TAMANI Hotel Marina is now open for business.

Sunday, 17 February 2008

TAMANI Hotels and Resorts, a member of KM Holding, in association with Al Rostamani Group is proud to announce the opening of the Group's first managed hotel; the TAMANI Hotel Marina, at the Group's iconic 55-storeys Marina Tower.

H.E. Khalid A. bin Sulayem, Director General, Dubai Department of Tourism and Commerce Marketing (DTCM) inaugurated the hotel.

VIPs and leading personalities from the hospitality and tourism sectors along with media representatives from Dubai and UAE were given a tour of the all-suites hotel. Mr. bin Sulayem was accompanied on his tour of the tower, by Mr. Marwan Abdulla Al Rostamani, Chairman of Al Rostamani Group, and Mr. Hassan Al Rostamani, Vice-Chairman of Al Rostamani Group.

"This is truly another beautiful landmark hotel to rise in Dubai Marina. I am happy to note that TAMANI is the first branded UAE Islamic hotel operator promoting Arabic hospitality and Islamic values. From what I have seen during the tour there is no doubt that this is a new brand of hospitality which will be recognised in the market.", commented Mr. bin Sulayem. Mr. bin Sulayem is the Director General of DTCM, the sole authority for the licensing and classification of hotels and hotel apartments in the emirate.

The first and tallest all-suites hotel in the upscale Dubai Marina area features 209 luxurious rooms designed by the TAMANI Art and Design Team. Each room is decorated with impressive Arabic art masterpieces designed by local and international artists in the region and the world exclusively for the TAMANI Hotel Marina.

"The Al Rostamani Group in opting for an Islamic hotel product for this property and as such have selected TAMANI Hotels and Resorts, to manage and operate it on our behalf. We look forward to establishing TAMANI Marina as a destination for business and leisure travellers" said Marwan Abdulla Al Rostamani.

"TAMANI Hotels and Resorts brand is committed to offering owners and developers unique hotel product offerings in terms of business operation as well as product design. We are proud to say that TAMANI Hotels and Resorts is equipped to take on board hotel projects from inception in terms of market feasibility and financial study, to design conception, construction and delivery. We stand by our brand proposition of adding value without necessary opting to sell alcohol", stated Khulood Abdulla Al Rostamani, Chairman of TAMANI Hotels and Resorts and Co-Founder and Executive Director of KM Holding, the parent company of TAMANI Hotels and Resorts.

"Part of our brand value revolves around our vision to promote Islamic and Middle Eastern Arts, the TAMANI Hotel Marina will exemplify this brand promise in showcasing exclusive and unique artworks", she added.

TAMANI Hotel Marina enjoys breathtaking views of The Palm Jumeirah and is in close proximity to the business and recreational centres of the new Dubai location. It is just two minutes away from Dubai Media City and walking distance to companies located in Dubai Internet City.

Nestled right at the centre of Dubai Marina and very close to the Marina Promenade as well as the Dubai Marina Motor Yacht Club; this newest and tallest all-suites five star hotel in this upscale neighbourhood is poised to become a hot spot for discerning guests travelling to Dubai on a short or long stay visit.

Standing tall at 55 storeys, TAMANI Hotel Marina provides guests with choices of two, three and four bedroom suites with a spectacular view of The Palm Jumeirah, Marina and the Dubai skylines.

A dedicated ladies floor is specially designed with amenities for ladies and serviced by female hotel associates. Each suite at TAMANI Hotel Marina comes with a separate living and kitchen area and on-call chef and butler services available for in-suite dining.

Leisure facilities include the TAMANI health and fitness club with two swimming pools: indoor and outdoor that overlooks the beautiful man-made Palm Island, Jumeirah. Professional fitness trainers are on hand to assist guests with their required fitness program using state-of-the-art gym equipments.

"TAMANI was launched in May 2007 during the Arabian Travel Market and announcing to open 15 hotels in the next 5 years. We are currently working on many developments and will announce more of it at the upcoming Arabian Travel Market in May of this year, where we will participate for the second time. Outside of Dubai, we are looking at Abu Dhabi, Doha, and Saudi Arabia, and are exploring opportunities to develop a three- to four-star star chain of modern style hotels in other cities under study," said Mr. Alain Guernier, CEO of TAMANI Hotels and Resorts.

TAMANI Hotels and Resorts have been appointed by KM Properties as the hotel management company for the TAMANI Arts Hotel and Offices in the Artisan Cluster and the TAMANI Hotel at Park Lane Commercial Tower both projects shall bring up to 500 hotel and suite rooms to the market.

Both TAMANI Hotels and Resorts and KM Properties are sister companies under KM Holding. Reservations at the TAMANI Hotel Marina can be booked by visiting the hotel website, www.tamani.com.

Plans to issue standards on halal hit snag

By Ronnel Domingo
Philippine Daily Inquirer
First Posted 21:20:00 02/17/2008

AN INTERAGENCY BODY IS SET TO come out next month with standards on the production of halal food amid efforts of food manufacturers to take advantage of the $200-billion global market.

However, an official of the Jakarta-based World Halal Council said the guidelines were "localized" and not up to the requirements for internationally accepted food for Muslims.

Trade Undersecretary Carissa Cruz-Evangelista said in a statement that the interagency core group preparing the "First Philippine General Guidelines on Halal Food" included the departments of trade and industry, agriculture, science and technology, health, and tourism; and the Office of Muslim Affairs.

