The halal economy is emerging as a major driver of development and economic resilience for the member countries of the Organization of Islamic Cooperation (OIC). This was stated on Monday by Latifa El Bouabdellaoui, the 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 dollars, which is expected to reach 3.1 trillion by 2027, supported by an annual growth rate of 7.3%.
Despite OIC countries’ exports valued at 344 billion dollars, the sector still faces a structural trade deficit of over 59 billion dollars, due to high imports.
In order to turn this potential into a lever for sustainable development, Mrs. El Bouabdellaoui called for the adoption of integrated national strategies, including harmonizing certification frameworks, improving market data, and strengthening capacities.
She also emphasized the importance of increased involvement of the private sector and financial institutions in financing sustainable projects.
On his part, Rafiuddin Shikoh, representing DinarStandard, highlighted the sector’s potential, pointing out that it represents a strategic opportunity in an uncertain global economic context.
He noted that the market’s strength is 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.
