World Halal Food Council sees Italy as potential Halal hub

(ANSAmed) - BARI, MARCH 31 - "Islamic finance and capital are ready to pull Europe out of crisis" and "Italy in particular" as long as the countries follow Halal food standards ("conformance" in Arabic) in "production, logistics and commercialization" consistent with the precepts of Sharia, the laws that establish what is licit or prohibited for a Muslim. This is the message of the World Halal Food Council (WHFC), which was held in Rome March 26-30.

The event organized by the Italian section of the Halal International Authority (HIA), the only organism recognized for the quality certification for products according to Islamic standards, gathered together representatives of the 57 Islamic states of the Organization for Islamic Cooperation (OIC) for the first time in Italy. "We are willing to invest in Italy, which we want to see become the hub of the Halal market in the Mediterranean," explained the Saudi sheik Fahah Alared, a member of the Committee for Islamization of Banks.
Halal products are a global market worth "13 trillion per year, growing 15% every year, reaching two billion Muslims," he added.
An important step was made during the Roman WHFC meeting.
"We have signed an protocol agreement with the Government Agency of Malaysia for the development of the Halal market (and) for the birth of the 'Italy Halal Hub'".
In this way "Malaysia, the largest Halal market in the world, will make its experience available to Italy, which will become the leading Halal hub in Europe, serving countries of the Mediterranean, Southeast Asia, the Balkans and obviously European countries," the sheik added. Development would be based on "Islamic financing, which does not allow the application of interest, as it would be a capital sin" and see "investment through equity partnerships and the acquisition of company shares" with direct action "also in failing companies".
Interested sectors range from food to clothing, from tourism to medicines, from cosmetics to body treatments. Among the 270 Italian companies that are already Halal-certified, many have seen production "grow to point of not being able to keep up with orders coming from southeast Asia, Malaysia, Indonesia, Saudi Arabia," according to Alared. These companies would meet with sheiks "willing to open new branches and hire personnel". "We are ready to invest also in infrastructure, but Italy must guarantee us official recognition of the Halal market, making certification mandatory among companies that are interested". 

Source :http://www.ansamed.info/ansamed/en/news/nations/italy/2014/03/31/world-halal-food-council-sees-italy-as-potential-halal-hub_a9977a95-6 

Islamic finance growing in Kazakhstan

Kazakhstan is aiming to become a Central Asian hub for Islamic finance, with plans to launch its first corporate sukuk this year and a new Sharia-compliant bank.
"By attracting [foreign direct investment], a more effective role should be played by Islamic finance mechanisms," said Asset Issekeshev, the deputy prime minister and minister of trade and industry, who was in Abu Dhabi to announce that Astana, the Kazakh capital, would host this year's World Islamic Economic Forum, which takes place in June.
"The Kazakh government these days works very actively towards the practical introduction of Islamic finance tools within the country," Mr Issekeshev said.
Kazakhstan is seeking foreign investment to help diversify its economy into areas including petrochemicals, renewable energy, tourism and agriculture. The UAE and Kazakhstan also have "good potential" for cooperation on food security, Mr Issekeshev said.
Yerlan Baidaulet, the chief economic adviser at the Kazakh ministry of industry and new technologies, said the country had two prospective issuers for its flagship corporate sukuk, one a South East Asian company registered in Kazakhstan, and a local company.
"It's very important for us to create a regional centre for Islamic finance," Mr Baidaulet said, adding that the sukuk would be sold internationally. He said he expected it to be issued within the next two to three months.
Mr Issekeshev added that Kazakhstan could open its second Islamic bank this year, after the opening there last year of a branch of Al Hilal Islamic Bank, which is owned by the Abu Dhabi Investment Council.
Astana has courted the UAE in the past, with ventures including the US$1 billion (Dh3.67bn) Al Falah Fund, which invests directly in oil and gas projects in Kazakhstan.
Foreign direct investment in Kazakhstan is the second-highest among member countries of the Commonwealth of Independent States after Russia, with $122bn worth of inflows since 1993, Mr Issekeshev said. There has also been some direct investment from Saudi Arabia and Bahrain.
The Kazakh government is also seeking investment in renewable energy to tap the country's wind and solar potential.
"We have to admit that we are learning, but Kazakhstan has a vast potential in renewable sources of energy," said Askar Mussinov, the country's ambassador to the UAE.