DEPUTY PRIME MINISTER LAUNCHES MALAYSIA’S HALAL INCLUSION ROUNDTABLE AND MASTERCLASS ORGANISED BY INCEIF AND ISLAMIC DEVELOPMENT BANK

Attended by key opinion leaders in the local and international Halal industries, the event is set to discuss pressing issues in the thriving Halal market and solutions in supporting its growth, thus providing the perfect platform for industry players to network and collaborate to partake and further contribute towards the USD3 trillion industry

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KUALA LUMPUR, 5 November 2019 – Malaysia’s Halal Inclusion Roundtable and Masterclass was officially launched today by the Deputy Prime Minister, YAB Dato’ Seri Dr. Wan Azizah Wan Ismail at the Putrajaya International Convention Centre. 

Organised by the International Centre for Education in Islamic Finance (INCEIF) and Islamic Development Bank (IsDB) for the first time, in partnership with institutional partners including Bank Negara Malaysia (BNM), JAKIM, Islamic Corporation for the Development of the Private Sector (ICD), International Shari’ah Research Academy for Islamic Finance (ISRA), MATRADE, HDC, International Islamic Trade Finance Corporation (ITFC), Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), SME Corp, SME Bank, TERAJU and EXIM Bank, the two-day event was attended by key opinion leaders in the local and international Halal industries including from Bosnia, Kazakhstan and Uzbekistan.

Attended by more than 450 participants over two-days programming, the event discussed pressing issues in the Halal segment and sought to find solutions in supporting its growth.  It provided the perfect platform for thought leaders, policy makers and industry players to network, share their expertise and knowledge, and collaborate to contribute towards the USD3 trillion Halal industry – arguably the single largest market sector that is defined by a specific set of compliance parameters.

“The Halal industry is fast gaining worldwide recognition, and this is not merely because the Muslim ummah is growing in number. More significantly, it is because Halal is being recognised globally as a new benchmark for quality and safety assurance. The substantial and vast growth of the world’s Islamic populace combined with the higher purchasing power of the Muslim consumer will continue to fuel the Halal market’s double-digit growth, creating a myriad of opportunities for the industry to provide Halal deliverables. This makes the Muslim demographic a persuasive factor that influences the shaping of world market demands,” said Dato’ Seri Dr. Wan Azizah in her keynote address.

“Malaysia has well-positioned itself to become the world’s leading Halal hub. Based on records, Malaysia’s exports of Halal products totalled RM43.39 billion in 2017 and grew 5 percent to RM45 billion in 2018, driven by the aggressive approaches to penetrate markets such as Japan and countries in Africa. Many of these non-Muslim countries have now come to realize the potential benefits of the Halal business. To accomplish this goal, Malaysia has put in place a well-developed policy framework, strong institutional infrastructure backed up by a government that is supportive of the initiative. As framed in the Third Industrial Master Plan (2006 – 2020), the government of Malaysia has further outlined initiatives to link Malaysian Halal standards with international standards to facilitate international market penetration” she added.

Among the topics discussed during the Roundtable were:

  • Towards Achieving Halalan Toyyiban (end-to-end Halal compliance), moderated by INCEIF President & CEO, Prof. Dato’ Dr. Azmi Omar;
  • Global Market Expansion: Issues and Challenges, moderated by INCEIF Director of Research Management Centre, Associate Prof. Dr. Baharom Abdul Hamid from INCEIF; and
  • Developing Global Malaysian Halal SMEs, moderated by Associate Prof. Dr. Said Bouheraoua from ISRA

For the Masterclass on 6 November 2019, participants will gain first-hand knowledge and in-depth perspectives on current topics which include Global Market Expansions and Opportunities, Halal Certification Process and Procedure, Financial Services Support and, Business and Human Capital Development Support. Bank Negara Malaysia (BNM) will also be conducting three Masterclasses on these highly relevant topics, Exploring Trade Finance Solutions, Exploring Trade Protection Solutions and, Solutions for Renewable Energy Sector in Malaysia.

INCEIF President & CEO Prof. Dato’ Dr. Azmi Omar said, “Malaysia is recognised as one of the global leaders of the Halal industry, once again leading the Global Islamic Economic Indicator for the fifth year in a row as reported by The State of the Islamic Economy Global Report 2018/2019. Today, Malaysia exemplifies a country that supports the growth of the global Halal ecosystem. With the total spending of the Halal economy reaching USD2.1 trillion in 2017 and expected to rise to USD3 trillion in 2023, Malaysia has undertaken important initiatives across regulation, trade, and industry to further develop the Halal industry. One distinguished initiative is harmonising Halal accreditation across the world”.

He continued, “At INCEIF, we believe that there is an urgency for us to consistently discuss, debate and compare notes on this topic so that we are always ahead of the game. Malaysia might be the leading Halal hub in the world, but the rest of the world could easily verge upon us if the local industry players do not move fast enough to take advantage of the various aspects of the segment. We are very proud to partner up with IsDB to organise this discourse on the Halal industry and with the support of our partners, we will continue this initiative”.

Representing the IsDB, Mr. Ayman Sejiny, Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD) says, “The private sector development arm of IsDB Group acknowledged Malaysia’s progress and sound achievement in the Halal industry where its Halal ecosystem is anchored to drive the nation’s requirement and stand to benefit the global centre stage through the relevant partnerships and collaboration with the IsDB member countries.

For a start, IsDB member countries in the likes of Kazakhstan, Uzbekistan and Bosnia and Herzegovinia could benefit from Malaysia’s maturity in the Halal industry and bolster bilateral trade opportunities between them”.

Speech-DPM_20191105_Malaysia-Halal-Inclusion-Round-Table_Final-Final
November 5, 2019 1:10 pm
  • Bank Negara Malaysia
  • Finance Accreditation Agency (FAA)
  • International Shari’ah Research Academy for Islamic Finance
  • Securities Commission Malaysia (SC)
  • Shariah Advisory Council
  • Chartered Institute of Islamic Finance Professionals
  • Malaysia International Islamic Financial Centre (MIFC)
  • Islamic Banking and Finance Institute Malaysia