Dubai: The Capital of Islamic Economy I August 2014

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Filling the gaps While Islamic banking and finance remains at the heart of development of Dubai as a hub for Islamic economy, the reach goes far beyond to encompass multiple sectors Suneeti Ahuja-Kohli

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slamic initiatives and Dubai’s endeavour to become the capital of Islamic economy will have a trickle-down effect on a number of industries and sectors. While banking and finance remain central to the development of Dubai as a hub for Islamic economy, the reach goes far beyond to encompass different industries and sectors. This includes the entire chain of financial services sector, food, ranging from meat and poultry products all the

way to non-meat foods and down to micro-ingredients, flavourings and colourings; family-friendly travel; fashion and clothing; cosmetics and personal care; pharmaceuticals; and media and recreation.

In aggregate, the global expenditure of over 1.6 billion Muslim consumers around the world on food and lifestyle is estimated to be around $1.62 trillion in 2012. As per a recently published State of the Global Islamic Economy 2013 report, this figure is expected to reach $2.7 trillion by 2018 — forming the potential core markets for halal food and lifestyle sectors.

Dubai’s initiative is a step to fill the demand and supply gap in the Islamic ecosystem. Work on this ambitious project began in full swing last year with the launch of a three-year programme by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.

The first major achievement on this front is the

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Full suite of Shariah-compliant products and services Islamic financial solutions are tailored for your everyday needs

Tooran Asif CEO, Mashreq Al Islami

Dubai’s selection as the host of the 10th session of the World Islamic Economic Forum 2014 — one of the world’s largest gatherings to share knowledge, experience and expertise in Islamic economy — is set to take the emirate a step closer to its vision of becoming the world capital of the Islamic economy.

The emirate is already known as one of the leading financial hubs in the world.

As a UAE national financial institution, Mashreq is committed to the growth of the industry through enhancing offerings based on market requirements.

Over 40 years, the bank played a vital role in the banking industry through its innovative approach in financial services. Mashreq’s rich heritage of local knowledge and regional extensive reach makes it one of the longest standing financial institutions that has witnessed the evolution of the industry and complimented its development.

In its aim to provide holistic Islamic financial solutions, Mashreq Al Islami (MAI) offers a comprehensive range of retail banking products and services including Mudaraba based savings and term investments, Wakala deposits with attractive profit rates, personal, auto, and home financing solutions for individual needs with competitive profit rates, an Ujrah based-Islamic credit card, MAI

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Dubai: The Capital of Islamic Economy

Strictly adhering to food safety Banvit owns the largest broiler chicken processing facility under a single roof that is able to process 16,000 birds per hour and 75 million per year Starting out as a feed producer in 1968, Banvit gradually went into the production of broiler chickens. Today, Banvit’s facility in Izmit, Turkey, is able to carry out all stages of vertical integration

regarding poultry production. It owns the largest broiler chicken processing facility under a single roof able to process 16,000 birds per hour and 75 million per year.

This capacity is equal to the figures from economies of scale at leading poultry producers around the world such as the US and Brazil.

Banvit has carried out production in compliance with the HACCP, an important inspection programme with regard to food safety. In addition, the scope of the ISO 9001 certificate issued by the BVQI in November 2000 was expanded to include live production; the certificate was

Banvit has carried out production in compliance with the HACCP, an important inspection programme with regard to food safety. In addition, the scope of the ISO 9001 certificate issued by the BVQI in November 2000 was expanded to include live production; the certificate was updated in January 2002. updated in January 2002. Furthermore, the renewed waste treatment facility with a daily capacity of 3,500 cubic metres and 200 tonnes of liquid and solid waste respectively, started operating in December 2001. On September 16, 2003, the ISO 14001 Environmental Management

Systems Certificate was awarded separately for chicken and turkey production, a rare accomplishment in the sector even in European Union member countries.

Over the years, Banvit has become a trusted source of halal poultry products with a reputation for producing premium

quality products and frozen food in the growing Turkey food service sector. As one of Turkey’s pioneering poultry manufacturers, Banvit has been working towards expanding its distribution channels to the Middle East. The first phase of this expansion saw the launch of a selected list of Banvit products in the UAE that were specifically tailored to the region’s taste and lifestyle. This phase commenced with the distribution of poultry products in leading hypermarkets and general store franchises.

Currently in planning and expediting the second phase of the expansion plan, Banvit has its eyes on other parts of the Gulf and Levant regions. The goal is unified with the aim to position the brand as one of the top food companies in Europe and the Middle East while keeping with the highest standard and quality of products and through identifying key export opportunities and an efficient distribution network.

