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Late to the party
The $2 trillion global Halal industry is growing and companies in Southeast Asia are taking the lead in globalising halal standards. Where are the Middle Eastern companies in all of this?
April 5, 2011 2:22 by Precious de Leon
Malaysia-based International Halal Integrity Alliance has started drafting Halal standards to give Muslims businesses around the world a framework to regulate the estimated $2 trillion global industry.
The guidelines will cover the use of sharia-compliant pharmaceuticals, finance and processed food and is expected to be completed by yearend.
Kipp can’t help but think there’s a lost opportunity here for companies in the Middle East. Companies in the region are naturally operating under Halal practices albeit the absence of standardised methods.
So why aren’t companies in the Middle East (the seat of the religion) getting together to lead in drafting global Halal standards?
One of the first sectors to catch on to the Sharia-compliance is banking. A majority of the estimated $700 billion in assets of Islamic banks concentrated in the Middle East—for now at least.
The Islamic Banking market is gaining momentum outside of the region, however, as more financial institutions across the world are beginning to introduce Sharia-compliant banking products and services to serve the more than 1 billion Muslims living worldwide.