the textile sector including cotton processing industry. President Rahmon has invited Indonesian business leaders to invest in projects in Tajikistan.

Another meeting between President Rahmon and the Prime Minister of Sri Lanka was reported to be focused on the establishment of bilateral cooperation between their two countries in constructing small and medium hydropower plants and launching joint minerals processing ventures in Tajikistan.

Ten memoranda of understanding worth US$899.6 million were exchanged at the event, including:

Malaysia’s Majlis Agama Islam Negeri Johor (MAINJ) signed an agreement with UMLand J-Biotech Park to spearhead the development of Johor Halal Park, envisioned to become the first premium bio-halal industrial park in Malaysia with world-class facilities and a halal ecosystem.

Bursa Malaysia and Indonesia Stock Exchange entered into an agreement of cooperation to develop the Islamic capital markets in Malaysia and Indonesia with the aim to establish both Malaysia and Indonesia as a leading Islamic capital market hub in the world.

Jakarta Industrial Estate Pulogadung (JIEP) and port operator Pelabuhan Indonesia II signed an agreement to develop Indonesia’s first international Halal Hub that will process and manage all containers based on shari'ah principles.

Another cross-border collaboration was a tripartite agreement made between Kumpulan Perubatan Johor, Malaysia and two Japanese companies – Sojitz Corporation and Capital Media Company to set up an Oncology Center at Rumah Sakit Medika Bumi Serpong Damai (RSMBSD) in Tangerang, Indonesia at the cost of US$12 million.

Three Malaysian property developers, namely Sime Darby, SP Setia Indonesia and I&P Group, will work with Indonesia’s PT Hanson International to jointly develop an affordable residential project for US$862 million in the Maja area in West Jakarta, Indonesia.

In the field of education, Brainy Bunch inked an agreement with PT Brainy Bunch Indonesia, giving the Indonesian company the rights to set up Brainy Brunch Islamic Montessori preschools in Indonesia.

Additionally, the 12th WIEF has set the course to strengthen the role and increase global recognition of Indonesian MSMEs. In her closing statement, Indonesian Finance Minister Sri Mulyani Indrawati said that the 12th WIEF has successfully explored the crucial role of MSMEs in driving economic growth. “This effort reaffirms the fact that empowering MSMEs by facilitating their larger participation in the mainstream economy will spur innovation and improve efficiency that provides enterprises the competitive edge to navigate through the ever-evolving business landscape.”

In the closing session, the Chairman of the WIEF Foundation, Tun Musa Hitam, stated that the agreements between Indonesian and regional corporations proved that the 12th WIEF has been a strategic platform for important collaborations to strengthen and connect economies in the Muslim nations with their regional and global counterparts. “This reflects our confidence, courage and decisiveness in responding to our current economic challenges, in which collaborative model that enables joint value creation is important and necessary in order to create a level playing field between the Muslim and non-Muslim world to spread economic growth,” he said. 

The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, Malaysia organises the annual WIEF, a platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe. The forum, while focused on the development of MSMEs, also discussed topics relating to the expansion of the global halal ecosystem, enhancing the inclusiveness of Islamic finance, the support of startups and the development of the creative industry.

IDB calls for working group to help develop Islamic finance for SMEs

The President of the Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali, has called on OIC member countries and the World Islamic Economic Forum (WIEF) to establish a working group that will study and exchange expertise in utilising Islamic finance for the development of small and medium sized enterprises (SMEs). President Ahmad was speaking in Kuala Lumpur, Malaysia to delegates of the 11th WIEF, which took place from 3 to 5 November 2015. 

“I suggest the immediate establishment of a working group, among OIC institutions and specialised business forums like WIEF, to study the ways and means of leveraging support by Islamic finance to SMEs, through research and exchange of expertise,” said the IDB President. 

“Likewise, the partnership financing, the core element of Islamic finance, is an important source of funding for SMEs that can provide opportunities for entrepreneurship, jobs creation and income generation.

“The growing sukuk industry at the global level gives a tangible evidence that Islamic finance will play a major role in development financing especially for large-scale infrastructure.” 

