Halal Angels Network is among the first to penetrate the $5 trillion global Halal consumer market and has teamed up with Flagship Projects for the Jordanian Market to support the Jordanian government, and organizations in Startups, Halal consumer market, Islamic finance to aspiring entrepreneurs.
Halal Angels Network was launched to promote innovation, entrepreneurship, and start-ups, and inspire investors across the world to tap into a sector that will be worth $9.71 trillion by 2025 (Reuters, 2019).
Flagship Projects is a media holding company with offices in Jordan & UAE and they work with clients in the MENA region.
They would host the Halal & Ethical Investment Summit post-COVID-19 pandemic in Jordan.
This would be part of series of Halal & Ethical Investment Summit to be held at strategic global locations to promote Halal & Ethical Investment & startups. Both Halal Angels Network & Flagship Projects would tap the global diaspora of Jordanians living abroad and use their expertise to tap the Halal & Startup market.
The Jordanian Diaspora has been never tapped for the Halal consumers & Startup industry for the development of the Jordanian economy.
“Both Halal Angels Network & Flagship Projects would tap the global diaspora of Jordanians living abroad and use their expertise to tap Halal & Startup market”
The key focus areas are Halal Fintech, Halal Foodtech, Halal Tourism, Ethical Finance, and Future Technologies. Jordanian be the gateway for Halal Startups.
Based on research, the Jordanian businesses have not tapped the Halal consumer market to the full potential and currently, they are focused on to Halal food exports.
There is a tremendous potential to leverage Jordan’s strategic location to expand from the Halal Food market to Islamic fintech, Islamic finance, Modest fashion, medical & pharmaceutical industry.
The demographics and strategic location of Jordan give it the advantage to tap other Halal consumer market opportunities.
According to MAGNiTT’s 2019 Jordan Venture Investment Report, the Kingdom of Jordan reached the 5th spot for the number of investment deals in 2019 (35), accounting for 6% of total deals in the MENA region. The country’s capital, Amman, accounted for the vast majority of those deals.
Moreover, the country took the 4th spot, after Saudi Arabia, by total funding ($41M), accounting for 6% of total funding raised in MENA.
In order to grow faster, Jordan can also tap the global diaspora of Jordanians living abroad and use their expertise to tap the Halal & Startup market.
Shadi Alhasan founder of Flagship Projects said “According to ResearchGate article about Implications of marketing Jordan as a Halal tourism destination, Jordan was evaluated positively in 14 Halal services. For ages, Halal products have been a built-in lifestyle in the daily life of the majority of Jordanians, it has evolved to impact most of the market sectors under ethical investment labels, starting from government initiatives to fight corruption ending with Sharia compliant financing by local and regional investors.
We believe that shedding the light on this growing subject through the Halal & Ethical Investment Summit will attract organizations and establishments to adopt the movement and benefit from what it has to offer.”
A recent World Bank survey of 230 Jordanian entrepreneurs found that Jordanian entrepreneurs are well-educated and have solid experience in the business. According to the survey, 94% of the Jordanian startup’s key founders hold a BA degree or above, 62% have 10 years of experience or above, and 20% have 6-9 years of experience.
The majority of Jordanian entrepreneurs (71%) have previous experience working at middle- or senior-level jobs, and most of them (91%) worked as employees in a private enterprise, including their own, before establishing a business.
In May 2019, the Government of Jordan introduced a new cabinet Ministry for Digital Economy and Entrepreneurship (MoDEE) to expand the mandate of the former Ministry of Information and Communication Technology and support digital entrepreneurship, electronic payments, and digital skills development. This comes as an organic step to support the growing role of the Government in supporting these digital economy pillars.
Indian American Dr. Tausif Malik, Founder of Halal Angels Network said, “With over 1.5 billion Muslims in the world, the Halal industry offers tremendous opportunities across the Middle East, North Africa and South Asia, and South-East Asia. Based on the vision, experience, and expertise, we felt that Flagship Projects is the right partner for the Jordanian market and the region. Our partnership is to support the Jordanian government’s Startup initiatives and market opportunities to venture and tap the halal consumer market, both B2C and B2B.”
Dr. Malik also said that Jordan’s strategic location, it’s highly educated and successful global diaspora living in various countries can contribute to the growth of the Halal, Ethical & Startup in the Kingdom of Jordan, this can create a platform for rapid growth in these domains.