Speakers at the launch of Dubai’s Islamic Economic strategy. Image Credit: Virendra Saklani/Gulf News

Dubai will have an international centre for halal products and will enjoy 10 per cent of the global market share in the next three years, Engr Hussain Nasser Lootah, a member of the Supreme Committee of Islamic Economy and director general of Dubai Municipality, said.

“The centre will include an international laboratory and accreditation centre and will be active by the first quarter of 2014,” he said.

While halal products are valued at $2.7 trillion (Dh9.9 trillion), the size of halal food is estimated at $685 billion, Lootah added.

“The role of the centre is to check if submitted products meet the Islamic standard for accreditation,” he said.

On its part, the Dubai Chamber of Commerce and Industry is working to attract the best Islamic economy companies from around the world, Abdul Rahman Saif Al Ghurair, committee member and chairman of Dubai Chamber, said.

Moreover, the Chamber will organise the Global Islamic Economy Summit in November 25-26. It has assigned a special team to work on Islamic economy studies, he added.

Dr. Hamad Al Shibani, committee member and director general of the Dubai Islamic Affairs and Charitable Activities Department, said the committee has set up a commission for Islamic standards, which will review the current state of halal products. This authority will commence its work by the first quarter of 2014.

He said that the role of this commission is to maintain a comprehensive and unified regulatory framework and to insure a reference standard for Islamic products and coordinate with oversight bodies.

Al Shibani said the industry currently lacks a body to regulate halal products, both locally and globally. “Moreover, the absence of a recognised international body and variation of Islamic standards are major obstacles facing the halal industry. We should eliminate this with our initiative.”