Farrukh Raza: CIS space has great potential for creating halal ecosystem

There is great potential for creating a halal ecosystem in the CIS space, CEO of Islamic Finance Advisory & Assurance Services Farrukh Raza said at the Halal Business and Tourism Forum (AZHAB Forum) held in Baku, Report informs.

He stated that several conditions must be met for the halal ecosystem to be functional: "Initially, there must be a vision, political will, and proper cooperation of interested parties. The next stage is the formation of a roadmap. Because there must be regulation, control, and incentives. At the same time, trust among the public should be increased. For this, accreditation and certification activities should be intensified."

He noted that the development of human capital is also important: "Because increasing knowledge, skills, and competencies is of great importance. There should be a wide range of infrastructure, including technology, logistics, market access, branding of halal products, and certification. The driving force of the halal ecosystem in the CIS space is the wide range of offerings. This includes political stability, economic growth, strong historical and religious ties with the Muslim world, and demographics, namely the majority of the population being Muslim. The geographical position of this region, its natural resources, and products from the land create favorable conditions for the development of the halal ecosystem. At the same time, reasonable technological progress and Islamic finance have formed in the region."

Stating that the halal ecosystem is a value-creating system, Raza emphasized the importance of existing businesses and operations being fair, transparent, responsible, equal, sustainable, competitive, and ethical: "Each of these characteristics is essential in the halal ecosystem. The halal ecosystem includes food, services, as well as finance and human resources. There is also a top-down process. This includes tourism, commerce, and other business activities. There is great potential for the development of these aspects. In this regard, national and regional strategies should take this approach into account."