Latest news with #HalalIndustry
Zawya
16-06-2025
- Business
- Zawya
UAE's Islamic finance, halal industry poised for robust growth, economic diversification
ABU DHABI: The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global competitiveness. Backed by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this transformation. In May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with international best practices and standards. According to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18% of total banking assets and 22.8% of total credit within the national banking sector. The Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signaling a new era for the sector. The UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded US$95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income instruments. In the 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total assets. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. In statements to the Emirates News Agency (WAM), Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. Saleh also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached AED503.5 billion, a 16% year-on-year increase. Private sector credit alone stood at AED350.4 billion, growing 13.2% annually. Meanwhile, deposits at Islamic banks surged to AED595.3 billion, marking an annual growth rate of 16.9%. Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from AED74 billion to AED315 billion by 2031, leveraging its strategic location and world-class infrastructure. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce.
Arabian Business
15-06-2025
- Business
- Arabian Business
UAE targets Islamic finance and halal industry growth as bank deposits hit $162bn and $86bn export target set
The UAE has launched a bold national strategy to strengthen its leadership in Islamic finance and the halal industry, reinforcing its vision of economic diversification and global competitiveness. Backed by visionary government policies and a future-ready regulatory environment, the UAE is rapidly evolving into a global powerhouse for Sharia-compliant finance and halal-certified commerce. The recently unveiled national strategy aims to establish an integrated ecosystem covering Islamic banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with global standards. UAE Islamic finance Data from the Central Bank of the UAE in February 2025 reveals that Islamic banks now hold 18 per cent of total banking assets and 22.8 per cent of credit across the national banking system. The Islamic Sukuk market is also experiencing major growth, fuelled by the 2023 launch of the UAE's dirham-denominated Islamic Treasury Sukuk (T-Sukuk). Nasdaq Dubai now hosts over $95.7bn in listed Sukuk, establishing the United Arab Emirates as one of the world's largest centres for Sharia-compliant fixed-income instruments. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. As of February 2025, credit granted by Islamic banks surged to AED503.5bn ($137bn), reflecting a 16 per cent year-on-year increase. Deposits grew even faster, reaching AED595.3bn ($162bn), up 16.9 per cent. UAE halal industry In parallel, the UAE is stepping up its ambitions to become a global halal manufacturing and export hub. Under the new national plan, halal exports are expected to rise from AED74bn ($20bn) to AED315bn ($86bn) by 2031. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, said that the strategy is a landmark step toward establishing the United Arab Emirates as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to Bonafide Research, the United Arab Emirates' halal food and beverage market is projected to exceed $31.27bn by 2029, reflecting strong domestic and international demand for halal-certified goods driven by rising consumer awareness of ethical and dietary standards. The country's geographic position continues to amplify its influence in global trade and tourism. This strategic advantage is central to its ability to attract investors, consumers, and manufacturers alike, solidifying the country's status as a leading hub for both Islamic finance and halal commerce.
Malay Mail
28-05-2025
- Business
- Malay Mail
Tengku Zafrul: Miti yet to name new Halal Development Corp chairman as merger discussions continue
KUALA LUMPUR, May 28 — The Ministry of Investment, Trade and Industry (MITI) has yet to appoint a new chairman for Halal Development Corporation Bhd (HDC) following the end of former chairman Khairul Azwan Harun's contract. Minister Tengku Datuk Seri Zafrul Aziz said MITI also wants to observe the progress of the proposed merger between HDC and the Malaysia External Trade Development Corporation (MATRADE). 'The HDC chairman's contract has ended ... we want to see how this merger involving the Halal Commission proceeds, and whether it will be approved by the Cabinet or not,' he told reporters after the Asean-GCC Economic Forum 2025, held here today. Tengku Zafrul also expressed his appreciation to the former chairman and HDC management for their service to the development of the halal industry in Malaysia. 'I would like to thank the chairman of HDC and the HDC management as well. The HDC chairman's contract has ended, and I want to thank him for his dedication over the past two years,' said Zafrul. Earlier, MITI announced via a post on X (formerly Twitter) that Khairul Azwan had ended his service as HDC chairman effective May 17, 2025. The ministry said Khairul Azwan held the position beginning May 18, 2023. Khairul Azwan holds a master's degree in management from the Open University Malaysia and previously attended a global leadership course at the Harvard Kennedy School of Government, United States. He currently serves as chairman of VSolar Group Bhd and was formerly chairman of mTouche Technology Bhd and Malaysia Debt Ventures Bhd (MDV). — Bernama
