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Bahrain’s first halal expo has officially been inaugurated on 6th February 2024 by the Minister of Industry and Commerce, Abdulla bin Adel Fakhro.
This event is the first of its kind in the kingdom, and it bridges the gap between the halal industry and the Islamic finance sector through various methods, exploring investment opportunities in the halal sector and expanding horizons for entrepreneurs and SMEs.
During his speech, the minister affirmed the importance of the halal industry in Bahrain, in light of the rapid growth of the global halal market, which reflects the increasing demand for halal goods and services.
Bahrain’s efforts to establish a national halal system aimed at unifying and facilitating growth in halal goods and services while ensuring compliance to standards was underlined by the Industry and Commerce Minister Abdulla bin Adel Fakhro as the Ministry of Industry and Commerce through the National Standardisation Organization works with partners in the public and private sectors and regional and Islamic organisations to adopt standards and technical regulations related to the halal sector to develop the infrastructure for the system.
Dr. Abdullatif Al Mahmoud, President of the Islamic Society, delivered the opening speech on behalf of the organising committee, in which he called for the establishment of a review body for standards related to the halal industry and its services based in Bahrain, noting Bahrain’s successful experience in this field, as its capital, Manama, is home to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The Expo featured several events, starting with the first session “Methods of Financing Halal Trade and Industry”, while the second session discussed “Investment Opportunities in the Halal Trade Industry and services and the Halal Financial Technology Economy (Al Tayeb), which dealt with the most prominent traditional Islamic finance solutions, such as speculation and participation, as well as assessing compatibility with the provisions of Islamic Sharia.
The expo will also discuss the role of deed issuance in mobilizing capital for halal projects, along with the potential of Islamic microfinance in supporting SMEs in the halal industry.
The Regulatory Committee will analyse trade financing mechanisms in financial and banking services, explore how letters of credit are compatible with Islamic law principles, and explore the critical relationship between Islamic venture capital and halal startups, including SMEs.
It will also focus on success stories and challenges while addressing regulatory frameworks, and risks in halal finance, to provide a global perspective for cooperation between Islamic financial institutions and industry players in general, in addition to providing a comprehensive understanding of the finance landscape, especially in the acquisition of existing companies and factories and converting them into halal products, and providing employment opportunities for Muslims, in both traditional and innovative ways.
