Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Monday, May 19, 2008

China looks at Malaysia to develop halal industry

By JACK WONG

KUCHING: China, which has more than 18 million Muslims, is looking to Malaysian companies for collaboration to develop its halal food and consumer goods industries.

Vice-Consul (Economic and Commercial) of the China Consulate in Kuching Ma Yu said the Chinese Government had provided preferential policies and financial support to foreign investors in the development of the halal food and consumer goods industries in the country's western region.

''It has set up a halal food and goods industrial base in Ningxia,'' he added in a paper presented at a ''Business opportunities in China'' at Kuching Hilton on Wednesday.

The event was jointly organised by the Malaysia External Trade Development Corp (Matrade) and Federation of Malaysian Manufacturers (FMM) Sarawak.

Ma said Malaysian and Saudi Arabian business delegations had taken part in the annual halal food and goods exhibition in Xining, capital city of Qinghai Province, last year.

He hoped that more Malaysian companies could participate in this year's expo in September.

''Malaysian Muslim food and consumer goods have their own special features.

''I believe a win-win situation can be achieved with good cooperation among Chinese and Malaysian business sectors,'' he added.

Ma said most of the 18 million Muslims in China resided in the Ningxia autonomous region, Qinghai and Gansu.

He said the industrial output of Muslim food and consumer goods was valued at hundreds of millions of Yuan each year.

Ma said through Matrade's efforts, more Malaysian firms had taken part in the various trade expos in China, and that more Malaysian businessmen were now conducting business in China.

Statistics have shown that Malaysia's trade with China has increased significantly over the past five years.

Malaysia's total exports to China jumped from RM25.8bil in 2003 to more than RM53bil last year. The country's total imports from China has soared from RM27.6bil to RM64.9bil during the same period.

Ma advised foreign investors to learn to coordinate with the Chinese authorities, especially the administration of foreign trade and economic corporation, when they carried out business activities in China.

This, he explained, was because China's economy was still largely controlled and managed by the government.

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