A Trillion Dollar Halal Business

Agence France-Presse AFP Singapore is reporting as follows:

Assets held by the world’s 100 biggest Islamic banks grew 66 per cent in 2008 from the previous year despite the financial turmoil that clobbered mainstream lenders, a report said Friday.

The top 100 Islamic banks held assets totaling 580 billion US dollars last year, up from 350 billion dollars in 2007, according to an annual report by The Asian Banker, a magazine for financial professionals.

In the same period, Asia’s 300 biggest banks saw their assets rise by a much slower 13.4 per cent, it said.

A financial storm sparked by a crisis in the US housing market swept across the world late last year. Its impact spilled over into the general economy and sent several countries into recession.

Prominent US investment bank Lehman Brothers collapsed into bankruptcy, while several other major Western banks suffered massive losses.

‘Despite the financial turmoil in late 2008 that crippled so many large Western institutions, Islamic banks have continued to grow in prominence and size,’ the magazine said in a press statement.

Emmanuel Daniel, the magazine’s president and chief executive, added: ‘Islamic finance has seen an incredible surge in popularity, based on stronger regulatory regimes and a better international understanding of its dynamics.’

Islamic banking fuses principles of sharia or Islamic law and modern banking. Islamic funds are banned from investing in companies associated with tobacco, alcohol or gambling.

Iranian banks were the biggest players in the global Islamic banking sector, holding seven out of the top 10 rankings and 12 out of the 100, but Saudi Arabian lenders were more profitable, the report said.

Saudi Arabia’s Al Rajhi Bank had the highest net income of 1.74 billion dollars, which is more than five times the earnings of Bank Tejarat, Iran’s most profitable lender.

Iranian banks also took up 40 per cent of the total assets of the top 100 banks, with the UAE, Malaysia, Saudi Arabia and Kuwait accounting for a combined 40 per cent. Smaller banks in 10 other markets accounted for the rest.

Outside of the Middle East, two Islamic banks in Britain made it to the top 100, according to the report.

Asian and North African banks ‘are still very small’ compared with the Middle Eastern players, it said, adding that ‘only Malaysian and Bangladeshi Islamic banks have a significant amount of assets’.

Indonesia, the world’s most populous Muslim nation, had only two banks on the list, Pakistan had three, while regional financial centre Singapore and the Malay Islamic kingdom of Brunei had one each.
Riaz Haq, PakAlumni Worldwide

Re: # 127

Leaving Riaz aside rest of Muslims of India (including Brit India )Would wish that for themselve too that is spared life

By the looks of Malegaon Jaipur Hyderabad Samjhauta Train Naxal maoist in bengal nepal And dominant 75% nonmuslims in the British India . Would Indian nonmuslim not kill so much to include muslims!

Re: # 129
I agree it's not worth your time to explain math. Your time and mine would be better spent on helping improve the horrible situation on the ground in South Asia.
Riaz Haq, PakAlumni Worldwide

#126:
I don't see any honest recognition of anything in #98. And it isn't worth my time to explain enough mathematics to explain the significance of the trends I quoted earlier.

You are welcome to pat yourself on the back for the sterling achievements of the last 30 years.

Re: # 121
After all this is a good market for Jews who avoid eating the hinds of the animal according to Kosher protocols, half the animal used to be trashed now they have a market for it where they can cash their hinds.

Re: # 123

riaz-ul-Haq saheb,

Ofcourse, we Indians are very ordinary people before light of ummah Pakis. we do not deserve yuor attention. You are indeed superior in every way before Paki full bloodied momeens.

Now, that we acknowlege your superiority. you should now dis-mantle your terror apparatus. End your Jehad camps. Roll back your supremacist religious crap and do not even look beyond the borders.

We do not want your to see you !

As you are superior being and Allah's chosen people please leave us alone.

We want nothing from you!!!

Re: # 125
tahmed sahib, That's not my intent. All I want to see is an honest recognition of the problems that exist on both sides of the border.

Hopefully such recognition will lead to a reordering of the budget priorities and focus to human deprivation in South Asia.

In particular, I'd like to see resolution of serious disputes and military budget cuts by both India and Pakistan as a start, then start serious cooperation between the two to create a common market and lift people out of poverty.
Riaz Haq, PakAlumni Worldwide

but seriously Riaz Sahib: this schadenfreude at the expense of poor people in the other country by well-off people on chowk is not worth pushing any more than needed to keep our worthy neighbors in line.