These agencies are cooperating with the Office of the President and the Autonomous Region for Muslim Mindanao to have the halal guidelines ready for presentation to President Macapagal-Arroyo on March 13.

Halal is an Arabic word that can be generally translated as "permissible" and, in relation to consumables, referred to products that Muslims are allowed to use, eat and drink in the observance of Islam.

Abdul Rahman RT Linzag, newly installed secretary general of the World Halal Council, said however that the proposed standards may only be good for local consumption.

"I have perused this document and I found that the guidelines are not up to WHC standards," Linzag said.

He explained that the guidelines "were based on the rule of the majority and popular tastes" rather than what are acceptable to other countries in relation to halal.

Linzag, who is also president of the nongovernment organization Islamic Da'wah Council of the Philippines, reiterated that rules on halal could never be a government function, especially in a country like the Philippines where Muslims are a minority.

CIMB Islamic wins magazine awards

19-02-2008
by Woon Wu Lin

KUALA LUMPUR: CIMB Islamic has been named the Best Islamic Bank in Asia and Best Sukuk House in Euromoney's 2008 Islamic Finance Awards. It was also named Best Islamic Retail Bank by the International Islamic Business & Finance magazine.

CIMB Islamic was the only Malaysian bank that picked up accolades at the International Islamic Business & Finance Awards, said CIMB Group in a statement yesterday.

These awards recognise CIMB Islamic's role as a global provider of Islamic financial products and services. CIMB Islamic also contributed significantly to the growth of Islamic finance globally by structuring innovative syariah-compliant financial instruments, it said.

Meanwhile, CIMB Islamic's chief executive officer Badlisyah Abdul Ghani has been named the Islamic Banker of the Year by the International Islamic Business & Finance magazine and Islamic Finance news.

Badlisyah, 34, has an impressive resume as he created the world's first Ijarah sukuk, Istisna sukuk and musyarakah asset-backed securities (ABS) and residential mortgage-backed securities. He has been executive director and CEO of CIMB Islamic since 2006.

Andrew Morgan, co-founder of REDmoney group, publisher of Islamic Finance news, said Badlisyah, who had been involved in Islamic financial deals worth over US$10 billion (RM32.7 billion), was the obvious choice as he has successfully guided CIMB Islamic to be on par with global financial institutions.

Meanwhile, Badlisyah said the awards were testament to CIMB Islamic's capabilities.

"By offering modern and suitable financial solutions that are syariah-compliant, we are able to add diversity and choice to what is currently available," he said, adding that CIMB Islamic would continue to focus on growing its business globally with emphasis in Southeast Asia and the Middle East.

New sharia row over Chancellor's plans for 'Islamic bonds'

By SIMON WALTERS

A new sharia law controversy erupted last night over Government plans to issue special "Islamic bonds" to pay for Gordon Brown's public-spending programme by raising money from the Middle East.

Britain is to become the first Western nation to issue bonds approved by Muslim clerics in line with sharia law, which bans conventional loans involving interest payments as "sinful".

The scheme would mark one of the most significant economic advances of sharia law in the non-Muslim world.

It will lead to the ownership of Government buildings and other assets currently belonging to British taxpayers being switched wholesale to wealthy Middle-Eastern businessmen and banks.

The Government sees sharia-compliant bonds as a way of tapping Middle-East money and building bridges with the Muslim community.

But critics say the scheme would waste money and could undermine Britain's financial and legal systems.

Senior Conservative MP Edward Leigh, chairman of the Commons Public Accounts Committee, said: "I am concerned about the signal this would send – it could be the thin end of the wedge.

"British Common Law must be supreme and should apply to everyone."

A spokesman for the National Secular Society said: "There are lots of different ways to arrange financing.

"Constructing financial instruments to be sharia-compliant seems to me to involve a lot of unnecessary complication, which will serve only to make a lot of lawyers very rich."

The attempt to embrace Islamic financing would also appear to be at odds with Mr Brown's promise to promote Britishness and British values and institutions.

The Treasury has already faced heavy criticism for removing Britannia from 50p coins.

Other Western nations have been reluctant to issue Islamic bonds.

In the United States the bonds are banned partly as a result of claims that the money could be linked to terrorism.

The Treasury proposal follows the heated debate over the Archbishop of Canterbury Dr Rowan Williams's claim that the spread of elements of sharia law in parts of Britain was "inevitable".

Downing Street distanced Gordon Brown from Dr Williams's comments.

A spokesman said: "The Prime Minister is very clear that British laws must be based on British values and that religious law, while respecting other cultures, should be subservient to British criminal and civil law."

However, The Mail on Sunday has established that Chancellor Alistair Darling is ready to give the go-ahead to sharia-compliant bonds – known as "sukuk", an early Arabic form of cheque.

Treasury officials have been working behind the scenes for months on the plan.

The deadline for responses to Mr Darling's consultation document setting out how the bonds will work expires on Thursday.

The Islamic bonds proposal was devised by Mr Brown's former Treasury adviser Ed Balls, now Schools Secretary and the Premier's most powerful Cabinet ally.

He claims it is a vital way of improving relations with Muslims in Britain as well as helping the UK to obtain vast sums from Middle-East banks in oil-rich nations such as Dubai and Qatar.

Sharia-compliant bonds have been issued by the governments of Pakistan and Malaysia and private banks but never by a Western government.

Treasury officials say the aim is to attract big investors as well as making it easier for British Muslims to invest in National Savings products at banks and post offices.

