Malaysia looks to help standardize the halal economy as Southeast Asia and the Middle East build new ‘smart partnerships’

Consumers are increasing throughout the Islamic world, and they want to buy things that reflect their values. This growth was encouraged in the “halal economy”, goods and services that are in line with Islamic principles. But with growth comes a possible confusion, as many countries currently have their own certificate bodies and slogans.

The Deputy Prime Minister of Malaysia, Ahmed Zahid Hamidi, wants to expand the “halal economy”. Talk to luck The ASEAN-GCC Economic Forum in Kuala Labor agreed on Wednesday, and revealed that the Association of Southeast Asian Countries (Asia) had agreed to have a common halal slogan in the ten countries in the Association of Southeast Asia Nations, and there will be a discussion on Halla International Certificate in his pioneering in November.

The Gulf Cooperation Council consists of six countries that include the Kingdom of Saudi Arabia, Qatar and the United Arab Emirates.

Ahmed Zahid said: “The halal is not only F&b, but medicines, banking, insurance. The way of life for Muslims is permissible and we would like to share this knowledge.”

He made comments on a committee on the leadership of investments to ASEAN and Certrick Global, along with Jing Guanggon, president of the Guangzhou Industrial Investment Group.

Halal refers to the goods that are permitted under Islam, and the demand for good goods and services is preparing to grow. Globally, Muslim consumers spent $ 2.29 trillion on halal products and services in 2022, according to a research from Salaam Gateway, a Dubai -based organization that tracks the global Islamic economy. Salaam Gateway expects spending to rise to $ 3.1 trillion by 2027.

Ahmed Zahid heads the Halal Industry Development Council in Malaysia. The country has pushed the halal economy in Southeast Asia and its largest bank, Maybank, is the largest Islamic finance provider in the region. (Financing compatible with Sharia, among other things, does not receive attention, which is prohibited under some interpretations of Islamic law).

Both Malaysia and Indonesia are from the Islamic majority countries, and other countries from Southeast Asia such as Thailand, the Philippines and Singapore have important Muslim residents.

Many Islamic majority countries have moved from low income mode to medium income. These rich consumers are increasingly want to see their religious and cultural values ​​reflect on what they buy, which encourages the growth of local companies and startups that offer halal alternatives in goods such as cosmetics and fashion.

Beyond the halal economy

Regardless of the expansion of the halal economy, Malaysia, the current ASEAN chair, also pushes a partnership linking the Gulf Cooperation Council (GCC), ASEAN and China.

Ahmed Zahid said that ASEAN does not search “inside” and that both Malaysia and Asian, during the era of Prime Minister Anwar Ibrahim, are looking to “proceed with smart partnerships” with the Gulf Cooperation Council and China.

He added that the Asian and China have cooperated for years, and the two will benefit from adding the Gulf Cooperation Council as a new partner.

It can be one of the potential areas of cooperation that can benefit from China, ASEAN and the Cooperation Council of the Gulf Cooperation Council. Ahmed Zahid said: “Every country, every region, must take advantage of the opportunities that must be shared by new technology.” “We can see the growth of the Gulf Cooperation Council states. They not only speak and look internally, but also search for Asyan as a new region to invest and exchange their technology results.”

The Gulf Cooperation Council consists of six countries that include the Kingdom of Saudi Arabia, Qatar and the United Arab Emirates. Acen consists of 10 countries in Southeast Asia.

The United Arab Emirates is one country at the forefront of an attempt to develop the prosecution’s capabilities and technologies in the region, especially through Ai Investment Holding G42.

This story was originally shown on Fortune.com

2025-05-28 05:42:00