Halal economy is one of the most dynamic sectors of the global economy with a powerful transformative force for socioeconomic development. The halal economy deals with the interface between economy, ethics, technology, and social aspects. Halal economy thus comprises businesses and services whose operations comply with the principles of the Shari’ah. In spite of the word ‘halal’ being associated with the religion of Islam, a halal economy ultimately benefits the entire community. Most of the founding principles of a Shari’ah-compliant economy are naturally aligned with the universally recognised values of ethics and sustainability. As a result, Islamic values have a universal appeal making many halal products and services equally attractive to non-Muslim consumers, particularly in the light of current global sentiments where the demand for ethical and socially-conscious product offerings are on the rise. Having ethics as the main driver, the Halal sector is concentrated around products, services, experiences, processes and relationships – that is religiously permissible, ethical, wholesome and family-friendly – with cultural values and market objectives.
The Halal products and services ecosystem encompasses various inter-related industries that may be clustered into four major sectors, namely: Agro-Food Chain, Travel, Lifestyle and Finance.