@Halal July/August 2021 | Page 8

HDC willing to work with West African region
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Local News

@ Halal | July-August . 2021

AFRICAN countries , especially Senegal , has provided vast business opportunities to exporters from various sectors . This is because the continent grapples to meet the rising needs of an emerging economy .

Halal Development Corporation Bhd ’ s ( HDC ) chief executive officer Hairol Ariffein Sahari said that this was the right time for Malaysian companies to enter the African market .
He stated sectors such as food and beverages , automotive and parts , food processing and agriculture machinery , as well as information and communications technology services stood to benefit from the available opportunities .
“ I would like to reiterate HDC ’ s willingness to work with the West African region , especially Senegal , on increasing self-sufficiency in halal food , as well as halal pharmaceuticals , halal medical devices and even halal ingredients ,” said Hairol .
“ Our objective is to increase Malaysia halal exports and investment to halal parks .”
He also stated that multinational corporations and small and medium enterprises ( SMEs ) within the West African region are urged to consider working together to build a stronger
THE SECURITIES Commission Malaysia ( SC ) and the UN Capital Development Fund ( UNCDF ) have collaborated to launch an Islamic fintech accelerator programme in their search for innovative fintech ideas and solutions to bolster the Malaysian Islamic capital market .
The recently launched FIKRA Islamic Fintech Accelerator Programme ( FIKRA ) is Malaysia ’ s first fintech accelerator programme designed specifically for the Islamic capital market . The three-month programme offers participants regulatory guidance , mentorship , pilot testing of solutions as well as connect them with potential investors and partners .
“ For its inaugural programme , FIKRA hopes to attract applicants who will bring with them innovative ideas or solutions for the Malaysian Islamic capital market . The size of the first cohort would depend on the number of applications received and applicants meeting the programme ’ s eligibility criteria ,” the SC told IFN .
It is stated that FIKRA was planned to be broad-based with no specific focus on particular verticals . The most important elements are for the applicants to have innovative ideas and solutions , must be beneficial to the Malaysian

Senegal a strategic gateway

HDC willing to work with West African region
halal community that could reach and supply to other Muslim populations in other regions .
Hairol Ariffein said this during the 6th Dakar International Islamic Finance Forum , themed “ West Africa-Malaysia : Building the Bridge of Islamic Economy ”, organised by the African Institute of Islam Finance ( AIIF ) together with HDC .
Hairol Ariffein also highlighted that Senegal was one of the most politically stable countries in Africa and one of the fastest-growing economies in West Africa .
In August 2020 , HDC signed a Memorandum of Understanding ( MoU ) with AIIF to focus on consultation and advisory services to support the establishment of halal ecosystem in the Economic Community of West African States ( ECOWAS ) region .
“ I would like to assure the Senegal government that HDC
is committed to making Senegal a gateway for the West African region by gaining international acceptance as a prominent halal industry reference centre , while simultaneously fostering strategic partnerships and alliance internationally ,” he said .
He said Malaysia became the reference point for best practices in the development of halal standards and business processes , while nurturing growth and participation of local businesses in the global halal market .
“ Our continued efforts to lead and drive the development of Islamic Finance , especially the Islamic Digital Economy , as well as efforts to bring together industry players and Shariah advisors to proactively engage and contribute towards the development of Malaysia ’ s Islamic Digital Economy , have indeed been recognised .”
Hairol Ariffein noted that Malaysia ’ s talent pool was full of young , educated and productive minds with the necessary skill set for halal industry .
He added that moving forward , the nation planned to further strengthen the infrastructure to enhance the halal industry ’ s contribution to the country ’ s economy , which currently accounted for around 7.8 per cent of the country ’ s gross domestic product and created over 350,000 new jobs for the people .

SC and UNCDF unveil Islamic fintech accelerator

Islamic capital market and address the programme ’ s three key challenges areas outlined . The three areas are :
• to nurture tech-based ideas , products and services uniquely developed for the Islamic capital market ;
• to seek and develop tech solutions to strengthen the role of the Shariah capital market in funding sustainable development needs , advancing financial inclusion and accelerating the growth of sustainable and responsible investing ( SRI ); and
• explore and build avenues to integrate traditional social finance instruments rooted in Islamic values and intended for social benefit , such as Waqf , Zakat and Qard Hassan . “ Whilst our various regulatory frameworks cater to both conventional as well as Shariah compliant market segments , we have identified Islamic fintech as one of the growth areas of priority , leveraging Malaysia ’ s leadership in [ the ] Islamic capital market ,” elaborated the SC
“ The program will focus on expanding Islamic capital market offerings and enabling greater connectivity , accessibility and inclusivity for issuers , investors and intermediaries in the areas that include [ the ] Halal , SRI and Islamic social finance sectors .”
Start-ups , which had until June 30 , 2021 to apply to the FIKRA programme , will be evaluated by their degree of innovation , sustainability and commercial viability as well as alignment with social impact and sustainable development goals .
Malaysia boasts one of the most advanced and sophisticated Islamic capital markets globally . In 2020 , it commanded more than 45 per cent of the world ’ s outstanding Sukuk at about US $ 258 billion .
It also houses one of the largest concentrations of Islamic fintech start-ups at 24 as identified by the IFN Islamic Fintech Landscape as at May 24 , 2021 . The UK leads at 38 followed by Indonesia at 33 .

Briefs

SIRIM STS ’ online halal training course attracts international participants
THE Malaysian Technical Cooperation Programme ( MTCP ) 2021 , a five-day halal online training course organised by SIRIM STS Sdn Bhd , attracted 14 international participants from various countries .
SIRIM STS chief executive officer , Raja Yahya Raja Ariffin said that the training might stimulate investment in small and medium-scale “ Halalan Thoyyiban ” for any kind of food industries and services throughout the supply chain in the countries .
The training was said to provide an understanding on the requirements of the related standard and practical guidance on the halal food preparation and handling .
“ Halal certification is to ensure that Muslim consumer be guaranteed for Halal food product that complies with Shariah principles . Halal certification also addresses the ‘ Thoyyiban ’ or wholesomeness concept that must be applied in food processing and handling ,” he said .
The MTCP is a yearly programme under SIRIM STS and is funded by the Ministry of Foreign Affairs .
Quanterm Logistics Malaysia certified by Jakim on halal logistics standard
QUANTERM Logistics Sdn Bhd recently announced they have complied with the Halal Supply Chain Management System ’ s Part 1 & 2 requirements from Malaysian Standard ( MS2400:2019 ), certified by Jabatan Kemajuan Islam Malaysia ( JAKIM ) for its warehouse located in Seksyen 33 , Shah Alam , Selangor .
Halal supply chain management is an integral requirement for FMCG companies that have already been halal-certified or intend to extend halal assurance throughout their supply chain . Under the halal logistics system , it maintains integrity by applying a high standard of hygiene throughout the process . From warehousing , to transportation , to retail , all stages are being monitored via the Halal Assurance Management System .
With this certification , Quanterm can now offer end-to-end halal contract logistics solutions . Halal and non-halal products will be stored , transited , and distributed in two separated physical spaces . Hence , all the phases of transportation , warehousing , material handling and procurement are part of the core logistics and must be Shariahcompliant to avoid contamination during distribution .