Exporters urge firms to get halal stamp

EXPORTERS of cosmetic products, food supplements, and food seasoning are urged to seek halal certification to further expand their businesses abroad and tap the huge global halal market, the Philippine Exporters Confederation, Inc. (Philexport) said in a statement over the weekend.

“Halal industry is very much big.... For you [Filipino exporters] to benefit the Middle East market, which actually has a very huge potential, halal certification is one of the compulsory things that you have to undertake,” Har Man Ahmad, Trade Commissioner of Malaysia External Trade Development Corp., was quoted saying in the statement.

Halal products are allowed for use or consumption under Islamic guidelines.

Mr. Ahmad said he believed that the Philippines has a competitive advantage in cosmetics, food supplements, and food seasoning ingredients.

“There are a lot of potentials (for these products). Just by having a small halal seal will bring big difference to your products being exported abroad,” he said.

According to Imarat Consultants, the global halal food market is worth about $500 billion annually.

Efforts to develop the local halal industry began in 2001 under the Arroyo administration, when the Trade, Agriculture, Health, and Science Secretaries and the executive director of the Office of Muslim Affairs (OMA) signed a memorandum of understanding to establish an ad hoc committee on halal food.

Eight years later, Republic Act (RA) No. 9997 was passed, abolishing the OMA and creating the National Commission on Muslim Filipinos (NCMF), which has the authority to regulate and develop the halal industry.

The NCMF is mandated to promote and develop the Philippine Halal Industry and accredit halal-certifying entities for the benefit of Muslim Filipinos and in partnership with appropriate agencies, individuals and institutions here and abroad, according to Article II, Section 8 of RA 9997. -- Daryll Edisonn D. Saclag

Source: www.bworldonline.com

New halal testing method for detecting pig and horse contamination of meat

The mislabeling of meat products sold for human consumption has serious implications from a safety and ethical perspective. With recent news stories of pork and horsemeat contamination in different parts of the world, a renewed need for specialized testing of the food supply has rapidly arisen.

For Muslim and Jewish communities, in particular, it is critical for consumers to know whether there is even the slightest contamination of foods that are considered permissible to eat ('halal' and 'kosher'), having been prepared in accordance with Islamic or Jewish beliefs, respectively.

To help serve the interests of these communities that together make up approximately 23% of the global population, scientists at the University of Münster, Germany, along with scientists from AB SCIEX, a global leader in analytical technology, have developed a new method for detecting pig and horse contamination of meat, including beef, chicken, lamb and others.

Major concerns about inaccurate, fraudulent or misleading labeling of meat-based products were raised during 2013 following numerous reports of horse and pig meat being detected, but not disclosed as contents, in beef-based products sold in supermarket chains across Europe. Moving forward, this new method from the University of Münster and AB SCIEX allows food testing laboratories to test products quickly and easily for trace amounts of pig and horse contamination.

"We are continuing our AB SCIEX tradition in partnering with experts in industry and academia to develop analytical tools that solve big problems," said Vincent Paez, Senior Director of Food & Environmental at AB SCIEX. "The halal testing method is a new tool that effectively addresses the safety, religious, ethical and dietary concerns of consumers who avoid products with pig and horse meat."

The new method, which was recently published in the Journal of Agriculture and Food Chemistry, uses liquid chromatography and tandem mass spectrometry (LC/MS/MS) to detect a number of biomarker peptides that are specific to pig and/or horse.

As a leader in next-generation food testing technologies, AB SCIEX has previously developed similar methods for protein screening in food, including new techniques for detecting allergens such as eggs, milk, sesame seeds, nuts, and mustard simultaneously in food samples. Scientists at AB SCIEX are continuing to look into other similar areas of ethical concern, including detection of gelatin that has come from species such as beef and pork.

Source: AB Sciex Instruments

Japanese Univs Offer Halal Food

A growing number of Japanese universities are offering halal meals in their menus to cater to the needs of the growing number of Muslim students.

"I'd been making my own meals until now, so this is helpful," a 21-year-old student from Malaysia, eating a halal curry dish, told The Mainichi on Sunday, January 26.

The student was at the student cafeteria at the University of Yamanashi, where new items labeled with Halal stickers were added to the menu.

He is one of approximately 180 foreign students at the school, some 50 are Muslims from countries such as Indonesia, Malaysia and Bangladesh.The cafeteria has offered a total of 10 types of halal meals since December 2013.

