PUTRAJAYA: Stakeholders in the halal industry must shun unethical practices and unlawful transactions to foster a comprehensive halal economic eco-system, says Datuk Seri Fadillah Yusof.
He said that these practices include price manipulation, hoarding and market intervention, adding that halal does not just centre on substance, process and exchange but also be a comprehensive economy that integrates the values of justice, truth and welfare.
“This is especially so when it comes to business transitions. Stakeholders must adhere to the principles of good ethical conduct,” he said in his keynote address at the International Conference on Islamic and Halal Economic Studies on Thursday (Nov 30).
The Deputy Prime Minister said many countries have started to recognise halal as an emerging and pivotal value proposition, capable of contributing significantly to national economies.
He said the rising demand for halal goods and services had led to non-Muslim countries like Thailand, Australia and Brazil becoming prominent exporters of halal products.
Moreover, non-Muslims are seeking quality, safe, and wholesome products which will further drive market expansion, he added.
“Numerous countries have also initiated halal-related events to improve awareness and to establish the perception that halal has evolved into a lucrative business,” he noted.
Greater awareness of the halal industry’s potential in emerging markets was expected to boost the halal economy, projected to reach USD5tril (RM23.3tril) by 2030, he added.
“We must not forget that halal is more than just mere certification but it represents a substantial business opportunity," said Fadillah
“While the certification process may not directly contribute to the national economy, the broader halal business aspect boosts economic returns on a broad perspective,” he added.
Fadillah then said that Malaysia had long harboured ambitions to be a global centre for the production and distribution of halal goods and services.
“With continued focus on developing expertise, particularly in Islamic banking and financial services, Malaysia aspires to lead the way in setting global standards and implementing best practices within the expansive halal industry,” he said.
Fadillah said to be established as a viable halal economic hub, Malaysia needs to further strengthen key aspects like infrastructure development, research and development (R&D), technology integration, and global collaboration.