Deutsche Bank launches revolutionary Sharia compliant issuance platform

Deutsche Bank announced today the launch of "Al Mi'yar", a first of its kind platform aimed at facilitating the issuance of Shari'a compliant securities.

"Al Mi'yar", from the Arabic "The Standard", is a Luxembourg domiciled platform, developed by Deutsche Bank, with Luxembourg Financial Group A.G. as the Shari'a investment manager and Deutsche Banks Trust & Securities Services group providing the settlement framework.

Geert Bossuyt, Deutsche Bank's Head of Structuring for the Middle East and North Africa, said "Deutsche Bank is extremely pleased to be again at the forefront of innovation in Islamic finance, as demonstrated by our ability to adapt all types of investment products and strategies to the Shari'a compliant world. Al Mi'yar will in my opinion revolutionize the issuance of securities in an Islamic manner. The platform meets all of the latest standards issued by the Accounting and Auditing Organization of Islamic Finance Institutions (AAOIFI) and hence should be globally acceptable."

Al Mi'yar will enable Islamic investors to meet their specific investment objectives by giving them exposure to different asset classes without compromising their Islamic beliefs. By comparison to other Islamic platforms, Al-Mi'yar maximizes efficiency and protection of investors' interests, while generating liquidity and returns.

Philippines Looking at World as Potential Halal Food Industry

The Philippines has been focusing its efforts to get a significant share in the global halal food industry which is growing stupendously, says RNCOS report. 

With Muslim population of 18-20 Million, the domestic market for halal food products is largely untapped in the Philippines, according to our new research "Philippines Food and Drinks Market: Emerging Opportunities". Besides the domestic consumption, the country is aggressively eying other regions with sizable Muslim population to benefit from the rapidly growing halal food industry all across the world.

The government is continuously making its efforts to develop halal food industry for domestic as well as export purposes. In line with this, the department of Trade and Industry (DTI) has laid out marketing plans, consisting of joint partnerships between the government, business and the Muslims, each supporting the other, says an analyst at RNCOS. It is also making studies on Muslim consumption patterns.

The country is also pushing for the establishment of halal food corners in all supermarkets, groceries and food-related retail outlets in the country by 2009. It is also planning more overseas trade shows, product sales and marketing, and the promotion of Halal certification among exporters to create markets overseas.

The most important markets, the report has identified, for Philippine Halal food include the Middle East and ASEAN countries, which have the largest number of Muslim population in the world. The report has also identified various areas of halal food industry, which are important from investment point of view.

New Index Covers Shariah-Compliant Commodities Hedge Funds

The Dubai government and Shariah Capital have launched an Islamic commodities hedge fund index, calling it the first of its kind.

The Dubai Shariah Hedge Fund Index includes as constituents four funds, part of the DSAM Kauthar Commodity Fund. The four funds each received US$50 million from the Dubai Multi Commodities Centre Authority—the government agency working with Shariah Capital to create the index—and are constituents of the Al Safi Trust, the shariah-compliant hedge fund platform established last year by Barclays and Shariah Capital.

The four funds will invest in gold, energy, natural resources and mining, the DMCC and Shariah Capital said.