Serving Japanese universities, the Tokyo Business Association of University Cooperatives purchases chicken and beef approved as halal by the Malaysian government for the Kanto region.

Catering to Muslim students’ needs, the cafeteria prepared Muslims’ food in the same area of non-Muslims, though using different pots and plates to serve the halal meals.

"Countries and sects vary on what food they consider appropriate," the cafeteria manager, Tetsuya Tanahashi, said, "and so we held numerous discussions with foreign students."

The Yamanashi University was one of at least 19 universities who have incorporated halal options into their menus, according the National Federation of University Co-operative Associations (NFUCA).

The meals are prepared and served in accordance with Islamic law, which stipulates the correct method of draining animal meat of blood and prohibits the consumption of pork products and alcohol.

The University of Tokyo was the first to incorporate halal meat into its meal options in 2010 using meat ordered through the association, and four universities in the region have followed suit.

Attracting Muslims

Setting a goal to double the number of foreign students by 2020, Japanese authorities introduced halal meals to attract Muslim students.

"Because many of the emulsifying agents used in Japan are derived from pork, Japan is known among Muslims as a country where they are unable to eat," Takeshi Ito of the nonprofit organization Japan Halal Association (JHA) said.

The Japanese government has set a goal of bringing 300,000 foreign students into the country by 2020, about twice the number of the current 140,000.

But, the number of Muslim students from Indonesia and Malaysia in the 2012 academic year basically remained unchanged from the previous year at 2,276 and 2,319, respectively.

"Whether or not a place offers suitable eating options is a big factor in deciding where to study," Ito added.

Ikhwan Farid, a Malaysian student at the University of Yamanashi, was the one who proposed incorporating halal options into the school cafeteria menu.

"After studying computer engineering, I want to contribute to linking Malaysia and Japan in the future. But having to eat grilled mackerel and udon noodles every day at the cafeteria is rough,” he said.

“Once halal food becomes more widespread, it'll be easier for younger people to come to Japan."

Islam began in Japan in the 1920s through the immigration of a few hundreds of Turkish Muslims from Russia following the Russian revolution.

In 1930, the number of Muslims in Japan reached about 1000 of different origins.

Another wave of migrants who boosted the Muslim population reached its peak in the 1980s, along with migrant workers from Iran, Pakistan and Bangladesh.

Japan today is home to a thriving Muslim community of about 120,000, among nearly 127 million in the world's tenth most populated country.

Source: Onislam.net

Japan: company ensures high quality rice is halal for Muslims

ODATE, AKITA PREF. – A group of small companies has launched a program to offer the Akita Komachi variety of rice to Muslim visitors to Japan, hoping to export the high-quality grain to Islamic nations in the future.

The program began after Feed Innovation Inc., a food venture business in Odate, Akita Prefecture, and Hosana Kikaku, a farming corporation in the city, had their rice production methods certified as halal, or complying with Islamic law, last August.

It was the first and so far only halal certification of rice in Japan, according to the companies.

“We want Muslim tourists coming to Japan to know the good taste of Akita Komachi,” said Koki Sato, 29, president of Feed Innovation.

Halal is an Arabic word meaning “permitted” or “lawful,” and halal food is free from ingredients banned by Islamic law, such as alcohol and pork. To receive certification, an application is filed with a designated Islamic organization for inspection of its production and processing systems.

Feed Innovation, which produces and markets organic farm products, started selling rice harvested last autumn in packages with a halal certification mark. It currently supplies small packages of halal rice to Japanese airports with international routes, as well as in larger quantities to hotels and inns.

The company expects to ship at least 20 tons of halal rice this season. It also hopes to begin exports in the near future to Indonesia and other Southeast Asian nations where Japanese cuisine is popular.

According to the Halal Japan Business Association, an increasing number of Japanese companies are winning halal certification for their food products in the wake of Tokyo’s selection to host the 2020 Summer Olympic Games and UNESCO’s decision to add traditional Japanese cuisine to its Intangible Cultural Heritage list.

There are an estimated 1.9 billion Muslims in the global population of about 7.2 billion. Some demographic experts forecast that Muslims will account for one-third of the world population by 2050.

Japanese companies are pinning high hopes on the growing Islamic market as the domestic market will continue to shrink as a result of the aging population and dwindling birthrate.

The pursuit of halal authorization is not a “temporary boom,” an association official said.

Sato of Feed Innovation underscored the importance of mapping out marketing strategies to make the best use of halal authorization.

