Halal Economy comprises sectors whose core products and services are structurally affected by Islamic Law, values driven consumer lifestyle and business practices.
Co- founder of CollabDeen, Mr. Fateh Ali was invited to speak in Jakarta, Indonesia on the topic 'Unlocking the Islamic Creative Economy Global Potential', hosted by Dr. Sapta Nitwandar, chairman of Islamic Halal Lifestyle Centre in collaboration with Dubai Islamic Economy Development centre and FRI foundation.
Indonesia with the largest muslim population in the world, aims to be the Engine of the Global Halal Economy. The country has large production, export and import basis of halal products in key sectors such as food and beverages, fashion and lifestyle, pharmaceuticals, and cosmetics.
Indonesia represents the fifth largest market in the world for Muslim spend on outbound travel. This sector is the fastest growing category in Indonesia’s Halal Economy. On cosmetics Indonesia has the second and on pharmaceutical products Indonesia has the fifth largest market. Both represent important market opportunities to develop robust Halal-certified products that go beyond food. Ultimately Indonesia represents the 5th largest market for Media and Entertainment spent by the Muslims in the country.
Indonesia has substantial potential but is yet to address a clear Halal economy position competing with other countries such as UAE and Thailand and take a leading position in this fast-growing, under-addressed global business opportunity.
This can be done by inspiring and empowering stakeholders across Indonesia – business leaders, entrepreneurs, government officials, and industry bodies to evaluate and develop a high impact, comprehensive and actionable market strategy that addresses the global Halal Economy opportunity.
CollabDeen is one such platform which aims to collaborate the Universal Muslim communities and make it globally engaging and convenient for utilizing their community needs. It has helped organize the Global Islamic Economy information for greater benefits and provide access to the world's information in one click.
In this fast growing Global Islamic Economy it has become quite relevant for businesses and organisations to harness new technologies in order to contribute to the global spread of the Halal Economy, meanwhile, provided a platform for companies from across the world to share their experiences in using technology to capture the halal market.