‘Embrace ethical practices, holistic values to grow further’
PUTRAJAYA: Stakeholders in the halal industry must shun unethical practices and unlawful transactions such as price manipulation, hoarding and market intervention, to help foster a comprehensive halal economic ecosystem, says Datuk Seri Fadillah Yusof.
The Deputy Prime Minister said such a system would not just be centred on substance, process and exchange, but also on justice, truth and welfare.
“This is especially so when it comes to business transactions. Stakeholders must adhere to the principles of good ethical conduct,” he said in a keynote address at the International Conference on Islamic and Halal Economic Studies here yesterday.
Fadillah said many countries had 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 led to non-Muslim nations like Thailand, Australia and Brazil becoming prominent exporters of halal products.
Furthermore, non-Muslims seeking quality, safe and wholesome products had further driven market expansion, the Plantation and Commodities Minister 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 said.
Fadilah said greater awareness of the industry’s potential in emerging markets was expected to boost the halal economy, projected to reach US$5 trillion (RM23.3 trillion) by 2030.
“We must not forget that halal is more than just mere certification; it also represents a substantial business opportunity.
“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.
He also said Malaysia had long harboured an ambition of becoming a global centre for the production and distribution of halal goods and services.
“With continued focus on developing expertise, particularly on 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 added.
Fadillah said to establish itself as a viable halal economic hub, Malaysia needed to further strengthen key aspects like infrastructure development, research and development (R&D), technology integration and global collaboration.