Malaysia Tops Global Islamic Economy for 10th Year in a Row

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“In the current global context, marked by key challenges like the Palestinian-Israeli conflict and Ukraine’s unrest, the State of the Global Islamic Economy (SGIE) Report 2023/2024 provides an in-depth analysis of Islamic market trends against the backdrop of a growing climate crisis and the AI revolution.

The Halal Development Corporation Berhad (HDC) is thrilled to announce Malaysia’s sustained leadership in the Global Islamic Economy Indicator (GIEI), a testament to a decade of excellence in the Islamic economy. The 2023 edition of the SGIE Report places Malaysia ahead of other leading Islamic economies, including Saudi Arabia, Indonesia, and the UAE.

Since its inception, the SGIE Report has consistently highlighted Malaysia’s role as a frontrunner in the Islamic economic sector. The country excels in Islamic Finance, Halal Food, Media, Recreation, Modest Fashion, Pharmaceuticals, and Tourism. Khairul Azwan Harun, HDC’s Chairman, credits this success to the ongoing development of Malaysia’s Halal Ecosystem and the strategic implementation of the Halal Industry Master Plan (HIMP2030), integrating technological advancements and digital solutions.

The report, developed by Dinar Standard, a specialist in governmental innovation, the global halal economy, and social impact, is supported by the Dubai Department of Economy and Tourism (DET). It emphasizes Malaysia’s growing influence in Halal certification and standards.

Comprehensive research underpins the global rankings, focusing on finance, governance, public awareness, social impact, and innovation in the Islamic economy. Since its 2013 launch, the SGIE Report has been a reference point for major economies and Muslim-majority countries.

Malaysia aims to maintain its dominance, driven by growth in the Halal Food sector and increasing global demand for Halal-compliant products. With 84 recognized Certification Bodies, Malaysia is a leader in Halal Ingredients, including halal gelatin.

The recent Halal Diplomacy initiative by Malaysia aims to foster global partnerships and integrate more stakeholders into the Halal Ecosystem. HDC envisions Malaysia as both a Halal Economy Center of Excellence and a prime Halal Hub for multinational corporations.

Khairul Azwan Harun also highlights Malaysia’s strong Islamic Finance sector under Prime Minister Y.A.B. Dato’ Seri Anwar Ibrahim’s leadership, positioning it as a choice destination for ethical, innovative financial solutions, contributing to national progress and societal well-being.”