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IOS Minaret Vol-1, No.1 (March 2007)
Vol. 12    Issue 15   01 - 15 January 2018


Minaret Research Network

A Halal product or service is one that conforms to Islamic laws and cultural norms. Halal products and services include Islamic finance, Halal food, Islamic modest fashion and hospitality. According to Thomson Reuters, the Halal sector will be worth $3.7 trillion by 2019. The Halal food and beverage industry is valued at $$415 billion. It is interesting to note that the Halal food industry heavily relies on meat imported from non-Muslim majority countries. Eight of the ten largest suppliers of Halal meat worldwide are non-Muslim majority countries, with Brazil, Australia, New Zealand and India at the top. Brazil has a very small Muslim population, estimated at 200,000. But it is one of the leading exporters of Halal beef. In 2015 the Halal beef industry in Brazil was estimated to be worth $6 billion. New Zealand is also a leading exporter of Halal meat, with sales of $576 million.

International food brands such as KFC and Subway offer Halal menus while global clothing brands such as H&M and Marks and Spencer sell clothing that accommodate the religious and cultural sensibilities of Muslim customers. Nike produced ‘Pro-Hijab’ in 2017, which was chosen as one of the top inventions of 2017 by Time Magazine. Nike said it was inspired to introduce a performance hijab line after watching Sarah Attar of Saudi Arabia at the 2012 Olympics. Marks and Spencer introduced burkini swimwear as part of its 2016 summer and spring collection. It covers the whole body with the exception of the face, hands and feet. It became hugely popular among Muslim women – as well as many non-Muslim women -- in Western countries and was sold out in a few months.

Kerim Ture is a Turkish entreprenuer who designs women’s garments that combine trendy fashion with the Islamic requirement of modesty. His brand Modanisa, established in 2011, attracts over 100 million visitors annually and has customers in 120 countries. It has 300 suppliers and has become a platform for hundreds of suppliers from all over the world who are keen to sell their products on his website.

According to S&P Global Ratings, Islamic finance assets reached $2 trillion by the end of 2016. Dubai and Malaysia are the leading global hubs for Islamic financial products and services. London has emerged as one of the leading centres of Islamic finance in recent years. The UK became the first non-Muslim country to issue Shariah-compliant bonds (sukuk) worth £200 in 2013. While announcing the issuance of the bond, former British prime minister David Cameron declared his intent to make London one of the great capitals of Islamic finance. Currently there are six Islamic banks in the UK while another 20 banks offer Islamic bonds and services.

Halal products and services are particularly popular among Muslims living in non-Muslim countries. Muslim minorities are comparatively more self-conscious about their religious and cultural identity. Opting for Halal products and services provides them with a cultural anchorage and with a sense of rootedness and belonging.

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