The Government has already backed Islamic car loans and mortgages.

Sharia-compliant bonds were designed to get round the ban on paying interest – "riba" in Islamic law.

The Koran says it is sinful to make money from money.

Unlike a conventional bond which is debt-based, a "sukuk" is asset-based. Instead of receiving interest, bond holders receive "rent" on the asset, thereby complying with sharia law.

The Treasury consultation document says Government assets such as "buildings or a piece of infrastructure" would be switched to a "special-purpose vehicle" set up to administer the bond.

This would be carried out by a contract known as an "ijara".

The asset would then be leased back by the Government, generating rental payments for the Islamic bond holders.

When the "sukuk" matured, the Government would guarantee to buy back the asset, allowing the bond-holders to get their redemption payments.

"Sukuk are akin to Islamic investment certificates," the document says.

"They are designed to be in compliance with sharia law, the divine law in Islam which is based on the Quran."

Islamic bonds are slightly more expensive than Western-style bonds, mainly because they require extensive legal and religious advice.

The Treasury initiative has been given added impetus by the worldwide credit squeeze, which is making it harder for all governments to raise money.

The Government says the bonds will also help London retain its position ahead of New York and Frankfurt as the world's leading financial centre.

Global Islamic finance assets, including private equity and bonds, are now said to be worth up to £150 billion. Sukuk volumes have soared from almost nothing to £35 billion in the past ten years.

Maurice Fitzpatrick, a senior tax partner at accountants Grant Thornton, said: "The Treasury wants to borrow money from as wide a range of sources as possible.

"Sharia bonds might well prove to be more expensive, but we would not know for sure until it was put into practice."

Special rules for Islamic finances have been challenged by Mahmoud El-Gamal, chairman of Islamic economics at Rice University, Houston.

"The main beneficiaries are lawyers, multi-national banks and self-styled religious scholars retained as consultants to certify the Islamicity of re-engineered financial products," he said.

Muslim Labour peer Lord Ahmed said: "This is a positive step for Muslims in Britain but the main reason for doing it is to attract money to the UK from Middle-East investors. Claims that it is connected to terrorist funds are absurd."

Malaysia Needs To Rebrand Halal Concept Before Penetrating Europe

February 15, 2008 17:35 PM

From Nor Baizura Basri

THE HAGUE (Netherlands), Feb 15 (Bernama) -- Europeans must be convinced that halal foods can be consumed by Muslims and non-Muslims alike without any reservations.

Halal actually means hygenic, safe and good and can be consumed by everybody, Halal Industry Development Corporation (HDC)'s chief executive officer Datuk Jamil Bidin said.

As such, he said Malaysia needs to rebrand its halal concept first before tapping the lucrative European market.

These were some of the "undeclared consensus" arrived at by industry players, panelists and participants at the World Halal Forum Industry Dialogue here on Wednesday, he said.

Participants who attended the dialogue, felt that as Malaysia aspires to be a global halal hub, it is vital to ensure that the definition of halal is well understood by everyone especially the European market they are targeting.

He said Europeans perceive halal as food that only Muslims can consume, so they become sceptical, when in fact, people of all religions can consume it.

Nevertheless, the 20-30 million population in Europe are by themselves a niche market with a big purchasing power, he said.

One thing for sure, participants in discussing issues related to market access to Europe, agreed the Netherlands, was a perfect gateway for Malaysia to enter the European halal market.

"We need first to convince the Dutch that Malaysia is indeed in the forefront of the global halal industry," he said.

The industry dialogue, organised by niche communications and consulting company, KasehDia Sdn Bhd and hosted by HDC has been held regularly to keep tabs on the current issues in the halal industry globally.

About 130 participants consisting industry players, government agencies as well academicians attended the dialogue where they got an insight into the prospects of developing the halal industry in the Netherlands and using it as a springboard to the European countries.

Surprisingly, he noted that most participants were non-Muslims, a clear indication halal products have certainly garnered attention in the Dutch market.

This was further reflected by two Dutuch logistics companies -- VAT Logistics Group and Eurofrigo B.V -- having dedicated part of their facilities to provide halal manufacturers, producers and importers with halal food logistics.

However, he lamented that despite halal facilities having been up and running for the last two years, they have yet to receive good response from halal industry players.

Furthermore, there were currently only two European logistics service providers who were halal certified.

On an encouraging note, he said the Netherlands was ready to help Malaysia in promoting the halal industry.

"But we still have more things to do before we are ready to enter the European market which has a consumer base of 458 million people," he said.

Port of Rotterdam's area manager for South East Asia & Russia, Captain Kees J Westrate, said. "This target group is increasingly critical and demanding; they want to be certain that halal products they buy are not only of high quality, but also meet all the halal standards and are halal-certified."

Westrate, who attended the dialogue, said halal products were becoming a commercial force, thus providing vast opportunities for Malaysia to lead other Muslim countries.

This was more so with Malaysia's Halal certification issued by the Department of Islamic Development Malaysia (Jakim) being globally recognised.

He said Malaysia, though facing an uphill task in carving out a slice of the European halal market, was well-positioned to make an impact in Europe.

-- BERNAMA

European Finance House successfully launches London operations using iMAL System

15 February 2008
Path Solutions is delighted to announce that European Finance House Ltd (EFH), the new London-based Islamic bank, has been authorized by the FSA and is now fully operational, following its "soft" launch in September 2007.

