Malaysia retains top spot among Islamic economies

PETALING JAYA: Malaysia has retained its number one spot in the Global Islamic Economy Indicator (GIEI) for the 10th consecutive year.

In the global rankings by the GIEI comprising 81 countries, Saudi Arabia, Indonesia and the United Arab Emirates (UAE) are closely behind Malaysia.

Halal Development Corporation Bhd (HDC) chairman Khairul Azwan Harun said Malaysia has consistently claimed the top spot, showcasing the nation’s enduring commitment to the Islamic economy since the inception of the State of Global Islamic Economy Report in 2013.

“In the 2023 report, Malaysia secured first place in Islamic finance, halal food, and media and recreation, coupled with a commendable second-placed ranking in modest fashion, third spot in pharmaceuticals, and fifth in tourism,” he said.

“This underscores the sustained progress within the country’s halal ecosystem since the establishment of HDC in 2006.”

Following the global recognition, Khairul Azwan said Malaysia can uphold its leading position with the implementation of the Halal Industry Master Plan (HIMP2030), embracing technology and digitalisation of the halal ecosystem.

“HIMP2030 will be instrumental in driving the comprehensive expansion of Malaysia’s halal industry, fostering inclusivity and robust growth,” he said yesterday.

The results of GIEI were published in the 10th edition of the report by US-based research and advisory firm DinarStandard, an annual update on the Islamic Economy encompassing halal products, Islamic finance, and lifestyle sectors and services.

The report also said that Muslims spent US$2.29 trillion (RM10.5 trillion) in 2022 on food, pharmaceuticals, cosmetics, modest fashion, travel, and media, and that Islamic finance assets are estimated to have reached US$3.96 trillion (RM18 trillion) in 2021 and will grow to US$5.96 trillion (RM27.4 trillion) by 2026.

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