Dubai moved closer to establishing a global standard for halal goods and services yesterday, as nine countries and a representative from the GCC signed an agreement that sets in motion the launch of an international regulatory body in the emirate.

The International Halal Accreditation Forum, to be based in Dubai, will be a global body where the national halal standards authorities of member countries can discuss the setting of product rules and standards.

The UAE, Saudi Arabia, Egypt, Australia, New Zealand, Pakistan, the United States, the United Kingdom and Spain signed a memorandum of understanding on May 4.

The accreditation body “will aim to regulate the halal industry and introduce an inspection mechanism that safeguards customers’ rights and industry promotions", according to the Dubai Islamic Economy Development Centre and the Emirates Authority for Standardisation and Methodology. It aims to “help build credibility and confidence in halal-certified food and non-food products globally, while facilitating trade movement in the halal industry and ensuring greater cooperation among regional and international organisations".

Analysts have said consistent international halal standards would lift the industry and help consumers to make better decisions.

“Each economic system requires a well-defined structure and culture, agreeable standards and unified references," said Mohammed Al Gergawi, the chairman of the Dubai Islamic Economy Development Centre. “This is why we consider the agreement to establish the International Halal Accreditation Forum an essential initiative that contributes to the development of Islamic economy." ?

Dubai has been taking steps to beef up its Sharia regulations as part of plans to carve out an Islamic financial industry in the emirate. The UAE Cabinet on Sunday approved the launch of a Sharia Authority, a regulator to set standards for Islamic finance products.

The body will oversee the Islamic financial sector, approve financial products and set rules and principles for banking transactions in accordance with Islamic jurisprudence.