IslamicFinance.de

Aiad Al Khatib, head of corporate regulatory and scientific affairs at Nestle, said that standards for what is halal, or permissible under sharia law, need to be aligned, clarified and simplified to allow manufacturers and exporters greater access to markets. Halal standards are being produced by several bodies including government-linked organizations, private organizations, independent halal certification bodies as well as national, regional and international bodies. Global Muslim spending on food and beverages rose 4.3% to around USD 1.128 trillion in 2014 from a year earlier, accounting for 16.7% of the total global food and beverage expenditure. The halal food and drinks market is expected to grow to USD 1.585 trillion by 2020.