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