Five major Islamic financial institutions have pledged a total of RM2.67 billion in funding to promote the halal industry in Malaysia. The five financial institutions include SME Development Bank Malaysia Bhd, which will provide RM1 billion, and Standard Chartered Sadiq Islamic Bank, Malaysian Islamic Bank, Islamic Alliance Bank and Hong Leong Islamic Bank, which have jointly committed to provide 16.7 billion ringgit in funding.
This major commitment was announced by Malaysian Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi at the World Halal Business Conference (WHBC) 2023. The funds will be used for a number of initiatives, including promoting the sustainable development of the halal industry, researching and developing innovative halal products and services, upgrading infrastructure, strengthening SME facilities, and providing mentoring, training and financial assistance to entrepreneurs and start-ups.
The move aims to accelerate Malaysia’s halal economy and make it more globally competitive. This initiative is actively supported by Prime Minister Datuk Seri Anwar Ibrahim and aims to help local halal industry entrepreneurs enter the international market. At the same time, Malaysia will also strengthen the halal certification process and focus on improving the sustainability of palm oil products to meet the requirements of the global halal market. This initiative also includes a new collaboration between the Halal Development Corporation (HDC) and the Malaysian Palm Oil Council (MPOC) to promote sustainable halal ecosystem development.
(Source: Bernama Image source: freepik)
