TODAY, Malaysia sets to be one of the leading global halal hub with an export outlook value close to RM50bil, which were initially set to be achieved by 2020 according to Halal Industry Development Corporation (HDC).
Multinational companies (MNCs) have long realized the huge potential of Halal sector and the entire parallel economy that can be built through Halal businesses. Brands like Unilever and L’Oreal are converting their supply chains to cater world’s biggest Muslim-majority Nations, like Malaysia and Indonesia.
Halal industry, would not have been sustainable without the right ecosystem. This ecosystem comprises a robust Islamic Finance and a sound chain of values governed by Islamic governance, like Department of Islamic Development (JAKIM) and HDC.
Nurturing such ecosystem requires a strategic commitment to predict market trends. These strategies includes furnishing our prospect professionals and entrepreneurs with the experiential learning and tools they need even before they enter the job market and make a living for themselves.
World Economic Forum published their Human Capital Report in 2017, where Malaysia ranked 2nd in Southeast Asian countries in human capital development, and ranked 33rd globally.
How a nation invests in their human capital portrays a great element of its long-term success. As the Chinese proverb goes: “Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime”.
University of Darussalam, Indonesia, recently hosted the 2nd International Islamic Economics Olympiad on February 17th -20th , supported by prominent institutional banks like Bank Indonesia, Maybank, Bank Muamalat, Bank BRI and ZICO Holdings, a Singaporean Consultancy Firm. Attendees were students of diverse credentials and region; Malaysia, Indonesia, Brunei, Singapore.
Presented a theme of “Fostering Islamic Economics Within Digitalization to Increase Nation’s Welfare”, this international conference aims to converse topics like Islamic Commercial Finance, Islamic FinTech and Social Finance. Debates and Academic Research Paper competitions were amongst many impactful agendas, to allow students coin in their perspective of the economy.
Nadhirah Azni, a final year student in Economics & Finance from International Islamic University College Selangor (KUIS), Malaysia, were amongst the winning recipients of the Research Paper Competition hosted.
Her paper entitled “Establishment of Halal Frameworks and Governing Authorities: A Catalyst to Malaysia’s Welfare” deliberated on the development of Halal value chain or value creation, and how it can be seen as a stimuli influencing Malaysia’s welfare growth.
Nadhirah asserted in her paper, that “The idea of investing in an emerging market is that they go through a rapid growth through industrialization by adopting the classical economics theory of diminishing rate of marginal returns”.
She coined in the idea of at an early stage of market development, the rate of expansion is significantly higher. Thus asserting that Malaysia had surfed the wave well by investing in this sector of the industry in its pre-booming stage.
Halal industry in Malaysia- which is non-existential prior to 1974, other than religious beliefs, have transformed into an industry of itself. The 1997 currency crisis forced the Malaysian government to make their financial system more sophisticated through various diversification of income.
According to Statistica, global halal market is projected to be worth $58.3 bil by 2022. The right investment and development strategy being made by Malaysia shall propel itself towards a prosperity, be it in Halal industry, or any given emerging markets. Provided, being strategic and critical in observing market trends.
* Farish Jazlan ia an engineer by profession, investor and economist by passion, traveller by obsession. Final year Bachelors in Civil Engineering & Economics at Michigan State University (USA), with Business Disruption Strategy certification from Harvard Business School.
** The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the position of Astro AWANI.
Farish Jazlan
Mon Mar 04 2019
Halal industry, would not have been sustainable without the right ecosystem. - File pic
PRK Kuala Kubu Baharu: Gerakan umum akan bertanding
Gerakan sebulat suara memutuskan untuk bertanding di Pilihan Raya Kecil (PRK) Kuala Kubu Bharu yang bakal berlangsung pada 11 Mei depan.
Kerajaan diminta segera buka jalan Serudung-Simanggaris
Naib Pengerusi GRS Tan Sri iew Yun Fah menganggap pembukaan jalan sempadan antarta Serudung, Kalabakan dan Semanggris, Indonesia akan memeri limpahan rezeki kepada penduduk Sabah.
#AWANIBorneo
#AWANIBorneo
MOTS bekerjasama dengan pelbagai agensi selesaikan kes penumpang terkandas
Kementerian pengangkutan Sarawak (MOTS) akan terus bekerjasama dengan beberapa agensi dalam menyelesaikanisu penumpang terkandas akibat pembatalan penerbangan.
