Istanbul Hosts 10th World Halal Summit This November

The upcoming 10th World Halal Summit, set for November 27-30, 2024, in Istanbul, is not just an industry event but a major milestone in the global halal economy’s growth. Over the past decade, the summit has evolved to reflect the increasing diversity and scale of the halal market, with this year’s theme, “10 Years of Success in Halal,” showcasing its impact and influence. Organized in collaboration with the Standards and Metrology Institute for Islamic Countries (SMIIC) and under the auspices of Türkiye’s Presidency, the summit will take place at the Istanbul Expo Center. It aims to draw over 40,000 participants, including government officials, business leaders, industry experts, and academics, from more than 110 countries.

Türkiye’s Role in the Halal Economy

Türkiye has emerged as a strategic player in the halal market, thanks to its advantageous geographical position and proactive policies to foster halal trade. Situated at the intersection of Europe, Asia, and the Middle East, Türkiye is a crucial gateway for halal products to reach international markets. The country’s growing domestic market, regulatory frameworks, and halal certification bodies have made it an attractive destination for investments and partnerships in halal sectors such as food, finance, tourism, and cosmetics.

Hosting the World Halal Summit not only reinforces Türkiye’s ambition to become a central hub in the nearly $7 trillion halal economy but also aligns with its broader economic strategy to attract international investment. The halal industry’s potential spans multiple sectors, including food production, pharmaceuticals, personal care, textiles, and tourism, offering expansive opportunities for trade and development. With a consumer base of over 2 billion Muslims worldwide, Türkiye’s role is crucial in setting standards, promoting halal products, and facilitating global partnerships.

Key Events at the 2024 World Halal Summit

This year’s summit will present a comprehensive program aimed at addressing various facets of the halal market, with a variety of events and activities designed to foster growth, collaboration, and innovation. Some key highlights include:

1. Ministers’ Special Session: A high-profile session where ministers and government officials from 60 OIC member and observer countries will discuss economic cooperation, trade agreements, and strategies for fostering a robust halal economy. These discussions will focus on strengthening global economic relations, creating new business opportunities, and harmonizing halal standards across borders.

2. Country Business Forums: These forums aim to bolster trade ties and facilitate networking among countries such as Malaysia, Indonesia, Iran, and Algeria. The forums will bring together business delegations, institutional representatives, and potential investors, providing a platform for discussing market entry strategies, joint ventures, and trade collaborations.

3. Halal Expo 2024: Held in conjunction with the summit, Halal Expo will serve as a major exhibition featuring a diverse range of halal-certified products and services, including food, cosmetics, pharmaceuticals, and modest fashion. With specialized zones like the Natural Organic Vegan Zone and the Africa Special Area, the expo aims to showcase the breadth and inclusivity of the halal market. The event will also feature interactive sessions to explore the latest trends and innovations.

4. ETHEXPO: As a parallel event, the second edition of this fair will delve into halal-friendly tourism, wellness, and medical services. Participants will discuss the integration of halal standards into these industries and explore how destinations can cater to the needs of Muslim travelers through certified services and products.

5. Modest Fashion: The summit will include a dedicated section for modest fashion, a growing industry within the halal market. This area will feature runway shows, exhibitions, and panel discussions highlighting the latest trends, challenges, and business opportunities modestly. With the global modest fashion market projected to reach $402 billion by 2024, this segment of the summit aims to connect designers, retailers, and investors.

The Importance of Halal Standardization

Ensuring that products and services meet halal standards is fundamental for the halal industry. The World Halal Summit will serve as a platform for discussing advancements in halal certification and the role of standardization in facilitating international trade. SMIIC’s efforts to develop harmonized standards across OIC countries will be a central theme, addressing challenges such as varying certification requirements in different regions.

Participants will explore the benefits of a unified halal certification system, which would reduce trade barriers, enhance consumer trust, and promote cross-border commerce. Topics will include the development of global halal standards for sectors such as food, cosmetics, pharmaceuticals, and tourism. The summit will feature experts who will share insights on certification processes, industry challenges, and new technologies aiding in halal compliance.

Halal Tourism

Halal tourism is set to be a significant focus at this year’s summit, with the global halal travel market expected to surpass $300 billion by 2026. The industry is driven by the increasing demand from Muslim travelers for halal-certified accommodations, dining, and travel experiences. Türkiye, known for its rich history, culture, and growing portfolio of halal-certified hotels and restaurants, is ideally positioned to cater to this burgeoning market.

Sessions on halal tourism will cover topics such as marketing strategies for halal-friendly destinations, the importance of halal certification in travel and hospitality, and ways to improve services for Muslim travelers. Discussions will also address the potential for developing niche travel experiences, such as halal adventure tourism and wellness retreats.

Halal Cosmetics, Pharmaceuticals, and Finance

The summit will explore the expanding scope of halal beyond traditional sectors such as food and beverages. The halal cosmetics market, for example, is experiencing rapid growth due to rising consumer awareness and demand for ethical products. As the industry diversifies, companies are increasingly seeking halal certification for cosmetics, skincare, and personal care items to meet market demands.

Similarly, the halal pharmaceutical sector is gaining traction as more companies strive to certify medicines, vaccines, and dietary supplements. The summit will discuss the challenges and opportunities in these industries, such as ingredient sourcing, certification processes, and market access.

Islamic finance will also play a prominent role at the summit, with sessions dedicated to exploring how Shariah-compliant financial instruments, like sukuk, can support the growth of halal businesses and infrastructure projects. With Islamic finance assets expected to surpass $3.69 trillion by 2024, the integration of Islamic finance into the halal economy could significantly accelerate market expansion.

Networking Opportunities

The World Halal Summit and Halal Expo will provide a platform for unparalleled networking, with dedicated B2B matchmaking sessions, business forums, and exhibitions showcasing the latest halal products and innovations. The event will facilitate direct negotiations, promote investment opportunities, and encourage partnerships across multiple sectors, allowing participants to establish valuable business connections. With over 250 exhibitors expected to participate, companies will have the chance to present their products to a global audience and explore potential collaborations.

Türkiye’s Role in Shaping the Halal Market

As Türkiye hosts the 10th World Halal Summit, it reinforces its position as a leading player in the global halal economy. The country’s comprehensive regulatory framework, strategic location, and expanding halal industry make it an ideal hub for halal trade and investment. Türkiye is not only focused on promoting halal products but also on setting global standards and driving innovations in the market.

The discussions and partnerships formed during the summit will lay the groundwork for the continued growth of the halal market, positioning Türkiye as a key influencer in shaping industry trends and standards. The event aims to strengthen Türkiye’s role in connecting halal markets worldwide and facilitating trade agreements that benefit both producers and consumers.

The 10th World Halal Summit will be a landmark event that celebrates a decade of growth in the halal industry. By bringing together key stakeholders from across various sectors, the summit aims to foster collaboration, drive innovation, and pave the way for future expansion. With a program that spans halal food, tourism, finance, and other emerging sectors, the event provides a comprehensive platform for addressing industry challenges, exploring new opportunities, and setting the agenda for the next decade of halal market development.

As the global halal economy continues to expand, the World Halal Summit will play a critical role in shaping its direction, ensuring that it meets the evolving needs of a diverse and growing consumer base. The summit’s commitment to advancing halal standards, fostering international cooperation, and promoting ethical business practices will help solidify its legacy as a cornerstone event for the global halal industry.