ISLAMIC FINANCE SPOT

Switzerland - Nestles expand Halal food production

hasmud@gmail.com ([IFSPOT]) — Fri, 04 Dec 2009 12:13:00 +0000

Meattradenewsdaily (blog):Nestle is the world’s leading manufacturer of Halal food with a turnover of €3.5 billion in 2008 and according to the company’s executive vice President, Frits van Dijk, there is increasing market potential for Halal products in Europe with an anticipated growth of 20-25 per cent by 2020, according to Jenny Singer from Bord Bia Frankfurt.
The total European Halal food market is currently valued at €44 billion, the Irish food agancy says.Germany, with a Muslim population of around four million, has a halal market worth €4 billion according to business-wissen.[Read More]

How Twitter Works

hasmud@gmail.com ([IFSPOT]) — Tue, 01 Dec 2009 19:11:00 +0000

HowStuffsWork: Introduction to How Twitter Works

Many social networking Web sites have lots of bells and whistles. Sites like MySpace and Facebook let users build profiles, upload pictures, incorporate multimedia, keep a blog and integrate useful or bizarre programs into homepages. But one Web company with a very simple service is rapidly becoming one of the most talked-about social networking service providers:

Twitter.

So what does Twitter do? When you sign up with Twitter, you can use the service to post and receive messages to a network of contacts. Instead of sending a dozen e-mails or text messages, you send one message to your Twitter account, and the service distributes it to all your friends. Members use Twitter to organize impromptu gatherings, carry on a group conversation or just send a quick update to let people know what's going on.[Read More]

Allianz Takaful inks pact with StanChart

hasmud@gmail.com ([IFSPOT]) — Tue, 01 Dec 2009 19:01:00 +0000

TradeArabia:Insurance major Allianz Takaful and Standard Chartered Bank have announced a five-year sales agreement to promote insurance products from Allianz Takaful in Bahrain.

As part of the deal, the bank will promote and sell Allianz Takaful's life insurance portfolio comprising features like protection, savings, investment and child education.

These products will be available to the bank's customers under the array of 'Bancassurance' products.

Allianz Takaful chief executive Dr Abdulrahman Khalil Tolefat said the bank's customer is a potential and ideal target segment for their products.[Read More]

How Islamic finance missed heavenly chance

hasmud@gmail.com ([IFSPOT]) — Tue, 01 Dec 2009 18:52:00 +0000

Islamic Finance magazine:Amid the confusion and consternation of the global financial crisis, Islamic banking had a gilt-edged chance to step into the breach.
It is hard to remember amid screaming headlines proclaiming record bonuses for the bankers of Wall Street and the City.

But just over a year ago, the conventional financial system was on its knees.

"When Western banking collapsed, one sector should have escaped unscathed: Islamic banking," says Mohammad Saeed Rahman, chairman of a US-based think tank, the Institute for Halal Investing.

But from Mecca to Malaysia, the world's Islamic bankers were paralysed and failed to take advantage of the opportunity.

And now Dubai's debt problems have soured the sector's image, with property developer Nakheel asking for the trading of some of its Islamic bonds to be suspended.

So what happened?[Read More]

What spoiled the party in Dubai?

hasmud@gmail.com ([IFSPOT]) — Tue, 01 Dec 2009 18:48:00 +0000

BBC Middle East:This time last year, Dubai was making headlines for entirely different reasons.

It was the opening party of the Atlantis hotel, the star attraction of the city's man-made palm-shaped island. Organisers spent millions on the fireworks and even more on the celebrities.

As the sky exploded overhead, broadcast live around the globe, it was Dubai's message to the world that it had arrived.

But as Dubai's elite sipped their champagne, the financial crisis was already beginning to take its toll in the West. For Dubai, this was the last night of extravagance before the credit crunch came knocking.

And so, 12 months on, the headlines are very different. But who spoiled the party, and how?...[Read More]

The Lesson of Dubai: The Crisis Is Not Over

hasmud@gmail.com ([IFSPOT]) — Mon, 30 Nov 2009 23:16:00 +0000

TIME MAGAZINE: As we reach the end of a miserable 2009, signs continue to mount across the globe that the world economy is stirring back to life. The U.S. finally returned to growth in the third quarter, with its strongest showing in two years, India posted inspiring 7.9% growth and the results out of tiny Taiwan, one of the economies slammed the hardest by the global recession, were so impressive one economist beamed that the island "got its groove on." Stock markets, aside from a downward blip here and there, have generally been buoyant.
During this season of Thanksgiving and holiday cheer, there seems to be good reason to give thanks and be cheerful[Read More]

In Dubai Crisis, a Test of Law and Islamic Banking

hasmud@gmail.com ([IFSPOT]) — Mon, 30 Nov 2009 23:07:00 +0000

The New York Times:The debt crisis in Dubai is about to test one of the fastest-growing areas in banking — Islamic finance — and put the emirate’s own opaque judicial system on trial, according to bankers and experts in finance, The New York Times’s Heather Timmons reports.

