04 FOREIGN NEWS
04 FOREIGN NEWS
@ Halal | January-February . 2025
Connecting across the world
THE International Halal Conference titled ‘ Fostering International Collaboration and Mobilising Internal Resources to Develop Vietnam ’ s Halal Industry ’ was held at the National Convention Centre in Hanoi , Vietnam .
Organised by the Ministry of Foreign Affairs , the Ministry of Science and Technology , and the Ministry of Agriculture and Rural Development , the event sought to position Vietnam as a key player in the global halal supply chain .
The event welcomed over 600 delegates from more than 50 countries . Vietnam ’ s Prime Minister Pham Minh Chinh , alongside ministry leaders , also attended the conference .
In his address , Pham highlighted that Vietnam ’ s commitment to advancing its halal economy is driven by more than just economic gains . He described it as a humanitarian mission : “ To connect the
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people of Vietnam with people across the world .”
Pham commended the Ministry of Science and Technology and the Directorate for Standards , Metrology , and Quality of Vietnam ( STAMEQ ) for the establishment of the National Halal Certification Centre ( HALCERT ).
HALCERT Director Ramlan Osman stated that besides providing halal certification services , the centre is committed to supporting Vietnamese enterprises with the knowledge and skills to meet international halal standards .
“ Our efforts include training , development , and comprehensive guidance , enabling Vietnamese companies to penetrate international Muslim markets and enhance their brand reputation ,” he said .
The conference also saw the announcement of Vietnam ’ s first national standard for Muslim-friendly tourism services , TCVN 14230:2024 , and the launch of the ‘ Halal Corner ’ on The
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Pham Minh Chinh at the conference . |
Ramlan Osman ( on the right ) |
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World and Vietnam Report .
In addition to the announcement , five key agreements were signed during the event . These included partnerships between HALCERT and international bodies such as the Korean Halal Agency ( KHA ), the European Halal Certification Centre ( ECC ), and the Halal Academy of GAE Resources Sdn Bhd .
Additional agreements were signed between the Quang Ninh Tourism Association and the Vietnam Certification Centre ( QUACERT ), as well as between the GCC Accreditation Centre ( GAC ) and the Bureau of Accreditation ( BoA ).
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Islamic fintech simplifies car ownership
LONDON-BASED Islamic fintech Ayan Capital has raised US $ 3.6 million in equity funding to expand its halal car finance offerings . The funding round was led by a prominent ethical investment platform , Cur8 Capital .
“ We are humbled by and grateful for the trust our investors have put in us . This funding will help us roll out several new tech-driven products in the UK market , where , despite a highly competitive fintech ecosystem , we see major pockets of broken customer experiences , long waiting times and hidden commissions .
“ We now have an opportunity to participate in solving these challenges while remaining true to our values and principles ,” said Ayan Capital Chief Executive Officer ( CEO ) and Co-founder Abdullo Kurbanov .
Ayan has provided Islamic car finance services aimed at private hire drivers using platforms like Uber , Bolt , and Wheely since early 2004 . This service enables drivers to purchase environmentally friendly vehicles , including electric vehicles ( EVs ) and plug-in hybrid cars with low carbon emissions .
Ayan has financed over UK £ 3.4 million in car loans since its founding while maintaining a 0 per cent non-performing loan ( NPL ) rate . Not to mention , the company reported a remarkable 97 per cent month-onmonth growth in November for its halal car financing operations .
Building on its success , Ayan has recently launched AyanPay , a 0 per
“ We are humbled by and grateful for the trust our investors have put in us . This funding will help us roll out several new tech-driven products in the UK market , where , despite a highly competitive fintech ecosystem .”
– Abdullo Kurbanov
cent financing solution for car repairs and home improvement services . AyanPay allows customers to access financing of up to UK £ 20,000 for 12 months , broadening its appeal to a broader consumer base .
Now , the company aspires to evolve into a global Islamic digital neobank to address the financial needs of people , especially in Muslim-majority countries . The company also plans to launch new Shariah-compliant financial products in the UK .
Sukuk milestone for Indonesia
THE Republic of Indonesia successfully issued three sukuk on Nasdaq Dubai , amounting to US $ 2.75 billion . These issuances are part of its US $ 45 billion Trust Certificate Issuance Programme .
This issuance marks the fourth time this year that Indonesia successfully tapped the US dollar debt capital market . Indonesia is the only Asian sovereign that has done so . The newly listed sukuk are :
• US $ 1.1 billion 5.00 per cent Trust Certificates , due 2030
• US $ 900 million 5.25 per cent Trust Certificates , due 2034
• US $ 750 million 5.65 per cent Trust Certificates , due 2054 These listings bolster Nasdaq Dubai ’ s position as the global leader in sukuk issuances , with a total listed value now reaching US $ 98.9 billion . As a leading sukuk issuer on Nasdaq Dubai , Indonesia has increased its total listed sukuk to US $ 24.6 billion with 21 listings .
“ The three sukuk issuances by the Republic of Indonesia represent a remarkable achievement . Despite global financial challenges , the government successfully entered the market , attracting interest from a diverse range of investors across geographies ,” said Ambassador of the Republic of Indonesia to the UAE Husin Bagis .
In recognition of this milestone , Husin rang the market ’ s opening bell alongside the Indonesian Embassy in Abu Dhabi Finance Attaché Eko NM Saputro and Nasdaq Dubai and Dubai Financial Market ( DFM ) Chief Executive Officer ( CEO ) Hamed Ali .
According to Hamed , this achievement also underscored the strong partnership between Indonesia and Dubai . The successful issuance , with an oversubscription rate of 1.8 times , demonstrates strong confidence from global investors in Indonesia ’ s economic trajectory . Ultimately , it strengthens Nasdaq Dubai ’ s position as a premier global hub for Islamic finance .
Husin Bagis ( Photo by Gulf News )