ICD and Emirates Future sign MoU on halal food industry

ABU DHABI, April 10th 2014 (WAM) -- Under the patronage of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Islamic Corporation for the Development of the private sector (ICD), a member of the Islamic Development Bank Group, and the Emirates Future (EF) signed a memorandum of understanding (MoU) has to promote economic development and encourage the flow of investments between Member countries through the creation, expansion and modernisation of institutions and private sector companies.

ICD and EF would like to establish a strategic partnership in order to strengthen the system of food security in the Islamic World and developing the halal food industry in the world. In addition, they aim to improve halal food quality and reliability using the latest food technology, agricultural research and certification systems around the world.

Practically, the parties agreed to develop a plan of joint cooperation to enter new markets, investments insurance and building strategic alliances with the relevant companies in ICD members? countries. Furthermore, ICD will examine the possibility to establish an investment partnership with EF in order to create and manage hubs of manufacturing, packaging, certification and distribution of halal food around the world. The memorandum of understanding included the support of food security and agribusiness fund which ICD is creating with a group of investors in the Gulf region. In addition, the parties will study jointly the possibility of establishing an international company to manufacture and distribute Halal Gelatin.

Mr. Khaled Al-Aboodi, the Chief Executive Officer of ICD, commented, "The cooperation between ICD and EF will rend their activities more effective and useful for the sectors of food security and halal food all over the world. The partners fully realize the multiple benefits that they will gain through this cooperation." H.E Humaid Al Neyadi, Chairman of Emirates Future Group, commented that, "the coordination between the private sector and the international development institutions has a big role in developing the food security sector in the Islamic world and boosting the development of the halal food industry around the world, including the support to overcome the obstacles and ensure the economic feasibility of this sector." He also assured the role of the United Arab Emirates in supporting food security activities worldwide.

The parties agreed to meet after the signing of this memorandum in order to develop a detailed road map for the implementation of this cooperation framework.


Sources: https://www.zawya.com/story/ICD_and_Emirates_Future_sign_MoU_on_halal_food_industry-WAM20140410150029744/

A New Venture Established to Strengthen Islamic Finance in France and USA

(Dubai - UAE) A Memorandum of Understanding (MOU) has been signed between Al Huda Center of Islamic Banking and Economics (CIBE) and Franco-American Alliance for Islamic Finance (FAAIF) to cooperate in the development of Islamic banking and finance in France and the United States. Both parties agreed to work together, leveraging their different areas of regional and professional expertise of Islamic finance and synergizing their skills for the broader goal of promoting and developing Islamic finance worldwide, especially in the Franco – American region. 

MOU Signing Ceremony held in Dubai, United Arab Emirates today, in which Muhammad Zubair Mughal, Chief Executive Officer of Al Huda CIBE and Camille Paldi, Chief Executive Officer of FAAIF signed the agreement. During the media briefing, Camille Paldi mentioned that she is excited to bring Islamic financial services, training, and expertise to her home country the United States after having spent many years’ education & training abroad in Islamic finance, law, and Shari'ah. With her strong knowledge of Islamic banking, finance, Shari'ah, and law, Paldi hopes to impact the financial services sector in the USA, helping to boost the economy and steer the nation in a new direction. Paldi is excited to utilize her international network to help achieve this purpose, starting with this MOU with AlHuda CIBE. 

While discussing the importance of this MOU, CEO of AlHuda CIBE, Zubair Mughal said that this is the right time to introduce Islamic financial solutions to the Western world so that they may explore the option of solving financial dilemmas and crises with Islamic financial instruments, derived from the Holy Book. Zubair said that AlHuda CIBE will extend their scope of services in European and American markets through the help of FAAIF. He also mentioned that AlHuda's services in these regions would include Islamic finance product Development services, sukuk structuring, Takaful development, and Shari'ah advisory. He also mentioned that Alhuda CIBE already has a very strong professional network in Central Asia, the Middle East, and African regions, but through this MOU, Moghul plans to extend their scope in the American markets as well. 

AlHuda CIBE is a well-established brand in the international Islamic finance and banking industry focusing on Advisory, Consulting, Capacity, and Shariah Advisory services, while FAAIF is an emerging Alliance of Franco – American financial experts, which is headed by renowned legal and Islamic financial expert Camille Paldi.