Two weeks ago the Russian state bank Sberbank opened a branch in Kazan, the capital of Tatarstan, a republic with a Muslim population, following a strategy of developing Islamic banking. This initiative came as no surprise due to the Western sanctions Islamic banking and finance serve as an alternative to the Russian financial system. Islamic banking and finance have been
The untapped opportunity of the halal market
SHARES
As the number of Muslims worldwide continues to rise, so too will the demand for halal-certified products.
Though halal food is a requirement for Muslims, it is not always easily accessible for those living outside of Muslim-majority countries. The nature of halal makes it challenging to determine whether or not a product qualifies simply by looking at it. While certain items like pork and alcohol are outright prohibited, many other considerations do not show up on a product label, such as how a halal animal like a cow or a chicken was slaughtered, or what the source of an enzyme or gelatine is. Therefore, achieving halal certification from a specialist organisation is essential for manufacturers wanting to make their products available to Muslim consumers.
(5 May 2021)
In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAEHis Highness Sheikh Mohammed bin Rashid Al Maktoum issued a series of legislations pertaining to the restructuring of certain Dubai government entities. The legislations aim to further raise the efficiency of government institutions.
His Highness issued Law No. (6) of 2021, pertaining to the transfer of the International Institute for Tolerance to the Islamic Affairs and Charitable Department. The transfer will take place withinthree months of the Law’s publication in the official gazette. All responsibilities and duties of the Institute will also be transferred to the Department. The Secretary General of The Executive Council of Dubai will decide which organisational unit of the Islamic Affairs Department will manage the responsibilities and functions of the Institute.
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