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Turkey: Indonesia joins OIC Halal Fair to Support Sustainable Halal Trade Ecosystem

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The activity was officially opened by the Minister of Finance of Turkey, Nureddin Nebati and attended by the Secretary General of the OIC, ministers and related officials (24/11). The opening ceremony was attended by around 3,000 VIP guests at the Istanbul Expo Center, with a number of ceremonial events. The Indonesian Coordinating Minister for the Economy was present virtually. Indonesian representatives present at the opening included the Indonesian Ambassador to Turkiye, Head of the National Standardization Agency, Kukuh S. Achmad and the Director General of Consumer Protection and Trade Order (PKTN) of the Ministry of Trade, Veri Anggrijono.

The representatives of Indonesian halal regulatory entities, LPPM MUI and BP Tanjung Pinang as industrial areas that support the halal industry, are also present. “Indonesia fully supports sustainable trade in advancing the halal industry and we would like to create an ecosystem to support Indonesia to become a Global Halal Hub,” Coordinating Minister for Economic Affairs Airlangga Hartanto said during the opening.

In addition, the Coordinating Minister also invites OIC countries to collaborate with each other to advance the halal industry. “The driving force for the world halal industry is demographic growth and increasing per capita income among Muslims. However, the current situation of the energy crisis and food crisis requires the halal industry to continue to survive amidst disrupted global supply chains. Indonesia as a raw material producer can become a support for a sustainable world halal trade ecosystem” Indonesian Ambassador to Turkiye Dr. Lalu Muhammad Iqbal said.

After the opening, the Turkish Finance Minister and the VIP guests officially open the Halal Expo activities and tour the exhibition area. The Indonesian Pavilion was attended by 38 exhibitors who joined 12 large stands from Ministries/Agencies and Provincial/Regional Trade Offices.

In the 323 m2 pavilion, Indonesian halal products introduced include textiles, halal food, halal cosmetics and world halal medicines. In addition to various halal products, the Indonesian pavilion also features LPPM MUI as an institution for halal certification in Indonesia and BP Tanjung Pinang as an industrial area that supports the halal industry.

Meanwhile, the Economic Affairs of the Indonesian Embassy in Ankara, Rahmawati Alih said that this year was the second time the Indonesian Embassy in Ankara participated in the event. Enthusiasm from business and regional actors seem to increase.

“In line with the improving condition after the COVID-19 pandemic and the optimism about the development of the global halal industry, the Indonesian pavilion can display more exhibitors with higher quality and various products this year,” she said.

The annual OIC Halal Expo exhibition is organized by the Islamic Center for Development of Trade (ICDT) and the Standards and Metrology Institute for Islamic Countries (SMIIC), an agency under the OIC. At the 2022 event, around 500 professional buyers from 96 countries around the world, especially Middle East, Western Europe, Central Europe and the Balkan Region, participate in the exhibition.

The exhibition is expected to accommodate around 5,280 business to business meetings and attract the attention of more than 50,000 visitors. Meanwhile, The 8th World Halal Summit presented 48 speakers from 16 countries in 11 sessions for three days until 26 November 2022.

The conference presented speakers from government officials, halal regulators, academia and industry from various parts of the world, and raises issues of standardization of halal quality infrastructure, new economic opportunities in the halal industry, halal financing, halal supply chain, halal food, halal medicines, halal quality assurance technology, halal packaging industry, and sustainability of the halal tourism industry.?


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EVENTS & ANNOUNCEMENTS

What To Expect From the Kuala Lumpur Islamic Finance Forum 2024?

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The Kuala Lumpur Islamic Finance Forum (KLIFF) 2024 is poised to be a pivotal event in the Islamic finance industry, building on the momentum of its previous editions. The forum has consistently served as a crucial platform for discussions on the latest trends, challenges, and opportunities in Islamic finance, drawing attention to the innovative strides and potential growth areas within the sector.

Key Expectations from KLIFF 2024

  • Industry Leadership and Expert Insights: The forum is expected to host a distinguished lineup of speakers from various sectors of Islamic finance, including banking, fintech, asset management, and more. Previous editions have seen influential figures such as Dima Djani, CEO of Hijra Group, and Jamaludin Bujang, Managing Partner (Malaysia) at Gobi Partners, sharing their insights, which indicates the caliber of thought leadership that attendees can anticipate in 2024​.
  • Sustainable and Ethical Finance Focus: A significant emphasis on sustainable and ethical finance principles is likely, reflecting a global trend towards more responsible investment practices. This aligns with the broader objectives of Islamic finance to contribute positively to society and the environment. Discussions may revolve around leveraging Islamic finance and social finance for sustainable future, as seen in previous forums​
  • Global Islamic Fintech Outlook: The rapid growth and innovation in Islamic fintech will likely be a central theme, given its increasing prominence in offering Shariah-compliant financial solutions worldwide. The previous edition highlighted the sector’s expansion, including the adoption of blockchain and cryptocurrency, emphasizing the role of digital banking in enhancing financial inclusion and the importance of regulatory frameworks to support industry growth​
  • Networking and Collaboration Opportunities: KLIFF 2024 will provide invaluable networking opportunities, facilitating connections between industry stakeholders, including investors, policymakers, and professionals. This collaboration is essential for fostering innovation and exploring new ventures in the Islamic finance landscape.
  • Support from Industry Leaders: The forum’s impact is underscored by the support it receives from leading entities in the Islamic finance sector. For instance, Principal Asset Management’s partnership for the IFN Investor Asia Forum 2024, scheduled in Kuala Lumpur, indicates the level of industry backing and commitment to advancing Islamic finance​
  • Innovative Solutions and Best Practices: Attendees can expect to learn about the latest innovative solutions and best practices within Islamic finance, including advancements in Sukuk, Islamic banking, asset management, and more. The event will likely showcase cutting-edge research, case studies, and success stories from around the globe.

