Islamic Economy Monitor

Italy, Germany, France and Britain are the first four countries where Turkey exported its automobiles the most in the first half of 2006, according to Uludag Exporters’ Association (UIB). Turkey’s industrial production was up 9 per cent in May 2006, compared to May 2005.

The volume of honey exported by Yemen during the year 2005 reached 350 tons costing more than $13 million. According to the figures released by Yemen’s Honey Bee Centre, there has been a substantial increase in the export of honey, which is popular as a pure natural product. Dr. Muhammad Habash, director of Honey Bee and Date Palm Center at Hadra Mouth University for Sciences and Technology, said that there was a remarkable growth in the production of honey in Hadra Mouth and other regions in the country in recent years.

Thailand’s Stock Exchange is studying the feasibility of introducing “Islam Index” to draw Muslim investments into the local bourse. Stock Exchange of Thailand (SET) President Patareeya Benjapolchai said a committee would be set up to study the introduction of “Islam Index”.


She said the proposed Index would comprise listed companies whose activities are compatible with Islamic teachings. Islam Index is expected to comprise between 50 to 80 Thai securities. Thailand is a predominantly Buddhist country with Muslims making up five percent of the population and mostly live in the five southern provinces bordering Malaysia. Thai Muslims have long complained of discrimination in jobs, education and business opportunities. Benjapolchai said SET would consult with MFC Islamic Fund of the MFC Asset Management to work out the Islam Index. There are an estimated 300 Islamic banks and financial institutions worldwide holding $300 billion in assets predicted to grow to $1 trillion by 2013.