Sharjah congress to help tap into $1bn Islamic finance and Islamic Cosmetics industry
- United Arab Emirates: Monday, November 26 - 2012 at 13:06
- PRESS RELEASE
The opening up of new markets and launch of new products are driving the $1 trillion global Islamic finance and Islamic Cosmetics industry to new heights, and the growth prospects of the industry will be the highlight of an upcoming industry event in Sharjah.
Although the Islamic banking industry currently constitutes only 1.6% of the total assets of the top 50 largest banks in the world (at $66.2 trillion at the end-2011), it remains one of the fastest growing segments in the global financial services sector, according to a recent study.
"In the early stages, Islamic finance found favour only with countries with large Muslim populations such as GCC, Egypt and Malaysia. Over the past decade or so, the Islamic finance industry has spread its wings, and rapidly grown to become a key component of the international financial system," said Mr Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah, ahead of inaugural Halal Congress Middle East and Halal Food Middle East trade show.
Expo Centre Sharjah will host the Halal Congress on December 11 to 12, 2012, while the Halal Food Middle East will be held at the same venue from December 10 to 12, 2012.
Recognizing the importance of Islamic finance and its growth prospects, the topic will be highlighted during the two-day Congress, which will also look at takaful insurance, Halal pharma industry, cosmetics & personal care sectors.
"Leading experts, scientists and Halal promoters have confirmed their participation as speakers and panelists for Halal Congress Middle East. The speakers who have already confirmed their names include Dr Ali Fanous of Germany, Ms Ana Maria Aisha Tiozzo of Italy. The other speakers are in the process of being finalized," said Asad Sajjad, CEO of Halal Development Council of Pakistan, the co-organiser of the Congress.
The congress will also look at opportunities available in American and European Halal markets, common mistakes committed by international Halal certification bodies, the need for a global Halal assurance system, food contaminates, emerging Halal markets, and business opportunities around the world, among others.
The global Halal cosmetics as well as pharmaceutical industries are also on a rapid growth trajectory, with the Middle East and surrounding regions having to depend on imports due to little or no local manufacturing.
"Several surveys have pointed out that like Halal food, there is demand for Halal pharmaceuticals and cosmetics too, but unlike food, Halal medicines and personal care products are not easily available in the local market. The congress will offer producers and buyers a platform to understand and assess the market dynamics in relation to these products," said A. Maktoom Jan of Jan Bros. Jan Bros is the manufacturer of the first certified Halal Tooth Paste 'Abaan' in the UAE.
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