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
Kerugian wang mangsa penipuan pelaburan tidak dapat dikembalikan
Kerugian wang dialami pelabur yang menjadi mangsa skim penipuan pelaburan tidak dapat dikembalikan meskipun melalui proses perundangan.
Majoriti waris sudah setuju pindah kubur untuk ECRL - MB Selangor
Kerajaan negeri menerusi JAIS dan PBT ketika ini sedang menumpukan usaha mendapatkan persetujuan baki waris lain yang terlibat.
Orang utan rawat luka sendiri guna tumbuhan
Pemerhatian itu memberikan pandangan baharu tentang kemampuan merawat diri sendiri dalam spesis tersebut, selain menggariskan persamaan antara manusia dan orang utan.
Saudi wajibkan jemaah haji ada kad Nusuk
Pelancaran kad itu adalah siri terbaru dalam pembaharuan diperkenalkan kerajaan Arab Saudi sebagai sebahagian usaha berterusan menyediakan kemudahan dan keselesaan kepada jemaah haji.
Kena serangan jantung, warga emas maut kemalangan
Akibat terkena serangan jantung, seorang lelaki warga emas maut apabila kereta yang dipandunya terlibat dalam kemalangan dengan sebuah kereta lain di Jalan Rahmat, pada malam Khamis.
Reformasi pendidikan: Jangan tambah subjek, beri penekanan interaksi sosial
Pelajar di peringkat sekolah rendah seharusnya tidak dibebankan dengan terlalu banyak subjek mata pelajaran dalam usaha meningkatkan aspek kualiti dan kecekapan.
Reformasi pendidikan: 'Jangan tambah subjek, beri penekanan interaksi sosial'
Pelajar di peringkat sekolah rendah seharusnya tidak dibebankan dengan terlalu banyak mata pelajaran dalam usaha meningkatkan aspek kualiti dan kecekapan.
Indeks Kebebasan Media: Malaysia merudum 34 anak tangga, bukan lagi terbaik ASEAN
Malaysia berada di kedudukan 107 dalam Indeks Kebebasan Media Dunia 2024 yang diterbitkan oleh Reporters Without Borders (RSF) berbanding tangga 73 tahun lepas.
Kebebasan Media: Malaysia merudum 34 tangga, bukan lagi terbaik ASEAN
Kedudukan Malaysia merudum 34 tangga kepada 107 dalam Indeks Kebebasan Akhbar 2024 kelolaan Wartawan Tanpa Sempadan (RSF). Ia sekali gus menjadikan Malaysia bukan lagi yang terbaik di Asean.
Lembaga pengarah DNB bermesyuarat minggu depan, tentukan syor bagi hala tuju rangkaian 5G kedua - Gobind
Lembaga pengarah Digital Nasional Bhd (DNB) yang baru dilantik akan mengadakan mesyuarat pada Selasa depan.
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.