Malaysia Recognized as a Pioneer of the World's Halal Industry

According to the 2017/2018 Global Islamic Economy Indicator (GIEI) report produced by the globally renowned research company Reuters, with the support of the Islamic finance and Halal food ecosystem, Malaysia was once again rated the No. 1 country in the Islamic economy.

In the GIEI report, which measures the overall development of the global Islamic economy sector, Malaysia ranked first with a GIEI score of 121, followed by the United Arab Emirates (86), Bahrain (66) and Saudi Arabia (63).

This recognition, combined with the joint efforts of government agencies such as Malaysia's JAKIM, the Department of Standards Malaysia and the Halal Industry Development Corporation (HDC) to promote the adoption of the Malaysian Halal mark issued by JAKIM, helps enhance the marketability of Halal products and services from Malaysia.

'The JAKIM Halal mark is strictly based on Halal certification, standard-setting, and research and development, so non-Muslim-majority countries such as Thailand, Japan and South Korea, as well as Latin America, are now seeking Malaysia's professional Halal certification and using MIHAS as a platform to develop the Halal sector in their respective markets,' Aminuddin said.

According to HDC data, in 2016 about 1,400 Malaysian companies achieved export revenue of RM42.2 billion, including Halal products such as food and beverages, raw materials, cosmetics and pharmaceuticals.

This figure accounted for 7.5% of the country's GDP that year.

There is no doubt that Malaysia's Halal industry professionals will look forward to MIHAS 2018.

This will highlight new market segments, including an Islamic trade finance showcase and a forum where financial institutions showcase their Islamic financing products, such as export financing, import financing, letters of credit and bank guarantees, and shipping guarantees.

Halal Management and Science @ FBM Universiti Teknologi MARA (iHALALMAS) will hold a symposium where researchers from local and international universities will present their developments in the Halal field.

In the Halal Innovation Programme, local Halal industry professionals will present their innovations to selected potential buyers and investors.

In addition to these new market segments, MIHAS will continue to feature its existing components, including the hosted buyers programme, trade talks, the industrial zone, and MIHAS Connect as a knowledge-sharing activity that facilitates transactions during the show.

Aminuddin said: 'The annual MIHAS trade expo is a stamp of Malaysia's leading role in driving the development of the global Halal industry,' noting that Halal exports alone contributed 5.4% of Malaysia's overall exports in 2016.

Major Halal product exports include food and beverages (RM18.6 billion), Halal ingredients (RM12.8 billion), palm oil derivatives (RM6.3 billion), cosmetics and personal care (RM2.2 billion), industrial chemicals (RM170 million) and pharmaceuticals (RM700 million).