“We hope to promote Japanese halal food items overseas,” he said.

Source: Japan Times

Arab countries can alleviate poverty through Islamic microfinance

Poverty can be reduced in Arab countries by taking Jordan as a regional hub of Islamic 
microfinance

(Jordan) Poverty is increasing rapidly in the Arab countries which are blessed with surplus of mineral and oil resources, one of the reasons is absence of financial products for poverty alleviation which are compatible with their religious, cultural and social values and beliefs While through Islamic microfinance poverty can be controlled over and poor can be brought into the financial inclusion in Arab countries. These views expressed by Muhammad Zubair Mughal, Chief Executive Officer - AlHuda Centre of Islamic Banking and Economics (CIBE) in an international workshop on Islamic Microfinance jointly organized by AlHuda CIBE and Arab Student Aid International in Amman - Jordan.

To discuss the current status of poverty in Arab World, he said that poverty is increasing rapidly in Syria, Iraq, Libya, Egypt, Yemen and Tunisia as the consequence of Arab Springs while poverty already exists in Sudan, Somalia and other Arab countries which can be addressed effectively through Islamic Microfinance as it quite suited to their religious beliefs. He, presenting the poverty index in Arab countries, evidenced the substantial existence of poverty in Arab countries including Iraq by 23%, Iran 18%, Yemen 35.8%, Jordan 13.5% and Lebanon 28% etc.

He said that if we look into the geographical location of Jordan it seems to be surrounded by the conflict zones including the neighboring countries like Syria, Iraq, Palestine and Lebanon. While Micro enterprise development, educational development, refugees issues and job creation can be enhanced quickly through Jordan taking as regional hub for Islamic microfinance.

Addressing to the event, Ameera Yaaqbeh Hilal, Executive Director – Arab Student Aid International, said that Islamic microfinance is the critical need of time through which poverty can be alleviated from society by providing Shariah compliant loans to the students and enhancing their vocational capabilities. She also announced to establish the first Islamic microfinance institution in Jordan by utilizing AlHuda CIBE expertise and technical assistance #  

اسلامی ما ئیکرو فنانس عرب ممالک میں غربت ختم کر سکتا ہے

Expand Export Of Malaysian Halal Products Using Pakistan As Platform, Says Council

Malaysian companies should make Pakistan a platform to expand the export of halal-based products to the Middle East and Central Asia.

This can be done by utilising its abundant resources, said the Pakistan-Malaysia Business Council chairman, M. Bashir Janmohammed.

Pakistan is ranked fifth globally for milk production, has the second largest rock salt reserves, is the third largest in mango production and the tenth largest for Mandarin orange production, with an animal population of over 110 million for cattle, buffaloes, sheep, goats, camels, among others.

Bashir was confident that Malaysian companies, with their expertise in processing and packaging, an efficient supply chain and well known marketing skills, can jointly captitalise on Pakistan's unique geographical location.

"Pakistan can serve as a perfect corridor to expand the business in the halal sector," he told Bernama, after a meeting with Plantation Industries and Commodities Minister, Datuk Amar Douglas Uggah Embas here last night.

Uggah is leading a palm oil promotion mission to Pakistan and Iran from January 14 to 22.

He is accompanied by Malaysian Palm Oil Council (MPOC) Chairman, Datuk Lee Yeow Chor, Malaysian Palm Oil Board Director-General, Datuk Dr Choo Yuen May and MPOC Chief Executive Officer, Tan Sri Dr Yusof Basiron.

Bashir also invited Malaysian companies to Pakistan and search for potential joint ventures in various industrial sectors, including ship breaking, pharmaceuticals, palm oil refining, food processing, sports goods and in the
construction sector.

"We also need urgent help in the exploration and production of gas as well as projects in the energy sector," he said.

To date, Malaysian companies have invested in Pakistan in an oil refinery, a liquid cargo terminal, bulking installation of edible oil storage, rice, energy, the infrastructure sector and oil exploration.

On trade, Bashir pointed out that it is crucial to create an awareness of the trade opportunities for the business community of both countries, and maximise on each other's potential to take advantage of the Free Trade
Agreement sealed in November 2007.

Bilateral trade has been on an uptrend since 2007, moving from US$1.362 billion (RM4.49 billion) to touch USUS$2.8 billion in 2011.

Unfortunately, the bilateral trade saw a decline of 24.8% in 2012 to US$2.11 billion, with exports from Pakistan amounting to US$252.89 million and imports from Malaysia at around US$1.86 billion.

