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 affirmed on Monday by Latifa El Bouabdellaoui, director general of the Islamic Centre 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 expenditures estimated at $2.4 trillion, expected to reach $3.1 trillion by 2027, supported by an annual growth of 7.3%.
Despite exports from OIC countries valued at $344 billion, the sector still faces a structural trade deficit of over $59 billion, due to high imports.
To transform this potential into a lever for sustainable development, Ms. El Bouabdellaoui called for the adoption of integrated national strategies, including the harmonization of certification frameworks, the improvement of market data, and the strengthening of capacities.
She also emphasized the importance of increased involvement of the private sector and financial institutions in financing 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 strength of the market lies in 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.
