During the “Halal Info Days”, held on the second day of the international halal industry fair Sarajevo Halal Fair (SHF) 2018, participants of the panel emphasised the advantages of Halal certification that companies have when trying to position themselves in the dynamic halal market. The Halal market shows very significant growth trends and provides great potential for development.
The President of the Federal Chamber of Commerce and Industry, Mirsad Jašarspahić, pointed out that this institution is open to all companies in the field of halal business.
“The Chamber of Commerce of FBiH strives to be the center for all companies in the halal industry,” Jašarspahić said.
“Since 2015, the Association of Halal Industries is also active within the Federal Chamber of Commerce and Industry” – the newly appointed President of this Association, Vedad Halilović, pointed out that the goal of joint efforts is to improve the work of the members and make their work more coherent.
The Halal Industry Association Emir Pašić presented the members of the Association and spoke about the privileges they have from membership.
Zafarjon Khotamov, Special Operations Advisor of the Islamic Development Bank Group in Saudi Arabia, spoke about challenges in the halal industry and innovative ways to boost the growth of this market.
“The Halal market is worth 2.3 trillion dollars, and our estimate is that it will soon reach a growth of 3 trillion dollars. Companies see great potential and benefits from their presence in this market, which refers to both small and large companies, “Khotamov said, stressing the importance of a well-designed strategic approach to the halal market.
Damir Alihodžić, director of the Agency for Halal Quality Certification of BiH, recalled the importance of a reliable system for certification of halal products, which is the essence of the Agency’s business.
“The number of certified halal companies grows 20 percent each year,” Alihodžić odzic said.
Aida Hadžić, from BBI Bank, spoke about the importance of halal in the financial sector.
“Banks operating in accordance with Islamic principles are more robust against risks, which is best seen after the global financial crisis in 2008,” said Hadžić, highlighting the challenges that BBI Bank has successfully overcame since 2000, since its establishment as the only bank operating in accordance with Islamic principles in BiH.
“Challenges like inadequate legal regulation for Islamic banking in BBI Bank are overcome primarily through the education of public opinion about the advantages of Islamic banking,” added Hadžić.
Since recent, the Veterinary Faculty of the University in Sarajevo is also a member of the Association of Halal Industries at Chamber of Commerce and Industry of FBiH.
“It is a mistake to perceive the concept of halal only for food products. Halal has a much wider sense,” said Nihad Fejzić, Dean of the Veterinary Faculty in Sarajevo.
SHF 2018 was organized by Bosnia Bank International (BBI) in cooperation with the Islamic Community in BiH and the Islamic Development Bank (IsDB) and gathered participants from more than 40 countries and around 100 exhibitors from all over the world.
During the three days of SHF 2018, regional producers of halal products and providers of halal services from Bosnia and Herzegovina, Serbia, Croatia, Montenegro, Slovenia, Macedonia and Albania were able to meet with large customers and distributors from the European Union, Saudi Arabia, Turkey, Malaysia , Bahrain, Libya and the United Arab Emirates.