Halal products – those meeting Islamic standards – have a very promising economic future, according to a U.S.-based economist.
Most of the "halal economy" is in the finance sector, but the non-financial part should also be expanded, Mohammad Kabir Hassan, an economist at the University of New Orleans, told Anadolu Agency (AA).
"It is a $6 trillion worth economy but the majority of it is Islamic finance – around $4 trillion (TL 75 trillion). So, we really need to expand the non-financial part of the halal economy," he said.
The halal economy is a bigger concept, covering many areas such as textile, cosmetics and medical products, he pointed out.
The benefits of halal products and services should be advertised to the people, he added.
On Türkiye's position, he said: "The Turkish halal economy could be a role model for the rest of the Muslim world."
He also said Türkiye has a very diversified economy, it exports thousands of products to 200 different countries,
Türkiye has a "rich history" and a "very dynamic leader," the economist noted, and said: "The Islamic world really lacks leadership, there are not really many leaders like (President Recep Tayyip) Erdogan."
Mentioning the country's new economic model based on investment, production, employment and export, he said the model has to be integrated with the concept of Islamic finance and halal economy.
"We need to go to the zero-interest-based financing," he added.
Criticizing the existing old economic policies, he said: "Whenever inflation is up, you increase the interest rate. Yes, you bring down inflation, but you also end up with a recession."
"And then, you reduce the interest rate again, then the economy goes up, so this is a temporary solution."
World-class halal events
The 8th World Halal Summit and 9th Organisation of Islamic Cooperation (OIC) Halal Expo were recently held on Nov. 24-26 in Istanbul with officials delving into measures to further expand the burgeoning global market for halal products.
In a message read out at the opening ceremony for the events, President Erdoğan hailed the halal market's growing international prominence. He said its reach extends well beyond just Muslims to every person seeking quality products and services.
"The halal market, which has gained importance in the global competitive environment, has become a sector preferred not only by Muslims but also by all consumer groups with its clean, healthy, reliable products and services," Erdoğan stressed.