Saturday, February 24

HDC: Malaysia secures top spot in global Islamic economy indicator for 10th consecutive year

Malaysia has once again secured the top position in the Global Islamic Economy Indicator (GIEI) for the 10th consecutive year, according to the Halal Development Corporation Bhd (HDC).

“The 2023 rankings place Malaysia at the forefront, followed closely by Saudi Arabia, Indonesia, and the UAE,” it said in a statement.

Citing the 2023/2024 edition of the State of the Global Islamic Economy (SGIE) report, HDC said Malaysia secured first place in Islamic finance, halal food, and media and recreation, coupled with a commendable second-place ranking in “modest fashion,” third spot in pharmaceuticals and fifth in tourism.

Since the inception of the SGIE Report, Malaysia has consistently claimed the first position, showcasing the nation’s enduring commitment to the Islamic economy, it said.

HDC chairman Khairul Azwan Harun said the milestone underscores the sustained progress within Malaysia’s halal ecosystem since the establishment of HDC in 2006.

“Malaysia pledges to uphold its leading position with the implementation of the Halal Industry Master Plan (HIMP 2030), embracing technology, and digitising the halal ecosystem.

“HIMP 2030 is instrumental in driving the comprehensive expansion of Malaysia’s halal industry, fostering inclusivity and robust growth,” he added.

The State of Global Islamic Economy (SGIE) Report is prepared by Dinar Standards, a US-based research and advisory firm specialising in government innovation, the global halal economy, and social impact spaces.

Moving forward, HDC said Malaysia anticipates continued leadership, driven by year-on-year growth in halal foods and bolstered by the increasing worldwide demand for products that adhere to halal standards.

Malaysia, with 84 recognised certification bodies to date, is well positioned to comply and participate, particularly in the halal ingredients sector such as halal gelatin, it added. — Bernama

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