By: Andora Fredericks

 The introduction of Halal 2.0 - the convergence of Islamic Finance and Halal

Prime Minister of Malaysia Mohd Najib bin Tun Abdul Razak delivered  the keynote address at the opening of the 6th World Halal Forum held April 4, 2011 in Kuala Lumpur 

World Halal Forum, the Halal industry's premier event opened with over 600 delegates from over 40 countries at Kuala Lumpur Convention Centre today. This international forum which is held in Malaysia annually marked the start of "Halal Malaysia Week", a week-long series of Halal industry events. Tun Abdullah Ahmad Badawi, Former Prime Minister of Malaysia and a strong advocate of the global Halal industry delivered the keynote address at the Opening Ceremony.

This year's World Halal Forum produced an exciting milestone in the Halal industry - the unveiling of a first of its kind 'Halal Food Index', which positions Halal as an Asset Class within the investment community. The SAMI (Socially Acceptably Market Investments) Halal Food Index comprises over 200 companies listed in Muslim-majority countries with a total market capitalisation of over US$100billion at time of release. The SAMI Halal Food Index is powered by IdealRatings with the backing of Thomson Reuters and supported by World Halal Forum.

This launch is in line with the current direction of World Halal Forum which will push for the convergence of two influential industries - Islamic Finance and the Halal Sectors into an integrated Halal Economy estimated to be now worth several trillions of US Dollars. The convergence of these two Shariah-based industries forms a strong economic platform that is built on a set of shared values -values that will play an increasingly strategic role in shaping global markets in the coming decade, hence the theme for WHF 2011 is "Towards a Halal Economy: The Power of Values in Global Markets".

In opening the 6th World Halal Forum, Tun Abdullah Badawi said "I congratulate the World Halal Forum for continuing in its quest to be the beacon of knowledge and a catalytic force of change in the global Halal industry. The industry needs leadership and for many years people have looked to the World Halal Forum to fill that vacuum. It is good to witness the progress and maturation of the World Halal Forum that is now ready to take on that role to steer direct change in the industry."

Abdalhamid Evans, Director of World Halal Forum commented: 

"We have taken the bull by the horns, so to speak, to steer the two Shariah-based industries towards a holistic Halal Economy that includes all sectors, from farm to fork to finance. This convergence will make both industries stronger and give us a more resolute voice in the international business scene. Today we have witnessed the start of Halal 2.0, a transformation of mindsets towards value-based products and services which in turn will give rise to areas of new growth and wealth creation."

Rafe Haneef, CEO of HSBC Amanah Malaysia Berhad commented, "If we are going to move towards a Halal economy, we have to take a holistic approach; the whole cycle, the whole chain has to be Halal from the production to the financing."

The World Halal Forum, now in its 6th year, is the world's most sought after Halal industry event and has a proven track record as an important platform in determining the direction of the global Halal industry. The new structural change within World Halal Forum will see it being modeled into a Not For Profit entity under the International Halal Integrity Alliance ("IHI Alliance"), a move that will allow the brand to propagate change on a different level altogether, working within the strong international network and support system of IHI Alliance. 

"Taking ownership of the World Halal Forum and steering it in its new direction of offering solutions and executing an action plan is definitely within our area of expertise and we hope to give this initiative a leg up with our international network and resources. It is indeed an honour to be handed the baton and with that the onus to start a new chapter in the direction of the Halal industry", said Darhim Hashim, CEO of IHI Alliance.

This year's World Halal Forum featured cutting edge speakers in both Islamic Finance and the Halal sectors giving birth to a whole new direction in the progress of the Islamic economic sector. The line-up of speakers feature industry thought-leaders such as Rushdi Siddiqui (Global Head, Islamic Finance & OIC Countries, Thomson Reuters), Rafe Haneef (Executive Director & CEO, HSBC Amanah Malaysia Berhad), David Smith, (Chief Executive, Global Futures & Foresight), Fazal Bahardeen, (Founder & CEO, CrescentingRating), Jalel Aossey, (Director, Midamar Corporation), Rafi-uddin Shikoh, (CEO, DinarStandard), Navid Akhtar, (Managing 

Director, Gazelle Media), Joohi Tahir, (VP Marketing & Sales, Crescent Foods Inc.) and Zahed Amanullah, (Director, American Halal Corporation).

The 6th World Halal Forum is hosted by IHI Alliance, and is supported by Platinum Sponsor HSBC Amanah Malaysia Berhad and Event Sponsors Colgate-Palmolive, Nestle Malaysia, Chemical Company of Malaysia and HPA Industries.

Source: http://www.islamicity.com