The Islamic economy is an economic frontier that would enable people to move rapidly forward together, particularly in the new post-Covid landscape, as there is an abundance of opportunities that exist for the Muslim world, says Tan Sri Muhyiddin Yassin.
“An abundance of opportunities exist for the Muslim world, our Muslim member states must work to establish competitive advantages and maximise these opportunities.
“The global halal economy has grown in leaps and bounds over the years, with pertinent areas of growth such as the halal food industry, Islamic finance and banking, pharmaceuticals, tourism as well as education “Malaysia, for instance, remains a key player under the Global Islamic Economy Indicator (GIEI) since the past decade, driven by a strong Islamic finance ecosystem and creative initiatives,” the National Recovery Council chairman said in a special address at the virtual World Islamic Economic Forum (WIEF) Roundtable 2021 titled “Revitalisation and Reform: Catalysing Growth”.
Besides being a pioneer in the halal industry, Muhyiddin said Malaysia continues to lead as one of the largest sukuk issuers in the world, accounting for 32% of the global sukuk issuances in 2020.
“One of the Malaysian government’s initiatives was the launching of RM500mil worth of Sukuk Prihatin Islamic bonds during my premiership in August last year.
“As part of the Key Economic Growth Activities (KEGA), Islamic economy sectors will continue to flourish in Malaysia, through government support and the role of agencies such as the Department of Islamic Development Malaysia (Jakim) and the Malaysia Digital Economy Corporations (MDEC),” he said.
In moving with the digital age, he added that the participation of Malaysian bumiputra entrepreneurs and MSMEs in the field of digital economy will lead to more breakthroughs as well as penetration of halal markets, both locally, abroad and online. —The Star
