(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – The fifth panel of the Global Halal Brazil (GHB) Business Forum, held in São Paulo Tuesday (28), presented how halal-which defines what is permitted for Muslims-influences the daily practices of Islamic finance and how it adapts to society's needs. The participants said ethics in the use of money is essential to ensure it is employed in favor of income distribution. The panel was moderated by Angela Martins, CEO for Latin America at First Abu Dhabi Bank.

Khalawi and Martins (with the microphone): Panel discussed opportunities in Islamic finance

Secretary-General of the World Muslim Communities Council, Mohammed Bechari, warned of the need to view money as a mechanism-not an end-to achieve goals that are meaningful for individuals or companies.“We must use money to secure our objectives but preserve the values of an ethical economy.”

The Secretary-General of the Islamic Chamber of Commerce and Development, Youssef Khalawi, drew a parallel between halal principles and a sustainable economy that must achieve the Sustainable Development Goals (SDGs) by 2030.

“Halal is not only for Muslims-it was addressed to humanity according to the Quran [the holy book of Islam],” he said.“We see the potential of halal as the only alternative system that works for capitalism.”“Halal green” is the theme of this year's GHB, as a way to find solutions for a sustainable world within halal principles.

Halal in Arabic means“permitted” and refers to a set of products, behaviors, and services that can be adopted and consumed by Muslims. In Islamic finance, for example, it is not allowed to invest in debt or charge interest. An alternative is sukuk-bonds through which the individual or company that acquires them becomes the owner of a share in a business.

Bechari: The use of money must have an ethical purpose

Dinar Standards CEO Rafi-uddin Shikoh participated in the meeting remotely. He said the company monitors fintechs operating in Islamic finance.“These are digital platforms that serve as fertile ground for financing innovation,” he said. According to him, these initiatives invest in new sectors, such as the carbon credit market.

Luciana Oliveira, Relationship Manager at Neem Capital, highlighted an essential aspect of negotiating with Arabs: dialogue.“When we talk about business in the Islamic world, they tell stories, welcome you-it's very similar to Brazilian culture. It's not just an exchange-there's a story being told,” she said, referring to the negotiation process.

The forum is organized by the Arab-Brazilian Chamber of Commerce (ABCC ) and FAMBRAS Halal Certifier. GHB sponsors include MBRF (Marfrig – BRF), MODON (Saudi Authority for Industrial Cities and Technology Zones), Seara, CaraPreta Carnes Nobres, EcoHalal, Emirates, Grupo MHE9, Laila Travel, Prime Company, and SGS, with catering by Água Mineral Frescca and Pão & Arte Frozen Bread.

Strategic partners include the Islamic Chamber of Commerce and Development (ICCD) and Islamic Chamber Halal Services (ICHS). There is also institutional support from Brazilian beef industry group ABIEC, Brazilian Beef, Brazil's chicken and pork lobby ABPA, Brazilian Chicken, International Halal Academy, and the Union of Arab Chambers (UAC).

Read more:
Halal and sustainability integrate in companies

Translated by Guilherme Miranda

Marcelo Brammer/Arab-Brazilian ChamberMarcelo Brammer/Arab-Brazilian ChamberMarcelo Brammer/Arab-Brazilian Chamber

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