"Assessment of Global Halal Market : Challenges and Opportunities"

This study presents the status of the burgeoning global halal market, challenges it faces, and opportunities available for stakeholders. The study is based on primary and secondary research, and found that the US$2.1trillion halal market is projected to reach US $3 trillion by the end of 2023 at a compound annual growth rate of 6.11 per cent. The present market size will more than double if Islamic financing is brought under the ambit of the halal market. Though the uncharted territory has a lot of potential to be tapped, it is also afflicted with multifaceted challenges such asa lack of global consensus (ijama).It is recommended that a harmonized system (HS)code-like mechanism be adopted to capture trade figures of products that conform to halal principles.