He stressed that the IDB Group is committed to providing solutions in the development of the requisite legal, regulatory, supervisory and shari’ah frameworks for the development of SMEs. He also called on all multilateral development banks and government institutions to work towards mainstreaming Islamic finance, especially in mobilising resources for the implementation of the sustainable development goals. 

ISSF 2015 sets out resolutions for strengthening the Islamic finance industry

The International Shariah Research Academy for Islamic Finance (ISRA) has organised its 10th annual International Shariah Scholars Forum (ISSF 2015) in collaboration with the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank in Jeddah.

The main theme ISSF 2015, held in Malaysia, was Strengthening the Global Connectivity of the Islamic Finance Industry: Reality and Prospects. At the end of the event, Sheikh Dr al-Ayyashi Feddad, Senior Researcher representing IRTI, read out the resolutions of this year’s forum:

First, for ISSF

• ISSF 2015 proposes to set up a committee to evaluate the past ten years of ISSF, and to put forward a plan for the next ten years. 
• Coordination with relevant parties, including individuals and organisations, to further strengthen the ISSF. 
• Open more collaboration with other parties in organising the ISSF. 

Second: Regarding differing fatwas and their effect on strengthening the global connectivity of the Islamic finance industry

• Differing views and fatwas are positive phenomena if they are based on the principles of ijtihad in the shari'ah. 
• It is advisable to work on closing the gaps in fatwas in order to prevent contradictions in practical application and also to harmonise between the fatwas and the financial products. 
• Efforts are needed to further develop and strengthen shari'ah governance in the Islamic finance industry. 
• ISSF 2015 also recommends the establishment of a supreme council by supporting organisations such as the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), IFSB, IDB and CIBAFI, together with the International Fiqh Academy and IDB. This council would have its own shari'ah board and other technical boards. Its resolutions would be endorsed by the International Fiqh Academy in its position as the highest shari'ah reference for Muslim countries. 

Third: Regarding research institutes on Islamic economics and Islamic finance
effort should be made to cooperate on major projects and to plan research for the next ten years by identifying gaps that need to be filled and prioritising them.

• There is a need for cooperation in appraisal studies and in developing mechanisms to rate research on Islamic economics and finance. 
• The forum calls for the establishment of new research institutions for Islamic economics to pursue objectives and study areas that the existing research institutions are not dealing with in order to bring added value to the academic research. 
• Mechanisms should be established for competition among research institutions within a cooperative framework with the objective of improving their end products. 

Fourth: Regarding roducts

• Innovative solutions should be found for the Islamic finance industry, especially in the area of sukuk and working towards partnership-based financial instruments. 
• The forum calls for the study of successful international models of financing that are close to Islamic financing based on partnership or any interest-free financing modes. 
• Special attention should be given to Islamic sukuk as they are the most effective financial instruments in realising global connectivity at the supervisory level and in the capital markets. 
• Special attention should also be given to the products of the charitable sectors, particularly the zakah and waqf institutions. It is recommended that next year’s Forum be about establishing an international institution to coordinate between zakah organisations. 
• Work should be done on binding terms of reference for the members of shari'ah boards of Islamic financial institutions. 
• A working committee should be formed to lay down the principles of fatwa to ensure its stability and its linkage to other relevant areas such as legal, accounting and risk management. 
• Work should be done on a mechanism to coordinate between shari'ah boards in order to establish rules regarding governance of the boards and conflict of interest. The ISSF 2015 invites ISRA, IRTI, AAOIFI, IFSB and CIBAFI to propose a mechanism for its implementation.

Interested?

Read the Suroor Asia blog post about the ISRA-Thomson Reuters Islamic Commercial Law Report 2016, which was launched during the event

IFSB and INCEIF 7th Executive Forum to educate, further Islamic finance progress

The Islamic Financial Services Board (IFSB) and the INCEIF - The Global University of Islamic Finance are organising the seventh Executive Forum (EF) on Islamic Finance on 3 and 4 June 2015. The IFSB-INCEIF EF Series aim to provide a platform for global leaders in Islamic finance to discuss emerging issues facing the global Islamic financial services industry. 

