Good traction: Ahmad Shahriman says there is growing interest to trade with halal buyers and sellers in Malaysia.
THE US$2.2 trillion global halal market is estimated to grow at a compounded annual growth rate of 7.3% in the next five years, but around 90% of Malaysian small and medium enterprises (SME) are not halal-certified, meaning that they are unable to tap into the opportunities of the burgeoning market.“
As of 2018, approximately 90% of SMEs in Malaysia are not halal-certified, owing to various reasons including the lack of understanding and knowledge of the process, as well as the cost of certifying premises and the supply chain, ” says CIMB Islamic Bank Bhd chief executive officer Ahmad Shahriman Mohd Shariff.
Speaking on the back of the final part of this year’s SME Thought Leadership series – the Business Highlights for 2020 forum – he highlights that the development of the halal economy goes beyond halal food and beverage products to include banking and finance, as well as lifestyle sectors.
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