- Strengthening the Global Economy through the Implementation of Islamic Finance Principles

LONDON, Dec 7 (Bernama) -- Strengthening ties with regional and international economies will continue to be fundamental to the growth of the global Islamic economy including Malaysia’s pursuit in becoming a high value-added, high-income economy, said Dato’ Seri Jamil Bidin, Chief Executive Officer of Halal Industry Development Corporation (HDC).
 
Jamil said Islamic economy is increasingly being embraced on a global scale to become an integral part of the international system, and in the process of its development, has further expanded opportunities for the participation by the international community.
 
“This increases the inter-linkages both within and between economic regions of the world. In enhancing these new linkages and greater integration, Islamic economy is envisaged to contribute towards unlocking new potentials that would bring mutual benefits, and in doing so, provide ethical financial solutions and social responsibility models to financial markets,” Jamil said.
 
Jamil was speaking during a session at the 4th World Muslim Leadership Forum as panel speaker for Halal Economy and Islamic Finance - Powering the New Global Economy: How Can The Halal Economy And Islamic Finance Contribute to the Global Economy? A total of   more than 200 delegates attended the forum, including both international and domestic delegates.
 
Held at the Lambeth Palace & House of Commons, Westminster London, Malaysian Deputy Prime Minister, Datuk Seri Dr Wan Azizah Wan Ismail delivered the keynote address and also presented in a session titled “The Role of Woman and Girls in Achieving the United Nation Sustainable Development Goals by 2030”.
 
The panel session was moderated by Sharjil Ahmed, Head of Islamic Finance and Investments Takaud Savings and Pensions(DIFC) Ltd. and the panel speakers were Iqbal Nasim, Chief Executive of the National Zakat Foundation (NZF); Prof Fachruddin Mangunjaya, Chairman of Center for Islamic Studies, Universitas Nasional, Indonesia.; Sultan Ahmed Choudhury OBE, Al Rayan Bank; The Hon. Dato’ Saifuddin Nasution Ismail, Minister of Domestic Trade and Consumer Affairs, Malaysia.

HDC is leading the Malaysian Delegations together with Halal industry players, QSR Brands (M) Holdings Berhad CCM Duopharma Biotech Berhad, Echo Foxtrot Sdn Bhd (Honestbee) and Natural Wellness Industries Sdn Bhd.
 
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, and the prime contributor to this is the increasing demand for Halal products, and greater acceptance of Islamic finance.
 
This recent decade has seen the internationalisation of Islamic economy, thus increasing the potential for strategic partnerships between international regulators and players that will bring mutually reinforcing benefits. Global integration and strategic collaborations will also enhance opportunities for Malaysia and other countries to capitalise on the diverse comparative advantages of nations.
 
The huge appetite for Halal products and the Halal industry has grown to become a vibrant platform for Islamic economy to compete for a bigger share in today’s globalised economy. For example, the global halal food industry is growing at a steady rate, and is expected to reach USD 739.59 billion by 2025.
 
The Islamic finance industry has expanded at the rate of 10% to 12% per annum over the past decade, and is expected to grow to US$6.7 trillion by 2020, driven by a surge of Islamic finance interest from non-Muslim nations. Today more than US$260 billion is invested in Islamic funds and there are over 300 global Islamic institutions active around the world.

NEW RELEASE prepared and issued by Halal Industry Development Corporation (HDC)

Source : Halal Industry Development Corporation (HDC)

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--BERNAMA