KUALA LUMPUR: A holistic halal economy must be robust in both substance and spirit, rather than just concerning what Muslims eat, says Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
He said that Islamic financing is also an important element in halal food production and service delivery to ensure that businesses are free from exploitative interests.
Ahmad Zahid was speaking to the media after the Global Islamic Financial Summit held here on Thursday (Sept 11).
“I have a dream: that one day, halal certification will go beyond ensuring that our food is free from prohibited substances such as pork, liquor, or unslaughtered meat.
“Equally important, it must also reflect the legitimacy of the wealth behind that food - ensuring it is free from prohibited elements such as riba. For indeed, the sin of riba is far more severe than the sin of consuming pork.
“Halal must therefore embody not only what enters our mouths, but also the integrity of how it is produced, financed, and delivered to our tables. This is the true vision of a holistic halal Economy - pure in both substance and spirit,” said Ahmad Zahid.
He also said that the halal industry is valued at over US$3 trillion, covering food, pharmaceuticals, healthcare, tourism, and lifestyle should go hand in hand with Islamic finance, which exceeds US$5 trillion in assets worldwide.
“Together, they form a combined ecosystem valued at US$8 to US$10 trillion, waiting to be unlocked.
“For Malaysia, this is not just about numbers. It is about leadership. It is about seizing the moment to integrate halal and Islamic finance into one powerful ecosystem - an ecosystem that can uplift communities, shape global standards, and prove that ethical finance and halal development are not only viable, but vital,” said Ahmad Zahid.
He listed setups such as Tabung Haji, Bank Islam Malaysia and Syarikat Takaful Malaysia as Malaysia's success stories in Islamic financing.
"Malaysia also issued the world’s first sukuk, laying foundations that others have since followed. These were not isolated milestones. They were the product of political will, government drive, regulatory foresight, and a firm belief that finance must serve society.
"Malaysia is now home to 16 Islamic banks, 12 Islamic windows, six development financial institutions, and 11 takaful operators.
“Our Islamic capital market is equally strong, with 23 fund management companies and over 850 Shariah-compliant securities listed on Bursa Malaysia,” said Ahmad Zahid.
Also in attendance were Global Islamic Finance Award chairman Dr Humayon Dar and foreign Islamic finance experts.
Later, speaking to the media, Ahmad Zahid said using Islamic finance to handle the halal industry is a doable concept.
“Halal is not merely a concept to be used on products but should also be applied to services. Islamic banking and takaful (syaria-based insurance) should be the main instrument used to handle the halal industry financing,” said Ahmad Zahid.
“This has been practised in Malaysia where the Islamic financial institutions have enabled the financing of halal products in the economic framework.
“The marketing for the Gate to Global (GTG) programme under MARA was done by banks with Islamic banking and other financial institutions set up based on syaria,” said Ahmad Zahid.
He further stated that such an economic framework can be fully realised if proper regulations are put in place.
The GTG programme implemented by Mara since 2017 aims to improve product development and strengthen branding and strategic marketing to promote local products abroad.
Ahmad Zahid Hamidi, Halal, Islamic Financing, Islam, Riba, Sin, Takaful, Muslim, Global Islamic Financial Summit, Tabung Haji, Bank Islam Malaysia, Syarikat Takaful Malaysia