EFH selected Path Solutions' iMAL as its core-banking system: a proven Shari'a-compliant solution which supports a comprehensive range of Islamic financial instruments including Mudaraba, Murabaha, Salam, Istisna, Musharakah, Tawarruq, Sukuk and Ijarah.

EFH will provide Shari'a compliant financial services and solutions to corporate, institutional and high net worth clients primarily in the UK, Continental Europe and GCC markets, with a clear focus on investment banking.

During the first "proof-of-concept" phase, David Potter, Chief Operating Officer at European Finance House said: "So far, we have been pleased with the functionality and performance of the system".

"I would like to take this opportunity to thank Path Solutions' implementation team for their co-operation, support and guidance to-date. I am confident that deployment of the iMAL product suite will enhance EFH's operational efficiency, in line with our plans to increase productivity whilst minimizing our costs", Mr. Potter added.

The 15-year-old software firm - Path Solutions - has built a reputation for a wide spectrum of solution offerings, particularly for the Islamic finance industry. It has a sound track record of past work with leading Islamic and non-Islamic Commercial and Investment banks.

"Our team has extensive experience in project management, strategic planning and consulting services" explained Alain Abou Khalil, Project Director at Path Solutions. "In addition, we have been involved in implementation projects using renowned and acknowledged software implementation methodologies".

AFB in expansion mode in Islamic finance market

 
KUALA LUMPUR: Asian Finance Bank Bhd (AFB), which is on an aggressive expansion programme, believes it is in a strong position to further penetrate the growing local Islamic finance market.

Chief executive officer Faisal Alshowaikh said although the bank was a relatively new player in this market, it was confident of making further inroads by leveraging on its institutional shareholders, distribution capability and product innovation.

"Leveraging on the experience and expertise of its established shareholders, as well as its strong distribution capability, AFB acts as a prime Islamic financing link between the Gulf States and Malaysia.

"We offer clients the competitive advantage by being the bridge to channel funds from the Middle East into Malaysia and the region. For companies in Malaysia and the region that are doing business in the Middle East, AFB offers strategic alliances and Islamic financial solutions," he said during an interview.

The shareholders of the bank are a Middle East consortium comprising Qatar Islamic Bank, Saudi Arabia-based RUSD Investment Bank Inc and Global Investment House of Kuwait.

This year, Faisal said the bank would also be concentrating its efforts in executing deals and beefing up its team of investment bankers to reap more business in the local market.

According to Faisal, AFB was also looking for a number of real estate projects and power plant financing for its Middle East clients as well as teaming up with some local Islamic banks to participate in transactions in the Gulf States.

He added that the bank's shareholders had a wide distribution network not only in the Middle East but also now in Europe, with the recent opening of its sister bank European Finance House in Britain.

AFB started operations in Malaysia on Jan 19 last year with the opening of its first branch in Kuala Lumpur, making it the third foreign Islamic bank after Kuwait Finance House (M) Bhd and Saudi Arabia's Al Rajhi Bank.

On product innovation, Faisal said: "We are looking at creating innovative products that are traditionally different from the local market and to us that is important.

"AFB is also looking at products that are widely used in the Middle East but rarely used in the local market, like Istisna."

The bank would be launching Malaysia and the region's first RM1bil Islamic Marine Fund next month and hopes to list it on Bursa Malaysia in the next two years.

London Becomes Islamic Finance Hub

  By Heide B. Malhotra
Epoch Times Washington D.C. Staff

WASHINGTON—The United Kingdom is the European leader in providing Islamic financial services to the Muslim population, according to a recent study, "Islamic Finance 2008," by International Financial Services (IFS), a London-based financial service company.

"London's position as the premier Western center and partner of choice for Islamic finance is a huge step in the right direction, but we mustn't become complacent," said Lord Digby Joes, the U.K. Minister for Trade and Investment, in a press release.

The U.K. provides Islamic financial services through 23 banks, the majority of which are in Europe. It is followed by Switzerland with five banks, France with four, and Germany with only three. In comparison to the U.K., the United States has 20 Islamic banks to serve its large Muslim community, including the Lariba American Finance House and global banking giant Citigroup Inc.

Islamic—or Sharia-compliant—banks cannot charge interest, and the bank itself cannot be involved in businesses that are considered tainted by Muslims, such as gambling, pornography, arms, alcohol, or pork production.

Around 270 financial institutions provide Islamic banking products worldwide, according to "The Islamic Finance Blog."

The Islamic Bank of Britain, European Islamic Investment Bank, The Bank of London, and The Middle East Plc, and Barclays Bank all provide Sharia-compliant products in the U.K. Additionally, there are nine fund managers and a number of law firms specializing in Islamic finance.

A vibrant secondary market exists for Sukuk—an Islamic form of bonds—which reached $2 billion a month in 2007.

U.K.'s Financial Products Hub

The U.K.'s education system, such as universities and business schools, is one of the only systems in Europe offering classes and training in Islamic financial products. Its Chartered Institute of Management Accountants (CIMA) is the only one worldwide that has a Certificate in Islamic Finance.

The U.K. Treasury and Britain's Financial Services Authority (FSA) actively provide legal and regulatory venues for the growth of Islamic financial products and monitor for compliance within U.K law. In 2003, U.K. tax authorities removed double taxation on Islamic mortgages and began offering tax relief for Islamic mortgage companies and consumers.

The Sukuk market also found a partner in British regulators. U.K authorities established "arrangements for issues of bonds so that returns and income payments can be treated as 'as if' interest," said the researchers.

