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Sharia-compliant financial technology (fintech) is poised for explosive growth across both Islamic and western jurisdictions. 

In part this reflects growth in Islamic finance: Refinitiv, an American-British global provider of financial market data owned by the London Stock Exchange (LSE), predicts the value of money transacted through the Islamic finance sector will reach USD4.9 trillion by 2025. …

International legal arbitration systems and judicial standards are emerging to help solve complex Islamic finance disputes, while national judicial and informal dispute resolution systems continue to develop – in civil and religious law institutions.

Informal dispute resolution processes can, of course, resolve disagreements without recourse to the payment of damage and potentially without damaging valuable reputations.…

The global ‘cultured’ artificially-produced meat market may be set to soar amid greater environment-friendly government policies worldwide, investment and the growth in green consumerism, but questions remain if this novel food can be recognised as halal.

Cultured meat (also known as lab-grown or cultivated meat) is typically produced by harvesting cells from a living animal and cultivating them outside the animal’s body using tissue engineering and cellular agriculture to form cuts of meat.…

Bulk cash smuggling remains a favoured way for criminals to move dirty money, despite the increase in electronic means to transfer the proceeds of crime, such as new cryptocurrency services.

In its most recent 2020 National Drug Threat Assessment, the US Drug Enforcement Agency (DEA) said in 2019, there were more than 3,000 bulk currency seizures in the United States, with more than USD368 million taken, 62% up from the USD227 million seized in 2018 (although that followed eight years when the value of bulk cash seizures fell).…

INTRODUCTION

In the competitive and innovative world of smart textile manufacturing and sale, companies strive to maximise functionality and minimise costs. Their ingenuity is the basis of their competitiveness. But as with all industries, some costs are out of their control.…

Companies in Japan that export paint and coatings and related chemicals ingredients to Russia and Belarus may face a trade ban if those items have been classed as ‘advanced goods’ under a May 20 amendment to Japan’s Export Trade Control Order.…

The gap between halal and natural beauty is narrowing down as halal beauty brands integrate more natural and vegan ingredients into their products, and global cosmetics companies use more ingredients that are inherently halal.

“In essence, the majority of halal ingredients are of non-meat origin, hence vegan products, for example, are by default usually halal,” Amna Abbas, consultant for beauty and fashion at Euromonitor International told Salaam Gateway.…

Russia’s unprovoked invasion of Ukraine has disrupted the supplies of food, especially cereals, to major halal food markets, with Ukraine and Russia togethering controlling around 30% of the global wheat trade. The military action, which the UN said on April 17 had killed 2,072 civilians, has put the Middle East and North Africa in a tight position over food supplies, especially given the region’s economies have been weakened by the Covid-19 crisis.…

With the Islamic finance sector growing fast – with global turnover valued at USD2.2 trillion, according to S&P Global Ratings’ Islamic Finance Outlook 2022 Edition, with a projected 12% growth between 2021 and 2022 – demand for higher education courses on the topic are growing fast.…

Halal certification systems are many and varied worldwide, but if they have one uniting feature, it is their use of logos, affixed to products, buildings and publicity, to promote the importance of their guidelines.

These symbols are important to certification bodies, and time and imagination is spent on making them distinct, even if their designs are not universally popular.…