The EF, to be held at Sasana Kijang, Kuala Lumpur, Malaysia, emphasises supervision and prudential regulation at national and international levels. Themed Building Momentum for Islamic Liquidity Management the EF will surface new insights through panel sessions, discussion groups, and practical case studies on the interactions between internal liquidity and external funds (e.g. profit-sharing investment accounts and sukuk).

The EF will also compare current conventional and Islamic overviews of liquidity risk management and discuss the challenges in building a resilient and robust liquidity risk management framework in the future. New developments in the regulatory landscape, with a special focus on the emerging liquidity risk management requirements, such as the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), are on the agenda as well.

The current speaker list includes:

• Azahari Abdul Kudus, Chief Treasurer, KFH Malaysia 
• Daud Vicary Abdullah, President and CEO, INCEIF 
• Ijlal Alvi, Chief Executive Officer, International Islamic Financial Market 
• Abdullah Karatas, Manager, Investments, Islamic Development Bank 
• Professor Dr Merouane Lakehal-Ayat, Adjunct Professor, INCEIF 
• Prasanna Seshachellam, Director, Supervision, Dubai Financial Services Authority, UAE 

Next steps? 

Register

Email ifsb_sec@ifsb.org with questions

Early days for halal marketing

Source: WHS website.

There can be no one size fits all approach to halal marketing when different Muslims have different attitudes to halal, it was mooted at the fifth session of the Academics Forum, World Halal Summit (WHS 2015) held in Malaysia. 

Describing halal as a phenomenon, moderator Dr Jonathan (Bilal) AJ Wilson from the University of Greenwich said, “There is guidance from the Quran, the hadith and our forefathers. But in this age of social media and hyperinteraction, things are changing at a speed much faster than before. We have to take that leap forward. When you think of halal, it’s now more than just about meat – it’s a global phenomenon; because the concept is applied to things beyond food.” 

Liow Ren Jan, Founder and CEO for Malaysia's AYS, said that simply marketing halal products to Muslims do not guarantee sales. “I worked with the no. 1 halal brand in Malaysia, and thought it could be transposed to a neighbouring Muslim country, Indonesia,” recalled Liow. “We brought the product there and thought it would be an overnight success – it wasn’t. We missed out because even though it’s a halal product in this specific market, we didn’t apply the fundamental marketing mix.”

Liow pointed out that there are many categories of Muslims. "Do you want to appeal to the conservative Muslim or the mass Muslim? If it is the mass, then apply the basic marketing principles,” he advised.

Push to harmonise halal standards in ASEAN

The Department of Standards Malaysia is initiating the establishment of a Working Group on Halal Products and Services with its counterparts in Indonesia and Thailand to harmonise halal standards within the ASEAN region. 

Source: WHS website.

The taskforce will facilitate a platform for discussion amongst halal authorities with the aim of providing a framework to support economic cooperation and integration within member countries.

While acknowledging existing issues among halal authorities to consensually agree on a unified standard, Standards Malaysia Director General Datuk Fadilah Baharin said that member countries must start acknowledging the importance of a common regional halal standard in preparation for the establishment of a single international standardisation body.

A new landscape within the halal industry is expected to take place should a uniform halal standard using ISO methodology be successfully implemented by Dubai-led Standards and Metrology Institute for Islamic Countries, SMIIC. SMIIC is an affiliate body of the Organisation of Islamic Cooperation (OIC) established in 2010 with the main objectives to prepare an OIC/SMIIC Halal standard to achieve uniformity in metrology, laboratory, testing and standardisation. A total of 31 member states out of the 56 OIC Islamic states are currently members, with Bosnia-Herzegovina and Malaysia being the latest to join since November last year.

“Differences (in opinion) can have detrimental effects on competition and international trade. With a view to harmonise conformity assessment procedures, member countries shall play a full part within the limits of their resources and as a basis for their technical regulations,” she said during the Certifiers Forum at the World Halal Summit (WHS) 2015.

