Friday 14 October 2016

BUSINESS RESEARCH METHOD (BRM) - AN ANALYSIS OF HALAL FOOD IN KOREA FOR MUSLIM PEOPLE

Korean Muslim Federation (KMF)

Korea Muslim Federation is a Muslim organization established in 1967 and it is located at Hannam-dong Yongsan-ku Seoul, Korea. The KMF oversees the Korean Muslim Students Association and the Korea Institute for Islamic Culture. The federation also supports a madrasa for Qur'anic education. Most of Korean food has been received the Halal Certification from Department of Islamic Development Malaysia (JAKIM) for its food products imported from South Korea. Muslims generally had a bad perception of Korean food, as they assumed it contained non-halal ingredients. From that, they set to get the Halal certificate in order to make Muslims throw out the bad perception and it also present at the event were Korean Muslim Federation chairman Salleh Bhark Chang Moh and South Korean ambassador Cho Byung Jae. (Steven Daniel, The Star, 2013)

A Food Guidebook for Muslim Tourists by the Korea Tourism Organization (KTO)

A food guidebook for Muslim tourists visiting Korea has recently been published. The Korea Tourism Organization (KTO) produced “Muslim Friendly Restaurants in Korea” written in English in December 2014. The book was designed to boost convenience for observant Muslim tourists who eat only halal food and no pork, alcohol or meat-derived food ingredients, such as collagen. The book comprises of restaurant guides, information about halal certified Korean food, how to get halal products in the country, Muslim-friendly Korean menu classifications, public transportation information, useful Korean phrases and other such tips. It also contains stories from influential Muslim figures, such as Omani Ambassador to Korea Mohamed Alharthy, and Muslim students residing in Korea who talk about their lives in the country and their experiences trying Korean food. The book ranks Korean restaurants into five grades, ranging from “porkfree” to “halal certified.” The “halal certified” restaurants refer to restaurants which are guaranteed by the Korea Muslim Federation.

What is a Halal Certificate?

The halal certificate and logo not only guarantee Muslims what they consume or use is according to the Islamic laws but also encourages manufactures to meet the halal standards (Ariff, 2009). A halal certificate is a document issued by an Islamic organization, certifying the products it covers meet the Islamic dietary guidelines. These include that the product does not contain pork or its byproducts, the product does not contain alcohol, the product does not contain prohibited food ingredients of animal origin, and the product has been prepared and manufactured on clean equipment. Meat and poultry components must come from animals slaughtered according to Islamic law (Mian, 2010).


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Tuesday 26 July 2016

ISLAMIC CAPITAL MARKET (ICM) - STRUCTURES OF SUKUK AND CONTRACTS OF NOMURA SUKUK AL-IJARAH

STRUCTURES OF SUKUK AND CONTRACTS OF NOMURA SUKUK AL-IJARAH

INTRODUCTION

Islamic Capital Market is a long term market transactions are carried out in ways that does not conflict with the conscience of Muslims and Islam religion. It follows the religious law or Shariah compliance that is free from any activities prohibited by Islam such as usury (riba), coercion, ambiguity (gharar), and gambing (maysir). The Shariah Advisory Council (SAC) was established in May 1996 as advisor of the Comission on Shariah matters especially in Islamic Capital Market.

The Malaysia Islamic Capital Market has experienced phenomenal growth and raised the bar globally for product innovation and financial intermediation. Islamic financial system is running with conventional system has seen a continuous development in the Gulf cooperation council (GCC) countries. While it has also get success to attract financial centers of world big countries such as UK, USA, France, China, Italy, Korea, Singapore and Japan. Furthermore, this market comprises the Islamic equity sector and fixed income. Various Islamic Capital Market products are available especially for Muslims who only seek into invest and transact in it such as Islamic Unit Trust, Sukuk, Shariah Indices and warrants.


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