Halal business contributes to the Turkish economy

Halal business contributes to the Turkish economy
Posted on: 4 Dec 2017

In a world where over 1.8 billion Muslims constitute 24 percent of the global population companies looking for more business focus their attention on the issue of halal business.

The term "halal" on the other hand mainly relates to meat prepared as prescribed by Muslim law. But it also applies to companies dealing (producing/selling) with products or services falling within the limits of Islamic lifestyle directives.

Based on several researches on the subject halal trade continues to grow both in Turkey and in the world and is expected to exceed USD 3.7 trillion by 2019.

The industry, which includes travel, food, finance and fashion, has a strong consumer base of nearly two billion Muslims around the world.

When we say halal sector we are referring to an industry including travel, food, finance and fashion, with an end-user portfolio of almost 2 billion Muslims.

As for Turkey, the sector has substantially grown in recent years thanks to the support from the government. In fact, it was announced by ZEYBEKCI, that Turkey's first halal accreditation agency had just started serving companies in different industries in need of product approval.

On the other hand several halal apparel companies in Turkey have already achieved success globally among which we can name an online sales company called MODANISA which supplies Muslim women clothes in line with the Islamic dress code.

When we look at the western countries we can see the interest in the halal sector is now stronger despite relatively small Muslim populations.

In fact, Britain became the first non-Muslim country to issue state treasuries consistent with Islamic laws when former Prime Minister David Cameron stated in 2013 that “London would take its place among the capitals of Islamic finance".

As for Turkey, this country serves the growth of halal business hoping to benefit from points such as an expanding market and more incoming tourists from different parts of the world which obviously contributes to the incoming revenues as well.