Bahrain Institute of Banking & Finance (BIBF) recently participated in the World Halal Conference 2019, held in April 2019 in Osaka, Japan. The Institute was represented by the Principal Lecturer at the Islamic Finance Centre, Dr. Ahmed Asad, who presented a research paper on the Legitimate Risks of Encrypted Currencies.
Representatives from several academic and research institutions across different countries attended the conference, as well as participants from Japan, Malaysia, Brunei and Indonesia.
The conference was organised by the Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA (UiTM) in Malaysia, and Sultan Sharif Ali Islamic University (UNISSA) in Brunei. Among the highlights of the conference were the challenges of the Halal economy and ways to overcome them, the role of universities in developing the Halal economy, and the Halal economy and Sustainable Development.
Now in its 4th edition, the event is a thought leadership platform that brings together heads of governments, academia and captains of industry to explore and deliberate on challenges relating to the development of the halal economy.
The conference stressed the need to support the demand for Shariah-compliant products that comply with the Organisation of Islamic Cooperation, through establishing unified legal standards in environmental sustainability, products health and safety, and the establishment of an independent organisation to ratify Halal products. The conference also concluded that increased demand for halal products reflects the increasing attractiveness of Halal products and the growing demand for them from both Muslims and non-Muslims.
The global Halal industry is expected to grow significantly in the near future, especially as the Muslim population increases and their increased expenditures on food and beverages are the main driving force of this market. In addition to its religious values, the consumption of halal food is linked to some basic Islamic principles, including the preservation of life, the protection of future generations, self-esteem, dignity and others. In addition, health and respect for animal welfare are important drivers.
To further promote the Kingdom of Bahrain as a leading Halal hub in the region, the BIBF has proposed to host the fifth edition of the conference in Bahrain. As a result, the organisers had considered the Kingdom as one of the candidate countries to host the next conference scheduled for 2021.