Towards a Halal Economy
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Transcript of Towards a Halal Economy
Towards aHalal Economy
the power of values in global markets
A Halal Agenda for the New Decade
Abdalhamid Evans, Director, World Halal Forum
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
■ A journey, a direction, an intention, a strategy
■ Growth and evolution
■ Guided by belief and values
■ Values are actions. Actions are values
■ It is not a topic...it is what we are doing
■ There is no such thing as ‘business as usual’
2Towards a Halal Economy
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
we’re all in the Marketplace now
■ Live in a consumer reality
■ One big marketplace
■ Goods, services, money & messages
■ Corporations wield more power than governments
■ Marketplace is the arena of power
■ Our challenge is to make the marketplace Halal
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World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
Re-defining Shared ValuesHalal Values acquire Commercial Value within the Halal economy
Islamic values merging with eco-ethical moral values in todayʼs market arena
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‣Lawful‣Safe‣Nutritious‣Healthy‣Humane‣Aware‣Equitable
‣Products‣Services‣Companies‣Management‣Leadership
‣Ethical‣Moral‣Spiritual
Halal
Thursday, 7 April 2011
Evolution of a Market ForceBeing defined as we speak
Where are we going to take it?5
‣Policy‣FTAʼs‣Finance‣Investment‣Media‣Social‣Global
‣All Foods‣Ingredients‣Non-food‣Pharma‣Logistics‣Accreditation
‣Meat‣Poultry‣Slaughter
Halal
Thursday, 7 April 2011
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Governments
Consumers
Industry
Compliance
Media
Finance
The Halal Market Components
World Halal Forum 2011 ~ A Halal Agenda for the New Decade
Halal Values
in Action
Thursday, 7 April 2011
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Governments
Policy issues
Muslim and non-Muslim
GeoPolitical and Social implications
Free Trade Agreements
Inward Investment
Export earnings
Employment
Engine for economic stimulus
Have to understand the issues
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
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Compliance
Certification as ‘cottage industry’ is going to end
Clear Standards
3rd Party Audits
Transparent transactions
Overseen by Accreditation agencies
Port-to-port protocols
Halal as a ‘screen’ for index-linked investment funds
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
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Industry
Halal goes Mainstream
Mainstream goes Halal
Boardroom decision issue
Risk assessment
BRC dynamics will emerge
SME’s have to raise their game
Market is global
Strategic alliances
Have to promote understanding
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
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Finance
Halal and IF in silos
Convergence has started
SAMI Index
Halal becomes an Asset Class
Index-linked funds
Venture Capital
Micro-Finance
Food Security issues
Sovereign wealth funds
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
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Media
Shaping Opinion
Reaching the Customer
Going Social
Pro-active engagement with culture
Values-driven content
Global Urban Muslim
Post-cultural Islam
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
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Consumers
3rd Billion ~ China, India & Muslim Consumers
Unrecognised power
Generational shift taking place
Next chapter, new rules
Online communities
Unknown areas between Shariah and consumer preference
Uncharted market dynamics
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
slaughter farm-to-fork-to-finance
meat full range of foods
13Halal Sector Dynamics
ideology policy
certification accreditation
standards procedures
religious eco-ethical
legal consumer preference
outer structure inner identity
rules values
food only non-foods products
Thursday, 7 April 2011
➡ New Accreditation agencies
➡ End to unregulated certification
➡ Clear verifiable standards
➡ Third-part independent audits
➡ Elimination of conflicts of interest
➡ Port-to-Port protocols and networks
➡ Supply chain track & trace
➡ Investment screening
➡ Halal becomes an asset class
➡ Islamic funds to Halal sector
➡ New investment opportunities
➡ M&A and conversion
➡ Index-linked funds
➡ Cross-pollination between Shariah scholars
➡ New regulatory infrastructures
AccreditationFood & Finance
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Four Major Trends - Two Are Structural/Instutional
World Halal Forum 2011 ~ A Halal Agenda for the New DecadeThursday, 7 April 2011
➡ Merging of values
➡ Global Urban Muslim
➡ New media platforms
➡ New media content
➡ Reflecting new values
➡ ‘Post-cultural’ Islam
➡ New ‘East-West’ relationships
➡ Recognition of this reality
➡ by policy makers
➡ by industry
➡ by consumers
➡ Numbers count, Size matters
➡ New Consumer networks
➡ Online is a must
Melting Pot of ValuesConsumer Power
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Four Major Trends - Two Are Dynamic/Social
World Halal Forum 2011 ~ A Halal Agenda for the New Decade
~ Defining The Next Decade ~
Thursday, 7 April 2011
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World Halal Forum 2011 ~ A Halal Agenda for the New Decade
A Final Thought
“The best way to predict the future is to invent it”Alan Kay
Thank You!
Thursday, 7 April 2011