Malay Mail
16-05-2025
- Business
- Malay Mail
PM Anwar says Tatarstan has enormous potential, ready to develop ties with it
KAZAN, May 16 — Prime Minister Datuk Seri Anwar Ibrahim yesterday said the Republic of Tatarstan has enormous potential and that Malaysia is ready to discuss trade and economic issues with it, such as Islamic banking and the halal industry in Kazan, the capital of the republic. As of 2022, the population of Tatarstan stood at 3.9 million people, comprising more than 70 ethnic groups, with more than 50 per cent of the population being Muslim. The prime minister said Malaysia is ready to work and develop ties with the republic, which is part of the Russian Federation. 'I believe that Tatarstan has enormous potential, (there is) a large number of proposals. We are ready to work and develop our ties,' Anwar said during a meeting with the Rais (Head) of Tatarstan Rustam Minnikhanov. The meeting was held in the Kazan Kremlin and was attended by the Prime Minister of Tatarstan Alexey Pesoshin, the Deputy Minister of Energy of the Russian Federation Roman Marshavin, representatives of ministries and departments and heads of major machine-building enterprises. Anwar led a delegation that comprises Minister of Agriculture and Food Security Datuk Seri Mohamad Sabu; Minister of Science, Technology and Innovation Chang Li Kang; Minister of Higher Education Datuk Seri Dr Zambry Abdul Kadir; and Minister of Plantation and Commodities Datuk Seri Johari Abdul Ghani as well as Malaysia's Ambassador to Russia Datuk Cheong Loon Lai. Meanwhile, Rustam, in a media statement, said that Anwar's visit to Kazan was a significant event. 'We are very glad to see you. Your visit encourages us to work even more actively. Our contacts should be more intensive,' he said, thanking Anwar for visiting Tatarstan and his participation in the Kazan Forum 2025. 'It is gratifying that a solid delegation of business circles is participating in the forum with you. The Kazan Forum has been held with federal status for three years now and is the main platform for establishing cooperation between Russia and the countries of the Muslim world. 'It is also a great honour for us that you participate in the meeting of the strategic vision group of the Russia-Islamic World (of the forum),' said Rustam. The Rais also thanked Anwar for the support provided by Malaysia, and emphasised that Tatarstan attaches great importance to the development of cooperation with Malaysia within the framework of friendly Russian-Malaysian relations. There is an increase in mutual trade turnover, ties are developing in agriculture, oil and gas and petrochemical sectors, IT technologies and in several other areas, he added. 'Our republic is a pilot region for the implementation of the principles of Islamic (partnership) banking and financing in Russia. We are also doing a lot of work in terms of developing the halal industry. These are also promising areas for our cooperation. Our colleagues from Malaysia provide us with great support. We learn from you, adopt the best practices,' said the Rais. Earlier, the Rais also presented the Malaysian Prime Minister with an English-language collection of poems by the classic poet of Tatar literature, Gabdulla Tukai. Anwar's official visit to Russia started in Moscow on May 13 and will end tomorrow. The Republic of Tatarstan is located on the eastern frontier of Europe at the confluence of the Volga and Kama rivers, with a distance from Moscow of 797 km. It covers a territory of 68,000 km², which is roughly the size of countries such as Ireland, Lithuania or Sri Lanka. The Volga River is one of Russia's most prominent watercourses, whose meandering presence through Tatarstan not only enhances the region's natural splendour but also holds significant economic importance. Tatarstan is also famous for a UNESCO site, the Bolgar Historical and Archaeological Complex, which was once the capital of Volga Bulgaria and now serves as a pilgrimage site for Muslims and a treasure trove for history lovers. The region's main source of wealth is oil, with a strong petrochemical industry. — Bernama
Arabian Business
06-05-2025
- Business
- Arabian Business
UAE sets $697bn Islamic bank target and aims for Halal export boost; Cabinet reviews tourism sector amid $122.5bn goal
