Reflections on halal trade as ethical trade

Description

This presentation critically examines ḥalāl trade within the broader framework of ethical trade, emphasizing its economic significance, regulatory challenges, and ethical implications. The global ḥalāl market, which accounted for approximately USD 2.2 trillion in 2018, represents a growing sector influenced by increasing demand for certified ḥalāl products across Muslim and non-Muslim markets. While ḥalāl certification serves as a crucial marketing tool for exporters to the Organization of Islamic Cooperation (OIC), it can present challenges in non-Muslim-majority countries (NMCs), where it may be perceived as a liability.

A key argument presented is the necessity of associating ḥalāl with ethical trade to strengthen its market position globally. To this end, Islamic ethical principles, including justice, altruism, and environmental stewardship, need to be seen as central to defining ethical ḥalāl trade.

That said, there are none the less regulatory and ethical challenges to be faced by ḥalāl exporters, such as the lack of international consensus on ḥalāl standards, issues of labor rights, environmental sustainability considerations, and compliance with global human rights principles.

While ethical reforms in ḥalāl trade may present financial and political challenges—potentially affecting price competitiveness—they offer significant opportunities for branding ḥalāl products as superior-quality, ethically sourced alternatives. By integrating Islamic ethics with contemporary standards of corporate social responsibility, ḥalāl trade can align with global ethical consumerism trends and strengthen its market potential across diverse economies.

Period	29 Jun 2020
Event title	International Webinar on Islamic Financial Institutions and The Prospect of The Global Halal Industry
Event type	Seminar
Location	Bengkulu, IndonesiaShow on map
Degree of Recognition	National