Malaysia is a halal economy that has effectively established itself as the primary engine of the world’s halal economy. Malaysia has been ranked first based on the Global Islamic Economic Indicators (GIEI) Score for nine consecutive years.
According to data provided by the Minister in the Prime Minister’s Department (Economy) at the Global Muslim Business Forum 2022, Malaysia’s Gross Domestic Product has benefited roughly 7.5 per cent from the halal industry’s economy (GDP). Malaysia, a pioneer in Islamic banking, is one of the top five nations with the most significant Islamic financial assets, with about US$619.7 billion in 2021.
The nation is currently a global leader in halal food, halal finance, Muslim-friendly tourism, media, and entertainment. The food sector accounts for the largest share of the halal economy, contributing over US$31 billion.
The 12th Malaysia Plan (RMKe-12primary) aims to establish Malaysia as a significant global hub by fostering the growth of halal talent, establishing halal professional recognition, fostering industrial development, and raising product competitiveness. By 2025, it is intended to grow the halal sector’s GDP contribution to 8.1 per cent and produce more than $12 billion in export earnings.