NAIROBI—Kenyan Muslims have orgernised a halal business exhibition in Nairobi. The event will be held at the KICC on the 19th and 20th of November.
The halal economy — encompassing everything from banking and finance to food and beauty products — is on the rise. Halal refers to what is permitted or lawful in Islam, and it is used in reference to food and lifestyle products which include clothing, pharmaceutical items as well as cosmetics and personal care.
Dubbed the Halal Hub, the expo is the first of its kind in the continent that, “Will bring together businesses that provide products and services that promote fair and ethical transaction.”
The expo is aimed at showcasing the emerging dynamics of halal products and services in Kenya and the region.
“Though the statistics on the size of halal economy in the country remains scanty, its huge potential is indisputable,” the orgernisors said in a statement.
Ongoing expansion of the Muslim segment of Kenya’s rich is rapidly changing the face of business in the country in favour of Shariah-compliant offers to meet the needs of an emerging Muslim population that is demanding a halal lifestyle.
According to a Thomson Reuters report, State of the Global Islamic Economy 2014-2015, the global expenditure of Muslim consumers on food and lifestyle sectors grew 9.5 per cent from previous years’ estimates to US$2 trillion (RM8.3 trillion) in 2013 and is expected to reach US$3.7 trillion by 2019, at a compound annual growth rate of 10.8 per cent.
“The customers of Islamic economy are universal with shared values. At the highest level, values-based customer needs that are driving these Islamic economy sectors include Islamic/ethical financing, lawful and pure food, modest clothing, family-friendly travel, gender interaction considerations, and religious practices.
“These needs also extend to business practices that seek Islamic business financing, investment and insurance services (takaful),” the report said.
Kenya’s Tourism Cabinet Secretary Najib Balala will be the guest of honour. Kenya
embraced Islamic finance in 2008.
