COMPLIANT FINANCIAL SERVICES
GROWING PREFERENCE FOR ETHICAL AND SHARIA
Halal finance, also known as Islamic finance, is a system of financial practices that operates in accordance with Islamic principles and guidelines. The key principle in Halal finance is the prohibition of interest (riba) and unethical practices, while promoting risk-sharing and ethical investments. The processes that make finance Halal involve adhering to specific guidelines, such as avoiding interest-based transactions, investing in permissible sectors, and ensuring transparency and fairness in financial dealings.
Global Islamic finance industry is estimated to reach
$3.8 trillion by 2024
The demand for Halal finance is growing worldwide, driven by the increasing global Muslim population and the preference for ethical and Sharia-compliant financial services. According to the State of the Global Islamic Economy report, the global Islamic finance industry is estimated to reach $3.8 trillion by 2024. Islamic banking assets alone reached $2.88 trillion in 2019, showcasing the significant scale of the Halal finance market.
The benefits of Halal finance extend beyond religious compliance. Halal financial products and services promote ethical investment practices, risk-sharing, and asset-backed transactions. They also prioritize social responsibility, promoting economic stability and sustainable development. Halal finance provides an alternative to conventional banking and investment options, appealing to both Muslim and non-Muslim consumers who seek ethical and transparent financial solutions.
For businesses in the finance sector, obtaining Halal certification through ICHS is crucial. Halal certification provides credibility and assurance to consumers that financial products and services comply with Islamic principles and guidelines. It allows businesses to tap into the growing market of Muslim consumers who actively seek Halal finance options. Becoming Halal certified also opens doors for businesses to collaborate with other Halal-certified entities and participate in Halal-focused financial events and conferences, expanding their network and market reach.
By embracing Halal finance and obtaining certification, businesses in the finance industry can demonstrate their commitment to ethical practices, attract a wider customer base, and contribute to the growth of the Halal finance sector.
By embracing Halal finance and obtaining certification, businesses in the finance industry can demonstrate their commitment to ethical practices, attract a wider customer base, and contribute to the growth of the Halal finance sector.
