BAKU, Azerbaijan, October 7. Global spending on halal products will reach nearly $3 trillion by 2027, Samer Elesawi, head of the Islamic Development Bank's (IsDB) Center of Excellence in Kuala Lumpur, Malaysia, said at the Halal Business Forum, Trend reports.
According to Elesawi, halal imports within the Organization of Islamic Cooperation (OIC) countries will grow from $359 billion in 2022 to approximately $492 billion by 2027, reflecting the enormous potential of the halal economy.
He noted that this growth opens up new opportunities for economic development, attracting investment, stimulating trade, and creating jobs.
"The halal industry is becoming one of the key drivers of sustainable and inclusive growth for IDB member countries," Elesawi emphasized.
According to him, to effectively utilize this potential, it's necessary to focus on four strategic areas: infrastructure development, sustainability and green production, the introduction of Islamic finance, and the digital transformation of the halal sector.
He noted that Azerbaijan, with its prime spot on the map and a booming economy, is well-positioned to grab the bull by the horns and take the reins in the global halal supply chain.
"The creation of halal industrial parks and the development of a certification system will allow the country to strengthen its position in international markets," he added.
Elesawi also emphasized that the digitalization of the halal sector and the introduction of technologies such as blockchain will increase transparency and trust in products.
He congratulated Azerbaijan on the implementation of a new four-category halal certification system and the accreditation of the Azerbaijan Standardization Institute by the Turkish Halal Accreditation Agency.
"If we continue to strengthen infrastructure, develop Islamic finance, and innovate, the halal economy could become one of the fastest-growing areas of global trade by 2027," Elesawi concluded.
The halal industry includes food, medicine, cosmetics, fashion, and tourism companies that make and sell Islamically compatible goods and services. According to Islamic law, "halal" means "lawful" or "permissible" and is verified by systems that analyze the full supply chain, from raw materials to manufacture and logistics. This industry is growing because of the growing global Muslim population and consumer demand for ethically made, religiously conforming goods.
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