Full suite of Shariah-compliant products and services » Continued from previous page also offers Islamic premium banking services with dedicated CISI qualified and Shariah certified RMs, along with the best takaful offerings for life coverage and saving plans via the region’s leading provider. On the wealth management side, MAI has the best performing Islamic income fund in the region, which has grown 49 per cent since its inception five years ago, and a top performing MAI Arab Tigers Fund, which has grown 18 per cent in 2014 alone.

Leveraged financing on sukuks and funds is also offered to the customers who are looking for Shariah-compliant investments.

To the business banking customers, MAI provides collateralfree high financing amounts on Murabaha principles with dedicated RMs and transaction banking facilities.

A great deal of emphasis is placed on ensuring a high level of Shariah governance, as Mashreq Al Islami is overseen by a highly qualified and reputed Shariah Supervisory Board comprising Shaikh Abdulla Suleman Al Manaei, Shaikh Nizam Yaquby and Shaikh Dr Ali El Gari.

MAI launched advanced online and mobile banking applications, which is unmatched amongst the competition. Besides, MAI is the only Islamic player which offers Salaam Rewards on the customer’s entire banking relationship, and these rewards can be redeemed at 1,800 POS machines across the UAE instantly, an experience which no other service provider in the region offers.

Tooran Asif, CEO, Mashreq Al Islami commented, “Dubai is well on track on achieving its goal to become the world capital of the Islamic economy. The emirate has a tremendous opportunity and has a robust Islamic banking system that will drive the momentum to realise the dream.”

“At Mashreq Al Islami, we strive to provide our customers with a full suite of Shariah-compliant products and services that meet the demands of their everyday lives. Islamic banking continues to evolve and we are equipped to adapt to the change to extend innovative and exceptional banking experience to our customers.”

The Islamic products are distributed through all the 45 branches of Mashreq where the bank places a great emphasis on training and certifying the RMs and sales officers.

On the corporate side, the bank offers institutional liquidity and investment solutions, comprehensive trade financing, working capital, Wakala based financing, commodity Murabaha financing, Musharakah and Ijarah financing.

Filling the gaps » Continued from previous page right to host the 10th World Islamic Economic Forum (WIEF) in October this year. WIFE, a congregation of top policy makers and thinkers, is expected to pave way for Dubai to achieve its goal sooner than later. The forum is expected to discuss ways to benefit from the growth of Islamic economy and the subsequent demand for Islamic products.

Islamic economy comprises of economic and commercial activities that are compliant with the Islamic law — but also naturally accommodate all the relevant sectors of the economy driven by the Muslim population’s adherence to some sort of a faith-based activity that has an impact in the market.

Experts suggest that its attributes are not that different from any economic ecosystem as it simply addresses the Shariah-element and Islamic law in conducting the activities — whether on the supplier-side, the distribution side, or the consumer’s side.

— suneeti@khaleejtimes.com

Dubai: The Capital of Islamic Economy There are very few chefs who gain Master Chef status and it’s such a fantastic honour to receive this accreditation as an Arab chef and gain international recognition for my cuisine. I hope to inspire the new generation of professional Arab chefs to go on to greater achievements and with my new show ‘100 Lahma’ on Fatafeat TV impart my experience and knowledge to give home cooks more confidence in the kitchen.

Chef Tarek

Taking Arabic cuisine to the world Middle East’s first WACS Master Chef launches ‘100 Lahma’ Fatafeat TV celebrity and Meat and Livestock Australia MENA’s Corporate Executive Chef Tarek Ibrahim is the first Arab chef to be nominated and receive the coveted status of Master Chef from the World Association of Chef Societies (WACS). The title of Master Chef is given to professional chefs who create innovative dishes of exceptional quality, push boundaries with creative concepts and hold a reputation for culinary excellence.

“There are very few chefs who gain Master Chef status and it’s such a fantastic honour to receive this accreditation as an Arab chef and gain international recognition for my cuisine. I hope to inspire the new generation of professional Arab chefs to go on to greater achievements and with my new show ‘100 Lahma’ on Fatafeat TV impart my experience and knowledge to give home cooks more confidence in the kitch-

en,” says Chef Tarek.