Bashir said the balance of trade has been a negative for Pakistan for over a decade and requiring a narrow-down, while increasing Pakistan's exports to Malaysia.

"There is a need to address the trade imbalance by diversifying trade products besides palm oil.

"This can be done by increasing the volume of exports of non-basmati rice, halal food products and frozen seafood to Malaysia. This is given the sizeable demand and fact that Malaysia imports such products from neighbouring countries," he added.

At a dinner with over 30 Pakistani captains of industry, hosted by the Pakistan-Malaysia Business Council last night, Uggah in his speech said:

"Some of the issues raised by the council are under my portfolio and some under other ministries.

"But my responsibility is to take these issues back home for us to consider and improve our trade and investment relations,".

He also expressed hope that the Pakistani business community would realise that Malaysia's population currently stood at around 29 million – slightly higher than that of Karachi – and therefore, purchasing capacity was limited.

He also invited the Pakistani business community to consider Malaysia as a launching pad to penetrate the South East Asian market, home to 500 million people.

Source: Malaysian Digest

Halal Soap

Muhammad Zubair Mughal

zubair.mughal@halalrc.org

The relation between soap and human is as old as the history of culture. Soap has always been the part of civilized society in different shapes either in the shape of Soil collection or mixture of tree leaves and vegetables or mixture of ash and oils while, presently, it comes up with the unique blend of various chemical components, as it is known as liquid soap, beauty soap, toilet soaps and antibacterial soaps etc which is the dire need of each house. As per a careful estimate, about 6 billion people of the world use soap daily and this number is prominently increasing day by day.

But current chemical components and scientific developments have raised differnt questions about the Halal authenticity of soap and have evidently proved the involvement of non Halal ingredients i.e. Tallow extracted from the fat of swine, chemical from the haram animals’ flow “Satiric Acid” which is obtained from Lards and all this mixture and blending have distinguished between the division of Halal and haram. While in Islam the matter of Halal and Haram is not only confined to foods rather it is also applied on services (Islamic Banking, Islamic mode of businesses and Islamic Finance etc), clothes and tangible items such as Cosmetics, Soap and Paint  etc. When man enters in the category of impurity by touching some haram animals and it becomes mandatory to have shower (Ghusal), then now would it be justified to take bath while using the soaps which is produced with chemicals from the ingredients obtained from same animals? Will his worship be accepted after using that soap? 

Hence, it is needed that we should discriminate Halal and Haram in tangible (consumable) items along with food and services. We buy and adopt with joy the leather made imported items such as shoes and hand bags imported from Italy and other countries but do we ever think of the ingredients used in those products and the skin of the animal which was used in those products? Whether the Halal animals are utilized in those countries? If “No” then which animal’s skin was used as leather? Which chemicals are used in dying processing of towel that we use to clean the face. Is it obtained from swine’s Fat? Which chemicals are used in our paint industry etc? These are the matters of deep concentration that I leave on the readers who need to make the efforts to avoid haram a part of our life. The prime objective of this piece of writing is not to put the Muslims into the fear rather to highlight the issues caused by latest chemical evolution. If we analyze the current volume of cosmetics industry globally which is about US $ 335 billion but share of Halal cosmetics is US $ 13 billion while our, Muslim, population is about 1.6 billion which is the 26% of whole world population, so, as per these figures

non-Halal cosmetics have more consumption in Muslim countries and the main reason behind it is the lack of awareness and no discrimination between Halal and haram in material items. May Allah (Subhana wa’a Taala’a) forgive us for the sins caused by lack of awareness and give us enough strength to avoid them in future (Ameen). 

Halal Research Council (HRC), keeping in view the social, religious and professional responsibilities, inaugurated a specialized department for state of the art research in Soaps, Cosmetics, Dyeing and Paint Chemical to resolve the problems in these industries through in depth research to give a clean and purified society to the Muslim world. 

Halal Soap

Penang halal expo from Friday

GEORGE TOWN: The Penang International Halal Exposition and Convention will be held from Friday to Sunday, here, for the fifth time.

State Domestic Trade and Consumer Affairs committee chairman Datuk Abdul Malik Abul Kassim said over 200 local and foreign companies would set up their booths at Subterranean Penang International Convention and Exhibition Centre.

"The halal market is an emerging industry worth billions of ringgit in the global market.

"The huge international market is a big opportunity for Malaysia trade exhibitors to showcase their products," said Malik.

