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Connect to the global halal industry: Halal Integrated Platform

In this issue, the newsletter highlights the development of halal industry and relevant initiatives. The halal industry is gaining traction especially with the growing number of Muslim consumers conjoined with the increasing offering of halal-certified products hence driving the global halal market. Various efforts are taken to further elevate the growth of the halal industry, locally and internationally to reach its optimum potential. 

In Malaysia, the Halal Development Corporation (HDC) introduced Halal Integrated Platform (HIP), an online networking platform that connects industry players to global halal players, equipping businesses with the competitive edge to tap into the ever-growing halal market while expanding market reach globally. For more information on the platform, kindly download the infographic below.

The newsletter also includes updates on sustainability-related initiatives including those undertaken by Malaysian Islamic bank, human capital development entity and rating agency.

The MIFC Team
Download infographic
News

Halal Development Corporation sets USD100 billion export value

The Halal Development Corporation (HDC) has set a benchmark of USD100 billion export value for Malaysia's halal products by 2030, leveraging on the agency's four core products: training, consultancy, Halal Park and Halal Integrated Platform (HIP). Malaysia could potentially add USD20 billion in export value annually (currently USD10 billion) through the creation of more value, new export markets and development of the domestic halal ecosystem.
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Press Release

BNM's Shariah Advisory Council issues ruling on restructuring of Islamic financing facility

The Shariah Advisory Council (SAC) of Bank Negara Malaysia has made a ruling on practices of restructuring of Islamic financing facility and compounding profit on restructuring during the Covid-19 crisis. The SAC rulings aim to ensure an efficient, seamless and flexible restructuring process to cater for the different needs and circumstances in the current situation.
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Report

Structural features underpin Malaysian Islamic banks' resilience against coronavirus fallout 

Moody's Investors Service said that concentration on retail financing and other structural features would help Islamic banks withstand economic disruptions caused by the coronavirus outbreak. Malaysian banks generally have prudent underwriting practices for retail financing thanks to regulatory guidelines for responsible financing, which adds to their asset quality.
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News

Malaysia could be world pioneer in Islamic fintech

Malaysia is in a strong position to harness various opportunities that Islamic fintech has to offer. Malaysia is currently adopting to Malaysia 5.0 concept which includes introducing and using emerging technologies that are now considered as essential tools in the new Malaysia 5.0 digital economy.
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News

Malaysia remains leading the global sukuk

According to RAM Rating Services, Malaysia remained the leading global sukuk market in both the corporate and quasi-government sectors, taking up the 'lion's share' of 41.5% or USD11 billion. Globally, sukuk issuance dropped 9.1% year-on-year in 1H20, bringing the total issuance value to USD65.6 billion from USD72.1 billion last year.
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Report

Sukuk Prihatin oversubscribed

Sukuk Prihatin has been oversubscribed to RM666 million, surpassing the original target of RM500 million, aims to support the rebuilding of the country after the Covid-19 pandemic. The proceeds from the new issuance will also be used to enhance connectivity to rural schools, support research on infectious diseases and finance micro-entrepreneurs.
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Press Release

INCEIF signs MoC with Bank Indonesia Institute

INCEIF signed a Memorandum of Commitment (MoC) with Bank Indonesia Institute (BINS), a department at Indonesia’s central bank Bank Indonesia tasked with training and research. The collaboration would establish a network of mutual co-operation that would strengthen the efforts between INCEIF and BINS in the areas of curriculum development, research and training. 
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News

HSBC Amanah arranges first ASEAN Green SRI Sukuk for Leader Energy

HSBC Amanah is arranging the first ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk for Leader Energy worth MYR260 million to fund two solar photovoltaic power projects. This demonstrates HSBC continued commitment and ability to develop the landscape of sustainable banking products available in Malaysia.
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Press Release

IBFIM joins United Nations Sustainable Development Solutions Network

Islamic Banking & Finance Institute Malaysia (IBFIM) is now a member of the United Nations Sustainable Development Solutions Network, placing IBFIM among a network of domestic and international institutions that promote knowledge towards achieving the Sustainable Development Goals (SDGs). IBFIM is a Malaysian talent development institution which specialises in industry technical certifications.
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Press Release

RAM Sustainability is now climate bonds approved verifier

RAM Sustainability is now an Approved Verifier for the certification of Climate Bonds under the Climate Bonds Standard & Certification Scheme as awarded by the Climate Bonds Standards Board. RAM Sustainability is a Malaysian rating company providing opinion of the sustainability performance of companies. 
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Upcoming Webinars
12th World Halal Conference 2020
Date: 6 October 2020 

General and Family Takaful Products - Models and Operational Issues
Date: 7 October 2020

Sukuk & Securitisation: Scope, Process & Procedures
Date: 9 October 2020 


Muzakarah-14
Date: 13 October 2020 

Takaful and retakaful
Date: 27 October 2020 

15th International Shari'ah Scholars Forum (2020)

Date: 10 November 2020 
 
Islamic Finance Library
Global News on Islamic Finance
  1. Indonesia to revise Halal Product Guarantee Law in October to speed up certification process
  2. Brazil completing new blockchain platform to boost traceability and transparency in halal supply chain
  3. Algeria allows first Islamic finance products by state banks
  4. Indonesia issues retail sukuk for Covid-19 economic recovery
  5. Australia's first full-fledged retail Islamic bank will be digital, and launch in 2021
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