Dubai / Emirates Business
In a significant development that boosts the efforts of Dubai Islamic Economy Development Centre (DIEDC) to articulate Dubai’s ambition of emerging as a global capital of Islamic economy, representatives of 10 countries recently signed a memorandum of understanding (MoU) in Dubai on for the establishment of the International Halal Accreditation Forum (IHAF) to be based in the emirate.
Jointly spearheaded by DIEDC and the Emirates Authority for Standardization & Metrology (ESMA), the latest initiative in the UAE reinforces the government’s efforts to shape the country into a global reference in halal product certification and legislation.
Once established, IHAF will aim to regulate the halal industry and introduce an inspection mechanism that safeguards customers’ rights and industry promotions. In addition, the accreditation body will help build credibility and confidence in halal-certified food and non-food products globally, while facilitating trade movement in the halal industry and ensuring greater cooperation among regional and international organisations.
The 10 signatories of the MoU included HE Dr Rashid Ahmed bin Fahad, Minster of State and Chairman, Emirates Authority for Standardization and Metrology, HE Hussain Nasir Lootah, Director General – Dubai Municipality and Dubai Accreditation Center.
Australian budget opens door to Islamic finance
The Australian government has proposed removing tax barriers to asset-backed financing arrangements as part of its federal budget, a move likely aimed at facilitating interest-free transactions used in Islamic finance.
Islamic finance is gradually catching on in Australia, with National Australia Bank Ltd helping fund a US$114 million Brisbane property purchase in February, after its maiden Islamic
finance deal in August.