The global Halal economy and the Islamic fi nance industry are natural economic partners as both contribute
toward the sound and prospering Halal ecosystem. The Halal industry is going global by virtue of its qualitative
strength, essential elements of religion, health and holistic wellness. Halal, which simply means permissible and
lawful, is associated with a religious and spiritual foundation under Islam. The scope of Halal is beyond religious
practices and is all about a sense of morality and guide to living a good and wholesome life.
Halal has turned into a brand and is
being accepted globally. The Halal
industry, which is valued at about
US$560 billion a year, serves to meet
the needs of Halal-conscious clients and
is growing at an estimated annual rate
of 20%. The global Halal products and
services sector is growing at 8% yearon-
year and currently valued at US$3.2
trillion (excluding Islamic fi nance)
which is expected to reach US$12.14
trillion by 2024, according to Hexa
Research.