Accounting firm Deloitte & Touch LLP recently announced that they hired Sharia Scholar Mufti Hassan Kaleem.

"London represents a key location for Islamic Finance, as the principal based governance and regulation is more adaptable to accommodate innovation such as Sharia compliant products," said Maghsoud Einollahi, global head of Islamic Finance at Deloitte, in a press release.

Lloyds TSB Bank Plc, a U.K. bank that takes it roots back to 1765, opened a window for global Sharia-compliant money transfers called, "The Islamic Nostro Account." Lloyds entered the Islamic financial market in 2005 and claims that an independent, globally accepted board of Islamic scholars has sanctioned all Islamic products it offers.

"The new Lloyds TSB account is designed to ensure that the U.K.'s two million Muslims and 100,000 Muslim firms can make and receive international payment without compromising their faith," said Lloyds in its press release.

Hurdles for Islamic Financial Communities

Gtnews, an online news portal, says that "the ethical concepts of Islamic finance are perhaps not well understood in the U.K. and European financial markets."

The Muslim world may be comfortable with fully Sharia-compliant financial products, but may have reservations about Sharia-based Islamic financial products.

A bank that is fully Sharia-compliant does not offer conventional finance products and operates only within Sharia-defined precepts. On the other hand, Sharia-based Islamic products are provided through "Islamic windows and Islamic branches," according to gtnews.com. Muslims may feel that conventional banks' Islamic products may be tainted, given their other non-Islamic products.

The Arabic media suggests that the Islamic financial sector is in dire need of a standardized global and regional regulatory framework. There are many interpretations of Sharia laws, and so far, no common ground has been found.

Furthermore, as Islamic financial products grow in demand, there are not enough Sharia scholars to interpret Sharia law and oversee compliance.

"The training of scholars essential for the Islamic banks' supervision may not be able to keep pace," with the demand and growth for Islamic financial products and services, reported Reuters.

Noor Islamic Bank signs MoU with Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders

Noor Islamic Bank PJSC ('Noor'), today announced it has entered into an agreement with Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders (SME) to build on mutual expertise and foster the growth of small and medium sized enterprises in the region.

The Memorandum of Understanding (MoU), articulating cooperation between the two entities, was signed by Hussain Al Qemzi, Group CEO of Noor Islamic Bank, and Abdul Baset Al Janahi, CEO of SME.

Under the agreement, Noor Islamic Bank will be granted preferred financial services provider status by SME to provide its members with specific Islamic finance solutions, including access to Shari'ah-compliant working capital and cash flow management, business analysis on specific industry segments, strategic and operational support, as well as reviewing and validating assumptions for business plans.

In exchange, SME will facilitate Noor Islamic Bank to identify vendors and organise training workshops and seminars. It will also help Noor review and validate assumptions for business plans to drive the growth of small and medium sized enterprises in the region. Both organisations will provide multi dimensional levels of consultancy and advisory services bureau function to the targeted SME audience.

Hussain Al Qemzi said: 'This partnership will encourage young business leaders aspiring to enter the highly competitive private sector. The preferential Islamic financial services offered by Noor Islamic Bank to SME member companies will help minimise the overheads and operational costs of members' start up companies, and eventually empower national entrepreneurs.'

Abdul Baset Al Janahi said: 'SME was established to promote and encourage the national entrepreneurial spirit by serving as a catalyst to economic growth. The agreement with Noor Islamic underlines our efforts to achieve this goal by empowering small and start up companies through collaboration with leading national organizations.'

Noor Islamic Bank has a dedicated SME banking unit that has forged several alliances with key governmental and private sector organisations to create products and services focused on the specific needs of small and medium businesses.

Netherlands Can Be Gateway For Malaysian Halal Products Into Europe

THE HAGUE (Netherlands) -- Feb 14 (Bernama) -- Changing the mindset of the Dutch about the virtues of halal food, though tough, is still a worthwhile pursuit as the Netherlands is not only a lucrative market, but a potential gateway for such products from Malaysia to Europe.

The Hague city Vice Mayor, Henk Kool, said it was possible to change the perception of the Dutch as "they are open-minded and can be very enthusiastic about the goodness of halal foods."

Currently, there is a perception among the Dutch that halal food is only for Muslims. "You have to change that perception," he said.

"There is a big market here, not only since the number of Muslims in the Netherlands is growing, but because halal food is for everyone as it is healthy and hygienic," he told Bernama after launching the World Halal Forum (WHF) Industry Dialogue here Thursday.

With 1.8 to two million Muslims registered in the Netherlands, their acceptance of halal food could pave the way in tackling the potentially vast 20-30 million Muslim market in Europe.

The Netherlands has a population of 16 million.

The World Halal Forum Industry Dialogue, organised by KasehDia Sdn Bhd and hosted by the Halal Industry Development Corporation (HDC), has been regularly held for several years now.

About 100 participants consisting industry players, government agencies as well academicians are attending the dialogue.

They were given an insight about the prospects of developing a halal industry in the Netherlands which would serve as a springboard to European countries. It is also aimed at bringing greater awareness about halal foods and products and the current issues surrounding the industry.

Last year, KasehDia and HDC organised seven such dialogues all over the world including China and Bosnia Herzegovina.

Despite being a potential gateway for Malaysia to European countries, Kool said the Netherlands itself presents a very promising market for the halal industry.

"Malaysia can do a lot in promoting halal foods in the Netherlands and expand the market and develop a new gateway for Malaysia to the Netherlands and thereafter from the Netherlands into Europe," he said.

