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Dyeing and finishing capabilities in Africa’s largest textile producer, Egypt, are being undermined by government import and foreign currency restrictions, forcing manufacturers to use roundabout means to source raw materials, say industry critics. Sectoral development is also being impacted by the drop in investment in the wake of the Covid-19 pandemic and a downward slide in orders since the middle of this year (2022).…

A cost-of-living crisis in Tunisia, where annual inflation rose to 9.8% in November is pushing Tunisian academics to emigrate, with Saudi Arabian universities being a significant draw – offering better salaries and research opportunities.

The country has been suffering from political turmoil and related economic disruption since President Kais Saied dissolved parliament and started ruling by decree in July 2021.…

The tobacco industry is a global sector, with supply chains spanning the world. Muslim consumers – and there are 1.97 billion if them – are an important part of any tobacco major’s market portfolio, not to mention local Muslim companies. But a key challenge for tobacco companies targeting Muslim smokers, vapers and other consumers is religion – some Muslim scholars say tobacco is haram, and not in keeping with Islamic guidance, because of mental and physical impact on smokers.…

In recent years, Iranians have been driving growth in the Middle East’s cosmetics market, but worsening economic and political developments in Iran have restricted this growth. That has not deterred some personal care product companies, however, who continue to prosper in the country, whose market of 84 million people has significant potential.…

United Arab Emirates (UAE)-based Pure Harvest Smart Farms plans to raise funding through a new sukuk (Islamic bond) to support its food-security driven expansion plans, Tariq Sanad, the company’s chief financial officer, told Salaam Gateway.

The agritech firm’s breakthrough farming system that can produce year-round crops in the desert has attracted a diverse mix of investors since its inception in 2016.…

Researchers in the United Arab Emirates (UAE) have been developing the extraction of gelatine from camel skin and bones, to boost production of this important manufacturing input that is often sourced from pigs. This creates halal/haram tracing problems for food, drink, medical and cosmetics product manufacturers who use gelatine.…

The global Islamic microfinance market has room to grow significantly if it can overcome social and regulatory barriers that have so far curbed its expansion, say experts. Given microfinance is a poverty-alleviation mechanism that provides credit and other financial resources to poor and low-income households and small-and-medium-sized businesses, it fits well with the charitable traditions of Islam.…

Time was when hijabs were simply religious garb for Muslim women that covered their head and chest of religiously observant women. But hijab design has become increasingly sophisticated in recent years, with wearers wanting elegance while expressing their religious identity.

In Bangladesh, for example, online fashion influencers have been particularly influential since the mid-2010s, promoting different hijab trends and styles online, with local entrepreneurs increasingly producing and selling hijabs online, especially via Facebook.…

Indonesia, which holds the presidency of the G20 group of major economies this year, wants to us this position to increase the role of Islamic finance worldwide, to boost consumer access to affordable financial products and services.

Financial inclusion is one of the goals of the G20, made more important by the Covid-19 pandemic widening inequality for the most financially vulnerable and underserved groups, said Dian Triansyah Djani, Indonesia’s ‘co-sherpa’ (diplomatic coordinator) for the G20.…

Observers of the global Islamic finance industry are predicting significant imminent growth in sharia-compliant environmental and social governance (ESG) investment, as demand for financial institutions to deploy funds in ethical ways expands, along with awareness of climate change and social justice.…