The halal economy is emerging as a major lever for economic development and resilience for the member countries of the Organization of Islamic Cooperation (OIC). This was stated on Monday by Latifa El Bouabdellaoui, Director General of the Islamic Center for Trade Development (CIDC).
Speaking in Rabat during the launch of the new CIDC report on the sector, she emphasized that this economy is no longer a niche market, but a structuring engine of growth.
According to her, the global halal market shows strong resilience, with Muslim consumer spending estimated at $2.4 trillion, expected to reach $3.1 trillion by 2027, supported by an annual growth of 7.3%.
Despite OIC countries’ exports valued at $344 billion, the sector still faces a structural trade deficit of over $59 billion due to high imports.
To turn this potential into a sustainable development lever, Ms. El Bouabdellaoui advocated for the adoption of integrated national strategies, including harmonizing certification frameworks, improving market data, and strengthening capacities.
She also stressed the importance of increased involvement of the private sector and financial institutions in funding sustainable projects.
On the other hand, Rafiuddin Shikoh, representing DinarStandard, highlighted the sector’s potential, noting that it represents a strategic opportunity in an uncertain global economic context.
He pointed out that the market’s strength is mainly based on a demographic base of over two billion consumers worldwide, ensuring sustained long-term demand.
Published every two years since 2022, the CIDC report analyzes sector trends across six pillars, including food, pharmaceuticals, cosmetics, fashion, family tourism, and media.