There are about 20 to 30 million Muslims in Europe and it is estimated that the population would grow by 25 percent in 2010.

Kool said the country has very good road connections linking it to all European countries and Malaysia could leverage on this advantage to grow its halal industry starting from the Netherlands.

"When you are developing the halal industry, it is a good thing to start in the Netherlands as with the infrastructure, it would be very profitable because we are the gateway to the whole of Europe," he said.

The vice mayor said for this purpose, the Netherland government always keeps in touch with the Malaysian government through its embassy here to keep abreast of the latest developments in the halal industry.

-- BERNAMA

HSBC Amanah plans new Islamic funds

Published: Thursday, 14 February, 2008, 02:29 AM Doha Time
Business Reporter

DOHA: HSBC Amanah, the global Islamic financial services arm of the HSBC Group, is developing new funds, including Islamic structured notes in view of the growing needs for Islamic investments.

The GCC region, which holds a promising investment outlook, is all set to see new instruments like exchange traded funds and new asset classes, especially the Halal industry, according to experts who spoke at the recently held seminar on Wealth Management, organised by HSBC Amanah, which has assets worth more than $6bn.

"There is a growing need for Islamic investment products in our core markets. We are developing HSBC Amanah structured notes," its Regional Head of Wealth Management Ishrat Kiyani said.

He said HSBC Amanah was currently developing new funds such as HSBC Global Emerging Market Fund and HSBC Amanah Hangseng Index Fund for capturing the growth in emerging markets and Asia Pacific.

"Out goal is to offer our clients attractive investment opportunities and the assurance of Shariah authenticity," he said.
On the investment outlook for the GCC, Shuaa Asset Management Chief Investment Officer Amin El-Kholy said it was promising.
"The recent strong growth has been structural and sustainable due mainly to increased consumer spending, economy diversification, structural reforms and sustained high oil prices," he said.

The stock market price/earnings multiple for GCC was more attractive for investors compared with the expected GDP growth, he said.
"Equally interesting, GCC equity market is uncorrelated with S&P 500, which provides investors with unique diversification benefits and protects them from global downturns," he added.

Rushdi Siddiqui, Global Director of Dow Jones Islamic Market Index Group said new instruments such as Islamic exchange traded funds were gaining grounds, allowing investors to diversify investment opportunities and benefit from an interim alternative for short-term Islamic liquidity.
"The trend in Islamic finance is towards new asset classes and going forward, I see the Halal industry, including food, finance, medicine and cosmetics as very promising asset class for investors," he said.

Mohamed Ali Elgari, a Professor at King Abdul Aziz University in Riyadh and a member of HSBC Amanah Shariah Committee, said wealth creation was at the heart of Islam's economic philosophy.

"Growing one's wealth in line with the tenets of Islam is not only permissible but desirable", he said, adding Islam has a much wider vision for investments.

Euromoney Names HSBC Amanah Best International Islamic Bank

By R Marilyn

Bandar Seri Begawan - HSBC Amanah, the global Islamic financial services arm of the HSBC Group, has recently been nominated Best International Islamic Bank and the Best Fund Manager by Euromoney Magazine in its 2008 Islamic Finance Awards, an HSBC press release said.

In addition, one deal lead-managed by HSBC Amanah was awarded the Best Sukuk Deal.

HSBC Brunei is exploring the possibility of opening a branch of HSBC Amanah in the country with assistance from the HSBC Amanah Regional Centre in Malaysia, according to the press release.

"In less than a decade, HSBC Amanah has evolved into one of the most respected brands in global Islamic finance that is synonymous with trust, integrity and performance.

"As international interest in Islamic finance continues to grow and competition intensifies, we are keen, more than any time, to maintain our franchise's leadership position and take it to new heights," Nabeel Shoaib, Global Head of HSBC Amanah said. HSBC Amanah has recently established regional centres in the United Arab Emirates, Saudi Arabia and Malaysia to lead the way as knowledge hubs driving innovation, research and development and expansion into new markets, whilst ensuring that regional HSBC Amanah initiatives are in line with HSBC Amanah's global vision and strategy.

HSBC Amanah has recently been ranked the eighth largest non-governmental Islamic financial institution by Shariah-compliant assets in the global listing of the Top 500 Islamic Financial Institutions, conducted jointly by The Banker Magazine and HSBC Amanah.

The Hongkong and Shanghai Banking Corporation Limited is the founding and principal member of the HSBC Group with over 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the America, the Middle East and Africa.

With assets of some US$2,150 billion as of June 2007, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.  -- Courtesy of Borneo Bulletin

Islamic insurer IPO 43 times oversubscribed

By Stanley Carvalho

ABU DHABI, Feb 14 (Reuters) - Gulf Arab investors offered 3.6 billion dirhams ($980 million) towards the initial public offering of an Abu Dhabi-based Islamic insurer, 43 times more than the firm was seeking, the IPO adviser said.

Mithaq Lil Takaful sold 82.5 million shares at 1 dirham each, equivalent to 55 percent of the company and valuing it at 150 million dirhams, Majd Maaitah, senior manager for securities services at National Bank of Abu Dhabi NBAD.AD, told Reuters.

The nine-day sale closed on Feb. 4. The shares will list on the Abu Dhabi exchange at the end of March, Maaitah said on Thursday.

"The response was very good," he said. Non-Gulf Arab citizens will be able to own as much as 25 percent of the shares once they list.

