The Dh3.68 trillion ($1 trillion) global Islamic finance industry is in the process of developing a road-map to converge on the booming halal market, said an industry expert while speaking at an Islamic Finance forum in Malaysia.

“Islamic stock exchange for both Islamic financial services and halal FMCG companies is a logical outcome and a natural relationship of the two fast growing industries. The time has come to sustain and channelize this growth,” remarked Saleh Abdullah Lootah, managing director of Al Islami Foods, the leading producer of halal food in the Middle East.

'Growing Muslim population, awareness and consumers, their rising literacy and professional training, sustainable nature of Islamic economy, role of press, social media are contributing factors for the impressive growth of Islamic finance and Halal industry,' he added.

Lootah was speaking at the convergence mechanism of Islamic Finance and  Dh 2.4 trillion ($651 billion) Halal market at the 8th Kuala Lumpur Islamic Finance Forum 2011 (KLIFF), organized by the Centre for Research and Training (CERT).

The event, officiated by the Malaysian Minister of Finance II, Y.B Dato’ Seri Hj Ahmad Husni Hanadzlah, was held in Kuala Lumpur, Malaysia, and ended on Friday.

From the international Halal food industry, Al Islami was the only halal food company which was invited to this international and prestigious event to share its experience and evolution of becoming a world leader in halal food industry, said a company statemment.

Lootah pointed out that modern Islamic banking originated with the establishment of the Dubai Islamic Bank in 1975, an Islamic economy movement initiated by the founder of Al Islami Foods Hajj Saeed Lootah, also the chairman of Lootah Group, a business conglomerate based in Dubai.

'Hajj Saeed passionately believes in and practices the Islamic principles and values across every facet of life. His unwavering commitment to these values helped Al Islami to set a benchmark in the global halal food industry,' he added.

Concurrent industry events were organized to cover the complete package of Islamic finance industry that included: Shariah Forum, The Takaful Rendezvous, Ethics and Finance Roundtable Exhibition, Workshops, Islamic Finance Essay Competition, and Islamic Finance Awards.

KLIFF 2011 gathered more than 1,500 delegates ranging from regulatory authorities, Shariah scholars, bankers, legal practitioners, Takaful operators, consultants, and academicians in Islamic finance around the globe.-TradeArabia News Service