Exploring Opportunities in the International Halal Market: Policy Guidelines for Bangladesh’s Expansion
Mirajul Islam Ukil and Md. Abul Kalam Azad
Abstract
Bangladesh has a huge market potential for embracing halal ecosystem while this market is largely untapped and overlooked due to many challenges. This paper explores the vast potential of Bangladesh’s halal market, emphasizing its opportunities and challenges in expanding globally. Despite a significant Muslim population and a natural advantage in producing halal goods, Bangladesh has yet to fully capitalize on the growing global demand for halal products. Key challenges include fragmented certification standards, inadequate technology, limited skilled labor, and logistical issues. The study highlights how halal products, valued for their cleanliness and health benefits, are gaining popularity among both Muslim and non-Muslim consumers worldwide. Bangladesh’s membership in the Organization of Islamic Cooperation (OIC) further strengthens its position, offering a strategic opportunity to boost exports of halal food, beverages, pharmaceuticals, and cosmetics. The paper reviews current market trends, noting that regions like Asia Pacific dominate the global halal market. It also addresses the specific barriers Bangladesh faces, such as the need for unified halal certification, improved infrastructure, traceability, and halal-compliant financing. The study suggests actionable recommendations, including establishing an international halal certification body, creating a dedicated halal economic zone, offering fiscal and non-fiscal incentives, and upgrading branding and marketing efforts to meet global standards. By addressing these challenges, Bangladesh can unlock its full potential in the growing halal market and significantly increase its export earnings.