It was the first IPO in the United Arab Emirates in 2008, in one of the worst months for local markets, which have been spooked by fears of recession in the United States, the world's largest economy.

Four days before the sale started, Dubai's main stock index .DFMGI fell 6.21 percent, its biggest one-day loss since March 2006. Abu Dhabi's benchmark .ADI plunged 6.8 percent that day and Saudi Arabia 10 percent, both a record.

Islamic insurance is a growth industry that is mirroring the expansion of Islamic finance.

 "There is a huge demand for Islamic insurance or takaful in this region, and the new company is aiming to get a share of the pie," Mithaq Chairman Abdulla Saeed al-Qubaisi told Reuters last month before the IPO. [ID:nL22714637]

"The insurance business is growing at 15 to 20 percent annually, and is projected to double by 2010," Qubaisi said.

In Islamic insurance, or takaful, risk and reward is spread equally between the customer and the insurer, unlike in conventional insurance, where the insurer takes on all risk and receives a premium.

Islamic finance initiatives boost UK’s global status

A high-level UK delegation to the Gulf region and an upcoming London Stock Exchange event are focusing on future opportunities in the Islamic Finance sector.

Lord Mayor of London David Lewis today begins a visit to the Gulf region to strengthen links with key players in the Islamic Finance sector.

The 12-day visit, running February 14-25, takes in Oman, Bahrain, Kuwait and Saudi Arabia and includes meetings with the prime ministers of Kuwait and Bahrain.

Opportunities available to Gulf countries in the UK's burgeoning Islamic Finance sector will be a priority topic for discussion.

UKTI part of delegation

Richard Thomas, chairman of Gatehouse plc and member of UK Trade & Investment Financial Services Sector Advisory Board (FSSAB), is taking part in the trip.

He explained: "The UK Government through legislative, regulatory and fiscal initiatives and private sector via new Sharia-compliant institutions such as Gatehouse plc have made enormous strides towards creating a level playing field for Sharia-compliant finance in the UK."

UK Trade & Investment minister Lord Digby Jones also emphasised the importance of the visit.

"The Lord Mayor will be visiting markets that offer enormous potential for UK businesses.

"These economies are growing steadily and while many businesses have already taken advantage of these markets, new investment opportunities continue to emerge in this region," he said.
LSE seminar explores future trends

Coinciding with the end of the Gulf visit, the London Stock Exchange (LSE) is hosting a half-day Islamic Finance seminar, 'The Development of Islamic Finance Products'.

Investment bankers, fund managers and other key industry players will gather on February 25 to examine the current state of the Islamic Finance market and look at its future development.

Areas of discussion include the benefits of trading Sharia-compliant products in London and practicalities such as listing sukuks in the UK and taxation issues.

It is billed as a key event for those currently involved in Islamic Finance or considering using Islamic financial products in the future.

Bilal Gourmet Foods Penetrates Lucrative Halal Market In The EU

From Nor Baizura Basri

THE HAGUE (Netherlands), Feb 13 (Bernama) -- Bilal Gourmet Foods BV, a Malaysian-Dutch company, is making inroads into the vastly potential European market for halal products where demand is exceeding supply.

Specialising in cooked poultry products, the company markets 50 percent of its products for local consumption while the other half is exported to Germany and the United Kingdom, its managing director, Arno van der Pas, said here Wednesday.

At the moment, there are 1.8 to 2 million registered Muslims in the Netherlands.

Bilal Gourmet, 56 percent-owned by Malaysian food-based company Prima-Agri Products Sdn Bhd, is located in Waalwijk, a municipality and city in southern Netherlands, an hour's drive from the Haguec -- the third largest city after Amsterdam and Rotterdam.

Prima-Agri is the only Malaysian company which is already approved by the European Commission to export processed poultry meat products to the EU.

The remaining equity is held by van der Pas.

"The demand for halal food products is huge in Europe but the availability of these products is very low as it is a question of credibility, he said.

"In that sense, Malaysia has a headstart and we are very keen of course to try to market Malaysian halal products as much as possible," he told Bernama during a field trip to its facility here.

To date, the company brings in 20 different meat-based products, mainly poultry comprising sausages to cold carts and all kinds of chicken items like hot wings, legs and half roasted chicken.

The field trip was led by Nordin Abdullah, the executive director of KasehDia Sdn Bhd -- the initiator of the World Halal Forum (WHF).

It was organised in conjunction with the WHF's Industry Dialogue to be held here Wednesday organised by KasehDia.

Also participating in the trip are Netherlands Foreign Investment Agency's senior manager for Asian & European projects Rene H.F Vacquier, Malaysia External Trade Development Corporation trade commissioner Rusiah Mohamed and several officials from the Ministry of Agriculture and Agro-based Industries (MOA), Lembaga Tabung Haji, academicians from Universiti Malaya and senior executive director of Prima Agri-Products, Hennie Coenraad.

Van der pas said the company was aiming to penetrate the European food services market, institutional markets like hospitals, caterers as well as specific markets like airlines.

"For Bilal, size does matter. The quantity or volume is actually driving the growth of the halal products," he said.

At the moment, the company imports poultry based products from Thailand and Brazil as Malaysia's Department of Veterinary Services (DVS) was unable to comply with several of EU's rules.

"We are forced now to source approved halal products from the two countries as there are some issues that the Malaysian authorities did not comply with in importing products into the EU.

