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Equity Markets – Best Investment Option for Muslims

Posted by Indian Muslim Observer | 13 January 2021 | Posted in , , , , ,

By Imtiaz Merchant

Muslims should take advantage of the boom witnessed in the Indian Equity markets and they should not get left behind in the economic growth that is being witnessed throughout the country and likely continue for years to come. India is one of the fastest growing nations in the world with the GDP growing over 7 % for 2017-18 and expected to grow above 8 to 10 in 2021 onwards.

To be part of the main stream of the economy and get equal investment opportunity, Equity stock markets (The Islamic way) provides the most cost-effective investment solution for the Muslims. Equity markets have proved that they are not only the most cost effective, transparent, liquid and conducive to small and big size investors as a means of investment, nonetheless history has also proved that it outperforms and gives better returns than all other asset classes where return on investments as the parameter considered. In the long term a developing economy, equity (stock) market always goes up and up. though volatility is not ruled, so considering the inherent benefits Muslims must invest in the Equity Market.


On the onset Investment in equity markets is Islamically permissible since it is based on Musharaka (Partnership) principle where the profit is earned with the risk of loss, where in profit and losses are shared (PLS). With Ulema’s (Islamic scholar) guidance and approval it is now possible to invest in regulated Equity markets, of course with some stipulated conditions, and in fact Investment in equity markets the Islamic way is probably the best and only option available for the Muslims in a regulated environment. The government body SEBI being liberal about shariah based investment makes more sense to invest in equity markets after having been approved by the Islamic Scholar.

Now we investigate the inherent advantage investments in equities the Shariah way have over other forms of structured investments.

Fixed Interest (Riba) Based Investments (Banks)

Fixed interest (Riba) based investments like the Saving Bank deposit, Bank FDR; Postal savings, Debentures, Bonds etc. are strictly prohibited in Islam. Allah says in the Holy Quran,‘O those who believe, do not eat Riba (usury or interest) multiplied many times. And fear Allah, so that you may be successful.’ (Holy Quran Al-Imran verse 130). Islam since inception has discouraged interest based fixed saving and withholding wealth, but it has encouraged Business& Investments. ‘Profit should be earned only with the risk of losses’, in equity investment the profit and loss are shared in proportion to the investments made. Thus, investment in equity market is in accordance to the Quran and Hadeeth injunctions.

Investment in Real Estate

Investment in Real Estate / Properties, although permissible in Islam but it has many disadvantages over equities. First, Equity Market is well regulated by SEBI and Real Estate market is not regulated by any institutions, unit size is concern, it is not possible for every individual to buy property since the investment involved is huge, whereas one can invest in equity for an amount as low as Rs. One thousand and there is no upper limit. Secondly, property is subject to a lot of legal paper work and one has to go through a very cumbersome procedure to acquire properties. However, it is very easy to buy and sell shares by becoming the member of SEBI registered broker. Thus buying and selling shares is as easy as snapping your fingers. There is often a threat of encroachment of the property which involves costly litigation. Equity shares have a big advantage here since the stocks purchased get directly deposited in the investor's D-mat account where it is in the safe custody and one can sell them whenever he desires to sell. Further If returns on investments is considered as a parameter than historically it’s proved that returns earned in equity investments is superior to all the asset classes including the real estate over a long term. The Real Estate has given an annualized return of 8 to 9 percent whereas equity has given a yield of 12 to 15 percent. Finally One can make partial withdrawals from equities and get the sale proceeds in maximum three days (T+2),whereas it is not possible to get part withdrawals in the real estate, one has to sell the entire property and the payment proceeds sometimes takes months. Hence Equity market has immense liquidity to take immediate Exit whenever he or she decides and that is far too easier and faster than Real Estate.

Investments in Conventional Mutual Funds

Investments in Conventional Mutual Funds is not permissible from the view point that these mutual funds are not mandate to follow Shariah norms thus they even invest in stocks of prohibited businesses like Liquor, Banks, Hotels, Entertainment, Cinema, Casino etc. that is strictly prohibited in Islam, hence profit earned from these mutual funds is impure and tainted. They invest in Debt & derivatives instrument too which is not allowed under the Shariah laws. And moreover, since about 45 percent of the Market Capitalization is Shariah Non- Compliant, presumably almost 40 to 45 percent returns earned is not Halal, hence this option too is not shariah compatible for Investments. However, Muslims can invest in Authentic Shariah- Compliant Mutual fund / Shariah compliant PMS, approved and monitored by reputed Shariah Scholars and fund manage by people who have faith in shariah.

