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Follow on Google News | For the Promotion of Halal Industry, Islamic Finance Plays an Important Role: Zubair MughalThe Volume of Global Halal Industry is US $6.4 Trillion which is increasing continuously
By: AlHuda Centre of Islamic Banking & Ecomonics The third part of Halal ecosystem consist of Halal infrastructure development in which different projects of development and ware-houses are included. He said that different products of Islamic Banking and finance are playing a prominent role for the promotion of Halal industry. In the meanwhile, Takaful is mitigating different risks as per Islamic rules from Halal industry. Sukuk is facilitating Halal industry in different mega projects through funding other than Islamic capital markets and Islamic funds are also improving financing in Halal industry. Different products of Islamic banking like Murabaha, Salam, Ijarah etc. are also promoting Halal industry in multiple ways. He emphasized in Halal Assembly that before issuing Halal certification to any of the company, Halal certificate issuing institutions should make sure the ways of financing. If that company avails Riba based financing, then it should be converted from conventional financing to Islamic financing so that Halal philosophy would be fulfilled. He said that in US $ 6.4 trillion Halal industry the volume of Islamic banking and finance is only US $ 2.4 trillion. If we believe that US $ 2.4 trillion are being utilized for serving Halal industry than half of the Halal industry is serving financially to the conventional banking which is the big question mark on Halal certification which needs immediate correction. About AlHuda (CIBE) AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research, advisory and capacity building over the last twelve years. The prime goal has always been to remain stick to the commitments and provide state-of-the- We are dedicated to serving the community as a unique institution providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com End
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