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Halal industry should go along with Islamic finance
The global halal industry, excluding Islamic financial assets, is estimated to be worth around US$2.3 trillion.
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Aerial view of Istiqlal Mosque in Central Jakarta. After Indonesia ranked second place in the 2018 Global Muslim Travel Index, Tourism Minister Arief Yahya intended Indonesia to gain first place in the 2019 Global Muslim Travel Index as a halal destination. (Shutterstock/Creativa Images)
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he global halal industry, excluding Islamic financial assets, is estimated to be worth around US$2.3 trillion. As reported by the 2017 Global Islamic Finance Report, with the tremendous growth at approximately 20 percent annually, the industry’s turnover is valued at about $560 billion a year.
Thus, it is one of the fastest growing consumer segments in the world. Driving this tremendous growth is a combination of demand and supply factors that are spearheading the market expansion of halal products and services including food, clothing, tourism, etc.
Moreover, the expansion is not just limited to certain Muslim-majority countries as the industry’s footprint extends to other jurisdictions such as the United Kingdom, the United States, Japan and Thailand to name a few.
Indonesia, the world’s most populous Muslim country, is a gold mine for the halal market with the potential to become not only a major market but also a major producer of halal products.
