@Halal March/April 2024 | Page 6

06 Foreign News

06 Foreign News

@ Halal | March-April . 2024

Bridging the gap

Bahrain Halal Expo finds common ground between halal industry and Islamic finance

THE Kingdom of Bahrain successfully hosted Bahrain Halal Expo from Feb 6-7 , 2024 . Organised by Checklist and HalalCCI in collaboration with the Islamic Association and supported by various esteemed entities , including the Ministry of Commerce and Industry , the event aimed to foster connections between the Halal industry and the Islamic finance sector .

With support from organisations such as the Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI ), the Bahrain Institute of Banking and Finance ( BIBF ), and international bodies like the Standards and Metrology Institute for Islamic Countries ( SMIIC ), the expo featured around 30 expert speakers . It drew participation from notable institutions , including the Kuwait Finance House , Bahrain Islamic Bank , and the Labour Market Regulatory Authority ( Tamkeen ).
The event commenced with a recitation from the Holy Quran and an opening speech by Minister of Industry and Commerce Abdulla Adel Fakhro . Islamic Association President Dr Abdul Latif Al Mahmoud delivered a concluding speech expressing gratitude to all participants and entities that contributed to the event ’ s success , emphasising the Ministry of Industry and Commerce ’ s pivotal role .
Highlighting the importance of bridging the gap between the halal industry and Islamic finance , the forum explored investment opportunities in various sectors such as cosmetics , pharmaceuticals , and tourism .
Bahrain Halal Expo .
HalalCCI Founder and CEO Mohammed Noor announced plans to launch the Bahrain Halal Financial Center as a private equity firm to support the global halal industry ’ s growth further .
Expressing gratitude , Noor thanked Prince Salman Hamad Al Khalifa , the Crown Prince and Prime Minister of Bahrain , for his support and directives and the Minister of Industry and Commerce for his attendance and backing
. He also acknowledged the contributions of partners and participants , including Ihsan Ovüt from SMIIC , Prof Nadra and Elvina from Muhammadiyah , and Annamaria Aisha Tiozzo , among others .
The Bahrain Halal Expo 2024 served as a platform for collaboration and innovation , driving the growth and sustainability of the global halal ecosystem while strengthening ties between industry and finance sectors .

Hugosave empowers Muslim community with Shariah-compliant financial solutions

SINGAPORE-BASED Wealthcare ® and savings app Hugosave ® announced that it was now jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore , Ustaz Kamal Mokhtar , S Tradition Pte Ltd , and Masryef Sdn Bhd .
In line with its dedication to fostering inclusivity and diversity within the financial sector , Hugosave has meticulously ensured that its offerings align with Islamic law principles , offering Muslim clients access to financial tools and additional avenues for investment opportunities grounded in their values and beliefs .
Hugosave Chief Executive Officer David Fergusson said : “ Our vision has always been to build financially healthy and thriving communities , and this certification from the consortium of established Shariah advisory companies reinforces our commitment to the Muslim community in Singapore .
“ This certification assures our Muslim clients that we are a trusted digital companion that is aligned with their faith . On a macro level , Hugosave ’ s contribution to nationbuilding is promoting financial wellness across all segments of society .”
According to a 2022 report by the Islamic Corporation for the Development of Private Sector ( ICD ) and Refinitiv , Islamic financial assets grew to about $ 4 trillion from $ 2.17 trillion between 2015 and 2021 and are projected to rise to roughly $ 5.9 trillion by 2026 . This endorsement meets the growing demand from Muslim clients looking to manage their finances per their faith .
Shariah Consortium Chairman Ustaz Kamal Mokhtar said : “ Hugosave provides another avenue for Muslim investors to diversify their investment portfolio , especially in gold investment . Gold is an important component of any investor ’ s portfolio due to its hedging mechanism against market volatility .
“ Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio . Since 1990 till 2020 , gold prices have appreciated 360 per cent , about 18 per cent annually .
“ And the increasing demand for gold in the technology sector gives good potential for investing in gold . Hugosave provides a convenient platform for any investor to access gold purchases via an app . They could monitor the price of gold and make purchases from the convenience of their homes or offices .”
Hugosave serves as the digital companion , supporting individuals on their Wealthcare journey . The personal finance and savings app offers a comprehensive financial product suite that helps everyone make smarter spending choices , save for their goals and invest diligently .
Since its launch in 2021 , Hugosave has been Singapore ’ s leading Wealthcare companion , with more than 70,000 clients optimising their finances and building healthy financial habits through the app . –