Islamic Finance | |
Islamic Finance | |
2398 VIEWS | |
![]() | |
PROSHARE | |
PROSHARE |
Friday, August 20, 2020 / 1:00 PM / Bukola Akinyele for WebTV / Header
Image Credit: WebTVNG
The Founder of the Halal Angels Network, Dr. Tausif Malik, disclosed this as a guest on WebTV's Islamic Finance Weekly Program.
According to Malik,
some African countries are already developing their infrastructure at a rapid speed and those
in the diaspora are returning to
the continent to start their ventures or to invest in their respective
economies.
This was the same pattern that occurred with the
Indian and Chinese diaspora that returned to their respective countries, to
start ventures and invest in their countries of descent.
The Halal consumer has been identified for two decades,
but it has
only been since
the last decade, that individuals and corporations have attempted to tap into the market through the establishment of
Halal certifications, Expos, Financial Services, Manufacturing, etc.
He
said Halal Angels Network was launched to promote innovation and opportunities
for Africa as the Halal global economy expands and is expected to double by
2025.
On
why Africa came into the forefront of driving Halal economic
activities, Dr. Malik noted that Africa has the market potential to grow faster
than Europe and has emerged as a preferred region for the Halal products.
He described Halal businesses as ethical, environmentally-friendly, social, interest-free, alcohol-free, and a food-based business which follows the Halal dietary laws.
Looking at the areas Africa can access the "Halal
Market" the Islamic Finance expert identified Blockchain, cryptocurrency,
and technology for farmers to identify wild animals.
He charged the Fintech industry in Africa, to come
up with more innovative solutions, with technologies like cryptocurrency which could create jobs for youngsters that put a stamp on blockchain data.
Giving insight into the Halal Angel Network,
how it works and its benefits, the Finance expert said the idea behind
establishing the World's first Halal Angels Network was to promote innovation,
entrepreneurship & startups.
In terms of the range of Halal consumer
market and project, he noted that analysts have projected a growth of $9.7trn
by 2025.
The network was launched during the COVID 19
pandemic era to help investors, businesses, entrepreneurs & startups to
navigate challenges in the business environment.
He described India as a remarkable example of
a robust Halal market and a country with a 15% Muslim population. India's geographical location offers a great opportunity to become a Halal manufacturing
hub as it has access to markets in the MENA (Middle-east and North Africa) Region, the GCC Region, South East Asia & Central Asia.
Halal Angels wants to support the government of India to achieve the US$5trn target 2024.
Speaking on ways Halal-focused startups
can improve to attract more entrepreneurs he said startups provide huge
opportunities for job creation, business ventures which translates to wealth
creation and leads to taxation, which becomes a source of revenue to the
country.
The Founder of the Halal Angel Network urged millennials across Nigeria to stop waiting for
jobs, venture into businesses leveraging technology to enable the
creation of startups in the
digital age.
"We felt the best way is to create a
platform where Angel investors and Startups interact, in that way we are not
taking investors money in our fund and investing, this helps in reducing bias
and responsibility. If we make wrong decisions in investing other people's money in a
startup, it would affect our credibility in this world and bad record on
Judgement day" he said.
Watch Video
Related News
1. Abuja Chamber
of Commerce to host the International Halal Industry Webinar on August 22, 2020
2. Roll Out Of
Digital Products Will Deepen Islamic Finance In Nigeria - Fahad Siddiqui
3. Doing
Business The Shariah Way - Mufti Ebrahim Desai
4. COVID-19:
Dealing With The Economic Implications of The 2020 Eid-al-Adha
5. Collaboration
Between Industry and Academia, Key To Developing Islamic Finance In Nigeria
6. The Debt
Management Office as a Catalyst for The Development of Infrastructure
7. Fintech and
Infrastructure, Ways Islamic Finance Can Support Nigeria's Economy - Abdulkader
Thomas
8. Abdulkader
Thomas To Speak on Islamic Trade Finance: Challenges and Opportunities in
Nigeria
9. The UK Is
Leading Centre For Islamic Finance With Managed Assets Worth $5bn - Gori
Olusina Daniel
10. Joint GDP of
ISDB Member Countries Currently About $7trillion - Dr. Bandar Hajjar