This document discusses how the halal food and lifestyle industries could transform halal into an asset class for Islamic finance. While Islamic finance and the halal sector have grown together, focusing on sharia compliance, they have developed separately. Rushdi Siddiqui argues that refinancing the conventional debt of halal industry producers through Islamic banks and sukuk offerings could make these companies available for investment by Islamic investors. Further developing the investment universe would require Islamic investment banks to manage stock offerings and IPOs for private halal companies, which is currently limited by a lack of understanding of the halal industry's potential among Islamic financial institution committees.