ISTANBUL HOSTING WORLD HALAL SUMMIT, HALAL EXPO

Sat 25 October 2023:

Istanbul is hosting the 9th World Halal Summit and the 10th Organization of Islamic Cooperation (OIC) Halal Expo, two major events for products and services conforming to Islamic guidelines, known as halal.

The events opened Thursday with the participation of 500 prominent companies from 45 countries and the gathering is expected to attract more than 40,000 visitors, of which 10,000 are from overseas.

The four-day of events, of which Anadolu is the global communication partner, is held under the main theme of: “A Gateway to the Global Halal Economy: Unveiling the Potentials.”

Speaking at the opening ceremony on Thursday, Turkish Trade Minister Omer Bolat said the share of Türkiye’s trade with Islamic countries rose 11% to 26% in the last two decades.

“Our goal is to increase this rate to 35% by 2028,” said Bolat.

Ihsan Ovut, general secretary of the Standards and Metrology Institute for Islamic Countries (SMIIC), underlined the importance of continuous cooperation and collective action to create standardization in the sector.

Emre Ete, vice president of the World Halal Summit Council, stressed that the halal sector is preferred not only by Muslims but also by consumer groups from all walks of life, with its reliable and healthy products and services.

Ete noted that the halal market has exceeded $7 trillion and is projected to hit $10 trillion in the next five years.

Asad Sajjad, CEO of the Pakistan Halal Development Council, highlighted that the lack of an adequate coding system is a problem for the halal sector.

While 98% of global trade is subject to the coding system, there is no code system for halal products, therefore there is no real and original data for the halal sector, he said.

“We do not know which product was produced, exported, or imported in which country,” he said.

Riadh Soussi, Assistant Secretary General of SMIIC, stressed that a new cooperation should be established between the Organization of Islamic Cooperation and SMIIC to create a common brand with their logos.

“Halal standards can be promoted by ensuring that this brand is recognized by all halal consumers and that SMEs use this brand,” said Soussi.

Speaking at a panel held Friday, Executive Vice Chairman of the Capital Markets Board of Türkiye (SPK), Ali Erdurmus, said the Islamic finance sector is expected to reach a volume of $3.25 trillion by the end of 2023.

-Anadolu Agency

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