The opening up of new markets and launch of new products are driving the $1 trillion global Islamic finance & Islamic Cosmetics industry to new heights, and the growth prospects of the industry will be the highlight of an upcoming industry event in Sharjah.
The increasing recognition of its value propositions has made Islamic finance more widely accepted in many countries, including the UK, Singapore, Germany and Central Asia, and new markets such as China and other emerging countries.
Although the Islamic banking industry currently constitutes only 1.6 per cent of the total assets of the top 50 largest banks in the world (at $66.2 trillion at the end-2011), it remains one of the fastest growing segments in the global financial services sector, according to a recent study.
“In the early stages, Islamic finance found favour only with countries with large Muslim populations such as GCC, Egypt and Malaysia. Over the past decade or so, the Islamic finance industry has spread its wings, and rapidly grown to become a key component of the international financial system,” said Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah, ahead of inaugural Halal Congress Middle East and Halal Food Middle East trade show.
Expo Centre Sharjah will host the Halal Congress on December 11 to 12, 2012, while the Halal Food Middle East will be held at the same venue from December 10 to 12, 2012.
Recognising the importance of Islamic finance and its growth prospects, the topic will be highlighted during the two-day Congress, which will also look at takaful insurance, Halal pharma industry, cosmetics & personal care sectors.
“Leading experts, scientists and Halal promoters have confirmed their participation as speakers and panelists for Halal Congress Middle East. The speakers who have already confirmed their names include Dr Ali Fanous of Germany, Ms Ana Maria Aisha Tiozzo of Italy. The other speakers are in the process of being finalized,” said Asad Sajjad, CEO of Halal Development Council of Pakistan, the co-organiser of the Congress.”
The congress will also look at opportunities available in American and European Halal markets, common mistakes committed by international Halal certification bodies, the need for a global Halal assurance system, food contaminates, emerging Halal markets, and business opportunities around the world, among others.
The global Halal cosmetics as well as pharmaceutical industries are also on a rapid growth trajectory, with the Middle East and surrounding regions having to depend on imports due to little or no local manufacturing.
From Gulf Today