What turns up in your mind when you hear the word “halal”? Most people would imagine products with “halal” labels on them, and nobody knows how wrong they are. The latest report by Thomson Reuters suggests that the halal industry is a flourishing pattern of the global economy. Key segments of its business include Islamic finance, halal food, halal tourism, modest fashion, halal media & recreation, halal pharmaceuticals and halal cosmetics.
The authors of the report predict a robust economic growth across the industry, with its market size reaching $3 trillion by 2023 – it stands currently at $2.2 trillion. Over the period 2015-2018, disclosed private equity and venture capital investments into the halal industry are evaluated at $745 million (the dominant part of investment is poured into the halal food – 88%).
The Shariat-comliant economic model has already stepped out of the traditional premises of Islamic world, with its patterns – financial tools, markets and even industries – gaining attention of businesses and investors globally – in Europe, North America and Asia. What is the driver behind this burgeoning market and who are the front-runners? What advantages one could enjoy when developing Islamic financial instruments?
These and many more questions will take the center stage at the world economic summit “Russia – Islamic world: KazanSummit”, organized by Tatarstan Investment Development Agency.
The event will be held April 24-26, 2019, in Kazan. Every year KazanSummit gathers leading experts, manufacturers, halal retail and wholesalers. In 2018 the event was attended by over 3,000 delegates from 53 countries. Register now to secure your place!