myMinaret: Business

Islamic 'digital marketplace' DagangHalal eyes AIM flotation

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LONDON (ShareCast) - (ShareCast News) - DagangHalal, which operates a website to allow retailers and consumers to check whether food is suitable for consumption by Muslims, has set out plans to float on the London Stock Exchange (Other OTC: LDNXF - news) in March. According to the Islamic principles of Shari'ah law, those following the Muslim faith can only consume food and drink that has been designated as 'halal', which is the Arabic word for 'lawful' or 'permitted'.<br />
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Founded in Malaysia, DagangHalal.com has been set up as an online marketplace to connect manufacturers, importers, exporters, distributors, as well as providing Halal verification.<br />
The website's 'Halal Verified Engine' database allows suppliers and consumers to check whether products and services being purchased are halal.<br />
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Chief executive Mohamed Hazli Mohamed Hussain said digital technology was bringing the halal market into the 21st century and allowing the company to consolidate the market.<br />
"With (Other OTC: WWTH - news) widespread internet use and smartphone adoption across the world's Muslim population, we now have the infrastructure to be able to check product authenticity anytime and anywhere.<br />
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"DagangHalal now has the opportunity to consolidate its position in the industry - delivering a single platform and a focal centre for global Halal trade and the proposed placing and admission to AIM will enable us to accelerate our growth towards this ambition." Hazli wants to raise capital to help develop the business, with a London listing raising its profile and providing access to new investors and future capital.<br />
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Arden Partners (LSE: ARDN.L - news) has been hired to stand as an AIM nominated advisor and joint broker, with Optiva Securities the other joint broker.<br />
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While, for non-Mulims, the principle of halal meat is perhaps best known by fans of kekab shops, halal is also applicable across a range of industries, including food and beverages, consumer goods and personal care, healthcare and pharmaceuticals, science, hospitality and leisure, with more than $1trn spent on Halal food and beverages each year.<br />
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The halal meat market in the UK alone is estimated to be worth around £2.6bn a year.<br />
Although highly fragmented with thousands of small and medium enterprises, the global halal industry is growing fast as the worldwide Muslim population is forecast to grow to 1.8bn in 2020, from 1.6bn in 2010.<br />
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AIM's connection with Islam began with the 2004 flotation of Islamic Bank of Britain, which was taken private in 2012, followed by European Islamic Investment Bank in 2006, which last November changed its name to Rasmala.<br />
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Source: <a href="https://uk.finance.yahoo.com/news/islamic-digital-marketplace-eyes-aim-130400667.html" target="_blank">https://uk.finance.yahoo.com/news/islamic-digital-marketplace-eyes-aim-130400667.html</a> </div>

Islamic 'digital marketplace' DagangHalal eyes AIM flotation

LONDON (ShareCast) - (ShareCast News) - DagangHalal, which operates a website to allow retailers and consumers to check whether food is ...

Tuesday, February 23, 2016

Burger King France - Replacing all pork and bacon products from its menu with halal-certified beef and chicken

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<i style="text-align: center;"><i>Grand Mosque - Paris France</i></i></div>
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Fast food chain Burger King is going after the 5-million strong Muslim consumers in France, the country with the biggest Muslim population in Europe, WND reported.<br />
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An American fast food chain is taking advantage of the growing Muslim population in France by replacing all pork and bacon products from its menu with halal-certified beef and chicken.<br />
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This came about after Burger King took over hamburger chain Quick's 405 outlets in France, according to The Local and Le Parisien.<br />
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With its expansion, Burger King will directly compete with McDonald's, which has 1,300 fast food outlets in France. The acquisition of Quick will make Burger King, which currently has 30 stores in France, the second largest fast food chain in the country.<br />
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Quick registered a turnover of $1.12 billion last year and employs 19,000 people. Quick has about 20 halal restaurants in France, which source meat from animals slaughtered in compliance with Islamic law. Le Parisien reported that the halal food market in France is worth about 5.5 billion euros. Groupe Bertrand, the major shareholder of Burger King France, is set to finalise the takeover of Quick this month.<br />
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The halal burger outlet is a growing market in France. An experiment was conducted for six months in 2009 to test the consumers' preference for halal food. Some politicians opposed the lack of pork in some fast food restaurants, saying it's a form of "communitarianism."<br />
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Burger King France has about 5 million euro in annual sales and expects to have 50 restaurants by end of the year. The takeover will make France one of the largest markets for Burger King worldwide. Burger King France was established in 2013.<br />
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Quick has about 509 restaurants in France, Belgium, Luxemburg and outside of Europe and the takeover in France will boost Burger King's position in the fast food market.</div>
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Burger King France - Replacing all pork and bacon products from its menu with halal-certified beef and chicken

Grand Mosque - Paris France Fast food chain Burger King is going after the 5-million strong Muslim consumers in France, the ...

Wednesday, February 17, 2016

Bank of England to establish Shari’a-compliant borrowing facilities for Islamic banks

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A new Bank of England consultation, which closes on 29 April, builds on a feasibility study carried out last year and sets out two possible deposit facilities, and two possible liquidity insurance models. The idea behind the proposals is to help firms that are prevented by Shari’a law from undertaking activities involving interest to manage fluctuating liquidity demands and ride out periods of particular stress.<br />
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Islamic finance expert Amir Ahmad of Pinsent Masons, the law firm behind Out-Law.com, said that publication by the Bank of England of its plans was a "positive step for the UK Islamic finance market".<br />
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"The introduction of the proposed deposit facility models by the Bank of England has the potential to significantly aid those UK firms who cannot engage in interest-bearing activity," he said.<br />
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"The consultation process also highlights the practical steps taken by various UK bodies to attract investment from the 'Muslim world', following prime minister David Cameron's 2013 statement outlining his desire to make London ' one of the greatest centres for Islamic finance anywhere in the world'," he said.<br />
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The UK government announced its intention to raise London’s profile as a western ‘hub’ for Islamic financial transactions in 2013. In 2014, the UK became the first non-Muslim country to issue sovereign ‘sukuk’, the Islamic equivalent of bonds.<br />
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Islamic, or Shari’a, finance refers to financial products which adhere to the principles of Islamic law. Transactions are often structured in a very different way to conventional western financial products in order to comply with Shari’a principles, such as the ban on allowing one party to make money unjustly at another’s expense. Wealth can only be generated through trade and investment in assets, providing that those assets are not banned by Shari’a. Interest, known as ‘riba’, is also banned.<br />
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Read entire article here:<br />
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<a href="http://www.out-law.com/en/articles/2016/february/bank-of-england-to-establish-sharia-compliant-borrowing-facilities-for-islamic-banks/" target="_blank">http://www.out-law.com/en/articles/2016/february/bank-of-england-to-establish-sharia-compliant-borrowing-facilities-for-islamic-banks/</a></div>

Bank of England to establish Shari’a-compliant borrowing facilities for Islamic banks

A new Bank of England consultation, which closes on 29 April, builds on a feasibility study carried out last year and sets out two poss...

Monday, February 15, 2016