In a speech at the signing of the letter of intent between Steinbeis Malaysia and Universiti Putra Malaysia on halal services for the cosmetic industry, Nancy said the world community had begun to understand the importance of Muslims’ requirement for halal food and other consumables.

“Indeed, we are looking at a major economic growth angle whenever we address halal markets,” she said today.

Pointing out that the halal industry had expanded well beyond the food sector, Nancy said this further widened the economic potential for halal entrepreneurs, businesses and manufacturers.

Giving the example of the cosmetics and beauty care industry, she said many consumers around the world were willing to pay a premium price for such products in compliance with Islamic tenets.

“The global halal cosmetics market is expected to hit US$52.02 billion by 2025, according to a new report by Grand View Research Inc,” she added.

Nancy said countries such as Malaysia, Indonesia and Thailand, which have a significant Muslim population, presented tremendous opportunities for growth.

“These endeavours into local, regional and world markets will be further enhanced with proper certification by recognised bodies, such as the Malaysian Islamic Development Department (Jakim), as obtaining these certifications will boost consumer confidence in a company’s products, which will help facilitate market acceptance and propel growth for the company concerned,” she said.