Chef Tarek’s new Fatafeat TV show ‘100 Lahma’ (100 Meat) showcases the very best of lamb and beef dishes. The programme will have English subtitles. The show covers 100 delicious and nutritious halal meat recipes including culinary delights such as roast shoulder of lamb with garlic, beef wellington and Moroccan lamb tagine. The first show will air on June 24 at 13:00 (KSA) and will run for 60 days. ‘100 Lahma’ will run three times per day. The highlights include chef Tarek’s lessons on preparation, use of different cuts and halal integrity.

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Purity guaranteed A’saffa adheres to Islamic Shariah principles, offering the highest quality food products and hand slaughtered chicken

A’Saffa Foods S.A.O.G. is a market leader in poultry and food products and operates the largest fully integrated poultry project (parent farms, feed mills, hatchery, broiler farms, processing plant, slaughter house) in the Sultanate of Oman. Established in 2001, A’Saffa has achieved leadership in most of the product categories and succeeded in gaining good reputation through uncompromised quality, stringent manufacturing standards and conformity to international specifications. It has a growing export market with strong presence in areas including the UAE, Qatar, Bahrain, Kuwait and Yemen.

Spread over an area of 40 square kilometre, A’Saffa Foods is an ISO 9001, ISO 14001 and HACCP certified company, and has implemented the same standards in all sections of the farm and processing plant. It adheres to the highest bio-security measures and stringent hygiene standards ensuring the chickens are free from any diseases. The state-ofthe-art plant produces high quality fresh and frozen poultry products.

Notably, A’Saffa poultry are fed with 100 per cent natural fodder (yellow corn and soya), produced in a highly equipped factory. The chicken is slaughtered manually by knife (real halal), as per the Islamic law (Shariah), and do not use electrical shock before slaughtering.

“A’Saffa chickens do not contain hormones, steroids, artificial flavour and colour or chemical preservatives, synthetic ingredient and are not artificially injected with water to increase weight. It is all part of our effort to give consumers a natural product — making A’Saffa a trusted name in 100 per cent natural, tasty and healthy food products,” says Sidhartha Lenka, Head of Sales and Marketing, A’Saffa Foods.

A’Saffa Foods gives an assurance to its customers in Oman, UAE, Qatar, Bahrain, Kuwait, Yemen and across

the region that they can buy chicken and food products with confidence knowing that it has been raised and slaughtered by hand using real halal techniques in accordance with Islamic Shariah principles. Contrarily, many poultry producers around the world use electrical impulses known as stunning to kill chicken.

The company made the announcement as markets in the region continue to import produce from companies around the world where there is no strong Islamic tradition.

A’Saffa Foods, the leading food producer and exporter in Oman and the fastest growing in the GCC, says consumers can truly buy chicken with confidence if they select home produced foods prepared within an Islamic nation.

Says Lenka: “We believe that our products offer real halal to our customers here and in the region ensuring an authentic and credible product to families who buy our frozen, fresh and processed value-added range of products from the house of A’Saffa Foods.

“Our state-of-the-art farm near Thumrait ensures birds are slaughtered by hand using a knife and processed in a way that is hygienic, fit for human consumption and offer the highest quality.”

A’Saffa Foods claims that most other poultry producers in the world use

techniques that are not real halal to kill birds. This includes the practice of stunning chickens with electricity before they are killed.

“Using electricity dries the blood and fluid content of the bird which means a lot of dried blood and toxins remains in the flesh and veins and is therefore not hygienic. Through real halal slaughtering is done by hand from the top of the neck ensuring each drop of blood and toxin flows out of the bird and is hygienic for consumption,” he explained. Secondly, worldwide during stunning three to four out of every 100 chickens die before slaughter because of weak hearts which means halal is not guaranteed and anybody could be consuming those three to four chickens.

“Some companies also use mechanical devices to slaughter poultry which is also contrary to the strict guidelines that should be carried out to ensure that birds are slaughtered in accordance with proper Islamic Shariah.”

A’Saffa Foods employs Muslimtrained staff to slaughter chicken by hand at their farm. In accordance with Shariah principles, the company’s staff members face the “Makkah” and recite “Bis miallah Allah ho Akhbar” each time they slaughter a bird.

“A’Saffa”, “Khayrat” and “Taybat” processed value-added products are produced at the state-of-the-art, highly sophisticated automated plant.

Burgers, fillets, fingers, nuggets, spring rolls, samosa, franks and other marinated products are some of the delicacies produced in this plant and catered to a large section of the society. A’Saffa Foods has also forayed into frozen vegetable, frozen fruits, frozen fruit pulp, sea food and mineral water.

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