Issuance of loans and bonds that comply with Shariah, or Islamic law, has skyrocketed in recent years, as oil-rich Middle East nations ramped up spending and the global credit crunch led debt investors into emerging markets.

But the unique terms of these instruments, which technically make lenders partners with borrowers, have never been tested in a downturn.

“There have been very few major defaults in this market,” said Zaher Barakat, a professor of Islamic finance at Cass Business School in London. There are no consistent rules about who gets paid back first if a company defaults on Shariah-complaint debt, he said...[Read More]

Halal Products & Certifications Making Inroads In Europe

hasmud@gmail.com ([IFSPOT]) — Wed, 18 Nov 2009 17:40:00 +0000

Nov 18 (Bernama) -- Halal branding is fast gaining recognition and making inroads into the European market with more Halal-labelled products being displayed and sold on shelves in Europe's supermarkets and hypermarkets.

The situation has changed drastically over the last two years with increased advertising and promotion activities on Halal products in the mainstream media which includes television and outdoor advertising.

This observation was made by participants and speakers during the first day session of World Halal Forum (WHF) Europe 2009, which commenced yesterday at The Hague, Netherlands.continue Reading

Dubai to Raise $1.93 Billion in Biggest Sukuk Sale

hasmud@gmail.com ([IFSPOT]) — Wed, 28 Oct 2009 13:20:00 +0000

Bloomberg : Dubai will raise about $1.93 billion through the biggest Islamic bond sale from the Gulf region this year, according to two bankers familiar with the transaction.

The Persian Gulf emirate is seeking to borrow about $1.25 billion from its dollar-denominated, five-year fixed-rate Islamic bond, or sukuk, and 2.5 billion dirhams ($680 million) from a local currency floating-rate Islamic note, said bankers who didn’t want to be identified because the deal is not yet complete. Dubai, which today closed its book for the bond sale, attracted about $6.55 billion in orders, they said.

“This is a solid successful deal that sets the tone for anything Dubai Inc. wants to do in the future,” Norval Loftus, the head of convertible bonds and sukuk at Matrix Corporate Capital Ltd. in London, which oversees $2.5 billion in investments.[Read more]

Global sukuk issuance may exceed $20bn

hasmud@gmail.com ([IFSPOT]) — Wed, 28 Oct 2009 13:06:00 +0000

Reuters: Global issuance of Islamic bonds, or sukuk, may surpass $20bn, recovering from a lull this year, helped by government spending and energy financing needs, a poll shows.

According to the poll of 12 Islamic finance bankers and experts, six respondents said the new issuance would exceed $20bn, while four said it would be $15bn-$17bn and only one put the figure of less than $15bn.

Sukuk issuance received a double blow last year from the global liquidity freeze and a debate on the compliance of some of its structures with Islamic law, with issuance slumping more than 50 percent to $14.9bn, according to Standard & Poor’s.

Issuance during the first seven months of this year came in at $9.3bn compared with $11.1bn for the same period in 2008, the ratings agency has said.[Read More]

Fred Wilson Interview: SOTB 2009

hasmud@gmail.com ([IFSPOT]) — Mon, 26 Oct 2009 22:02:00 +0000

Technorati.com:Fred Wilson, managing partner of two venture capital firms and well known "VC blogger" at AVC.com, discusses the relationship between entrepreneurship and blogging, and what's next for blog-based businesses and the web.
You’re one of the best know “VC bloggers.” What originally motivated you to get involved in blogging, and how has it influenced your life and career?

I got into blogging because it was a new internet technology back in the early part of this decade and I wanted to understand it better. As I got into it, I realized it could help our business a lot by building a direct channel to entrepreneurs. It has allowed us to build a reputation as one of the best web-focused early stage venture firms.

What’s your take on and advice to VC-backed entrepreneurs who publish blogs?
It's not easy for an entrepreneur to find the time to blog. But for those who do it, it is a great tool to communicate with the various stakeholders in their business and build a reputation for thought leadership.

