The Islamic economy is an economic frontier that would enable people to move rapidly
forward together, particularly in the new post-Covid landscape, as there is an abundance of
opportunities that exist for the Muslim world, says Tan Sri Muhyiddin Yassin.
“An abundance of opportunities exists for the Muslim world, our Muslim member states
must work to establish competitive advantages and maximise these opportunities.
“The global halal economy has grown in leaps and bounds over the years, with pertinent
areas of growth such as the halal food industry, Islamic finance and banking,
pharmaceuticals, tourism as well as education “Malaysia, for instance, remains a key player
under the Global Islamic Economy Indicator (GIEI) since the past decade, driven by a strong
Islamic finance ecosystem and creative initiatives,” the National Recovery Council chairman
said in a special address at the virtual World Islamic Economic Forum (WIEF) Roundtable
2021 titled “Revitalisation and Reform: Catalysing Growth”.
Besides being a pioneer in the halal industry, Muhyiddin said Malaysia continues to lead as
one of the largest sukuk issuers in the world, accounting for 32% of the global sukuk
issuances in 2020.
“One of the Malaysian government’s initiatives was the launching of RM500mil worth of
Sukuk Prihatin Islamic bonds during my premiership in August last year.
“As part of the Key Economic Growth Activities (KEGA), Islamic economy sectors
will continue to flourish in Malaysia, through government support and the role of agencies such as the Department of Islamic Development Malaysia (Jakim) and the Malaysia Digital Economy Corporations (MDEC),” he said.
In moving with the digital age, he added that the participation of Malaysian bumiputra
entrepreneurs and MSMEs in the field of digital economy will lead to more breakthroughs as
well as penetration of halal markets, both locally, abroad and online. —The Star