Baku: The halal industry must be more resilient to global crises, said Ameen Alsaadi, Chief Investment Officer of Halal Products Development, during his speech at the session titled 'Strategic Leadership Dialogue on Ethical Halal Business Models and Risk-Resilient Financing' held as part of the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, APA reports.
According to Azeri-Press news agency, Alsaadi emphasized that resilience is an essential requirement rather than a choice, given the interconnected nature of global markets where disruptions in any part of the world can impact companies and regions universally. He urged organizations within the halal industry to proactively develop resilience strategies to mitigate the effects of potential crises.
He pointed out that the global halal industry is encountering growing risks in a rapidly evolving environment, necessitating resilience as a core component of strategic planning. Alsaadi highlighted diversification as a critical approach, stressing the need for a wide range of suppliers and regional operations to maintain an unbroken supply and value chain.
Alsaadi also underscored the significance of market diversification as a protective measure against risks during crises, which subsequently boosts resilience. He advocated for the establishment of production facilities near target markets to enhance operational efficiency and minimize risks.
Trust and strategic collaboration among partners were identified by Alsaadi as vital components in the halal sector. He noted that robust trust and cooperation among investors, financiers, suppliers, and manufacturers are crucial for ensuring business continuity in times of crisis.
Strong governance, he added, is essential for making timely and informed decisions, thereby strengthening companies' resilience. Alsaadi concluded his address by emphasizing that ethical and halal business models inherently possess greater resilience due to their foundational principles of fairness, reliability, and long-term development.