The Kuala Lumpur Islamic Finance Forum (KLIFF) 2024 is set to be a landmark event, highlighting the growing importance and dynamism of the Islamic finance industry. With a focus on sustainability, technological innovation, and global collaboration, KLIFF 2024 will offer attendees a comprehensive view of the sector’s current state and future directions. By gathering experts, thought leaders, and practitioners from around the world, the forum will continue to play a crucial role in shaping the Islamic finance landscape, promoting development, and addressing the evolving needs of the global economy.


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OIC Secretary-General Calls on OIC Member States to Invest More in Critical Sectors of the Economy

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On the 4th of December 2023, the President of the Republic of Türkiye, His Excellency Recep Tayyip Erdogan, inaugurated the 39th Session of the OIC Standing Committee for Economic and Commercial Cooperation (COMCEC), in Istanbul. The ceremony was attended by the OIC Secretary-General and Member States’ concerned ministers.

In his Statement, President Erdogan highlighted the grave situation in Gaza and the rising trend of Islamophobia and emphasized the need for all OIC Member States to have a unified position to address current challenges facing the Muslim Ummah.

He also underscored the importance of implementing the Trade Preferential System among OIC Member States as well as supporting the OIC Arbitration Centre, developing small and medium enterprises (SMEs) and halal industries towards promoting sustainable socio-economic growth in OIC Member States.

Speaking at the Opening Ceremony of the 39th Session of COMCEC, H.E Mr. Hissein Brahim Taha, the Secretary-General of the Organization of Islamic Cooperation (OIC), acknowledged the continued support of President Recep Tayyip Erdogan, the Chairman of COMCEC, towards the realization of various economic programs and projects of the OIC.

Referring to the tragic massacres taking in Gaza and Palestine generally, the Secretary-General called upon the international community to intervene urgently to put an end to Israel’s criminal aggression and murder of Palestinians. While highlighting the activities of OIC and its institutions in the economic domain during the last one year, the Secretary-General emphasized the need to further enhance intra-OIC cooperation in the vital sectors of the economy.

Especially in the food and agriculture sector, to build more resilient food systems, share knowledge and best practices in order to help develop domestic production capacities in OIC Member States. Accordingly, he called for greater cooperation, harmonization, and synergizing of efforts toward addressing the developmental challenges of OIC Member States.

The Opening Ceremony was also addressed by Ministers in charge of trade from Qatar, Senegal, and Kazakstan in their capacities as representatives of Arab, African, and Asian groups

The 39th Session of COMCEC is being attended by Ministers in charge of trade and economy of the OIC Member States as well as OIC institutions and international organizations. The Session will review the status of implementation of various projects under the COMCEC in the areas of trade and investment, agriculture, tourism and financial development, Private Sector, and poverty alleviation among others. The theme of the 39th COMCEC Sessions is “Improving E-Commerce Capacities of the OIC Member Countries”.

COMCEC is an OIC Standing Committee for Economic and Commercial Cooperation, which meets annually to review OIC activities in the economic and trade development domains.


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14th World Islamic Economic Forum Discusses Key Global Economic Growth Themes

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The 14th World Islamic Economic Forum (WIEF), scheduled for 6-8 February 2024 at the Abu Dhabi National Exhibition Centre (ADNEC), promises to be a pivotal event in shaping the global economic landscape. Under the theme ‘Global Economic Agenda: Shaping a Sustainable Future,’ this forum will delve into a wide array of pressing economic issues, especially focusing on the integration of technology in shaping future economic trends.

A key highlight of the 14th WIEF is the exploration of East Asia’s burgeoning economic clout. As this region becomes increasingly influential in the global market, the forum will examine its impact on global economic dynamics. This is particularly relevant considering reports from institutions like the Asian Development Bank, which forecast East Asia’s continuous growth trajectory in the coming years.

The convergence of technology and sustainability will also be a central theme. With the world rapidly evolving, the forum aims to chart new paths for economic development, emphasizing sustainable practices. This aligns with global trends highlighted in reports by the United Nations and World Economic Forum, which stress the critical role of sustainable development in future economic growth.

The increasing economic prominence of the Middle East, especially in the context of global markets, is another focal point. Reports from the International Monetary Fund (IMF) and other economic research institutions underline the Middle East’s expanding role in shaping global economic policies and trends.

Tan Sri Dr. Syed Hamid Albar, Chairman of the WIEF Foundation, emphasizes the forum’s importance as a pivotal platform for global economic dialogue. The event will feature a plethora of plenary sessions, in-depth panel discussions, and networking opportunities, addressing topics like youth integration in the AI-driven labor market, the empowerment of women in technology, the synergy between Islamic finance and ESG (Environmental, Social, and Governance) investing, and innovative strategies for food security.

MOCAfest, an integral part of the Forum, will celebrate the vital role of creative industries in economic and social development. This festival will be a melting pot for artists from diverse cultures, showcasing their talents and fostering a vibrant cultural exchange.

About the World Islamic Economic Forum Foundation (WIEF): Established in 2006, the WIEF Foundation has been at the forefront of enhancing global economic cooperation. It focuses on trade opportunities, business networking, and capacity building programs, primarily through its annual forum. WIEF brings together influential figures from government, industry, academia, and other sectors to discuss contemporary issues and trends in the global economy. The 14th WIEF, with its emphasis on sustainable future shaping, reaffirms this commitment.


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