Sustaining the halal ecosystem Academia must play an active role to ensure that the halal ecosystem is sustainable for years to come
NOVEMBER-DECEMBER . 2023 | @ Halal
Deep-Dive Session
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Sustaining the halal ecosystem Academia must play an active role to ensure that the halal ecosystem is sustainable for years to come
BY DANIAL FAUZI
THE recent 19th Malaysia International Halal Showcase ( MIHAS ) 2023 at the Malaysia International Trade and Exhibition Centre ( MITEC ) generated RM3.1 billion in sales , exceeding their intended target by 24 per cent .
The focal point of the 19th MIHAS showcase was on sustainability and digitalisation , enhancing the value of the global halal community by facilitating and accelerating the halal ecosystem into the mainstream global supply chains .
To complement the success of MIHAS , Revon Media collaborated with the International Institute for Halal Research and Training ( INHART ) to produce and launch @ Halal al-Basirah , a book consisting of the culmination of research and writings by the International Islamic University of Malaysia ’ s ( IIUM ) academics , students and other contributors .
To sustain the halal economy within the foreseeable future , members of the academia and the academic industry must play a pivotal role in the effort to support it by providing thorough research that contributes to the ecosystem and also nurturing and enriching future talent of skilled-based graduates that will lend their talents and skills to jobs within the halal industry .
SUSTAINABILITY THROUGH KNOWLEDGE
The success of MIHAS 2023 no doubt demonstrated that the halal industry is booming , ripe with business opportunities for organisations to dip their toes in whilst also adhering to halal and toyyiban standards .
According to DinarStandard ’ s Global Islamic Economy Indicator 2022 , Malaysia , followed by Saudi Arabia , the United Arab Emirates , Indonesia , and Turkey , led the rankings .
Although business is booming within the halal industry , one must ask : how do we sustain the halal industry and its ecosystem ?
This was what INHART Professor and Al- Basirah Editor , Prof Dr Yumi Zuhanis Has-Yun Hashim , touched on during the deep-dive session at the launch of @ Halal al-Basirah .
During the book ’ s launch , Yumi explained that the halal ecosystem is a network of components involved in growth cycles and delivery of halal products or services contributing to the overall socio-economic development .
“ Each component in the ecosystem has its unique interrelated activities , creating a constantly evolving relationship towards sustainability ,” said Yumi .
“ Therefore , within the halal industry , trends and halal industry sectors such as food and beverages , pharmaceuticals and fashion will drive the industry forward .
“ Ultimately , it will be employment , talent , human capital and the workers that will sustain the halal industry and its ecosystem in the future .”
According to the Halal Industry Performance Indicator , it was estimated that there were 390,000 employees within the halal industry in 2022 and predicted that the number will rise to 480,000 in 2025 and 690,000 in 2030 .
As such , Yumi said that to increase further the number of talented employees within the industry , academics and academia focusing on the halal industry must nurture their students to become holistic and competent graduates befitting halal talents for the halal industry .
Not only that , but academics must also spur thought-provoking issues within the industry , culminating in the sharing of knowledge of experts across the halal sector to provide potential resolutions to the myriad of problems plaguing the halal industry . Hence , Yumi expressed that should univer-
THE MUSLIM market continues to grow with each passing year . As the demand for halal products increases along with the number of Muslim consumers , opportunities to fill the gaps generated by this expanding market are ripe for the taking by new and existing businesses .
As more opportunities to enter the halal market continue , many businesses worldwide focus on halal expos , such as the recent 19th Malaysia International Halal Showcase ( MIHAS ) 2023 at the Malaysia International Trade and Exhibition Centre ( MITEC ).
Countless businesses flock to MIHAS 2023 to showcase their goods and services to potential buyers worldwide while networking with potential clients to foster sustainable business relationships for the years to come .
During the the deep-dive session at the launch of the book @ Halal al-Basirah , Malaysia External Trade Development Corporation ( MATRADE ) Senior Manager , Halal , F & B and Agro-Based Section , Mohd Feisal Ezuan Abdul Aziz , expressed that the book would greatly assist existing and up-and-coming businesses into setting their sights on the halal industry .
Feisal explained that trade drove Malaysia ’ s economy over the years .
“ In 2022 , the country ’ s trade performance was stellar , trading with more than 200 countries where trade , exports and imports were at a record high driven by robust external demand and higher commodity prices ,” said Feisal .
“ In addition , the value of trade in 2022 surpassed RM2 trillion for the second consecutive year and registered as the fastest growth in the trade landscape since 1994 .
Prof Dr Yumi Zuhanis Has-Yun Hashim
“ Not only that , exports had also exceeded the projection of the 12th Malaysia Plan , three years ahead of the plan ’ s target , whereas imports had breached the RM1 trillion mark for the first time .”
However , for the first five months of 2023 , Malaysia ’ s trade , exports and imports posted a marginal decline . Thankfully , this decline was cushioned by increased exports of petroleum products , liquefied natural gas ( LNG ) and electrical and electronic ( E & E ) products . Additionally , exports to ASEAN and the USA remained in positive growth .
Despite this decline , Feisal expressed his confidence that trade will continue to grow for the country . According to DinarStandard ’ s State of the Global Islamic Economy Report of 2021 / 22 , the global Islamic economy is projected to reach US $ 7.7 trillion by 2025 .
The contributors to the expansion of the Global Islamic Economies include Islamic finance , food and beverage ( F & B ), media and recreation , modest fashion , cosmetics , pharmaceuticals and Muslim-friendly travel and tourism .
To add to these contributors to the halal economy , Feisal also pointed out the drivers that assisted in fueling the tremendous growth of the halal economy . Notably , the main drive that expanded the halal market is a large , fast-growing and young Muslim population , followed by the expansion of the global Islamic economies .
He also noted the Islamic values when practising lifestyles that resonate positively with many businesses . This also includes the growth of ethical consumption , where non-Muslim consumers and businesses see the value of halal and
sities focus on nurturing and enriching their students , the knowledge , skills and values imparted to the graduates will benefit the halal industry in the long term , providing a sustainable ecosystem ripe with opportunities for businesses to capitalise on . –
Trade opportunities in the halal economy
Mohd Feisal Ezuan Abdul Aziz
toyyiban in their products and digital connectivity .
Therefore , Feisal expressed optimism that more opportunities will present themselves within the global halal market , allowing new and existing businesses to capitalise on the ever-growing Muslim market . With continuous growth , Feisal remains confident that Malaysia will remain a global hub within the halal industry .