Sunday, December 31, 2023



Malaysia remains the top Islamic economy.

For the tenth year running, Malaysia has remained at the top of the Global Islamic Economy Indicator (GIEI).

Malaysia is closely followed by Saudi Arabia, Indonesia, and the United Arab Emirates (UAE) in the GIEI's worldwide rankings, which include 81 countries.

Since the State of Global Islamic Economy Report's launch in 2013, Malaysia has continuously held the top rank, demonstrating the country's unwavering commitment to the Islamic economy, according to Khairul Azwan Harun, chairman of Halal Development Corporation Bhd (HDC).

According to him, Malaysia ranked first in Islamic banking, halal food, media, and leisure in the 2023 study. It also achieved outstanding rankings in modest fashion (second place), pharmaceuticals (third place), and tourism (fifth position).

"This highlights the consistent advancements made in the nation's halal ecosystem since HDC was founded in 2006."

Khairul Azwan stated that Malaysia can maintain its top spot by implementing the Halal Industry Master Plan (HIMP2030), which embraces technology and digitalizes the halal ecosystem, in the wake of the worldwide recognition.

Malaysia remains the top Islamic economy.

"HIMP2030 will play a pivotal role in propelling the all-encompassing development of Malaysia's halal sector, cultivating inclusiveness and strong expansion," he declared earlier today.

The findings of the GIEI were included in the tenth edition of DinarStandard, an annual study on the Islamic Economy that covers the halal products, Islamic finance, and lifestyle sectors and services, produced by the US-based research and consultancy business.

According to the report, Muslims spent US$2.29 trillion (RM10.5 trillion) in 2022 on media, travel, food, pharmaceuticals, cosmetics, and modest fashion.

The report also stated that the assets of Islamic finance are expected to reach US$5.96 trillion (RM27.4 trillion) by 2026, having reached US$3.96 trillion (RM18 trillion) in 2021.

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Malaysia remains the top Islamic economy.