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Qatar aims for a greater share in the lucrative global halal economy

The country also launched the ‘Halal Livelihood’ program.

Qatar aims for a greater share in the lucrative global halal economy
[Source photo: Anvita Gupta/Fast Company Middle East]

The halal economy has become a huge industry worth billions of dollars. The global halal market  — from finance and food to pharmaceuticals, travel, cosmetics, and fashion — is expected to grow at a compounded annual growth rate of 9.2% to $7.7 trillion by 2025.

In Qatar, the industry is experiencing an upward trend.

The Investment Promotion Agency of Qatar reports that the country recorded market assets worth $156.4 billion in the financial markets in 2021, followed by $1 billion in Islamic insurance, $14.2 billion in Islamic travel and tourism, $5.1 billion in Islamic healthcare, and $849 million in Islamic fintech.

The study also emphasized Qatar’s contribution to establishing the Organization of Islamic Cooperations Halal Accreditation Centre and advancing the Ministry of Public Health’s importation guidelines for halal food items, which played a key role in the development of the national and international halal accreditation ecosystem.

“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,” the report noted.  

Meanwhile, the Ministry of Trade and Industry has launched the “Halal Livelihood” program to promote halal living and the value of green investments and sukuk issuance.

According to the report, the Gulf Cooperation Council has led the market since 2021, when the region’s financial assets were valued at $1.5 trillion and the market for halal foods at $58.2 billion. Islamic finance also reached $1 billion in venture capital funding across the Middle East and North Africa in 2020.

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