Dubai, UAE – The United Arab Emirates is setting ambitious goals to dominate the Islamic finance and halal industry by 2031, aiming for over Dh 660 billion (approximately $700 billion) in listed Islamic sukuk issuances. This initiative is part of the UAE’s newly approved National Strategy for Islamic Finance and the Halal Industry, as announced by the UAE Cabinet on May 6, 2025. The strategy seeks to increase Islamic banks’ assets from Dh 986 billion to Dh 2.56 trillion within six years, solidifying the UAE’s position as a global hub for Islamic finance.
A dedicated committee will be established to oversee the execution of this comprehensive strategy.
Meanwhile, Malaysia continues to assert its leadership in the halal sector, with halal product exports exceeding RM61 billion in 2024. The Malaysia International Halal Showcase (MIHAS) 2025 is targeting RM45 billion in global halal trade, underscoring Malaysia’s commitment to expanding its halal footprint.
The Islamic trade finance sector has demonstrated robust growth in the first half of 2025, showing resilience and sustained momentum, particularly in the GCC and Asia-Pacific regions. This growth reflects the increasing demand for Sharia-compliant financial solutions globally.
In other developments, Tim Hortons Malaysia has achieved nationwide halal certification, a move that could significantly broaden its appeal to Muslim consumers. Furthermore, Afghanistan’s business sector has expressed strong interest in participating in Russia’s upcoming Kazan Halal Expo and Forum, signaling a growing interest in halal markets across diverse regions.
The UAE’s strategic push in Islamic finance, coupled with Malaysia’s export success and the overall growth in Islamic trade finance, highlights the increasing importance and potential of the global halal economy. These developments indicate a dynamic and evolving landscape with significant opportunities for growth and innovation.