Halal is Arabic for permissible, and Thoyyiban means wholesomeness. Muslims are to adhere to the principles and values laid down by the Islamic principles or Shari’ah law. Halal Thoyyiban is applicable across a range of industries, including food and beverages, consumer goods and personal care, healthcare and pharmaceuticals, tourism and logistics.
The Halal Industry
The second largest economy globally after China is the Islamic Economy. The Halal Industry has grown stronger each year, due to the purchasing power of 1.8 billion Muslims worldwide. The Halal Industry has now developed into bigger scope of industries such as Food & Beverages, Pharmaceutical, Cosmetics and Personal Care, Halal logistics, Fashion and Travel. As one of the fastest growing economies in today’s world, many companies are trying to develop their market shares within the next few years to establish their position as market leaders in the global Halal market. According to the State of the Global Islamic Economic Report in 2015/16 and 2016/17 indicated that in 2014 the Islamic Economy was valued at $1.8 trillion for Food and Lifestyle sector’s expenditure, and in 2015 it increased to $1.9 trillion in the Food and Lifestyle spending. In 2021 the food and lifestyle value is projected to be at $3 trillion of the Islamic economy.
The Global Halal Certification Bodies
Halal Certification Bodies (CBs) play a significant role in assisting Muslims by issuing Halal certifications to those who wish to trade and sell Halal products. They provide assurances that certified products comply to Halal guidelines through a strict auditing process. Products carrying the Halal logo ensures that all their ingredients are certified Halal no matter where they are sourced. To date, DagangHalal has partnered up with more than 43 CBs worldwide.