He said a total of 266 booths would be put up at the concourse and main arena.

Malik said the international exhibitors would be from the Netherlands, Belgium, United Arab Emirates, Algeria, Morocco, Turkey, Iran, Pakistan and Thailand.

He added that non-Muslim groups had been the main consumers in the halal industry. 

Source: NST

Muslims having problem in "halal meat" in US

Owner of the biggest halal slaughter facility said 60 percent of "halal" certified meat was not actually halal

NEW YORK - One of the most important questions for Muslims abroad is "halal meat" certificate and how they can trust them.

The need of "halal meat" for millions of Muslims in the US is met by many facilities.

The slaughter facilities are inspected by several certification bodies but there are also black sheep among them which send the certificate via internet.

Especially in New York's smallest and most densely populated neighborhood, Manhattan, you can buy "halal meat" phrased food on every corner. However, there are some questions about the hygienic conditions and whether the meat was slaughtered according to Islamic law.

Suleyman Duman, an official for Islamic services in Turkish Consulate General in New York told AA, "our people who live abroad must examine whether the meat they consume is halal slaughtered or not."

Duman said that a Muslim had to say the words "Bismillahi Allahu Akbar" before slaughtering the animal, and added that he had to cut its throat and let it bleed before using electroshock.

Ali Kucukkarca, the owner of the biggest halal slaughter facility in the east of the US, told AA that many institutions which gave a halal certificate were not reliable.

Kucukkarca said, "60 percent of the meat which is being sold with halal certificate in New York and New Jersey is not halal." Kucukkarca underlined that some Turkish butchers also sold meat which was not halal and noted, "one of the most reliable and biggest institutions giving "halal meat" certificate is 'Shari'ah Board of America'."

Kucukkarca reminded that the Jewish butchers were also checked by inspectors who handed out certificates. "But the inspectors, who check the Muslims do not visit their stores or control anything because the Muslim community do not make such a demand."

Source: Turkish Press

Jakim slams falsifying of halal logo on pictured beer can

KUALA LUMPUR: The Malaysia Islamic Development Department (Jakim) today denied approving the use of the halal logo on alcoholic drinks as depicted on a beer can shown on Facebook and the Whatsapp application.

The department's Halal Hub director, Hakimah Mohd Yusoff in a statement said Jakim had lodged a report on the matter at the Putrajaya police station for investigation.

This followed complaints and information received from the public on the picture of the Carlsberg can of beer with the halal logo on it appearing on the social media.

"We stress here that Jakim has never issued the halal certification or approved the use of the halal logo by the company or on its products. In fact, other products produced at the same manufacturing plant would not be issued with the halal certification or logo even it these are not alcoholic drinks," Hakimah said.

She said action could be taken against any quarters under the Trade Description (Certification and Marking of Halal) Order 2011 for misuse of the halal logo.

"Jakim regards the display of the picture as ill-intended and an attempt to undermine the department's credibility as a body responsible for halal certification in Malaysia and which is recognised nationally and internationally.

"The action will also not only create negative perception of Jais but could also hurt religious sensitivities.

"Therefore, Jakim condemns the falsifying of the halal logo, whether deliberately or with the intention to provoke, which could also create polemic among the public on the matter," she added.

She hoped consumers would not be taken in by false news spread via the social websites by irresponsible quarters and that such misdeeds should stop.

Meanwhile, Putrajaya police chief, ACP Abdul Razak Abdul Majid, when contacted, confirmed having received the police report on the matter.-- BERNAMA

Source: www.nst.com.my

Jordan is promoting Islamic/Halal Tourism

Jordan has launched a campaign to attract tourists from Muslim countries to boost the domestic tourism sector, reported the al-Hayat newspaper.

“The board launched a campaign to promote Islamic tourism in Jordan and attract tourists from Muslim countries, especially from Malaysia and Indonesia, given that Jordan is a base and a gateway for holy Muslim and Christian shrines,” said Abdul Razaq Arabiyat, the managing director of the Jordan Tourism Board, in a released statement.

The campaign aims to boost the profile of religious sites in Jordan as an attraction for foreign tourists and seeks to promote religious tourism as “a main source of tourism revenues in the kingdom,” added Arabiyat.

A number of promotional programs have been adopted by the board to attract those Muslim tourists intending to travel to Saudi Arabia to perform the annual hajj pilgrimage, who then continue on with their religious tour by traveling to Jordan and Palestine.