Blog-based businesses and blog networks have seen a lot of activity over the last few years in terms of investment and acquisitions. Given the economic downturn, what does the future look like for blogs-as-businesses?

I think it’s better than ever. Blog-based businesses have lower cost structures and are more "authentic" and as a result are drawing larger shares of ad budgets.

You’re a passionate early adopter and experimenter with web applications in general and widgets on your blog in particular. What’s turning you on these days?
Mobile apps and new commerce models.

What’s your advice for aspiring professional bloggers?
Show up every day with something interesting to say and don't be afraid to speak your mind.

The State Of The Blogosphere 2009

hasmud@gmail.com ([IFSPOT]) — Mon, 26 Oct 2009 17:24:00 +0000

Technorati:"In a year when revolutions and elections were organized by blogs, bloggers are blogging more than ever, and the State of the Blogosphere is strong."Technorati State Of The Blogosphere for 2009 is out. Since 2004, Technorati's annual study has followed the growth and trends in the blogosphere. 2,900 bloggers were surveyed directly by market research firm Penn Schoen and Berland.

Here is a summary of the report:

Day 1: Who are the Bloggers?

■ Bloggers are a highly educated and affluent group. Nearly half are graduates, majority earns $75000 p.a.
■ Two-thirds are male
■ 60% are aged 18-44
■ More than half are married
■ Half are employed full time
■ Half of bloggers who responded are working on at least their second blog
■ Media Habits of Bloggers

Category of Bloggers:

Hobbyists: 72% - They blog for fun. They don’t make any money from their blogging. Half of them blog to express their “personal musings”.

Part-Timers: 15% - They “blog to supplement their income, but don’t consider it a full time job.” They blog to share their expertise, while some blog to attract new clients for their business. They measure the success of their blog by the unique pageviews they attract.

Self-Employeds: 9% - They "blog full time for their own company or organization." 88% self employeds use Twitter.

Pros: 4% - They “blog full-time for a company or organization".

Twitter and other social media represent one of the most important trends affecting the Blogosphere this year. With more areas of involvement, and more ways to tell the story, the blogosphere is strong - and only getting stronger.

Coming Up:

Day 2 — The What and Why of Blogging

Day 3 — The How of Blogging

Day 4 — Monetization And Revenue Generation: Brands in the Blogosphere

Day 5 — 2009 Trends: Political Impact of Blogging, Twitter Usage

Source: Technorati

New standard to be issued for halal meat exports

hasmud@gmail.com ([IFSPOT]) — Wed, 21 Oct 2009 11:05:00 +0000

Radionz.co.nz: The Food Safety Authority is close to issuing a new national export standard covering halal meat processed for Muslim markets.

Most New Zealand meat plants process sheepmeat and beef to meet Islamic halal requirements.

But the trade has been disrupted in two of the biggest markets.

Halal beef exports to Malaysia have been restricted for several years and Indonesia introduced new conditions this month after shipments there were blocked for a short time earlier this year... Read More

Unique IT Services in Islamic Finance and Key Players

hasmud@gmail.com ([IFSPOT]) — Tue, 20 Oct 2009 23:26:00 +0000

DinarStandard:In the last 25 year, Islamic banking practice has progressed tremendously. The past two and a half decades, serious research done, has established that Islamic banking is a viable and efficient way of financial intermediation. Several Islamic banks have been established during this period under mixed, social and economic settings. Recently, many conventional banks, including some major multinational Western banks, have also started using Islamic banking techniques. All this is encouraging.

Banks moving into Islamic banking require compliance with Sharia’a principles. This compliance has significant effect on bank products, processes and technology systems...Click here for the Whole Article:

Islamic Banking Solution Providers - Georgraphic Location

CIMB Islamic Bank Launches Easy Life Takaful Life Plan

hasmud@gmail.com ([IFSPOT]) — Mon, 12 Oct 2009 12:35:00 +0000

KUALA LUMPUR, Oct 12 (Bernama):CIMB Islamic Bank on Monday launched the EasyLife Takaful Life Plan, a health plan managed by CIMB Aviva Takaful Bhd.The plan provides health and hospital benefits including for surgery, daily a hospital income, a lump sum payment for critical illness,outpatient treatment for kidney dialysis, anti-cancer treatment and death benefits.

The plan, the first under the EasyLife Takaful Solutions range, offers customers fixed cash benefits, regardless of the actual cost incurred.

