As the worldwide population of young Muslims continues to rise, the "enormous" halal market is expected to boom, according to the CEO of Russia's quality system RusQuality.
Speaking to Anadolu on the sidelines of KazanForum, held in Tatarstan's capital, Maxim Protasov said: "The halal market is a couple of trillions of US dollars. It is enormous because a big portion of the world's population are Muslims."
Noting that more than 15% of the Russia's population is made up of Muslims, Protasov explained that the market for halal goods and services is growing.
RusQuality is Russia's national quality system and it was established in 2015 to standardization, certification, accreditation, monitoring of the halal goods and services.
Products and services prepared in accordance with Muslim guidelines are called halal. Last year, Yunus Ete, chairman of the World Halal Summit Council, said the halal market had exceeded $7 trillion in value and is expected to reach $10 trillion in the next five years.
According to Protasov, the majority of Muslims are young and that "is why their consumption of goods and services is booming."
That is why several countries, including Russia, are focusing on entering that market, Protasov said, underlining that it will be crucial for the Russian Quality System to lay down the needed the infrastructure for halal market in the country.
Protasov is optimistic for the future of the halal market. He noted that the RusQuality research team expects the halal market growing 3-4% per year.
One of the agenda items in at KazanForum, according to him, was the "level of spending on the halal tourist services in the world," which he said was 9-10% of total tourism consumption worldwide.
"These are big figures and they are growing several percent per year," he added.
- 'Russia keen on expanding cooperation with Türkiye'
Protasov also highlighted that one of RusQuality's main objectives is to expand and diversify Russian exports to different markets.
Calling Türkiye a "friendly country," he said the two countries were working on the "mutual recognition of certificates between RusQuality halal certification body and Turkish certification bodies," he said.
"We are working within our common frame, because our standards are based on the standards of SMIIC (Standards and Metrology Institute for Islamic Countries), the organization of standardization of community of Muslim countries," he added.
Underlining the common ground between the two countries, he said there were many areas with potential for cooperation and many goods to trade. He also called attention to the significant "tourist flow which can go from Russia to Türkiye."
Protasov noted that Russia is keen on expanding its cooperation with the Turkish companies, the Turkish government, and Turkish certification bodies on the halal market and within the halal sphere.
Currently, RusQuality is working on an agreement with Turkish halal accreditation body HAK, Protasov noted, adding: "We believe that HAK will recognize RusQuality halal certificates because we are absolutely ready for that."
The 14th International Economic Forum Russia-Islamic World: Kazan Forum is underway in Tatarstan's capital of Kazan. Anadolu is its global communications partner.
