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Islamic Finance and the Development of Malaysia’s Halal Economy

October 3, 2022
Kuala Lumpur / Virtual

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The halal economy plays an important role in Malaysia’s economic growth, contributing 7.5 percent to the Gross Domestic Product (GDP) as of 2020. Under the Twelfth Malaysia Plan, 2021-2025 (12MP), one of the key strategies to boost Malaysia’s economic growth is enhancing the competitiveness of the halal industry to capture a more significant share of the global halal market. Malaysia's halal certification is globally recognized and is considered a valuable and credible resource providing a significant competitive advantage for Malaysian firms in the international arena. With the prospect of Muslim spending reaching USD2.4 trillion by 2024 at a 5-year Cumulative Annual Growth Rate (CAGR) of 3.1%, the halal economy presents a huge opportunity for Malaysian enterprises. Malaysia’s highly developed Islamic finance market offers a diverse range of financial products and services and have been recognized as one of the five key enablers outlined in Malaysia’s Halal Industry Master Plan. This report explores how Islamic finance can further contribute towards the development of Malaysia’s halal economy.

9:40 – 9:50


Opening Remark

Yasuhiko Matsuda, Malaysia Country Manager, World Bank Group

9.50 – 10.05

Keynote Address and Launch of the World Bank report:

YB Dato’ Indera Mohd Shahar bin Abdullah, Deputy Finance Minister [Speech]

10:05 – 10:30

Presentation of Key Takeaways from the Islamic Finance and the Development of Malaysia’s Halal Economy Report [Presentation Slides]

Shahira Zaireen binti Johan Arief Jothi, Financial Sector Specialist, World Bank

10:30 – 11:30

Panel Session – Enhancing the Contribution of Islamic Finance on the Development of the Halal Economy

Moderator: Roselee Shah bin Shaharudin, Financial Sector Specialist, World Bank


  1. Prof. Dr. Marco Tieman, CEO, LBB International  [Presentation Slides]
  2. Mohd Suhaimi Abdul Hamid, CEO, Standard Chartered Saadiq Berhad
  3. Datuk (Dr.) Hafsah Hashim, Chairman, Serunai Commerce




  • DATE: October 3, 2022 (Monday)
  • TIME: 9.30 a.m. – 11.30 a.m. (Kuala Lumpur)
  • VENUE: Conference Hall 2, Sasana Kijang