JANUARY-FEBRUARY . 2023 | @ Halal
Foreign News
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Mobility fintech Moove raises US $ 30 million
The debut Sukuk will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments
MOOVE , the world ’ s first mobility fintech and Uber ’ s largest vehicle supply partner in EMEA , is raising US $ 30 million from a debut Sukuk issuance arranged by Franklin Templeton Investments ( ME ) Ltd . in its mission to build the largest EV ridehailing fleet in the MENA region .
The successful completion of this debut Sukuk will allow Moove to tap into the wealth of Islamic investors who are particularly interested in environmentally and socially responsible investments and will open up further avenues for financing Moove ’ s ambitious expansion plans .
The issuance of the Shariah-compliant notes or “ Sukuk ” has been privately placed and structured as a Sukuk alistisna , a Shariah-compliant contract for the order to manufacture EVs . Building on its successes , this financing is a milestone for Moove and a testament to the strength of its business model and growth potential .
Ladi Delano , co-founder and co-CEO of Moove , said : “ This financing is a milestone for Moove - our first Sukuk issuance which showcases our growth and sustainability as a global company . Equally important is that this furthers
AZENTIO Software , a Singaporeheadquartered technology firm owned by funds managed by Apax Partners , announced that National Bonds , the UAE ’ s leading Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai , has selected Azentio ’ s market-leading Islamic Banking solution , iMAL , to our mission to build the biggest EV ride-hailing fleet in the region , to drive forward mobility electrification and enable cities to reach their net zero targets .”
Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year , creating sustainable economic opportunities , accelerating mobility ’ s electrification and enhancing the ridehailing passenger experience . Moove estimates that this fleet of EVs will reduce over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet ambitious net zero targets .
Mohieddine Kronfol , CIO , Global Sukuk and MENA Fixed Income , Franklin Templeton , said : “ Franklin Templeton is pleased to lead this innovative Sukuk transaction that
support its quest to improve process efficiency , enhance internal controls and deliver an exceptional customer experience as part of National Bonds ’ ambitious growth strategy .
Azentio ’ s iMAL is the industryleading digital Islamic banking and finance platform and the first certified by AAOIFI ( Accounting & Auditing simultaneously complements our global Sukuk and Shariah-compliant private market strategies while supporting the development of mobility and fintech ecosystems in the UAE initially , followed by more markets in the future .
“ The transaction also further validates the opportunity we have been arguing exists in private credit across the region , combining attractive yields with security and credit control .
“ We wish Moove ’ s management team much success and look forward to seeing their cars on the road , as well as the social and environmental impact their business can have on our region .”
As part of its launch in the UAE , Moove will roll out its EV charging app , Moove Charge™ , the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers .
It allows users to locate charge points , display compatible charge points compatible , show charge point availability in real-time , filter by charge speed , and wallet functionality . With a commitment to ensuring that at least 60 per cent of the vehicles Moove finances globally are EVs , the company is working with partners within the value chain across the MENA region to facilitate this transition in locations where charging infrastructure remains limited .
National Bonds in UAE selects Azentio ’ s iMAL to improve operational efficiency , support growth strategy
Organisation for Islamic Financial Institutions ). The company ’ s scalable , flexible and unified platform will provide National Bonds with the business agility it requires and will allow it to meet Shariah compliance requirements , ensure the faster roll-out of Islamic products and services , and provide exemplary customer service .
Hormel Foods announces minority investment in Garudafood
HORMEL Foods Corporation , a Fortune 500 global branded food company , announced it had acquired a minority stake in PT Garudafood Putra Putri Jaya Tbk , one of Indonesia ’ s largest food and beverage companies .
“ This strategic investment enhances our partnership with Garudafood , which has been instrumental in helping us expand our business into Indonesia and Southeast Asia ,” said Jim Snee , chairman of the board , president and chief executive officer at Hormel Foods .
“ Garudafood is a market leader with strong and reputable brands , local expertise and a best-inclass distribution network . We look forward to accelerating our presence in these high-growth geographies and the snacking and entertaining category as we further leverage the strengths and capabilities of both companies .”
Garudafood ’ s branded portfolio includes leading snacking products , such as Garuda peanut snacks , Gery biscuits and confectionary products , and Chocolatos wafer sticks .
“ We are very excited to continue expanding and strengthening our partnership with Hormel Foods to grow Garudafood ’ s business together in Indonesia ,” said Hardianto Atmadja , president director of PT Garudafood Putra Putri Jaya Tbk .
“ Hormel Foods has more than 130 years of company history , so there are many things that we can learn from them . We also find similarities in our company cultures and values , which are very important for a long-term partnership . There are some potential synergies and growth opportunities that we have identified , such as combining the strengths and expertise of Hormel Foods with our presence and local market knowledge .”
Indonesia highlights big potential of local hijab producers
DURING the past couple of weeks , “ Artikel Hijab Evermos ” ( Evermos ’ Hijab Article ) has become one of the most discussed topics among Twitter users in Indonesia . Revealing the immense national economic potential of the hijab industry , the research-based article released at the World Economic Forum ( WEF ) shows that the volume of hijab transactions in Indonesia reaches 1.02 billion pieces per year , equivalent to more than US $ 6.09 billion . However , only 25 per cent of the circulating products originated from local industries , |
which means there is a great deal of economic potential that has yet to be optimised .
The Ministry of Home Affairs ’ demographic data shows that 86.9 per cent of the around 273 million Indonesian population are Muslims .
Raymond Chin , CEO & Founder of Ternakuang , pointed out on his You- Tube channel : “ The Shariah market is a sleeping giant . It promises enormous potential , but only a few have been explored , let alone optimised by the Indonesian MSME players .”
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Evermos , the author of the trending article , is a social commerce that focuses on halal products and has the vision to facilitate entrepreneurs while promoting the growth of local brands and MSMEs . Reflecting on the huge potential for economic development through the MSME sector , Evermos look forward to seeing more people supporting local products , including hijab .
Ghufron Mustaqim , CEO & Co-Founder of Evermos , said in an interview : “ The contributions of social commerce to the Indonesian economy
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amount to US $ 12 billion . Evermos , the number one social commerce in Indonesia today , aims to continue increasing our contribution to the national economy and helping local brands market their halal products through our reseller network .” |