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FinancialNews
11-04-23
Qatar's Halal Economy Sees Massive Growth
(MENAFN) Qatar's halal economy is experiencing significant growth as the country encourages the development of core sectors with high growth potential to produce products and services prescribed by Islamic law, according to the Investment Promotion Agency of Qatar. The state recorded market assets worth USD156.4 billion in financial markets in 2021, followed by USD1 billion in Islamic insurance, USD14.2 billion in Islamic tourism, USD5.1 billion in healthcare, and USD849 million in Islamic fintech. Qatar is establishing itself as the halal economy hub in the region.
Qatar has played a role in developing the global and national halal accreditation ecosystem by establishing the Organization of Islamic Cooperations Halal Accreditation Centre and evolving the Ministry of Public Health's guidance on importing halal food products. The country's halal economy value chain is supported by players across industries, from purchasing halal inputs to certifying and accrediting products for halal standards and logistics and distribution to end-users.
Qatar is promoting various initiatives to raise awareness about halal living and the potential of takaful, green investments, and sukuk issuance. The Ministry of Commerce and Industry's "Halal Livelihood" program is among these initiatives. Qatar aims to position itself as a leading hub for trade, tourism, and investment in the region, including in its halal economy, which ranks in the top 10 on the Global Islamic Economy Indicator, as part of its ambitious Qatar National Vision 2030.
The Gulf Cooperation Council has dominated the market since 2021, with the region recording a value of USD1.5 trillion in financial assets and USD58.2 billion in the halal food market. Additionally, venture capital funding in the Middle East and North Africa reached USD1 billion in Islamic finance in 2020. The global halal market is expected to grow at a compounded annual growth rate of 9.2 percent to USD7.7 trillion by 2025 from USD3.2 trillion in 2015. The market has been gaining prominence as it adheres to Islamic principles and values and encompasses various industries such as finance, food, pharmaceuticals, travel, cosmetics, and fashion.
MENAFN11042023000045014228ID1105978176
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