The main challenge faced by the global halal industry is the lack of one unified standard on what exactly is halal. There are between 500 and 3,000 certification agencies around the world, of which 80% are from non-Muslim countries. The lack of a unified standard has also raised production costs for exporting companies, as they must follow different national regulatory standards.

Fadilah said a unified standard among ASEAN countries could address these challenges and help minimise the export cost for halal products.

“Standards, technical regulations and procedures for determining conformity are essential to ensure consumer safety, increase transparency of product information and compatibility of products,” she said.

“A unified halal system will result in a mutual recognition of certificates through a recognised accreditation, reassure customer’s trust and diminish technical barriers to trade with mutual recognition,” said Farah Al Zarooni, Director of Accreditation Department, ESMA in Dubai.

“The uniformity of halal standards developed by SMIIC, which is an intergovernmental institution, will pave the way for better economic relations within the industry. We want to promote one standard and one test that are recognised throughout the globe.”

Further insights about the complexities of halal standardisation were shared during other sessions at the WHS. Ironically, 85% of products and raw materials produced today come from non-Muslim countries where halal accreditation processes are actually more advanced than that of the Muslim countries.

“In most cases, halal integrity within the supply chain cannot be verified throughout the entire system,” said Salih Yuksel, SMIIC AC Chair and Acting Head, System Accreditation Department, Turkish Accreditation Agency (TURKAK) during the Certifiers Forum. “There is certainly a demand and dire need to address this weak point within the halal certification bodies.”

Among the common oversights by halal certification bodies are the lack of transparency and competency. The fact that there are more than a thousand halal accreditation bodies worldwide that are not following any specific halal procedure is a telling sign, it was mentioned.

Acknowledging that the discrepancies in Islamic knowledge and practices are most likely the reasons for the impartiality, Salih said the industry must remain focused in moving forward regardless of the differences.

At the fourth session of the Academics Forum at the WHS Dr Sharifudin Mhd Shaarani, Dean, School of Food Science & Nutrition, University of Malaysia Sabah, noted that halal food science is akin to forensics. “In this era, the development of alternative food ingredients and Genetically-Modified Organisms (GMO) make the area very complex,” said Dr Sharifudin. 

"Another short- term remedy we need is a halal quality assurance that ensures that every time we produce a halal product, it is truly halal. To invest time and money into doing this is relatively less expensive and (will) bring us forward (faster)."

Associate Professor Dzulkifly Mat Hashim, Former Head of Halal Services Laboratory, Halal Products Research Institute, UPM Malaysia, said practicality had to be part of the equation. “We need academicians, players of the industry and the regulators to work together to solve real issues that are presented, for example, the permitted level of alcohol in a food or ingredient,” he said.

Southeast Asia is home to more than 250 million halal consumers, and countries like Malaysia, Indonesia and Singapore have had regulations to control the import of halal-certified products for years.
With more than 60% of its population being Muslims, Malaysia exported a total of RM10 billion worth of halal products last year.

Amir Sakic, Bosnia and Herzegovina’s Director of Halal Quality Certification Agency pointed out that the main goal of halal standard is to remove barriers of international trade, provide a better understanding of halal and minimise costs of doing business.

“European countries are also trying to harmonise standards for all its 27 member countries,” he said.

In closing remarks for the event Grand Mufti Emeritus of Bosnia and Herzegovina, Dr Mustafa Ceric said the focus should move from labelling to making halal products more attractive. “I always wonder what makes haram sweet. Turn that around and produce products in halal that are sweet, nice and attractive that will make people stop looking at the temptations in haram,” he said.

“We need to move away in trying to explain halal in religious terms but (to stress on) the fact that halal is good, healthy and clean. Do people buy Chanel because it is French? No. People buy Chanel because it is good,” he said to applause.

“Of course Halal is religion. We all know that. You don’t need to attend a three-day conference to tell you that. But too much emphasis on it (from a religious perspective) will be counterproductive. Don’t make simple things complicated or complicate simple things,” Dr Mustafa concluded.

