‘Muslim world needs common ground in $7trn halal economy’

The world halal economy, which was $4 trillion in 2017, has now reached $7 trillion, Turkey’s Vice President Fuat Oktay has said. 

He stated this during the 7th World Halal Summit organized together with the 8th Organization of Islamic Cooperation (OIC) Halal Summit in Istanbul, Turkey. 

Oktay said that the summit hosts nearly 60 speakers from over 20 countries and 400 companies from 35 countries operating in several sectors, including food, cosmetics, medicine, chemistry, textile, tourism and technology, despite the COVID-19 pandemic, which demonstrates the interest in halal products and services.

He said the primary reason those products, especially halal food, are preferred is the requirements of Islam; however, non-Muslims are also interested in such products for several reasons, including because they are healthy or clean.

Today, the largest halal-product manufacturing countries are non-Muslim countries like Brazil, Australia, France, Germany and New Zealand, he said. Oktay said the industry occurred initially in far east countries like Malaysia or Indonesia with studies to ensure safety and halal properties in food, and has gained a different momentum with the initiatives of Turkey.

Oktay stressed that the reliable and global halal certified trade environment will result in benefits, health and trust for “all of us, all Islamic countries and our private sector.” (Daily Sabah)