Big Advantage

One more point that goes in the favor of equity Investment is the Capital gains tax. The long-term capital gains tax is just 5 % that too if the gains are above 1 Lac i.e. if the investment is held for more than one year. And the short-term investments for less than a year, investors is obliged pay only 15 % percent tax on its gains on booked profit after subtracting losses. Muslims must take advantage of this benefit and invest in equities that would help them create wealth in the long term in the Shariah way. The only concerning part in the equities investment is the market risk and volatility. The performance of the company, industry and economy is never static and varies from time to time and since the market is a result of mass psychology it goes up or down on fear and hope based on the underlying fundamentals. Andin order to overcome this and to optimize Halal return on investments, one needs to take guidance from Shariah based Equity Research advisors and Fund managers who can guide and advise the prospective investors based on their Risk Profile and Risk Appetite. If this part is taken care of diligently, then equity investment certainly is the best Investment option for Muslims.

Role of Shariah Scholar

Islam makes ‘Lawful Earning’ (Halal) mandatory, and in Islam, the spiritual and secular aspects are one and the same. This implies that Islam emphasizes the need to make a living by means that are permissible under it. After many years of debate and discussions and looking into the need for Muslims to Invest in equity markets as an alternate to Bank and Insurance, Islamic scholars have permitted Muslims to invest in equity markets with certain strict stipulated conditions. With the advent of computer technology and with so much of information available, now it is possible to screen the companies on Shariah norms and do the purging as well.


Imtiaz Merchant
Shariah scholars have imposed investment restriction and conditions and only upon fulfilling these conditions Muslims can invest in equity markets the Halal way.

The conditions laid down are as follows:

  • Restriction based on the type of Securities: Investment should only be done in Shariah compliant stocks as defined. A security trading in derivatives and day trading in stocks is strictly not permitted. Short selling is prohibited. Securities should only be sold after having its complete possession.
  • Restriction on Business Activity: No investment shall be made in stocks of the companies whose business activity is Prohibited (Haram)
  • Conventional interest-based banks and other financial institutions like banks, NBFC, Insurance companies, stock brokers, Securities traders etc.
  • Alcoholic beverages like wine and other liquor related products and services.
  • Pork and non-Halal food products
  • Entertainment includes film production companies, cinema, Cable TV, music etc.
  • Restriction based on financial ratios: Apart from the above restriction, Islamic scholars from different part of the world have set certain financial criteria based on the need and essentiality. In India Islamic Investment &Finance Board (IIFB) and independent Shariah Board comprising of eminent scholars have approved the following financial criteria:
  • Interest bearing debt of the companies should not exceed 33 percent of its twelve months’ average market capitalization.
  • Cash plus interest bearing securities of the companies should not exceed 33 percent of its twelve months’ average market capitalization.
  • Trade receivable and other debtors of the companies to its twelve months’ average market capitalization should not exceed 33 percent.
  • Interest Income plus prohibited activity (impure) income of the companies to the company’s total income should not exceed 5 percent. (subject to cleansing)
  • Shariah Screening Process: Shariah screenings conducted for all the listed equities as prescribed and mandated by Shariah scholars. This process is done every quarter. Those stocks that successfully pass the Shariah screening norms are thus called Shariah complaint universe. This process is done under the supervision and audit of Shariah committee of Aalims and muftis.
  • Purification of Impure Income (purging): The income thus derived from trading and investments in shares do have some portion of impure or prohibited income. This income can be in form of interest received by the companies or some prohibited activity carried on by the company that earns impure or tainted income which needs to be cleansed or purged. This is a compulsory process. The impure income consequently cleansed should be given as charity (Without expecting Sawaab).
Conclusion

In conclusion we can confidently and vividly say that Equity investment the Islamic way is the Best option or alternate available to Muslims to park their saving. The investment in the company is well regulated by SEBI and approved by Shariah scholar, it is liquid enough to withdraw as and when, transparent, safe in D-mat A/c, lower Taxes, least cumbersome as compare to other asset classes and above all superior returns in the long term, the equity investment in the listed companies are almost coefficient of the economic growth.

No lending or borrowing, just investing. And truly an ethical and socially responsible way of Wealth Creation.

Note: The above text is the property of Pragmatic Wealth Management Pvt. Ltd. The above content cannot be used or reproduced without the consent and permission from Pragmatic Wealth Management Pvt. Ltd. in written.