The world Muslim population is expected to account for 30% of the world’s population by 2025. The global market value for trade in halal food is estimated at US$547 billion a year and analysts predicted the value to reach US$10 trillion by 2030.
Among the driving factors include a steady growth of Muslim population worldwide; rising incomes in primary markets for halal products, and increasing demand for safe, high quality halal food. Currently, the global halal product market is estimated at US$2.3 trillion, excluding Islamic finance.

The inaugural WHS in Kuala Lumpur builds on the foundation established by the Malaysian government’s decades-long commitment to develop the halal industry to its full potential, not just among the estimated 1.8 billion Muslims worldwide currently but also among the world’s non-Muslims.

The WHS 2015 is designed as a platform to provide opportunities for halal-industry stakeholders to collaborate, network, discuss and present viable ideas for the expansion and promotion of the industry, as well as to overcome the challenges it faces. The event also seeks to play the role of catalyst to introduce new structures and regulatory frameworks to increase confidence amongst consumers, industry players and investors for the halal economy.

The event concept integrates the halal trade fair MIHAS (Malaysia International Halal Showcase), and six other conferences and forums: the 8th World Halal Conference (WHC), the 6th JAKIM International Halal Certification Bodies Convention, the Certifiers Forum, Scholars Forum, Academics Forum and the Business Forum.

The star component of WHS, MIHAS, has hosted approximately 170,000 visitors from 70 nations, 4,000 companies from 48 countries, and generated more than US$3 billion in sales over the past 11 years.

Apart from the obvious economic potential, Malaysia also views the promotion of the global halal economy as an important component of the Global Movement of Moderates, an idea articulated by the Prime Minister of Malaysia, YAB Dato’ Seri Najib Tun Haji Abdul Razak, with the main goal of applying perspectives and frameworks of moderation to realise world peace and harmony.

A collaborative effort under the patronage of the Ministry of International Trade and Industry (MITI), the WHS 2015 is organised with the coordination of the Malaysia External Trade Development Corporation (MATRADE), Halal Industry Development Corporation (HDC) and Department of Islamic Development Malaysia (JAKIM).

posted from Bloggeroid

Ethica calls for more job experience opportunities in Islamic finance

Dubai’s leader, Sheikh Mohammed bin Rashid al Maktoum, has listed 2016 as the year Dubai should establish itself as the capital of the US$8 trillion global Islamic economy. What this means in practical terms for the world’s 2 billion Muslims was the theme of December's inaugural Industry and University Partnership (I-UP) Forum 2014 at Dubai Knowledge Village.

At the forum Ethica Institute of Islamic Finance, a training and certification institute, commented on the need for more internship opportunities and other job creation initiatives. 

Azhar Mirza, CEO of Jardine Human Capital, noted, “Ethica is at the front lines of job training and they made some important points. There seems to be a lack of job creation in the space. To an outsider and on the charts and tables there is a perception that there are plenty of job opportunities in the space. The reality is far different. There are in fact exceptionally well qualified and experienced individuals who are unable to find positions in suitable organizations. Companies are simply unwilling to offer internship or work experience opportunities.”

In addition to a need for more hiring opportunities, delegates discussed the need for legitimate third-party standards. Some noted that if Dubai seeks to establish itself as the capital of the Islamic economy, it must first begin regulating its own banks for minimal shari'ah compliance, at least to the satisfaction of AAOIFI, the Islamic finance standard followed by over 90% of the world’s Islamic finance jurisdictions. 

One Islamic finance analyst said: "In Islamic finance, we don’t need more institutions, we need more quality. The level of Islamic finance training is either too academic, and therefore not sufficiently practical, or too far removed from Islamic finance, focusing entirely on banking, as the case in most universities with strong finance programmes but almost no complementary Islamic finance programme.”

Islamic finance ideal for alleviating poverty

Islamic finance is well-suited for addressing poverty, whether it is used by Muslims or non-Muslims, says the organisers of the 4th Global Islamic Microfinance Forum (GIMF), which kicks off on 1 November in Dubai at the Dusit Thani Hotel.

Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics (CIBE) quoted research which has found that Islamic microfinance has a greater impact on poverty alleviation than general microfinance. Firstly, its focus on investing on assets can boost income levels, and opportunities for business, health and education. Secondly, it is available to the poor.

He further said that murabahah, musharakah, mudarbah, and ijarah are some of the options available, and micro takaful helps to keep those emerging from poverty from backsliding.

The forum runs from 1 to 4 November, 2014 and is jointly organised by AlHuda CIBE and Akhuwat. It is supported by the IRTI - Islamic Development Bank, Azerbaijan Microfinance Association, Association of Microfinance of Tajikistan, Indonesia Microfinance Association, Centre of Microfinance Nepal, Metropolitan Training Academy Turkey, Awqaf South Africa, and KFDWB among others. 

Japan Halal Expo breaks new ground for halal industry in Japan

Source: Japan Halal Expo 2014 event organisers. UPIN-IPIN were unveiled as the official mascots of JAPAN HALAL EXPO 2014 by the organisers in late September.

Japan Halal Expo 2014, a trade fair and forum to be held in November at Makuhari Messe, is set to discuss the expansion of halal products and services made in Japan both domestically and globally. This is the first-ever International Forum and Exhibition held in Japan on the halal industry. Entrance to the exhibition is free.

According to the organisers, Makuhari Messe, Halal Media Japan, and Les’ Copaque Production of Malaysia, more than 10 million tourists visited Japan in 2013, with tourists from from the predominantly Muslim countries of Malaysia and Indonesia in particular increasing significantly due to relaxed visa requirements. The numbers are expected to rise as the middle class grows in both countries. At the same time Japanese SMEs of food products are becoming more interested in Islamic countries as an export market. Some are also predicting that the halal market will also grow in Japan.

The event, from November 26 to 27, is designed to bring together interested parties so that they can understand more about domestic and international halal trends and build awareness that halal certification from Japan is already accepted in some Muslim markets. The organisers are focusing on seven other countries in Asia and the Middle East, namely Malaysia, Singapore, Thailand, India, Turkey and the UAE, and expect to host up to 250 delegates at the forum as well as 100 or more exhibitors. 

At the time of writing, participation from the following had been confirmed:

● International Institute for Halal Research and Training (INHART: Malaysia)
● International Islamic University of Malaysia（Malaysia）
● United World Halal Development (Singapore)
● The Central Islamic Committee of Thailand (CICOT: Thailand)
● Halal Standard Institute of Thailand (HSIT:Thailand)
● Halal India (India)
● Association For The Inspection And Certification of Food And Supplies (GIMDES:Turkey)
● Islamic Center Japan（ICJ:Japan）
● Japan Islamic Trust（JIT:Japan）
● Nippon Asia Halal Association（NAHA:Japan）

The event organisers unveiled official mascots Upin and Ipin in late September, and unveiled the list of exhibitors online on October 10.

Click here to register for the forum.

Global Islamic Microfinance Forum to tackle misconceptions, sources of funding

The fourth Global Islamic Microfinance Forum (GIMF) aims to bring the Islamic microfinance industry under one roof on November 1 and 2, 2014 in Dubai to discuss the challenges facing the industry, including a lack of suitable funds and misconceptions about Islamic microfinance. 

The event, organised jointly by the AlHuda Centre of Islamic Banking and Economics (CIBE) and AKHUWAT, saw delegates from more than 27 countries participate in 3rd GIMF and participants from more than 35 countries are expected to attend the upcoming event.

Islamic microfinance, its challenges and opportunities, new products, microtakaful, IT integration, micro saving, and entrepreneur development will be discussed in detail. 

Muhammad Zubair Mughal, Chief Executive, AlHuda Centre of Islamic Banking and Economics noted that conventional microfinance has failed to alleviate poverty in the Muslim world, while Dr Amjad Saqib, Executive Director, AKHUWAT said that Islamic microfinance, which is free of interest, is driving the growth of small businesses. AKHUWAT is already benefiting more than 500,000 families across Pakistan, he said. 

