Malaysia’s thriving halal ecosystem sees it lead the Global Islamic Economy Indicator for a 9th year

• Islamic Digital Economy projected to reach US$7.7 tril by 2025
• MD Tasree` introduced to drive promotion of major innovations

The Ministry of Communications and Digital through Malaysia Digital Economy Corporation (MDEC) hosted the Islamic Digital Economy (IDE) Industry Conference 2023 to foster collaboration and partnerships with key industry players within the Islamic digital economy sector.

According to MDEC, the IDE is one of the key sectors supporting a fair distribution of wealth and resources, aligned with the Malaysia MADANI vision. It is also one of the nine promoted sectors under the national strategic initiative, Malaysia Digital (MD), aiding MDEC in implementing an effective framework to establish various Malaysia Digital Catalytic Programmes (PEMANGKIN).

Malaysia continues to lead the Global Islamic Economy Indicator (GIEI) for the past nine consecutive years, driven by its thriving halal ecosystem which is led by the halal food-pharmaceutical-cosmetics, Muslim-friendly tourism, media, and recreational sectors. These sectors are expected to attain a global value of US$7.7 trillion (RM35.8 trillion) by 2025.

At the conference, MDEC introduced the MD Tasree` to drive industry involvement, idea generation, promotion of ground-breaking innovations, and the commercialisation of technological solutions. Minister of Communications and Digital, Fahmi Fadzil, who gave the keynote, said he expects these efforts to ripple into a sustainable funnel for MD PEMANGKIN.

Highlighting the value of the halal food market which is expected to rise in value to US$1.67 trillion (RM7.7 trillion) by 2025 from US$1.27 trillion (RM5.9 trillion) in 2021, Fahmi said that through digitalisation of the halal supply chain, which MDEC champions, “we envisaged to facilitate Malaysia’s halal exports to reach an estimated RM56 billion by 2025.”

Taking a step towards capturing this opportunity, Fahmi witnessed the signing of a MoU between MDEC and the Halal Development Corporation (HDC) to encourage the development of halal digital technology such as the Halal Assurance System and Halal Traceability.

MDEC said these efforts will be intensified through the involvement of MD status companies facilitated by MDEC in collaboration with ecosystem partners.

For more information regarding MDEC's Islamic digital economy initiative, please visit https://mdec.my/islamicdigitaleconomy