[Imtiaz Merchant is Managing Director of Pragmatic Wealth Management Pvt. Ltd. He is Editor of Islami Tijara Magazine and Owner of Brand Adaaf Advisory Services. He can be reached at merchant@pragmaticwealth.net]

iPORTAL Live, MDEC jointly launch Global Knowledge Platform for US$2 trillion Islamic Economy

Posted by Indian Muslim Observer | 07 January 2021 | Posted in , , , , , ,

IMO News Service

The Malaysia Digital Economy Corporation (MDEC) and iPORTAL Live Sdn Bhd have launched a new Islamic Economy Knowledge Portal aimed at further enhancing the ease-of-access to information and knowledge of the Islamic Economy to users, as well as facilitate connection and encourage collaboration by industry users dispersed globally.

As the leading hub of Southeast Asia’s Islamic Digital economy, Malaysia has the resources and depth of knowledge that makes it the perfect location for iPORTAL to launch its platform.

Through its partnership with MDEC, iPORTAL Live will bring in global expertise and knowledge transfer in the area of Islamic Digital Economy into Malaysia. This will elevate Malaysia’s position as a global Islamic Digital Economy hub, and further strengthen the country as the Heart of Digital ASEAN.

The launch of the new knowledge portal comes amidst significant growth in the Islamic Digital Economy according to the latest State of Global Islamic Economy Report. It is estimated that Muslims spent US$2.02 trillion (RM8.18 trillion) in 2019 including the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, all of which are impacted by Islamic faith-inspired ethical consumption needs.


This spending reflects a 3.2% year-on-year growth from 2018. In addition, Islamic finance assets were estimated to have reached US$2.88 trillion (RM11.7 trillion) in 2019.

The issue is that while there is significant growth in the Islamic economy, the information and data for consumers, products, insights and research is dispersed globally. The challenge then is placing all this information in one place for easy access and reference.

iPORTAL Live aims to address this issue with the launch of its Islamic Digital Economy knowledge portal at www.iPORTAL.live. The portal is a global platform that will showcase the 10 sectors of the Islamic Economy all in one easy to access place. It will start the users’ journey with knowledge, under Academy, which will then continue to Entrepreneurship, Insights, Waqf Economy, Research, Marketplace and a Job Board.

The new portal will also provide digital pathways for inclusion and connectivity for all sectors. For example, through the portal, Islamic Financial services can connect to players of modest fashion or Muslim media for funding opportunities; the halal industry can connect with the Takaful industry for matters of insurance; or social impact startups can showcase their innovative suggestions for the Islamic economy verticals.

“Malaysia has been a pioneering leader in Islamic finance and remains the biggest Islamic finance market in Southeast Asia. Backed by our strong regulatory framework and an expanding Islamic finance ecosystem that includes Sukuk, Takaful and Syariah-compliant funds, Malaysia is on track to reach the central bank’s target of 40% share of total financing by the end of 2020. We believe the launch of iPORTAL's global Islamic Economy platform, will enable many more global stakeholders to learn and adopt from Malaysia's decades of experience and contribute towards the global growth of the Islamic digital industry,” says Saifuddin Abdullah, Malaysia’s Minister of Communications and Multimedia.

“Malaysia has been at the forefront of championing Islamic banking and finance for the last three decades. The Malaysian government, through MDEC, has started serious work to embed the Islamic digital economy in the grand design of the Malaysian blueprint of the digital economy. Through the launch of iPORTAL Live, the information will be readily available and accessible for the interested masses, contributing to the creation of an inclusive Fintech hub while firmly establishing Malaysia as the heart of digital ASEAN,” added Dr Rais Hussin Mohammed Ariff, MDEC’s chairman.

Dr Rushdi Siddiqui cofounder/CEO iPORTAL Live said, “The launch of iPORTAL Live could not have happened without the hard work of Malaysia, UAE, Indonesia, Saudi Arabia, Turkey, Bahrain, Pakistan, UK and others in raising the profile of the 10 sector US$3 trillion Islamic Economy. iPORTAL Live has 74 introductory courses, 50% are free. Meanwhile, on the verticals of the Islamic economy, it has more than 400 social impact startups, including women owned, from 12 countries that get updated monthly, it has Islamic banking regulations from 14 countries in one place with opportunity for public comment, it has Waqf research and projects from 8 countries, it has job board with 250 openings, it has 26 members on its advisory board and 27 partnerships, etc.”