Bancatakaful has great potential for Asia Pacific insurance markets

As Asia Pacific insurance markets look to grow further, a new frontier will be observing the rules and regulations of Islamic law, or 'bancatakaful', says Jacob Fleming Asia, the organisers of the third annual APAC Bancassurance Forum. The event is to be held 24 and 25 September in Kuala Lumpur, Malaysia at the Prince Hotel & Residence Kuala Lumpur.

Nur Ain Ramli, Vice President and Head of Wealth Management, Bank Muamalat, who is speaking at the event on the topic 'The critical success factors in developing Bancatakaful business in Malaysia', said: "Islamic finance and takaful is in the fast lane of a growing global phenomenon, contributing positively and substantially to the world economy. The main spread of Islamic finance and takaful has been in Malaysia and some parts of Asia, the Middle East, Europe and Africa. 

"In term of takaful premium growth rates in ASEAN, 71% is in Malaysia. With high GDP levels and fast improving affluence of the middle class, I therefore foresee Bancatakaful will definitely be the centre stage not only in Malaysia but the rest of ASEAN countries in the near future too. The reason is simple, it lies on the unique proposition and the values of takaful and Islamic wealth management."Bancassurance, the sale of retail insurance products through banks as mediums, faces challenges such as poor manpower management, lack of call centres, no personal contact with customers, and inadequate incentives to agents. 

Some of the key topics that would be chaired in the 3rd Annual APAC Bancassurance Forum include the ideal bancassurance model, talent management and the concept of open architecture in bancassurance. A discussion on sustaining bancatakaful growth in the region is also planned.

The 3rd Annual APAC Bancassurance Forum is supported by the Malaysian Takaful Association, Asian Bankers Association and International Insurance Society. 

AIBIM to organise fourth Global Islamic Finance Forum in KL

The Association of Islamic Banking Institutions Malaysia (AIBIM) will organise the fourth Global Islamic Finance Forum (GIFF 2014) in Kuala Lumpur from 2 to 4 September 2014 in support of Malaysia International Islamic Financial Centre (MIFC) initiatives.

Themed "Marketplace for Global Linkages", this forum aims to discuss the opportunities that Islamic finance can offer the global financial community by bringing together global Islamic financial industry players, market participants, shari'ah scholars and regulators.

Events at GIFF 2014 include a Regulators Forum, International Islamic Capital Markets Forum, Islamic Banking & Finance Conference, CEOs Dialogue (Banking and Takaful), Executive Master Class, Islamic Finance Colloquium, and Islamic Venture Capital & Private Equity Symposium. Fringe events will include exhibitions from local and international organisations, networking sessions and private business meetings.

In view of the growing global interest in Islamic finance, GIFF 2014 is expected to draw interest from chairmen, CEOs and top level management local and international participants from the Middle East, European and Asian countries.  

Supporting organisations for the event include Bank Negara Malaysia, the Securities Commission Malaysia, Malaysian Takaful Association (MTA), International Centre for Education in Islamic Finance (INCEIF), International Shariah Research Academy for Islamic Finance (ISRA) and IBFIM, an industry-owned institute dedicated to training personnel for the Islamic finance industry.
 
Attendance is by invitation only but open to those who register online and have an active interest in the industry. Click here to register.  

Philippine Halal Forum debuts this June

The first Philippine Halal Forum, to be held this June in Pasay City, the Philippines, was conceptualised to work towards globally competitive and authentic Philippine Halal-Certified products and services.

Created and organised by the Alliance for Halal Integrity in the Philippines in collaboration with ulamah (religious) groups with the primary aim of establishing a venue where all stakeholders of Philippine halal industry will come together to harmonise and develop halal certification, accreditation, and best practices for assuring halal integrity system in the Philippines. 

The forum is the first halal business and trade forum in the Philippines that is focused on the Philippine Halal Market and its export potential. It will also feature the entire gamut and essentials of the halal industry, not only in the Philippines but more particularly in the international trade landscape.

This forum will also showcase food and non-food products from international and local halal certified companies and institutions and provide a forum for the latest updates and issues that matter to the Philippine halal industry.