“We’ve signed a number of agreements with tourism companies in Indonesia and Malaysia on visiting religious shrines in Jordan and Palestine… such as the site of the battles of Islamic conquests,” said Arabiyat.

International Halal accreditation centre to open in Dubai

The centre will ensure all products are free from chemical or artificial additives

Hussain Nasser Lootah, Acting DG of Dubai Municipality.

Dubai will soon have a new International Centre for Halal Food and Product accreditation in compliance with Islamic law.

Hussain Nasser Lootah, Director-General of Dubai Municipality, announced that the civic body will soon establish an international accreditation centre for Halal food in Dubai based on the initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the world capital of Islamic economy.

Lootah said that an action team has been appointed to work according to administrative decision No 359 of 2013 headed by Salem bin Mesmar, Assistant Director-General, Health, Safety and Environment Monitoring Sector, Dubai Municipality.

The members of the team include Khalid Sharif, Director of the Food Control Department; Amina Ahmed, Director, Accreditation Departmentp; Hawa Bastaki, Director, Dubai Central Laboratory; Noaf Al Naqbi, Head of Certification Bodies, Accreditation Section; Arif Marzouki, Head of Inspection and Certification Section; Maryam Salem Al Sallagi, Senior Food Microbiology Analyst; and Yousef Abdul Samad Al Rashid, Operations Health Specialist.

"The proposed centre will undertake the required tests for Halal food and other products to ensure that all such products are free from any chemical or artificial additives which are not complying with Islamic law, with the aim to be the first international reference in the food industry worldwide," Lootah added.

Salem bin Mesmar said, "A specific centre for accreditation and certification has been already established for the comprehensive systematic coverage of Halal food operations at local level. The current facilities and infrastructure of Dubai will help it easily establish this first international centre in the field of Halal food accreditation."

Certified Islamic Fund Manager

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اسلامی مالیات کے لیے 2014 بہترین سال ہو گا

2014 will be promising for Islamic Finance Industry

Islamic finance volume will be reaching at US $ 2 trillion with having 78% share of Islamic banking, 16% Sukuk, 1% Takaful, 4% Islamic funds and 1% Islamic Microfinance: Zubair Mughal

31-12-2013

(Lahore) Islamic finance will grow with rapid pace in the year 2014 and its volume will pass through US $ 2 trillion where Islamic banking keeps 78%, Sukuk 16%, Takaful 1%, Islamic Funds 4% and Islamic Microfinance has 1% share in the Islamic Finance industry. In the year 2014, Dubai and London will be in competition to be the global hub of Islamic Banking and Finance while Kuala Lumpur will also attempt to be in this contest but the Islamic finance industry can be grown more through synergizing approach and alliance with industry stakeholders rather than setting any competition. These views were expressed by Islamic Finance expert, Mr. Muhammad Zubair Mughal, CEO - AlHuda Centre of Islamic Banking and Economics (CIBE) during an analysis on Islamic finance industry in the beginning of year 2014.        

He said that the Islamic finance industry growth will go on double digit in 2014 which will turn the US $ 1.6 trillion volume of Islamic finance industry in December 2013 to US $ 2 trillion by the end of 2014 including North African countries (Tunisia, Libya, Morocco, Senegal and Mauritania etc), rising trends of Islamic finance in Europe and UK, also the rising and substantial share of international market of Sukuk shall contribute to it. It is anticipated that India and China may step towards the Islamic finance in 2014 where more than 200 million Muslim populations are in search of a compatible financial system with their religious beliefs and thoughts. He said there is no doubt that international financial crisis will not hit the Islamic finance industry but due to the Arab Spring, Islamic finance industry has faced recession in some countries of MENA but there are chances of  their revival in 2014.

He, giving an analysis, said that Sukuk will grow rapidly in 2014 and Muslim countries including non-Muslim countries e.g UK, China, South Africa and Europe etc will also get benefit from it which will enhance the growth in Islamic finance industry but Takaful Industry is not supposed to have any substantial breakthrough. It is being hoped that 2014 will prove better period for Islamic Microfinance industry as different international institutions including Islamic Development Bank (IDB) have declared it a potential tool for poverty alleviation around the globe. He also added that Islamic finance industry may face recession in certain countries including Indonesia while in Nigeria and Tunisia it may face some problems on religious and political grounds. He said that the Islamic finance initiatives in America and Canada including Latin American countries (Brazil, Argentina and others) have been taken and it is hoped that Islamic Funds market will come into existence in these regions by the year 2014.