Thus, iPORTAL Live is a B2C2B platform that is part Google (search on Islamic economy), part Amazon (content by third parties) and part Wikipedia (contribution to the Islamic economy). It’s about reducing friction and user journey for connecting to the global Islamic economy community with content, commerce and opportunity to collaborate.

“The Islamic Economy is open for business for all in the new normal, and iPORTAL Live is the digital meeting place for values aligned education, consumption, investment, funding and business,” adds Rushdi.

Islamic Economics gives directions on how to prevent pandemics and regulate their socioeconomic impact: Dr. Javed Jamil

Posted by Indian Muslim Observer | 03 January 2021 | Posted in , , , , , , , ,

“Islam provides the answers by promoting only healthy economics and discarding the dangerous economics, in terms of effect on health and social justice, and also giving directions how to contain epidemics. It also ensures that the wealth does not remain in the hands of a few, but is more equitably distributed; and the governments are in a healthy economic position to meet the demands in times of crises. Islamic experts and Muslim countries and organizations need to highlight the extraordinary results if Islam’s socioeconomic and heath-friendly propositions are applied in the world.”

By Our Special Correspondent

Renowned thinker and writer, Dr. Javed Jamil, currently Chair in Islamic Studies and Research, Yenepoya (deemed to be) University, Mangalore, has emphasized that the commercialisation of the substances and practices prohibited in Islam is the major cause behind the rise of various pandemics, and Islamic Economics provides the way out of their socioeconomic impact. He has expressed these opinions in his research paper published in the January 2021 edition of KAU Journal of Islamic Economics published by King Abdul Aziz University, Jeddah, the top ranking University of Saudi Arabia. He was invited to be a part of an international panel to discuss the role of Islamic Economics in avoiding and countering the impact of the Covid-19 like situations in the world. Started in 1983, the Journal of King Abdulaziz University – Islamic Economics has the honour to be the first professional journal in the field of Islamic economics. It is listed by some of the most prestigious indexing services providers on the subject of economics like Scopus, SSRN, EconLit, and RePEc.

In the paper titled, “Economic Fundamentalism Facilitator of Pandemics and their Economic Consequences: The Way Out in Islam”, Dr. Jamil, known for his work in “Apllied Islamics” has shown that most of the major killers in the last 100-120 years, including Swine Flu, Spanish Flu, HIV/AIDS, HPV/Carcinoma Cervix, Hepatitis-B, Rabies, etc and now Covid-19, the association with Islamic positions is proven beyond doubt by the facts and figures available in the realm of medical sciences. Pork, sexual malpractices including promiscuity, prostitution and homosexuality, presence of dogs in the domestic areas and eating of prohibited wild animals like bats and pangolins, have all been the major reasons behind the rise of these pandemics, which have killed more than 200 million people in the last century. The role of alcohol in the rise of HIV/AIDS and other Sex Transmitted diseases is also well-documented. Dr. Jamil has shown that circumcision plays an extremely important role in prevention of HIV/AIDS and HPV, which is associated with hundreds of thousands of deaths of women due to Cancer Cervix, which is relatively rare in the wives/partners of circumcised men. He has argued that, if despite huge mortality and morbidity associated with these practices, they are allowed and popularised, it is because of the fact that all of them are big markets.

Dr. Jamil has argued that if Prophetic Hadith on the epidemics had been followed and none had been allowed to enter and leave Wuhan, when Corona epidemic broke there, the world would have largely been saved. He has also opined that the disease spread fast due to drinking habits of the people, night life and the role of certain powers in holding Economics above Health. He has argued that, in contrast to Islam, which gives priority to the survival and healthiness of life, the modern international systems are dominated by the economic interests at the cost of health and family and social peace. Lambasting the current economic philosophy of “economic fundamentalism” he says that Market forces are busy in commercializing dangerous practices in the name of freedom of choice, which is leading to many health issues. They first commercialise the problems and then they commercialise solutions, he argues. The Islamic economic philosophy is based on the supremacy of peace, which is a comprehensive state covering individuals, family and society; human peace, health, security, and welfare are the guiding factors, and no matter how strong the economic reasons are, any activity that threatens health and comprehensive peace cannot be permitted.

The concluding remarks of the paper are worth reproducing:

“In conclusion, the following points need to be highlighted:

First, the Covid-19 outbreak had its origins in the market of wild animals, many of which prove to have a biological structure suitable for transmission of viruses to humans, which then have the propensity to lead to human-to-human transmission.

Second, it started spreading from the place of origin to the rest of the world, because nothing was done at the right time to stop trafficking of the people from and to the place of its origin.

