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.

Dubai hotel group, Almulla Hospitality to establish Islamic hotel properties

Almulla Hospitality, Dubai-based Shariah-compliant hospitality chain, has signed an agreement to establish financial real estate company with the Jasper Capital Group, UK-based investment banking consultancy, to develop international chain of Islamic-compliant hotels with 150 properties worldwide and up to 90 in the Middle East and North Africa. The hotel chain will operate under the brand names of Cliftonwood, Adham and Wings.

Abdulla Mohamed Almulla, Chairman, Almulla Hospitality, said, ""We are very pleased to assign Jasper Capital Group of the UK to structure a plan toward achieving our goal".

Dubai's Almulla Hospitality plans to grow its property portfolio through management contracts, joint venture investments and selective acquisitions across the world using a variety of investment structures. All financial structures involved will conform to the Islamic ban on interest.

Reliance Money to launch Shariah-compliant investment scheme

1 May, 2008, 1642 hrs IST, PTI

NEW DELHI: Reliance Money today joined hands with Parsoli Corp to launch the country's first Shariah- compliant Portfolio Management Scheme for investors in India and West Asia seeking to invest as per the Shariah Laws.

The brokerage and financial products distribution arm of Anil Ambani group, Reliance Money would offer this PMS for as low as Rs 5 lakh, the company said in a statement.

Reliance Money plans to market these schemes extensively in India and West Asian Countries.Terming it as first-of-its-kind tie up, Reliance Money said the schemes would be launched in partnership with Parsoli Corp, which has been recently awarded as the 'Best Islamic Brokerage Firm' in the world for 2007.

The tie-up was announced by Reliance Money CEO Sudip Bandyopadhyay and Parsoli Managing Director and CEO Zafar Sareshwala, it added. "A significant part of India's population has not been offered appropriate financial products in compliance with the relevant religious sentiments. Shariah-compliant PMS, proposed by Reliance Money with Parsoli Corp, would enable us to tap this sector and reach out to a large section of such investors," Bandyopadhyay said.

As per the understanding, Parsoli would work with Reliance Money to ensure compliance with Shariah Laws for the relevant schemes being launched by Reliance firm. Parsoli would also market other financial products and services being introduced by Reliance Money from time-to-time.

"Currently we offer PMS for as low as Rs 5 lakh with an aggressive and competitive fee structure. We do not charge any fee for returns up to 8 per cent, charge 10 per cent fee for returns up to 20 per cent and charge 20 per cent fee for over 20 per cent returns. We would replicate the same model for the Shariah Compliant Schemes as well," Bandyopadhyay added.