#AWANIBorneo
#AWANIBorneo
Letusan Gunung Ruang: Penduduk bergejala pernafasan diminta dapatkan rawatan segera
Pengarah JKNS Datuk Dr, Asits Sanna meminta orang ramai yang memiliki tanda dan gejala pernafasan agar segera mendapatkan rawatan kerana dibimbangi tersedut debu Gunung Berapi Ruang.
#AWANIBorneo
#AWANIBorneo
Komuniti di Sarawak digalakkan mohon tubuh PAWE - Nancy
Menteri Pembangunan Wanita, Keluarga dan Masyarakat Datuk Seri Nancy Shukri berkata buat masa ini, Sarawak hanya mempunyai 13 PAWE dan jumlah itu tidak mencukupi bagi sebuah negeri yang besar.
#AWANIBorneo
#AWANIBorneo
Kanak-kanak dua tahun lemas dalam tasik berhampiran masjid
Mangsa terjatuh ke dalam tasik berdasarkan maklumat diperoleh daripada keluarga mangsa yang berada di masjid itu untuk menunaikan solat Zuhur.
Pusat Jantung Negara akan diwujudkan di Sabah dengan peruntukan segera RM80 juta - PM
Datuk Seri Anwar Ibrahim mengumumkan peruntukan segera RM80 juta bagi menaik taraf Hospital Queen Elizabeth II kepada Hospital Pakar Jantung.
#AWANIBorneo
#AWANIBorneo
Ekonomi Sabah di landasan tepat - Hajiji
Ketua Menteri Sabah Datuk Seri Hajiji Noor menyifatkan GRS berjaya meletakkan Sabah di landasan betul dengan pertumbuhan positif ekonomi negeri itu sejak tiga tahun lalu.
#AWANIBorneo
#AWANIBorneo
Pelajar perlu jelaskan status kesihatan sebelum sertai aktiviti sekolah - JPNS
JPNS memohon pelajar untuk menjelaskan status kesihatan masing-masing kepada pihak sekolah sebelum menyertai sebarang program di dalam dan luar bilik darjah terutama melibatkan aktiviti fizikal.
AWANI Ringkas: Lebih 34,000 nyawa rakyat Palestin terkorban
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
WTCKL diiktiraf International Business Review ASEAN Awards
Irmohizam menzahirkan ucapan jutaan terima kasih kepada The International Business Review atas pengiktirafan berkenaan.
COVID-19: Pelanggan tembak tiga pekerja restoran makanan segera selepas dilarang makan dalam restoran
Suspek diberitahu oleh pekerja restoran itu bahawa ruang makan ditutup dan hanya 'drive-thru' sahaja dibuka.
Bertahun bina empayar, Asyraf Khalid kongsi di sebalik jatuh bangun dunia niaga
Menurut pengusaha jamu Mutyara Beauty itu, dia sentiasa dilontarkan dengan tanggapan negatif sesetengah pihak kononnya hanya bernasib baik kerana pengaruh bapanya.
COVID-19: RM4.5 billion fund to help small, medium enterprises and micro entrepreneurs
Prime Minister said the allocation would be channelled through five key initiatives.
Maxis Business SPARK Summit tampil pemikiran bersama dalam memacu transformasi digital di Malaysia
Lebih dari 500 pemimpin perniagaan tempatan dan antarabangsa dari sektor Korporat, Kerajaan dan PKS tempatan menyertai Maxis Business SPARK Summit 2019 pertama.
Kaji selidik Monash: Pemimpin korporat Cina puas hati dengan PH
Dalam kaji selidik yang melibatkan 390 responden itu, 50 peratus pemimpin korporat Cina berpuas hati, diikuti pemimpin Melayu (39 peratus), dan pemimpin India (38 peratus).
Syarikat tembakau terbesar dunia seru perokok berhenti merokok
Kaji selidik terbaharu oleh Philip Morris International Inc. (PMI) adalah sebahagian daripada kempen 'Unsmoke' yang menyeru agar semua berhenti merokok.
Kerjasama SME Bank, TM dan Commerce.Asia bantu usahawan dalam transformasi digital
SME Bank bersama Telekom Malaysia Berhad dan Commerce.Asia menandatangani dua Memorandum Persefahaman (MoU) pada Selasa.
Pengasas produk The Ordinary ditemui mati
Sehari sebelum kematiannya, Brandon Truaxe telah memuat naik beberapa video berkelakuan pelik ke Instagram.
Here are the three considerations we had when we did the Budget - Tony Pua
Damansara MP Tony Pua explained the three major considerations on what went into the development and execution of Budget 2019.