This is in addition to benefits received under any existing hospitalisation and surgical plan.It also provides customers the option to renew their coverage up to the age of 70 to cover post retirement medical needs...Read More

ADB establishing new $500m Islamic infrastructure fund with

hasmud@gmail.com ([IFSPOT]) — Mon, 12 Oct 2009 12:12:00 +0000

Sukuk.Net:Johanna Klein from ADB discusses the bank's establishment of a new Islamic infrastructure fund in cooperation with the Islamic Development Bank watch Video:

Malaysia To Help Qatar In Islamic Finance Resources

hasmud@gmail.com ([IFSPOT]) — Mon, 12 Oct 2009 11:57:00 +0000

DOHA, Oct 12 (Bernama):Malaysia will offer two scholarships to eligible Qataris to pursue the Chartered Islamic Finance Professional programme at the International Centre for Education in Islamic Finance in Kuala Lumpur next year.

The Raja Muda of Perak, Raja Dr Nazrin Shah, in announcing this today, said two research grants would also be awarded to Qatari researchers by the International Syariah Research Academy for Islamic Finance.

"The availability of a significant pool of human resource with sufficient knowledge of Islamic finance is crucial to the continued growth of innovation in the industry and we can make great strides if we join forces," he said.

He was speaking at the Malaysia-Qatar Business Forum, held here in conjunction with the Malaysia International Islamic Finance Centre (MIFC) roadshow to Qatar and Bahrain.

Raja Nazrin, who is also the financial ambassador to the MIFC initiatives, led the roadshow delegation comprising regulators and industry players...Read More

Brittany gateway for M’sia to halal market in Europe

hasmud@gmail.com ([IFSPOT]) — Mon, 12 Oct 2009 11:43:00 +0000

TheStar.com: Malaysia is targeting in western France as the gateway to penetrate the US$40bil halal food market in Europe.

Halal Industry Development Corp Sdn Bhd (HDC) chief executive officer Datuk Seri Jamil Bidin said the company hoped to provide a platform for Malaysian companies to break into the European halal market.

He added that the potential for the halal market was enormous, as France had the biggest Muslim population in Europe.

“Although the number may be small compared with Islamic countries, their purchasing power is very much higher,” he told Malaysian journalists after a memorandum of understanding (MOU) signing ceremony between HDC and Benefiq Pte Ltd in Paris on Wednesday...Read More

Germany Waking up to Growing Market for Muslim Food

hasmud@gmail.com ([IFSPOT]) — Thu, 08 Oct 2009 20:13:00 +0000

SPIEGEL:Germany has four million Muslim inhabitants but the market for halal food -- produced according to Islamic law -- is still in its infancy, partly because firms fear the wrath of animal rights groups. But companies are slowly waking up to this fast-growing market.

Gehlenberg is a sleepy village in northern Germany. It has a population of 1,600 and boasts a church, community hall, war memorial and a pub, along with a few wooden crosses by the roadside and a tiny chapel. It's a staunchly Catholic village, but on three days of the week, the Prophet Muhammad makes the rules -- in a white factory building on the outskirts of the village, that is. That is where the Meemken family business produces a broad range of sausage that follows Islamic food standards. The company supplies almost 100 tons of salami and various other types of sausage each week to food retailers in Germany and abroad...Read more

Islamic Finance Emerging as Blue Ocean

hasmud@gmail.com ([IFSPOT]) — Sun, 30 Aug 2009 21:05:00 +0000

koreatimes:While major economies were rattled by the global financial crisis following the U.S. subprime mortgage trouble, some were relatively safe. Islamic finance is one of them. It survived the crisis thanks to stable management of assets based on Islamic law, and the world is paying attention to it as an alternative to Western-style finance.

Islamic Finance Growing Rapidly

Though still alien to most Koreans, Islamic countries form a major pillar of the world. They make up 17.8 percent of the global economy and the Muslim population represents 24 percent of the world's total. The number of Muslims is expected to reach 3 billion in 20 years.

Islamic finance, or financial transactions and products that suit Islamic law, has been growing by between 15 and 20 percent each year.

The total assets of Islamic finance stood at over $700 billion as of 2007, and are expected to breach the $1-trillion mark within two years, upon oil price hikes and the growing interest of oil-producing countries in financial investment as they ponder how to manage huge amounts of oil money.

``The continuous oil price hike between the 1990s and 2000s enabled the Middle East to accumulate 'oil money.' Oil producers with political stability like Saudi Arabia, the United Arab Emirates, Kuwait and Iran had the fund grow steeply,'' the Korea Trade-Investment Promotion Agency (KOTRA) said in a report.