#123 Riaz sahib: pakistan also won the 2020. Surely this should further improve our PHI, given that the nation's hunger for this win has been satisfied.

Re: # 122
So you admit that India is worse off than Pakistan! Well, that's a good start toward recognizing the reality of Shining India!.

Now let's look forward to the probability assessment of India versus Pakistan achieving UN MDG1. That is what PHI measures. In this assessment, Pakistan is ranked 45, well ahead of India at 62.

India ranks number 62 along with Bangladesh at 67 in the PHI (Poverty Hunger Index)ranking out of a total of 81 countries. Both nations are included among the low performing countries in progress towards MDG1 (Millennium Development Goals) with countries such as Nepal (number 58), Ethiopia (number 60), or Zimbabwe (number 74).

http://motherchildnutrition.org/resources/pdf/mcn-how-are-we-doing.pdf

Riaz Haq, PakAlumni Worldwide

#98:
On poverty-hunger index (PHI), Pakistan ranks at 45, well ahead of India at 62 and it is included in the medium performing countries.

Hmm.. really ? Let's take a look, shall we ? Here is the 2008 report from IFPRI:
http://www.ifpri.org/pubs/cp/ghi08.pdf
Turn to page 12 to see the trend from 1990 to 2008. Pakistan has improved its GHI by less than 25%, India by between 25 to 50%.

But wait, turn to page 17. Pakistan is currently at number 61 (GHI of 21.7 down from 25.3 in 1990). India is at 66 (GHI of 23.7 down from 32.5 in 1990).

Trouble reading ?

McDonald's, Nestle and Tesco are not only non-Muslim owned/managed companies capitalizing on the growing demand for halal products. New ones, such as Al Safa, whose products are found in North American supermarket chains, are joining the fray. Here's the Al Safa story from Sound Vision:

A Muslim name, some Muslim employees, a logo containing Arabic, date palm tree, and a masjid, slick flyers announcing its Halal food products and a 1-800- number with a message greeting you with a Salam and a recording in English and Arabic.

But Al Safa Halal is not a Muslim company. The Kitchener, Ontario-based entity is actually owned by non-Muslim (Jewish) private investors, intent on cashing in on the North American Muslim meat market.

While one of Al Safa Halal's proprietors, David Muller, refused to speak with Sound Vision, he directed our call to its Customer and Consumer Relations Manager AbdelKader Muhammad. Muller also would not disclose exactly who and how many people owned Al Safa Halal, saying this information is confidential.

Providing Halal meat products for Muslims was the first type of business Muslims in North America established long ago. After Masjids, the Halal grocery store became a need of the Muslim community in North America. Such stores have become part of the landscape.

Enter Al Safa Halal. While it was only launched last year, it emerged from the company MGI Packers, which is based in Kitchener, Ontario, Canada and had been in business as a slaughterhouse since 1987.
Riaz Haq, PakAlumni Worldwide

Re: # 108

"We need some rich market...The topic discussion is about "hallal" business and we should concentrate on that..."

NKG,

I am sure some gujju bania or a chini bhai would do a better business with Islami halal stuff instead of the mullah like raiz-ul-haq.

You would require mullahs like him to shout and advertize for your product. Mullahs like him would come up with appropraite Islami slogan like -

"agar Islam qubool to sahi hai ICEKOOL!1"

"ICEKOOL, the Islami drink from Arabia!!"

By the way Riaz-ul-Haq ji, there is another HALAL business of camel milk and urine - it is clearly prescribed by the profit as well.

I am sure you are aware of that- some enterprising mullah has already starting selling the concoction in Egypt.

Even Chaudhary Niamutullah would like to promote this concotion as a national drink.

I am sure you can get into this business of HALAL camel milk and urine therapy!!

Re: # 117

actually it is the mubllahism that constantly finds BUSINESS in Islam!!

Riaz-ul-haq is a clear example of such a mullahism infested mind .

The business of Islam is a serious one that aims at captivating the minds and souls of poor muslims with arabianism culture.

tomorrow he would start selling the Arabic Sheikh dress to all the Pakistanis claiming it to be a HALAL unifrom for the muslims!!

He is amazing!@

Re: # 115
masadi,
I think your obsessions with some mullahs and their horrible misdeeds is clouding your thinking about halal business and finance. It's not about mullahs or fundamentalism. It's about business conducted with basic ethical principles of Islam. Islam is not owned by a few misguided mullahs.It is the common faith of the world's 1.5 billion Muslims who make up a very large and lucrative market with immense purchasing power.
Riaz Haq, PakAlumni Worldwide