FaithWorld

Russian firm plans halal reindeer meat exports to Qatar

reindeer (Photo: A Nenets tribesman and his  herd of reindeers on the Yamal peninsula, north of the polar circle, August 4, 2009/Denis Sinyakov)

When rival energy producers Russia and Qatar talk business, it’s no longer only about natural gas — they’re talking reindeer meat, which Russia has promised to export and butcher according to Muslim dietary law. The prospect of Russia exporting halal reindeer meat products to the desert kingdom first came up last month when the governor of Russia’s Arctic Yamal Nenets region, where most of Russia’s gas is produced, was in Qatar for investment talks.

“We told the Qatari leadership that we don’t only have oil and gas. We also have reindeer. And then a Sheikh asked, ‘Is reindeer halal? Can Muslims eat it?’ It turns out they can,” Yamal’s governor Dmitry Kobylkin told Reuters in an interview. “They were so surprised to learn there exists another kind of meat that they haven’t tried and that it can be halal. Gold mining is interesting for them, gas, infrastructure, and now investment in halal reindeer meat processing,” Kobylkin said.

After consulting with the imam of the Salekhard Mosque in Yamal’s capital, the state-owned Yamal Reindeer Cmpany that will produce the meat  decided it should  also market halal canned reindeer within Russia.

“There is a huge demand among Russia’s Muslim community for halal products. Until two-three years ago, you didn’t see any halal stores. Now they’re opening everywhere,” said  Imam Abdullah Hazrat of the Salekhard Mosque.

Read the full story by Jessica Bachman here.

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Islamic finance’s reputation as “safe” is a myth: Qatar regulator

saudi-bankers

Traders at the Saudi Investment Bank in Riyadh, 8 Oct 2008/Fahad Shadeed

It’s a myth to assume Islamic finance products are safer than conventional products and underlying risks should be studied more carefully, Qatar’s top regulator said at the Davos World Economic Forum meeting on Wednesday. Despite being billed as a safer alternative to traditional banking because assets must underpin deals, Islamic bondholders have found they may not have any more legal safeguards than conventional counterparts in the event of default.

Such issues were highlighted after sukuk — or Islamic bonds — had the first ever defaults last year.  Sukuk, one of the flagship products in the $1 trillion Islamic finance industry, are structured as profit-sharing or rental agreements and returns are derived from underlying assets because Islamic laws prohibits paying or earning interest.

“There is some assumption that some of it is cosmetically more comforting, but when so many Islamic instruments are now trying to mimic the effect of conventional products, you need to examine if they carry the same risk profile,” Philip Thorpe, chief executive of Qatar Financial Center Regulatory Authority, told Reuters.

Qatari firm in talks to make Prophet Mohammad film

mohammadA film about the Prophet Mohammad backed by the producer of “The Lord of the Rings” and “The Matrix” is under discussion, a Qatar media firm said Sunday, with the aim of creating an English-language blockbuster for the world’s 1.5 billion Muslims.

Filming of the $150 million movie is set to start in 2011, with Barrie Osborne as its producer, Almoor Holdings said. Almoor said the film – in which the Prophet would not be depicted, in accordance with Islamic strictures – was in development and talks were being held with studios, talent agencies and distributors in the United States and Britain.

Alnoor said it aimed to attract the “best international talent” to star in the motion picture.