Halal meaning

Mergers The Commission approved BRF GmbH and Halal Products Development Company taking joint control of One Foods Holdings Limited (M.12233) after a phase I review—see further, Midday Express Notifications were lodged for: Blackstone/Tinicum/Pennaero/Trimas Aerospeace (M.12252) (simplified merger procedure) Sennder/LKWE/Truckerpoints (M.12245) (simplified merger procedure) Apollo Funds/Prosol Group (M.12291) (simplified merger procedure) The public version of the phase I decision in Global Payments/Worldpay (M.12006) is now available—see further, decision NOTE—For all live merger investigations before the Commission, see further, EU mergers—ongoing cases tracker State aid The General Court delivered an order in Case T‑201/25 Poland v Commission, challenging the Commission’s decision in SA.107930—Poland ‘Gdańsk Transport Company S.A.–new aid in the context of the concession contract concerning the A1 motorway’. The action was rejected as inadmissible—see further, order NOTE—For all live State aid appeals before the General Court, see further, General Court State aid appeals—ongoing cases tracker ...

Original news Raithatha (as liquidator of Halal Monitoring Committee Ltd) v Baig and others [2017] EWHC 2059, [2017] All ER (D) 244 (Jul). The case involved a company established as a community initiative to oversee the production of Halal meat. When founded in 2004 by its first director, BH, it was intended to operate on a not-for-profit basis. By 2008, however, the company had built up liabilities it could not meet. It did not register for VAT until 2011 and, in April 2012, it went into insolvent liquidation. On winding up, there were 14 directors. The applicant, R, was appointed as liquidator. R brought proceedings concerning non-payment of the VAT assessment. He alleged that, by failing to secure VAT registration until 2011 and by not levying or recovering VAT on services supplied, the directors breached their fiduciary obligations to the company or failed to exercise reasonable care and skill as required by the Companies Act 2006 (CA 2006). How far does the judgment assist in clarifying the law...

Islamic real estate finance Islamic real estate finance is gaining increasing traction and has become firmly embedded in the UK and global property arenas. Worldwide Islamic finance assets are assessed at over US$4.5tn, with the sector forecast to keep expanding to US$6.7trn by 2027. This growth has been, and is expected to remain, driven by worldwide economic developments, evolving demographic trends, higher income levels and rising investment from the Gulf Co-operation Council, itself spurred by strong returns across the Halal, infrastructure and Sukuk segments. Consequently, the UK is well positioned to continue capturing the advantages of this consistently expanding market. At the same time, conventional financial institutions are increasingly turning to Islamic finance to complement traditional equity and debt solutions. The purpose of this Practice Note is to consider in detail the principal Islamic real estate finance structures set out below: Ijarah Diminishing Musharaka Commodity Murabaha Wakala A review of the documentation required for each of these structures will be...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...