ICIEC chief: Halal economy extends far beyond food, consumer goods

Today, the halal economy extends far beyond food and consumer goods, covering a much broader range of sectors and processes, Khalid Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC ), said.

Report informs that he made the remarks at the "Halal Economy for Sustainable Regional Integration" event held in Baku as part of the 51st Annual Meeting of the Islamic Development Bank (IsDB) Group.

He said the halal economy has become one of the most dynamic segments of the global economy.

"Today, it goes far beyond food and consumer products, covering manufacturing, logistics, tourism, pharmaceuticals, digital solutions and sustainable industrial development. With global consumer spending expected to exceed almost $3 trillion in the coming years, the halal economy offers a major opportunity for investment, job creation, industrialization and trade expansion among member countries," Khalafalla said.

According to him, realizing this potential requires stronger regional integration, more efficient coordination across value chains, broader private sector involvement, and intensified trade and investment flows.

"Building a developing economy is not limited to policies and strategies. It requires investment, trade and financing, as well as risk mitigation mechanisms that enable businesses to grow and expand across borders," he said.

Khalafalla noted that, in this context, IsDB Group institutions and subsidiaries perform complementary and mutually reinforcing functions.

"For example, ICIEC, as the Group's insurance arm, provides investment insurance instruments that help reduce investment risks, facilitate cross-border trade, strengthen credit guarantees and attract foreign direct investment," he said.