| Islamic Finance |    1195 VIEWS  |
| Islamic Finance | |
| 1195 VIEWS | |
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Friday, March 05, 2021 /
1.00PM / Bukola Akinyele for WebTV /Header Image Credit: EcoGraphics
For the Halal Industry to thrive
in Nigeria and contribute to the nation's economic development, a robust
regulatory framework is required. "If Halal is to work perfectly in Nigeria, the
country must have a regulatory agency. Without having an institutionalised body
Halal will not work. The government needs to look at Halal holistically
to develop it as a valuable product to be exported to other countries" he said.
Mr. Ramlan Osman the Founder/CEO of
Vietnam Halal Centre made this point while discussing the opportunities
for deepening the market in Nigeria.
Speaking further he said Halal hinges on
integrity, quality of food supply, safety, and trust. The industry player cited
Malaysia as an example of a nation that has created a Halal Development
Agency, HIDA, that has led to its growth and adoption across the nation.
He believed it was time to look at Halal
beyond religion as there are 1.8bn Muslims in the world, and people are
venturing into it as a quality product.
According to him, the COVID-19 pandemic revealed
the need for the Muslim and Halal community to step up particularly in
the area of food security.
On the major challenges facing the growth of the Halal
Market at the global level, he noted the absence of uniformity in Halal
practice amongst the 57 members of the Organization of Islamic Countries (OIC).
He called for cooperation amongst the OIC member states on promoting the values
of Halal.
The founder of the Vietnam Halal center
also identified key areas to explore in deepening the Halal industry
globally especially through agriculture and manufacturing.
He called on Nigeria to give top priority to
strengthening the Halal ecosystem and improving its standardization
process to achieve the position of a highly competitive market. He added that
there is a need for more ventures to invest in Halal-based start-ups.
On how Africa could leverage the Halal
Market to boost its regional economy, the finance expert called for concerted
steps to leverage the Africa Continental Free Trade Agreement (AfCFTA) to
boost the industry and provide immense opportunities for farmers in the
agriculture sector.
He added "The
Nigerian government should learn from Indonesia and Malaysia and provide
support to start-ups and millennials, giving them new opportunities that will
address unemployment and tackle poverty. I advised young Muslim millennials to
venture into the Halal economy".
Giving an outlook
for the global Halal Industry
amidst the uncertainties posed by the pandemic, the traction of getting Halal Commercialization will be big as
most countries in Europe are looking into the food segment.
He was optimistic that the future for Halal food and the entire
ecosystem would get better with Indonesia looking for a COVID-19 Halal
Vaccine.
Osman was optimistic that countries like Russia, U.S.A, India, and
Nigeria are in a position to benefit immensely from the Halal market.
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