Hong Kong’s growing role in the global halal economy took centre stage at a forum themed “Understanding the Halal Market: Strategies for Unlocking Opportunities” on 13 October. Organized by HKGCC and the Federation of Hong Kong Industries (FHKI), the event was attended by Financial Secretary Paul Chan and distinguished industry leaders and explored the vast opportunities for Hong Kong in halal trade, tourism and Islamic finance.
With over two billion Muslims worldwide, the halal market accounts for a quarter of the world’s population and is driving trillions in consumer spending. In 2022 alone, Muslim consumers spent US$2.29 trillion across food, fashion, travel, cosmetics, pharmaceuticals and various other sectors.
In his opening address at the forum, HKSAR Financial Secretary Paul Chan pointed out that the 57 member countries of the Organisation of Islamic Cooperation (OIC) account for around 8% of the world’s GDP. Yet, their contribution to global growth is striking, reaching 15% last year and projected to surpass 20% by 2030.
He also shared the Government’s strategy to establish Hong Kong as a leading Muslim-friendly destination. This includes spearheading high-level missions to Islamic countries and promoting the Hong Kong brand globally. “Later this month, I will lead a delegation to Saudi Arabia, bringing together a strong team of Hong Kong and Chinese Mainland companies across sectors such as AI, biotech, fintech, green energy, and more,” he said.
“We serve as a trusted two-way platform for Mainland and Hong Kong enterprises looking to expand into Muslim economies, and for investors and entrepreneurs from these economies to access opportunities in China and beyond,” he added.
The trip builds on the Government’s sustained outreach efforts to foster greater collaboration, from ASEAN to the Middle East. Notably, the recent investment promotion and protection agreements (IPPAs) signed with Bahrain, Kuwait and the UAE further signal Hong Kong’s commitment to deepening regional partnerships. A new Economic and Trade Office will also open in Kuala Lumpur later this year, with plans underway for another in Riyadh, the Saudi capital.
Sharing experiences from his long career in the Middle East during his keynote speech, David Eldon, Deputy Chairman, HSBC Asia Pacific, highlighted Hong Kong’s immense potential in the global halal market and Islamic finance.
“Given that there are more Muslims in the Asia-Pacific than anywhere else, and given Hong Kong’s growing connections with markets in the Middle East, we are well positioned to become an Islamic finance hub,” he stated.
“The best way is to take the time to appreciate the various characteristics and differences within the global Muslim market.
The city is heading in the right direction – it is execution that will count.”
The panel discussion that followed explored FHKI’s newly launched Hong Kong Q-Mark Halal Scheme in collaboration with the Incorporated Trustees of the Islamic Community Fund of Hong Kong (BOT), how Islamic finance is gaining momentum in the city with the issuance of Sukuk bonds under Shariah-compliant principles, and the Government’s focus on boosting Muslim tourism and investment.
Hong Kong’s Advantage
At the 2025 Halal in Travel Awards by CrescentRating, an internationally recognized halal travel promotion organization, Hong Kong was named the “Most Promising Muslim-friendly Destination of the Year.”
FHKI Chairman Anthony Lam hailed this recognition as a clear testament to the city’s growing stature in the global halal tourism landscape, reflecting its strategic efforts to enhance accessibility, quality and cultural inclusivity for Muslim travellers.
In 2024, Southeast Asian visitors, particularly from Muslim-majority nations, became Hong Kong’s second-largest source of tourists after the Chinese Mainland. According to the Hong Kong Tourism Board (HKTB), the number of Malaysian visitors jumped 50%, while Indonesian arrivals rose 43%. The city also welcomed 16,498 visitors from Gulf Cooperation Council countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
Lam said FHKI’s new Q-Mark scheme would enhance restaurant quality and facilitate easy access to top-tier halal dining for Muslim residents and tourists. The first Q Mark-accredited restaurants are expected to open by late 2025 or early 2026, giving early adopters a first-mover advantage.
HKGCC LegCo Representative Jeffrey Lam said that although the halal industry lacks standardized international classifications, the authorities were taking various steps to unlock its potential, such as including Islamic finance professionals in its expanded Talent List.
According to David Yim, Managing Director, Head of Debt Capital Markets, Greater China & North Asia, Standard Chartered Bank, Islamic finance assets are expected to reach nearly US$6 trillion by 2026, reflecting the halal economy’s impact on reshaping industries and opening opportunities for forward-looking cities.