Third, it hit the economy particularly hard because the world economy had a huge share for the entertainment industry, which crashed due to social distancing and lockdown measures.

Fourth, it hit the people hard, because in most of the countries, except for the few elite, the masses are poor as well as the governments. Huge economic inequality in countries like India led to huge disasters.

In short, if in today’s world, the major portions of the economy had been in the sectors, which pose no threat to health or social justice, the situation would not have been as bad as it has turned out to be. If this continues, the future will bring bigger disasters.”

He adds: “Islam provides the answers by promoting only healthy economics and discarding the dangerous economics, in terms of effect on health and social justice, and also giving directions how to contain epidemics. It also ensures that the wealth does not remain in the hands of a few, but is more equitably distributed; and the governments are in a healthy economic position to meet the demands in times of crises. Islamic experts and Muslim countries and organizations need to highlight the extraordinary results if Islam’s socioeconomic and heath-friendly propositions are applied in the world.”

Dr. Jamil has also called upon the Islamic world, especially rich Muslim countries including the OPEC countries, “to play a role in the availability of vaccination to the poor in their countries as well as in other countries.” He also stressed that “Islamic countries need to invest more and more in scientific research.”

Dr. Javed Jamil has also argued that the current reach of Islamic Economics has become limited to Financing and Banking. It has become “an abysmal failure in influencing in any way the direction of the globalization, which revolves around the commercialization of not only human strengths, but also of human weaknesses.” So, while Islamic finance is to be promoted, other important measures related to economics should not be lost sight of, and there needs to be more work on the generation of wealth within the Islamic trio of Rights, Duties and Prohibitions, establishment of taxation system based on Zakah, Ushr and Khums and campaign against the Economics of Prohibited Substances and practices. He has also proposed a new definition of Islamic Economics:

“Islamic economics refers to the establishment of a world order where people, individuals or groups, are free to earn their livelihood through rightful use of the provisions of God and their abilities, natural or acquired, without the violations of the true goal of Comprehensive Peace that Qur’an envisages, that is within the boundaries of the three-dimensional system of Fundamental Rights, Fundamental Duties and Fundamental Prohibitions, and the establishment of a system that ensures comfortable living for each and every human being, including those who are in a disadvantageous position, temporarily or permanently, due to some reason.”

Dr. Jamil has also presented a detailed Islamic Holistic regime of hygiene as part of Dynamic Paradigm of Health based on Islam. The whole paper can be read here.

PEOPLE: Mohamed Jinna wins accolades for being one of the top 50 influential personalities in the Islamic Economy

Posted by Indian Muslim Observer | 02 March 2020 | Posted in , , , , , ,

IMO News Service

Mohamed Jinna, based in Singapore, has been identified as one among the top 50 influential personalities in the Islamic Economy.

Mohamed Jinna is the dynamic chairman of the United World Halal Development that has dedicatedly created global awareness about the Halal way of life. 
He is the peace ambassador for Bosnia and the recipient of the Islamica 500 award, conferred to 500 most influential Muslim leaders across the world, He holds the accolades as the Honorary member of European Asian Financial policy forum and Advisory Board Member ANZ Business Chamber for India, Australia, New Zealand, and Singapore.

In United world Halal development, Jinna joins forces with Halal Industry giants, environmental scientists, theological scholars and governments to host the ‘World Halal Day’ on 1st of November, every year.
World Halal Day is Instrumental in bringing several government bodies to invest in various countries for various projects and initiatives in the field of Islamic (Ethical) banking, Food, Travel, Tourism & Medical Tourism through which manufacturers, Traders, Investors & entrepreneurs meet at one common platform to create businesses and networking between business people,  entrepreneurs and government bodies. This will upsurge the economic condition and infrastructure of the nation which he believes will in turn eradicate poverty as a whole.

World Halal Day will be crucial by bringing in Islamic (Ethical) Banking in a very easy format with digital technology that will be of utmost reach for every person even the down trodden to help them financially, growth sustainability will be the key.

This event facilitates investment in industries like Food & Beverage, Cosmetics, Pharmaceuticals, Islamic (Ethical) banking system, Travel & Tourism and Medical Tourism alike, for the overall economic growth of the Hosting Country. The core objective of the event is to Create Awareness & Trade Promotion. The Trade Promotion is done by creating platforms to showcase Products & Services with B2B networking opportunities, with International Buyers, Suppliers, Sellers and Traders & Distributors.

