Malaysia’s halal sector is experiencing a significant upswing, with exports surging to RM61.79 billion in 2024, a 15% increase from the previous year. This impressive growth is positioning Malaysia as a key player in the global halal market, potentially challenging the ambitions of the United Arab Emirates (UAE), which has set a target of increasing its Islamic bank assets to AED2.56 trillion.
Malaysia’s Halal Export Growth
The rise in Malaysia’s halal exports is part of a broader trend of increasing global trade, with the nation’s total exports reaching RM1.51 trillion in 2024. This growth underscores Malaysia’s strengthening position in the international market.
UAE’s Islamic Finance Ambitions
Meanwhile, the UAE is making significant strides in the realm of Islamic finance and halal industry development. The UAE Cabinet recently approved a comprehensive strategy aimed at developing the Islamic financial sector and boosting halal product exports worldwide. A key goal is to elevate the assets of Islamic banks in the UAE from AED986 billion to AED2.56 trillion within six years, alongside increasing the value of listed Islamic sukuk to over AED660 billion by 2031.
International Halal Market at KazanForum 2025
In related developments, the KazanForum 2025 in Tatarstan, Russia, has launched the International Halal Market, designed to foster economic ties between Russia and the Islamic world through the showcasing of halal-certified goods. The global halal industry is currently valued at an estimated $7 trillion, with projections indicating it could reach $10 trillion by 2030.
Penang Establishes Halal Industry Council
Furthermore, Penang, Malaysia, has established the first state-level halal industry council in the country. This council aims to coordinate and enhance the growth of the halal sector within the state, which currently boasts 870 active companies certified under the Malaysian Halal Certification Scheme (SPHM).
