Global halal economy worth $8tn, expert says

The global halal economy reached $8 trillion over the last nine years, World Halal Summit event coordinator Aylin Sengul told Anadolu.

The World Halal Summit and the Halal Expo are two simultaneous events held in Istanbul, organised by the Standards and Metrology Institute for Islamic Countries (SMIIC) and the Organisation of Islamic Cooperation (OIC), coordinated by the Turkish Ministry of Trade and the Turkish Halal Accreditation Agency.

Sengul explained that the halal economy and halal sectors are generally considered to be only for Muslims, but this year’s event saw non-Muslim interest in halal products due to the quality and reliability of the sector.

“When we first started this event, the global halal economy was around $1 trillion, and with our country’s efforts in halal certification and accreditation, we estimate the global halal economy to grow to $12 trillion in the next five years,” Sengul added.

READ: Afghanistan wants to build global relations through Islamic finance, halal trade