HDC committed to turning Malaysia into a high-income economy

HDC committed to turning Malaysia into a high-income economy

KUALA LUMPUR,. The Halal Industry Development Corporation (HDC) is committed to Malaysia’s aspiration to become a high value-added and high-income economy and strengthen ties with regional and international economies which are fundamental to the growth of the global Islamic economy.

Chief Executive Officer Datuk Seri Jamil Bidin said the Islamic economy was being embraced globally, becoming an integral part of the international system and was further expanding opportunities for the international community’s participation.

“This increases the inter-linkages both within and between economic regions of the world.

“While the early development of Islamic economy was very much domestic and religious centric, today, the growth of Islamic economy is no longer organic and largely concentrated in countries where the Muslim population is significant.

“The prime contributor to this is the increasing demand for halal products, and greater acceptance of Islamic finance,” he said during a panel discussion in London on Thursday at the 4th World Muslim Leadership Forum titled “Halal Economy and Islamic Finance-Powering The New Global Economy: How Can The Halal Economy an Islamic Finance Contribute To The Global Economy?

In a statement, quoting excerpts of his presentation in London, Jamil said the internationalisation of Islamic economy in the recent decade increased the potential for strategic partnership between international regulators and players that would bring mutually reinforcing benefits.

“Global integration and strategic collaboration will also enhance opportunities for Malaysia and other countries to capitalise on the diverse comparative advantages of nations,” he said.

HDC said the global halal food industry was expected to reach US$739.59 billion by 2025 while the Islamic finance industry was expected to grow to US$6.7 trillion by 2020, driven by a surge in Islamic finance interest from non-Muslim nations.

Currently, there are over 300 global Islamic institutions active around the world and more than US$260 billion (RM1.1 trillion) has been invested in Islamic funds. — Bernama