Representatives from 10 countries have signed a deal approving the establishment of the International Halal Accreditation Forum (IHAF) in Dubai.
The agreement has been hailed as a significant development that boosts the efforts of Dubai Islamic Economy Development Centre (DIEDC) to establish the emirate as a global capital of Islamic economy.
Once established, IHAF will aim to regulate the halal industry and introduce an inspection mechanism that safeguards customers' rights and industry promotions, a statement said.
In addition, the accreditation body will help build credibility and confidence in halal-certified food and non-food products globally, while facilitating trade movement in the halal industry and ensuring greater cooperation among regional and international organisations, it added.
Countries to sign up to the agreement include the UAE, Spain, the US, Pakistan, Saudi Arabia, Australia, New Zealand, the UK and Egypt.
The issue of global standardisation of halal products and services has been on the agenda of several stakeholders of the Islamic economy since the nascent sector gained international recognition in recent years.
Mohammed Al Gergawi, chairman of the DIEDC, said: "Each economic system requires a well-defined structure and culture, agreeable standards and unified references. This is why we consider the agreement to establish the International Halal Accreditation Forum an essential initiative that contributes to the development of Islamic economy.
"The agreement will facilitate the structured organisation of varied sectors of Islamic economy and the formation of its entities. Furthermore, it will enable the documentation of local and international references and lay down specifications for a unanimously agreed mechanism that will be binding on all participating countries in the Islamic economy space."For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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