BAKU, Azerbaijan, June 16. The halal economy is
currently one of the fastest-growing sectors of the global economy
and has expanded far beyond a niche consumer segment, becoming a
large-scale economic ecosystem, Head of the Islamic Development
Bank Group (IsDB) Center of Excellence in Kuala Lumpur, Samer
Elesawi, said at the 14th IsDB Group Private Sector Forum held in
Baku, Trend's
correspondent reports from the event.


Elesawi noted that the Halal Economy Leaders Forum serves as a
unique platform for strengthening cooperation between policymakers,
regulators, business representatives, investors, and development
partners to advance the global halal economy.


Elesawi noted that the forum, held as part of the IsDB Group's
annual meetings, has become one of the organization's key
platforms, bringing together stakeholders to develop practical
solutions for developing the halal economy in the bank's member
countries.


According to Elesawi, global Islamic consumer spending in halal
sectors will exceed $3 trillion in the coming years.


"Member countries of the Islamic Development Bank Group
represent one of the largest global markets for halal consumption
and production, which opens significant opportunities for
developing trade within the Organization of Islamic Cooperation,
industrial cooperation, investment partnerships, and support for
small and medium-sized businesses," he said.


However, he noted existing challenges, including fragmented
standards and certification systems for halal products,
deficiencies in infrastructure and logistics, limited access to
financing for halal businesses, and insufficient integration into
global and regional value chains.







"Addressing these challenges requires closer cooperation and
coordination between institutions and all participants in the halal
ecosystem. That's why the theme of this year's forum, 'Halal
Economy for Sustainable Regional Integration,' is particularly
relevant," he emphasized.


Elesawi noted that regional integration requires not only the
development of trade but also the creation of sustainable value
chains, robust institutions, investment flows, knowledge sharing,
and effective partnerships.


According to him, the halal economy can become a practical
platform for achieving these goals, while simultaneously promoting
job creation, small and medium-sized business development, and
sustainable economic growth.


He also emphasized that the halal economy should be viewed not
only through the prism of trade and consumption, but also as a
strategic platform for economic diversification, food security,
industrial development, and job creation.


According to Elesawi, the Islamic Development Bank Group is
consistently expanding its support for the development of the halal
ecosystem in member countries through capacity-building programs,
investment promotion, technical cooperation, and the sharing of
successful practices.