Muhammad Zubair Mughal, the CEO of AlHuda CIBE

Halal Business

Islamic finance promotes Halal industry

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The center of Islamic Banking and Economics (CIBE) said that the volume of global Halal industry is $6.4 trillion and it is increasing continuously.

Tuesday 05, March 2019 BY KUDAKWASHE MUZORIWA

The Chief Executive of CIBE has hailed the role of Islamic banks and financial institutions in promoting the Halal industry, emphasising the pace at which Halal industry and Halal ecosystem is developing throughout the world.

In a statement, CIBE stated that Sukuk is facilitating Halal industry in different mega projects through funding other than Islamic capital markets and different Islamic banking products like Murabahah, Salam as well as Ijarah among others are also promoting Halal industry in multiple ways.

Muhammad Zubair Mughal, the CEO of AlHuda CIBE, said that the Halal Industry consist of food and production industry, Halal ecosystem in which Islamic banking and finance, Halal tourism and Halal logistics as well as Halal infrastructure development.

Additionally, Takaful is mitigating different risks as per Islamic rules from Halal industry.

Mughal emphasised that before issuing Halal certificate, the Halal certification institutions should make sure of the company’s ways of financing.

 

TAGS : Halal industry, Islamic finance, CIBE, Takaful, Sukuk, Ijarah, Murabahah, Salam

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