Alliance Islamic Bank Targets RM100mil Financing for Halal SMEs

Alliance Islamic Bank Berhad (“Alliance Islamic Bank”) today signed a Memorandum of Understanding (“MoU”) with eJazmine, Fusionex, and the International Institute for Halal Research (INHART) to further strengthen its Halal in One program for businesses. The expanded strategic partnership will make available more digitization options and training programs and an additional e-commerce platform.

“Today, the global halal market is valued at US3$ trillion¹ and is one of the fastest-growing markets in the world. Halal products and services are now much sought after by Muslims and non-Muslims alike, showcasing the rich opportunities that the halal industry has to offer. Towards this end, it is imperative that our local businesses continuously embrace innovation and digital transformation efforts to tap into this lucrative market,” said En. Rizal IL-Ehzan Fadil Azim, Chief Executive Officer of Alliance Islamic Bank.

“We are here to help SMEs tap into the trillion-dollar halal market by providing a digital platform that is convenient, affordable, and easy to scale up. On this note, we aim to provide RM100 million in financing to halal SMEs or SMEs who have started their journey towards halal certification. We are pleased that our new partners – eJazmine, Fusionex, and INHART – share our vision to help SMEs grow in the robust halal market. We aspire to be the Centre of Excellence for the halal industry and contribute towards Malaysia becoming a global halal hub.”

Each of the new strategic partners of the Halal in One program offers a unique value proposition that will help businesses be successful in the halal market. eJazmine, an e-commerce platform, provides preferential rates to local businesses looking to gain market access in countries like the United States of America, Saudi Arabia, Indonesia, and China. Another partner, Fusionex, has made available its full complement of integrated digital solutions to help business owners create an online presence, list their business on its e-commerce platform, and use analytics and intelligence to boost business growth. INHART by the International Islamic University Malaysia offers specialized training programs to educate business owners on shariah compliance and provide international halal audit services to businesses looking to enter foreign markets.

The inclusion of eJazmine, Fusionex, and INHART enriches the Halal in One program and supports its aspiration to be a single-source platform for coaching and training, business matching, certification support, halal funding, advisory, services, and all things relating to halal.