Halal food and beverages are those which are acceptable to the Islamic religion and people of the Islamic faith. Halal is an Arabic term which translates literally to "legal or permissible" in English. It is considered to be one of the five pillars of Islam and is one of the major rules of the religion. The demand for various types of halal products has increased significantly in both developed and emerging economies. This is typical because supply chain management has improved massively over the years. Since there is a significant demand for halal products, various companies across a plethora of sectors are introducing products that fulfill the halal product standards. For instance, in August 2020, Manzil, digital Islamic financial services, partnered with KOHO, a Canadian challenger bank, to launch halal Prepaid Visa Cards, which comes with reloadable prepaid Visa cards and an integrated app. These factors can augment the growth of the halal products market.
One of the most essential things that need to be understood about halal is that it is a religious concept, which has to do with the way foods should be slaughtered. The Islamic religion is strict when it comes to how humans should be treated while they are alive. Furthermore, there are certain banks in the U.K. that do offer non-halal financing for certain types of Islamic products. This banking is conducted by some halal restaurants that specialize in providing banking to customers who follow strict Islamic dietary laws. The European halal products market has witnessed rapid growth in the recent past, typically due to shifting consumer preferences and robust growth of the processed food sector. Emerging economies such as India, Indonesia, and Malaysia have shown tremendous potential for the halal products market. This is due to the presence of a massive consumer base across South-East Asia.
Recently, in February 2020, Race Corporation, a Japanese cosmetic firm, launched a color cosmetic brand Shojin Cosme, a halal and vegan make-up line certified by JAKIM-recognised Japanese Islamic Trust and The Vegan Society... Read more