Turkey: World Halal Summit will look at ways to get rid of foreign currency pressures

| 16/12/2016 | Reply

By BETÜL ALAKENT, Daily Sabah Business

In response to President Recep Tayyip Erdogan’s call on Islamic countries to use local currencies in bilateral 705trades, a message of unity will be conveyed against the U.S. dollar at the ongoing World Halal Summit in Istanbul by the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC).

The countries that will convene at the event will look for ways to get rid of foreign currency pressures, the head of the World Halal Summit Yunus Ete said in response to President Erdogan’s call, noting that the attendees will discuss the issue of using local currencies or gold in trade, particularly at the sessions on Islamic finance. Underlining the world’s halal market has reached a threshold of almost $3 trillion, Ete said, trade using local currencies or gold in such a large market will create a serious force against the pressure of foreign exchange. With the attendance of President Erdogan and Prime Minister Binali Yildirim, the event will bring together high-level speakers from Turkey and 26 other countries. The names include Sayed Aqa, vice president of Islamic Development Bank, Dr. Abdul Salam Daoud Mohammad Al-Abbadi, the secretary general of International Islamic Fiqh Academy, and Hamed Hassan Merah, the secretary general of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

With Turkuvaz Media Group as its main media sponsors, the summit began on Thursday at the Lütfi Kirdar Congress Center in Istanbul under the auspices of the Turkish Presidency. Organized in collaboration with Turkish Standards Institute (TSE) and the Standards and Metrology Institute for Islamic Countries (SMIIC), the three-day summit holds 5 conferences covering “Halal Food Industry,” “Islamic Finance,” “Halal Tourism,” “Islamic Lifestyle,” and “Halal Cosmetic and Pharmaceuticals.” 18 sessions that is scheduled delve into the issue of halal in all its aspects will be held during the summit until Dec. 17.

ARTICLE TWO

Istanbul hosts World Halal Summit

Experts demand more investment in halal sector

By Ali Atar, Anadolu Agency

The World Halal Summit began in Istanbul on Thursday with more than two dozen prominent figures in the halal sector from Turkey and 26 other countries taking part.

Sheikh Thafier Najjaar, president of the World Halal Council, said Muslims should consume halal food according to the orders of Allah.

Turkey’s Religious Affairs Directorate defines halal as something being “legitimate according to Islam”.

“We should be careful about the healthiness and halal-ness of our foods. This is our duty as Muslims. If we follow the rules [of Islam] we will be powerful. We, as Muslims, are the guards of halal. This is an order of Allah,” Najjaar added.

He also said the sector should prioritize producing halal food rather than grabbing profit.

Abdulkahir Qamar, fatwa (ruling) director of the International Islami Fiqh Academy (IIFA), said they were working to develop a common ground for halal food.

IIFA is a well-recognized institute that has been working in fiqh (Islamic jurisprudence), culture, and economics for more than three decades, he said.

“We are working to find solution facing by Muslims across the world,” he added.

Justice Khalil-ur-Rahman, chief of the Panjabi Halal Development Agency in Pakistan, noted that demand for halal food in the Muslim world was increasing.

He stressed the need for more investment in the halal-food production sector.

The summit is being held in Istanbul’s Lutfi Kirdar Congress Center in collaboration with the Turkish Standards Institute (TSE) and the Standards and Metrology Institute for Islamic Countries (SMIIC), and will continue until Dec. 17.

A Halal Expo, a pioneering event that guides the sector by combining the World Summit with the Halal Fair, is also happening simultaneously at the same venue.

Turkey’s economy, culture and tourism, and foreign affairs ministries are backing the events. They have been joined this year by the Banking Regulatory and Supervision Agency (BDDK), the Foreign Economic Relations Board (DEIK), the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and the Investment Support and Promotion Agency of Turkey (TYDTA).

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