The roundtable on Islamic economy and halal market – exploring lucrative opportunities for Bosnian and regional companies

An economy that addresses special needs of the industry is growing worldwide and not exclusively in the Muslim majority countries. This is particularly true for halal product market which is now faced with growing challenges to meet increased demand, create a legal environment that taps into this multi-trillion dollar market and define and harmonize standards. This is the topic of a special roundtable dedicated to the Islamic economy which will be organized as a parallel session to the Sarajevo Business Forum 2017 on May 22nd in Sarajevo, capital of Bosnia and Herzegovina.

The organizers of the meeting are Dubai Exports and the Dubai Islamic Economy Development Centre (DIEDC). The roundtable will be attended by international and regional officials, business people, representatives of the academic world and investors from Dubai as well as from the entire region. The meeting will be held on the first day of the largest investment conference in South-East Europe.

The aim of the roundtable is to refocus the traditional Islamic business discourse and consider the possibilities for improving cross-border trade, particularly in the area of halal products.

Saed Alawadi, CEO of Dubai Exports, said that he is pleased to return to Sarajevo Business Forum, this time with a larger delegation.

“This shows the interest that our companies have in working in the region, and the Islamic Economy Roundtable is an excellent example of the initiatives that we are carrying out and hope for in the future,” said Alawadi.

The massive six-billion-dollar Brazilian tainted food scandal, with spoiled food mostly exported to the Middle East, drew attention to the fact that it was not possible for this type of scandal to happen in the halal industry.

More and more people think that there should be alternative methods of increasing halal production, making it more efficient and finding a more comprehensive method of accreditation and halal certification which would be recognized globally. The participants will also discuss the role of governments in the promotion of the principles of Islamic economy, and the experiences of developed centers in United Arab Emirates and Malaysia, as well as numerous other topics.

Abdullah Mohammed Al Awar, CEO of DIEDC, pointed out the initiative that began in 2013, aimed at diversifying the United Arab Emirates' economy and making Dubai the capital of a growing Islamic economy.

“Dubai and the UAE continue to achieve great milestones in developing the Islamic economy regulatory framework and launching significant initiatives, such as the International Halal Accreditation Forum. Efforts such as these lay the groundwork for entrepreneurs and investors across the globe to collaborate and contribute to the sustainable growth of production and trade in Islamic economy,” said Al Awar.