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Center of Islamic Banking and Economics

Press Release
For the Promotion of Halal Industry, Islamic Finance Plays an Important Role:
Zubair Mughal

The Volume of Global Halal Industry is US $6.4 Trillion which is increasing continuously

(March 04, 2019 (Dubai)): For the promotion of Halal industry the role of Islamic finance is very
important. By the support of Islamic banking and finance institutions, Halal industry is growing rapidly
and Halal ecosystem is developing rapidly throughout the world. These views were expressed by
Muhammad Zubair Mughal, CEO of AlHuda CIBE, while addressing in the Global Halal Assembly which
was organized by Government of Philippines in Manila. Many of representatives from internal Halal
industry participated in the conference. During his address in Global Halal Assembly Mr. Zubair said that
there are different parts of Halal ecosystem. Food and production is one of them in which entire food
industry for example drinks, food, meat, confectionary, spices, baking and more than 100 industries are
related. While services are the second part of Halal ecosystem in which Islamic banking and finance,
Takaful, Sukuk, Halal tourism, Halal logistics and other halal services are included.

The third part of Halal ecosystem consist of Halal infrastructure development in which different projects
of development and ware-houses are included.

AlHuda Center of Islamic Banking and Economics


Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 98A Sunflower Society, J1 Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
Center of Islamic Banking and Economics
He said that different products of Islamic Banking and finance are playing a prominent role for the
promotion of Halal industry. In the meanwhile, Takaful is mitigating different risks as per Islamic rules
from Halal industry. Sukuk is facilitating Halal industry in different mega projects through funding other
than Islamic capital markets and Islamic funds are also improving financing in Halal industry. Different
products of Islamic banking like Murabaha, Salam, Ijarah etc. are also promoting Halal industry in
multiple ways.

He emphasized in Halal Assembly that before issuing Halal certification to any of the company, Halal
certificate issuing institutions should make sure the ways of financing. If that company avails Riba based
financing, then it should be converted from conventional financing to Islamic financing so that Halal
philosophy would be fulfilled. He said that in US $ 6.4 trillion Halal industry the volume of Islamic
banking and finance is only US $ 2.4 trillion. If we believe that US $ 2.4 trillion are being utilized for
serving Halal industry than half of the Halal industry is serving financially to the conventional banking
which is the big question mark on Halal certification which needs immediate correction.

About AlHuda (CIBE)


AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and
finance industry for research, advisory and capacity building over the last twelve years. The prime goal
has always been to remain stick to the commitments and provide state-of-the-art Advisory Consultancy
and Education through various well-recognized modes viz. Islamic Financial Product Development,
Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by
side through our distinguished, generally acceptable and known Publications in Islamic Banking and
Finance.

We are dedicated to serving the community as a unique institution providing Services not only in
UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the
development of Islamic Banking and Finance industry.

For further Details about AlHuda CIBE, please visit: www.alhudacibe.com


For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com
Call: +92 42 35913096 - 98

AlHuda Center of Islamic Banking and Economics


Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 98A Sunflower Society, J1 Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com