Malaysia is also very much the driver of the Islamic banking system which was established more than 30 years ago in the country . The Islamic banking system has since grown exponentially not only in Malaysia but globally .
The Malaysian government is focused on creating a “ halal ecosystem ” with the ultimate aim of transforming the country into a leading global halal hub . Besides production of halal products and related services , the hub is also expected to spearhead Islamic finance and banking , logistics , tourism , takaful and various halalrelated support services .
A number of key initiatives taken by the Malaysian Government include :
• The Department of Islamic Advancement of Malaysia ( JAKIM ) with focus on the halal certification process , governance and matters related to shariacompliance ;
The entire global halal market is estimated at US $ 2.3 trillion
• The Halal Industry Development Corporation ( HDC ) which focuses on the halal industry development and internationalising the industry ;
• The establishment of halal industry parks . Commencing in 2003 , there are now 14 HDCdesignated halal parks ( with HALMAS status ) nationwide with an investment of RM10.6 billion ( US $ 2.7 billion );
• Halal training programmes in the likes of Halal Awareness , Halal Industry , Halal Professional and Halal Executive , and
• Global Halal Support Centre ( GHSC ) which is a centralised support service centre for all halal stakeholders and the public at large .
SOUTHEAST ASIA
Southeast Asia is clearly a preferred location for the establishment of halal production centres given its high population of Muslim community . Additionally , many raw materials especially for the food industry are readily available with halal certification for food-based products being wellentrenched .
In fact , big Japanese and US food processors such as Ajinomoto and Kellogg have re-positioned their productive capacities to this region for the global markets . Nestle – another food giant – has also reconfigured its productive capacities by allocating 20 % of its global production focus to manufacturing halal products . Malaysia is the main beneficiary for obvious reasons with the multinational making the country as its manufacturing hub .
CONCLUSION
Given the vast and growing potential , even a novice like me will take notice ! I do hope that at some point of time , there is a possibility of venturing into some sort of sharia-compliant oil and gas ( O & G ) business .
In closing , let me relate three rather unique examples of business that grew out from adherence to halal products and services :
• Ottawa-based Queendom Hijabs specialises in designing hijabs for atheletics ;
• Salaam Swipe , a software developer , has developed a “ matching apps ” as a “ halal dating ” platform , and
• Crescent Tours , a London-based online travel specialist , books clients into hotels in Turkey that have separate swimming pools for men and women , adheres to no-alcohol policies , meals are served at halal restaurants , etc .
Awarded the National Women Entrepreneur Award for 2014 , Dato ’ Hazimah is the Founder and Group Managing Director of Hyrax Oil Sdn Bhd . She also sits on the Board of MATRADE , an organisation which promotes Malaysian exports to the rest of the world and serves as the Advisor of the Association of Women Entrepreneurs in Business and Professions ( PENIAGAWATI ). To learn more about Hyrax Oil , kindly visit www . hyraxoil . com .
ISSUE 2 : 2016 | ASEAN COMMUNITY OF ENTREPRENEURS 29