Herbalife (HLF) stock is soaring 5.05% in intraday trading on Thursday, following news that the company has received Sharia certification for its direct selling business in Indonesia. This development marks a significant milestone for Herbalife's operations in the world's largest Muslim-majority country.
The Sharia certification, issued by the National Sharia Board - Indonesian Ulema Council (DSN-MUI), confirms that Herbalife Indonesia's multi-level marketing business model, marketing programs, products, and distribution processes comply with Islamic principles. This certification complements the Halal certification previously obtained for all Herbalife products, providing additional assurance to Indonesian consumers.
Oktrianto Wahyu Jatmiko, Director & General Manager of Herbalife Indonesia, emphasized the importance of this certification, stating, "This is a testament to our commitment to meeting the needs of Muslim consumers in Indonesia and ensuring that our entire business operations comply with Sharia principles." The move is expected to strengthen Herbalife's position in the Indonesian market, potentially opening up new growth opportunities and increasing consumer trust among the country's large Muslim population.
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