The UAE has set ambitious targets for Islamic finance, tourism and more during a Cabinet meeting held in Abu Dhabi. Among the items on the agenda were the setting of massive growth targets for Islamic banks in the country, a review of 2024's booming year for tourism and small and medium enterprises in the country. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting held at Qasr Al Watan, Abu Dhabi. UAE Cabinet meeting Sheikh Mohammed bin Rashid Al Maktoum said: 'I have chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and Halal Industry. 'The goal is to develop the Islamic financial sector, lead global Islamic finance activities, and boost the export of Halal products worldwide. 'We aim to increase the assets of our Islamic banks from AED986bn ($268.4bn) to AED2.56tn ($697bn) within six years and raise the value of listed Islamic sukuk in the UAE to over AED660bn ($180bn) by 2031. 'We also approved the formation of a committee chaired by the Central Bank governor to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors.' During the meeting, the UAE Cabinet approved UAE Strategy for Islamic Finance and Halal Industry, aiming to build a globally competitive national Islamic finance sector, facilitate its activities and drive leadership in sustainable finance. It also seeks to boost exports by increasing local halal production and reach global Islamic markets. By 2031, the strategy targets significant growth, aiming to increase local Islamic bank assets to AED2.56tn ($697bn), increase local Sukuk issuances to AED660bn ($180bn), and international Sukuk listed in the UAE to AED395bn ($107.5bn), among other objectives. ترأست اجتماعاً لمجلس الوزراء في قصر الوطن بأبوظبي اعتمدنا خلاله استراتيجية الإمارات للمالية الإسلامية وصناعة الحلال.. الهدف هو تطوير الصناعة المالية الإسلامية، وقيادة أنشطة التمويل الإسلامي العالمي، ورفع مستوى صادرات منتجات الحلال لجميع أنحاء العالم.. هدفنا رفع أصول بنوكنا… — HH Sheikh Mohammed (@HHShkMohd) May 6, 2025 Sheikh Mohammed bin Rashid added: 'We also reviewed, today, the results of the UAE tourism sector for the year 2024. The sector of tourism, travel, and hospitality in the country provided during the year 2023 over 800,000 jobs, and contributed 11.7 percent to the national economy, and it is expected to score more than AED236bn ($64.3bn) in 2024. 'We have the necessary infrastructure, and our goal is to raise the sector's contribution to AED450bn ($122.5bn) over the next six years.' The UAE Cabinet reviewed the performance of the Emirates Tourism Council and the positive results of the tourism sector, driven by initiatives like the 'World's Coolest Winter' campaign and the National Tourism Charter. The year 2024 tourism results revealed that 30m guests checked in to the country's hotels by end of the year, scoring an increase of 9.5 per cent, compared to the previous year, room numbers grew by 3 per cent to 215,000 and hotel revenues rose by 4 per cent to AED37bn ($10.1bn). Tourism, including travel and hospitality, contributed AED220bn ($60bn/11.7 per cent) to the 2023 national economy. Its contribution is projected to reach AED236bn ($64.3bn) in 2024, and provided over 800,000 jobs in 2023. Sheikh Mohammed bin Rashid said the Cabinet reviewed SMEs in the country, adding : 'We also reviewed updates on the small and medium enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year in the International Business Leadership Observatory report of 2024–2025 and 18th among the world's top 100 in the Emerging Ecosystems Ranking in 2024. SMEs licences have grown by 160 percent. 'Our aim is to continue supporting and expanding this sector, providing the best environment for launching and sustaining small and emerging businesses, which are a core pillar of our national economy.' كما استعرضنا اليوم أيضاً ضمن مجلس الوزراء نتائج القطاع السياحي الإجمالي في الدولة للعام 2024… حيث ساهم قطاع السياحة والسفر والضيافة في الدولة بأكثر من 800 ألف وظيفة خلال عام 2023، وبلغت نسبة مساهمة هذا القطاع في الاقتصاد الوطني 11.7%، ومن المتوقع وصوله إلى أكثر من 236 مليار… — HH Sheikh Mohammed (@HHShkMohd) May 6, 2025 The Cabinet reviewed the latest updates on the national Small and Medium Enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year according to the 2024-2025 report of the International Business Leadership Observatory, seventh globally at the 2024 Global Competitiveness Index, and 18th globally among the 2024 top 100 Emerging Ecosystems Ranking. 'The country witnessed a growth of more than 160 per cent in the number of SMEs licenses issued between 2020 and 2024. The Cabinet also reviewed: The Ministry of Human Resources and Emiratisation's (MOHRE) AI implementation results. These included an AI-driven labour market simulation model, and an online platform that facilitates analysis to support decision-making and AI-driven solutions to current challenges. Automated solutions mimicking human actions in digital systems were also deployed The performance results of UAE Council for Digital Wellbeing, combined with national efforts to combat harmful online and social media practices, such as blocking drug-related content and accounts, disrupting malware and phishing schemes, and banning over 8 million phone numbers linked to harmful products Preparations for the 2025 Hajj season, led by the UAE Hajj affairs department, which operates under the General Authority of Islamic Affairs and Endowments and Zakat and in partnership with local governments entities
