Halal is when food and beverages are prepared under Islamic principles of Shariah law.
You'd never know just by looking at meat or drink whether is meets the standards acceptable under Shariah compliance. Almost always, there's a note attached or you're buying it from a trusted source like a Halal butchers.
But Malaysia-based DagangHalal has created an online verification service for Muslims that allows people to check whether a product is fit for consumption under Shariah law. This not only includes food and drink but also "consumer goods and personal care, healthcare and pharmaceuticals, science and new technologies and hospitality and leisure amongst others."
Basically, you can find out whether almost anything is religiously acceptable under Muslim law.
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It's so popular that DagangHalal announced today that it is going to be launching an IPO on the London Stock Exchange’s mid-cap market AIM.
The group, which describes itself as “the world’s first global e-marketplace to provide Halal verification”, is expected to list in March 2016.
"The global Halal market is huge, and digital technology will bring that market into the 21st century," said Mohamed Hazli Mohamed Hussain, CEO of DagangHalal in a statement. "More than $1 trillion is spent on Halal food and beverages each year and that figure is expected to grow to $1.6 trillion by 2018."
"Market participants want to be sure that the products they are buying are genuine Halal and our HVE portal and e-marketplace is able, for the first time, to give complete confidence in product authenticity."
"With widespread internet use and smartphone adoption across the world's Muslim population, we now have the infrastructure to be able to check product authenticity anytime and anywhere.
"DagangHalal now has the opportunity to consolidate its position in the industry — delivering a single platform and a focal center for global Halal trade and the proposed Placing and Admission to AIM will enable us to accelerate our growth towards this ambition."
DagangHalal almost doubled its revenue from 2012 to 2015 to Malaysian ringgit 3.40 million (£572,000) in 2015.
It estimates that the Muslim population is expected to grow from 1.6 billion in 2010 to 1.8 billion in 2020 and its service will be best placed to tap into that sector's need for halal food.
