The Halal industry represents all products and services that abide by the principles of the Islamic Shariah, across all stages of production and distribution. Building on from this definition, and with Islamic Economy assets projected to increase to $3.8 Trillion by 2023, we can firmly say that the future for the Halal industry is a promising one. Today, the Halal industry is diversifying and offering new products, whether it be for food & beverage or for pharmaceuticals & cosmetics. It is moreover fulfilling the needs of developing sectors such as family-friendly tourism, sharing economy, disruptive economy, and venture financing, and is being receptive to the technological advancements occurring today, birthing innovations that contribute to the Fourth Industrial Revolution.
Halal is a certification granted to consumer products that observe sharia compliance through all the stages of the supply chain process. Contrary to popular belief, the concept is not limited to food and beverages.
The State of the Global Islamic Economy Report 2018/19 estimates that Muslims spent US$1.45 trillion across the food, beverage, pharmaceuticals and cosmetics sectors in 2017, and forecasts that this amount will reach US$2.12 trillion by 2023.
While such high demand provides promising opportunities for growth in the halal industry, it also offers an enormous incentive to make the halal industry one of the central drivers in implementing the Dubai: Capital of Islamic Economy strategy.
Hence, the halal industry is the second economic pillar of the DIEDC Strategy. In addition to boosting the development of the sector through expanding the range of halal-certified ingredients, the Centre works to highlight the need for a standardised global platform to facilitate the accreditation and certification of halal products through testing laboratories that utilise best-in-class methods.