Halal Ecosystem - a USD 7 Trillion Economy
The Halal industry’s business agenda is recognized as comprehensive and multifaceted. Governed by internationally recognized bodies, Halal certification ensures that products and services comply with Islamic principles. Policymakers increasingly acknowledge the industry's importance and actively create environments conducive to its growth. Witnessing significant growth, Halal industry investments are channeled towards ethical and Sharia-compliant practices.
Islamic finance is essential for providing financial services that adhere to Islamic law. These services aim to enhance social justice, curb exploitation, and encourage partnerships that benefit all parties. To uphold integrity in the supply chain, regulations on exports within the Halal sector are becoming stricter, ensuring compliance with Halal standards.
Furthermore, the development of ecosystems within the Halal industry is a central component of the business agenda. The Global Halal Ecosystem encompasses the economic interactions associated with the production, trade enablers and innovation of Halal products. This includes not only the products and services but also the enabling environment that transmits the values of Halalan-Toyyiban to consumers. This ecosystem approach facilitates development opportunities spanning multiple supply chain stages.
The Halal industry is experiencing rapid growth, with Halal entrepreneurship emerging as a key driver of innovation, job creation, societal well-being, and global economic expansion. By integrating ecological and socioeconomic considerations, the industry has the potential to support sustainable development. Recognizing the substantial market potential, countries are also fostering the adoption of Halal quality offerings among the non-Muslim population. A well-executed digital ecosystem strategy is essential for growth and competition in the global Halal product market. Collectively, these elements constitute a strategic business agenda dedicated to nurturing the development and sustainability of the Halal industry.
See also The Latest Trade Barrier below
The Department of Islamic Development Malaysia (JAKIM) initiated the Halal certification movement in 1974 to address the growing need for reliable Halal certification. The development of the MS1500 standard, known as the "Malaysian Standard for Halal Food," was officially published in 2004 as the world's first halal standard. In North America, one of the first Halal certification bodies, the Islamic Services of America (ISA), was established in 1975. Initially, it focused on educational and community support but evolved to meet the demands for Halal certification. Today, there are more than 80 credible certifiers.
Explore the recognized Halal certification virtual list worldwide through a virtual map hosted at Padlet. Please subscribe, and the information will be shared with the subscribers' welcome email and scheduled messages to the existing ones.
The World Trade Organization (WTO) has a platform called **ePing SPS&TBT** to manage and track trade barriers, focusing on technical barriers to trade (TBT) and other measures. It enables government officials to submit notifications about technical regulations, standards, and conformity assessment procedures, promoting transparency and allowing other WTO members to review and comment on these measures.
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