Muhammad Zubair Mughal is the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE), Islamic Microfinance Network (IMFN) and Halal Research Council.
We are partnering with Jaiz Foundation on Halal Certification to establish the first Halal certification agency in Nigeria.
With this partnership, Nigeria will be benefiting in four key areas.
Number one; more than 100 million Muslim will find the halal foods from a properly certified agency. The government of Nigeria will be exposed to other markets in the Muslim countries. Right now, Nigeria doesn’t have big volume export to Muslim countries because most of the food items produced here are not Halal certified and one of the major conditions for the market in those Muslim countries is that they will not import any product which is not Halal. So, the Nigerian companies will have a proper Halal certificate so that they can export to the Middle East, Malaysia, Pakistan, Indonesia and the rest.
The third is that Nigeria will enter into the Islamic economic system. There are different components of the Islamic economic system; there is Islamic finance, Islamic banking, insurance and the major component in the system is the Halal among others. So Nigeria will enter into a trillion dollar size market. Right now the total size of the market is $2.3 trillion, if Nigeria will take two to three percent share of this figure, it will be up to a billion dollars.