Muslim Lifestyle Market news from around the world – updated every two weeks

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July 20th -Aug 6th, 2008

Edited by Zainab Mansoor

Hospitality

Landmark to open 10 Sharia Compliant hotels

Company: Landmark Hotels Management Company
Country: United Arab Emirates
Category: Hotels
Industry: Hospitality

Landmark Hotels Management company, the premier UAE based hotel giant recently announced expansion plans of opening 10 Islamic hotels in UAE and Saudi Arabia in the next 2 years.

These hotels would be free of alcohol, serve halal meals and would donate a certain percentage of their earnings to charity. The services of these hotels are meant to cater to Muslims and Non-Muslims alike.

Landmark hotel
One of Landmark’s new planned hotel in Abu Dhabi

External Links:
Arabian Business

Food & Beverage

Beijing to set up Halal Food outlets during Olympics

Country: China
Category: Halal Food
Industry: Food & Beverages

For ease and convenience of Muslim visitors and contestants, numerous Halal food outlets will be launched in Beijing during the Olympics event. A massive investment of $4.7 million (US) will be made to open halal food shops with easy access and to upgrade food processing facilities across various food businesses. An approximate figure of 10,000 Muslim athletes, participants, visitors and officials are expected to visit Beijing during the event.
Beijing Olympics Halal Food

External Links:
Xinhua

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Malaysia suggests Halal Supermarket launch in Bangladesh

Country: Bangladesh
Category: Food
Industry: Food and Beverages


In order to gain leverage in Bangladesh’s untapped market and bolster Malaysian manufactured halal products there, Malaysia has vouched to help set up a super market in Bangladesh. Secretary-eneral of Malaysian Ministry of Entrepreneur and Cooperative Development, Datuk Musa Mohammad, announced the effort at the opening of Halal Malaysia Week (HMW) 2008. Manufacturers from both nations would assist in setting up the same.

External Links:
Bernama

Media

Islamic Media award conferred on Dr.Ismail Ibrahim

Country: Malaysia
Category: Islamic Media
Industry: Media


This year’s National Prime Islamic Media award was accorded to Dr.Ismail Ibrahim, Malaysia’s Former Ambassador to Saudi Arabia. Alongside, Radio Television Malaysia (RTM) secured the best Islamic TV programme provider award whereas The Muslims Consumers Association of Malaysia won the best Islamic website award.

External Links:
Bernama

Insurance

Britain launches Salaam Halal Insurance

Country: United Kingdom
Category: Islamic Finance
Industry: Finance – Insurance


United Kingdom launched its first ever Islamic Insurance Firm, operative on Shari’a compliant principles. Salaam Halaal Insurance works on Takaful principles, in which all stakeholders bear equal risk. Participants contribute a certain amount which is then injected in Sharia Compliant investments and projects. At the end of the term, if the funds are excess, the surplus amount is distributed to its stakeholders once all claims are settled.

External Links:
AFP

Banking

Bahrain launches $33 million Sharia compliant investment firm

Country: Bahrain
Category: Islamic Finance
Industry: Banking


Licensed and permitted by the Central Bank of Bahrain, a Sharia compliant investment firm Tharawat Investment House was recently launched. This firm, worth $33.25 million was launched to meet the diverse requirements of Muslim investors, locally and abroad and to utilize the surplus liquidity in the GCC market.

External Links:
Gulf Daily News

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Meezan Bank and Eden Builders tie up for Islamic Finance Project

Country: Pakistan
Category: Islamic Finance
Industry: Banking


Meezan Bank and Eden Builders have come together on an Islamic Finance Project worth Rs. 2 Billion. The finances would be used in the upcoming residential projects by Eden Builders in Lahore. Meezan Bank, one of the leading Islamic banks in Pakistan with a 60% growth rate annually, acted as the premier financial advisor and arranger for the Project.

External Links:
Trading Markets

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Nigeria based Integrated Micro Finance Bank introduces Islamic Wing

Company: Integrated Micro Finance Bank
Country: Nigeria
Category: Islamic Banking
Industry: Banking


The Integrated Micro Finance Bank has introduced its Islamic wing via Sharia compliant financial and investment products. Ijara, one of the Islamic products is based primarily on daily contribution from leased products and the bank. Other two Islamic products are Musharaka Marana and Musharaka Nasat. This is meant to cater to the local community who is reluctant to invest in conventional financial products.

External Links:
All Africa

Education

Aligarh Muslim University initiates Islamic courses

Company/Institution: Aligarh Muslim University
Country: India
Category: Islamic Education
Industry: Academics


Aligarh Muslim University (AMU) has announced the introduction of an Islamic banking course along with separate courses for Islamic Insurance and finance. A Diploma certificate would be given for the Islamic insurance course whereas Islamic finance would be a 2-year Master’s Programme.

External Links:
Halal Journal


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