The issuance of Sukuk, or Islamic bonds, grew to $42 billion as of 2007, increasing by over 40 times from 2002. The issuance of Sukuk, mainly used to fund infrastructure projects in the Middle East, is estimated to reach $150 billion by 2012. Continue Reading

More Islamic products from HSBC in pipeline

hasmud@gmail.com ([IFSPOT]) — Fri, 28 Aug 2009 18:08:00 +0000

THE STARONLINE: HSBC Bank Malaysia Bhd plans to roll out more Islamic banking offerings based on the good response to its recently launched Islamic credit cards and mortgage product.

Executive director and deputy chief executive officer Jonathan Addis said the number of Islamic credit cards had grown to about 50,000.

“Our new Islamic mortgage has also received good response since it was launched a couple of weeks ago,” he said after a briefing on the bank’s regional outlook yesterday.

The group’s Islamic banking subsidiary HSBC Amanah that was set up last February posted a pre-tax profit and zakat of RM32.4mil for the first half-year ended June 30.cONTINUE READING

Halal first for French television

hasmud@gmail.com ([IFSPOT]) — Fri, 28 Aug 2009 17:44:00 +0000

meatinfo.co.uk:National advertisements for halal ready-meals were broadcast in France this week, in what is thought to be a first for mainstream European television.
The French ad campaign for Zakia Halal, reported to be worth £260,000, is further evidence of the increase of a halal presence in the European food industry.

The ads feature a young Muslim couple out shopping at a supermarket to promote a range of halal microwaveable meals including paella, lasagna and shepherd’s pie.

Rather than traditionally being transmitted on Arabic satellite channels, the ads for Zakia Halal, part of the couscous firm Ferico, are being shown on national stations such as the French equivalent to ITV, TF1, as well as rival M6 and a number of digital terrestrial channels. Both TF1 and M6 are the first and second most watched private television services in France.

France has the largest Muslim population in Europe which is estimated to be five million where currently many are practising Ramadan.

The French halal market is valued at close to €4b for 2009, and is estimated to grow at annual rate of 15% according to ethnic marketing agency Solis. Around 93% of French North Africans and 55% of sub-Saharan Africans are believed to buy halal products....continue Reading

HDC To Launch World's First Halal Directory Widget

hasmud@gmail.com ([IFSPOT]) — Thu, 27 Aug 2009 18:35:00 +0000

KUALA LUMPUR, Aug 27 (Bernama) -- The Halal Industry Development Corporation (HDC) will launch the world's first Halal Directory Widget on Aug 31 and expects it to draw about 50,000 users a month.

The widget on HDC's website, www.hdcglobal.com, provides information on local and international halal companies and products certified by the Islamic Development Department Malaysia (Jakim).

"Currently, the HDC website has 200,000 portal hits and we expect 25 per cent of them to access our widget directory," said HDC vice president (corporate services) Miti Nurbaya Zainudin.

She said the directory, designed as a promotion and online marketing tool, could also be installed on users' web portals or blogs using the HDC widget code...Read More

Recession sparks interest in Islamic finance

hasmud@gmail.com ([IFSPOT]) — Thu, 27 Aug 2009 18:30:00 +0000

LONDON, England (CNN) -- With irresponsible banking practices taking the blame for bringing about the global economic crisis, there has been a surge of interest in Islamic finance. Now, a slew of academic courses are springing up to meet the demand of those wanting to break into an expanding market.

According to ratings agency Moody's, the global Islamic finance sector is worth $700 billion and has the potential to be worth $4 trillion.

What's more, the ethical principles underpinning Islamic finance are seen by some as offering a more sustainable alternative to profit-oriented conventional banking. The result is that academic institutions are lining up to offer formal training in the area.

"There is a huge demand for Islamic finance courses now, so large that it's difficult to cope with," Professor Habib Ahmed, Sharjah chair in the school of government and international affairs at Durham University, England, told CNN.....Read More

Moody’s Report on Islamic Banking

hasmud@gmail.com ([IFSPOT]) — Wed, 26 Aug 2009 18:21:00 +0000

Asharq Al-Awsat- Moody’s Investors Services recently issued a report on Islamic banking in which the credit-rating agency identified several points of weakness that it believes in future will threaten these Islamic financial institutions and their credit rating.

The truth is that the report brought nothing new to the table with regards to highlighting the points of weakness that Islamic banks suffer from as highlighted by many specialists in this industry. Many of these points have previously been made in this column, as they are no secret to any of the observers who follow the Islamic banking industry...