“Hong Kong has made significant strides in establishing itself as a credible player in the global Islamic finance market,” Yim said. “A key milestone was the issuance of three sovereign sukuk bonds between 2014 and 2017, each valued at US$1 billion and structured under Shariah-compliant principles.”
Recently, Hong Kong has seen steady growth in bilateral investment events, such as the Investopia Summit with the UAE. Next July, Saudi Arabia’s LEAP innovation conference will come to the city – its first edition outside the Middle East. Yim said such developments demonstrate strong investor confidence in the city.
Building Momentum
Explaining the meaning of “halal,” BOT Chairman Saeed Uddin said that the term extends beyond food to encompass a broad spectrum of products and services, from finance and cosmetics to hospitality and healthcare.
He shared how the organization actively supports Hong Kong businesses in their efforts to provide halal products and services. “Obtaining halal certification is a clear and accessible process – from downloading the application online to coordinating site visits – making it easier for companies to meet the growing demand for halal offerings in Hong Kong.”
Pointing to KFC Hong Kong as a standout example of halal adoption in the city, he noted its impressive growth from a single halal-certified outlet in November 2022 to 28 locations by May 2025.
Karen Chan, Managing Director of KFC Hong Kong, said receptiveness to KFC’s halal-friendly options has continued to grow steadily as more customers enjoy its range of offerings. “We will continue to provide Halal-friendly options to our customers – both residents and tourists – with the hope that as many chicken lovers as possible can enjoy our products,” she added.
Meanwhile, the Hong Kong Tourism Board’s newly launched funding scheme to subsidize halal certification fees for restaurants is encouraging more Muslim-friendly dining options across the city. Restaurants that receive a recognized Halal certification between 17 September 2025 and 31 December 2026 are entitled to a 50% application fee subsidy, capped at HK$5,000.
The Hong Kong Trade Development Council (HKTDC) is also leading efforts to promote the halal economy. In August this year, HKTDC’s five-day Food Expo and Food Expo PRO, held at the Hong Kong Exhibition and Convention Centre (HKCEC), attracted over 120 exhibitors showcasing halal products from around the world – a 20% increase over 2024. The expo also strengthened collaborations with countries with thriving halal food markets, as seen in the group pavilions hosted by the Philippines, Thailand and Vietnam.
Last December, HKCEC was awarded Gold Certification for MICE Venues by CrescentRating – the first in Hong Kong to receive this accreditation, which is the highest ranking of the certification scheme.
“HML’s commitment to enhancing the event experience of international visitors includes providing Muslim-friendly facilities and services, such as a prayer room and Halal-certified food,” said Monica Lee-Müller, Managing Director of HKCEC (Management) Limited (HML).
HKCEC provides separate prayer spaces for men and women on the second floor. The adjacent restrooms are equipped with water-friendly facilities, including hand showers and ablution facilities. Halal-certified food is available at concession stands during events, while the F&B team provides tailor-made halal menus upon request.
CrescentRating also named Kowloon Shangri-La, Hong Kong, “Muslim-Friendly Hotel of the Year” for its exceptional service for Muslim travellers in the city.
“Recently, we also expanded our certified halal kitchen and diverse dining options,” said Mark Bannon, Director of Operations at Kowloon Shangri-La. “We believe Hong Kong has a unique advantage to champion its status as a ‘halal-friendly city,’ presenting vast opportunities for the tourism sector.”
The Road Ahead
One of the key challenges in the future is rising competition. As Eldon noted in his speech, other financial hubs in the region are actively advancing their Islamic business capabilities through regulatory reforms, market development and digitalization initiatives.
Against this backdrop, Qamar Minhas, Vice Chairman of the Chamber’s Asia, Africa & Middle East Committee, applauded the Government’s efforts to engage Muslim-majority regions and elevate Hong Kong’s global standing. He said that the city has the potential to build “a trillion-dollar halal ecosystem.”
“By 2050, one-third of the global Muslim population will be under 30, representing 40% of all young people worldwide. Capturing the loyalty of this dynamic, future-oriented demographic is crucial for long-term growth,” he stated.
To tap this potential, Minhas stressed the need for a more comprehensive strategy. “That includes establishing an Islamic finance hub to attract Shariah-compliant investment, launching targeted tourism campaigns in key markets such as Malaysia and Saudi Arabia, providing cultural sensitivity training for frontline staff and creating a centralized halal certification body to build global trust,” he explained. “These steps will lay the foundation for a world-class halal ecosystem.”