The World Halal Day focuses on increasing the export market thereby creating an upswing in the economic development, creating more job opportunities eradicating poverty and unemployment.
Continuing in his selfless path, he has announced plans to hold the 2020 World Halal Day in Durban, South Africa. Just like the previous years, United World Halal Development (UNWHD) recognizes the World Halal Day on 1st November, celebrated in different parts of the globe every year. UNWHD has successfully organized the “WORLD HALAL DAY” celebrations since 2014, in Singapore, India, Croatia, United Kingdom, South Korea, and Russia.

Much contrary to the general conception that halal is only limited to a religion or its food, especially meat or meat-based products, Halal is actually the ethical lifestyle of the mankind in entirety. Mohamed Jinna aims to bring holistic societal development that bridges disparity between the rich and the poor, the endowed and the deprived.

The efforts of Mohamed Jinna is paving way for Halal to be rightly understood as synonymous with a peaceful, ethical and harmonious lifestyle. It is a coherent parameter designed for health, safety and human welfare.

About ISLAMICA 500

Published annually, the ISLAMICA 500 is THE reference providing hard-to-find biographical details for 500 of the world’s most prominent and influential personalities in the Islamic world and economy. It has become the industry benchmark. The ISLAMICA 500 is supported by the WIEF (World Islamic Economic Forum).

The ISLAMICA 500 is a fully independent source of information, multidisciplinary and market-driven, cooperating with media giant as Forbes, Dinar Standard, Oxford Business Group, CNBC Arabia and more.

The research and strategic partners include Forbes Middle East, Dinar Standard, Oxford Business Group and ISFIN.

Germany: HALAL HANNOVER conference to be held March 6-8

Posted by Indian Muslim Observer | | Posted in , , , , ,

For the first time ever, the world’s largest summit on the Islamic economy is coming to German-speaking Europe. Global Islamic Economy Summit to hold Round Table at HALAL HANNOVER.

IMO News Service

Hannover, Germany: Halal Hannover conference will be held from 6th to 8th March 2020. The 3-day conference is set to attract the 56 member states of the Organisation for Islamic Cooperation (OIC).

The conference was first announced by Deutsche Messe in the summer of 2019, HALAL HANNOVER, a new business and knowledge-sharing platform for the German-speaking halal community, has already made a name for itself well beyond Germany.

The event’s conference programme has been officially endorsed by Dubai Islamic Economy Development Centre (DIEDC) and has garnered further international influence with the addition of a Global Islamic Economy Summit (GIES) Round Table, set to take place on 6 March 2020. 
The event has assumed greater significance as it will mark the first time the international series of round tables on the Islamic economy, which is establishing a presence in German-speaking Europe.

Each GIES round table that takes place outside the UAE features experts from the UAE and the host region, providing an opportunity for dialogue and knowledge exchange between the Muslim and non-Muslim stakeholders of the Islamic Economy.

Owing to their geographic location, many Islamic countries are reliant on food imports from the West. The UAE is a case in point. As the home of a major international airport and some of the world’s leading seaports, the emirate of Dubai serves as the entry point for the large volume of goods – including halal products – that the country imports from Europe. Since 2013, DIEDC has been successfully working on implementing the strategy of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the global capital of the Islamic economy.

The GIES round table at HALAL HANNOVER will serve as a precursor to the next Global Islamic Economy Summit (GIES), to be held in Dubai on 9 and 10 November, 2020 on the sidelines of Expo2020 Dubai, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum.

“The GIES round table is a major boost for HALAL HANNOVER,” said Christoph Schöllhammer, Deutsche Messe’s director for HALAL HANNOVER. “Dignitaries, thought leaders and decision-makers from the international halal industry will gather at the event to discuss the benefits, opportunities and challenges of the international market for halal products and services.”

The round table will take place from 2:30 p.m. to 4:30 p.m. on 6 March 2020 in the conference area of Hall 19/20 at the Hannover Exhibition Centre.

The conference component of HALAL HANNOVER will feature a varied and well-balanced line-up of speakers and topics. Spanning three full days, the event will provide a unique opportunity for attendees to explore current trends and developments in the halal economy and network with industry experts from Austria, Belgium, Croatia, the UAE, Germany, Malaysia, Spain, Switzerland and Turkey. The programme will offer a strong focus on certification and quality assurance of halal products, retail, logistics, Muslim travel and Islamic banking. The conference presentations will be in both German and English.

For further information on the conference programme, please visit https://halal-messe.de/en/conference/

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