"We hope that Malaysia will sort things out and facilitate the re-export of approved halal products very soon because we have many orders ready for them.

"Local authorities like the Department of Veterinary Services, Department of Islamic Development Malaysia (Jakim) and MOA, must sit down and work together to meet compliance lists and enable exports to the EU," he said.

Compared with halal products from Thailand and Brazil, Malaysian halal products are more credible, well-known, of high quality and are highly sought in the European market, he said.

The company which has been approved an import quota of 100 metric tonnes of poultry-based products by EU, lost about 50,000 euros (RM220,000) as it failed to bring in the products.

The problem arose following an inspection by the EU committee to Prima Agri's plant which found out that the DVS had failed to notify the company about several minor compliances.

From September 2007, the department had yet to respond to the issue."Its a bit frustrating. We have established a brand name with credibility (but) selling halal products from Brazil and Thailand, which do not have the same credibility as halal products coming out from Malaysia.

"It has affected us and we hope that we can reinstate Malaysian products again in the market very soon. We need those products as that it is our marketing strength," van der Pas said.

Last year, the company chalked up 3 million euros (RM14.1 million) in revenue from just Malaysian products out of a total revenuen of 7 million euros (RM28.7 million).

This year, the company aims to rake in 12 million euros (RM5.4 million) driven by its poultry orientated products, he said.

-- BERNAMA

BSE welcomes first US$1 billion sukuk

by Daniel Stanton on Wednesday, 13 February 2008

The Bahrain Stock Exchange (BSE) has listed its first billion-dollar sukuk, it was announced on Wednesday.

Saudi Arabian real estate developer Dar Al Arkan is the issuer of the Islamic bond, which is also the first Saudi sukuk to list in Bahrain.

The US$1 bn sukuk al-ijara was issued by Dar Al Arkan International Sukuk Company, a special purpose vehicle based in the Cayman Islands.

Fouad Abdul Rahman Rashid, director of the BSE, said: "This is truly a landmark event in the history of the BSE and represents a further important milestone in the development of the Islamic capital markets. We look forward to continuing to work with the region's leading corporates and financial institutions to expand the boundaries of the Islamic finance industry."

The five-year sukuk was closed in July 2007, and has already been listed on the Dubai International Financial Exchange (DIFX) and Malaysia's Labuan International Financial Exchange (LFX).

Sukuk holders receive an annual return of 2.25% above LIBOR, payable every three months.

This is Dar Al Arkan's second sukuk issue, following its $600m issue in March 2007, which was listed on the DIFX.

Dar Al Arkan recently completed its initial public offering (IPO) on the Saudi Stock Exchange, the largest non-governmental listing in the history of the Tadawul. The shares began trading on December 29.

First Islamic finance consultancy company launched - Qater

(MENAFN - The Peninsula) Bait Al Mashura Finance Consultations, the first Islamic consultancy company specialised in Islamic finance services industry, auditing and training, was officially launched. Osama Al Dereai, company's General Manager, said at a press on Thursday at the company's headquarters in Al Muntazah area.

He said the company will offer its services to banks, finance companies, investment, traditional Islamic and Islamic insurance companies and brokerages.

Bait Al Mashura is a private joint stock company, which is the first firm licensed by the Qatar Central Bank and the Ministry of Economy and Trade. It is specialized in offering Shariah advice, development and training in the area of Islamic firms Islamic financial industry, Al Dereai said.

He added the idea of establishing a company specializing in Islamic financial industry came in context of current development in Qatar as well as global financial systems, particularly in the Arabian Gulf, Europe and South East Asia. The adoption of Shariah transactions in countries like Syria, Lebanon, Singapore and Japan show public interest and desire to adopt Islamic products.

Al Dereai said the lack of manpower in the field of Islamic financial industry was behind the setting up of Bait Al Mashura and it aims at meeting financial institutions' needs and desires and respond to the requirements of growth and prosperity. In this regard, the company will train students of Qatar University's Shariah and Economic Faculties.

The Islamic financial industry began to grow and evolve quickly from mid 70s of last century but still growing and evolving. Only certain specialists in the field of Islamic financial transactions can understand this characteristic, he added.

The absence of this understanding for people in markets and investors and traditional financial institution are very common. Such knowledge has been limited and constrained between walls of each individual organization.

The company's operations will be in cooperation, integration and participation in the business development of Islamic financial institutions and auditing in cooperation with the elite of scholars and with practical experiences, executive and eminent specialists, experts, economists and jurists.

It will create reliance in the provision of advisory services on modern sophisticated mechanism in the form of diligent teamwork and modern interpretation of the facts, events and developments in the field of economy. It will study of modern resources thorough shariah's point of view with focus on their structure and mechanism for their application with provisions of Shariah's law; and create and develop new financial resources in order to meet needs of beneficiaries and Islamic financial industry compatible with the provisions of Islamic Shariah.

The Company activities revolve around Shariah auditing includes: External Sharia auditing, Sharia consultations and questions answering, Islamic financial indicators, drafting contracts and their set up in accordance with the provisions of Islamic Sharia, examine policies and procedures systems of companies, and development of Shariah alternative to legitimate versions of financial contracts.

The Overall management and supervision of total transformation, partial Islamization and complete Islamization of financial transactions in the traditional banks and establishing their Islamic branch, Zekat Nisab calculation and developing Shariah standards for establishment of investment funds, currencies, sukuk with provisions of the Shariah Law will be another area for the company. Training, studies and researches are other fields for the company.