By Odunayo Balogun, Abuja
An Islamic finance expert, Alhaji Muhammad Lawal Shuaib has said that the amount being spent globally every year on halal food, pharmaceuticals, fashion, culture and commercial banking, among other permissible things by Allah, have reached over $926.57billion.
Speaking at a two-day retreat for Islamic scholars and other Muslims on the best way to making halal as part of their lives by the Jamma’atu Li Haneefeyyatu Li Islamiyyatu Li Nashirili Ilmi, JAHIS Foundation with the theme, “Making Real the Dream of Model Halal Centre: Panacea to Peaceful Society” in Abuja, he said the figure was the amount spent in 2016 alone.
Shuaib, while giving the breakdown said the total amount spent on halal food across the world in 2016 was $7.049billion, on travel -$1.347billion, fashion (apparel and foot wears) – $2.213billion, media, recreation and culture – $3.690billion, pharmaceuticals – $1.172billion and cosmetics – $750billion.
The expert added that the total global Islamic commercial banking assets in the year under review hit $162, 000billion.
He categorised the items into food production and manufacturing, feed milling, pharmaceuticals, textile, events, life sciences, aquaculture/fishing, accreditation/certification, human resource development, tourism and publicity, personal care and cosmetics products, as well as logistic and financial services, among others.
In the food production and manufacturing category, he listed the product and services as fruits, vegetables, herbs, organic products, chocolates, drinks, drink mixes, beverages, palm olein, cooking oil, flour-based products, packaged foods, spice mixes, spice blends, seasoning, flavoring, ketchup, dough and butter.
Others listed are the feed milling category which includes animal feeds; livestock rearing/dairy production which are meat, poultry, eggs, milk, milk powder, yogurt and ice cream as well as the aquaculture/fish farming for freshwater fish, prawns and eels.
Under the pharmaceuticals are medicines, vitamins and supplements; textile –apparels and clothes; financial services -banking, stockbroking, takaful (insurance) and asset/fund management based on Islamic Shari’ah principles while research and development, R&D ensure that products and services are Shari’ah compliant.
In his keynote address, the chairman, League of Imams in Abuja, Dr. Tajudeen Adigun Bello, said halal is an Arabic word that means legal or permissibility, and also relates to meat prepared as prescribed by Muslim law.
“It is a solution or remedy for all difficulties or diseases and also creates peace because it will help people free from disturbance”, he said.
Earlier in his opening remarks, chairman of the occasion, Alhaji AbdulHakeem Smith, said the JAHIS Foundation was ready to help the Muslims in Nigeria live in accordance with the tenets of Islam and be satisfied with fulfilled life and also achieve the blessings of Allah in the hereafter.
Smith, who is the vice chairman of Islamic Youth League, Abuja, lamented that “moral decadence has taken over the society where a lot of things are being done in haram way instead of halal”.
