Penang and Hong Kong are emerging as key players in the rapidly expanding global halal market, estimated to reach $5 trillion. Penang has established Malaysia’s first state-level Halal Industry Council to coordinate and drive the growth of its halal industry. Approved on January 22, 2025, the council oversees 870 active companies certified under the Malaysian Halal Certification Scheme (SPHM), spanning food and beverages, pharmaceuticals, cosmetics, logistics, slaughterhouses, and medical devices.
Hong Kong is set to introduce a Halal ‘Q Mark’ for certified products and services following an agreement between the Federation of Hong Kong Industries and the Incorporated Trustees of the Islamic Community Fund of Hong Kong. The certification aims to ensure products meet Shariah-compliant standards.
These initiatives come as Saudi Arabia’s Halal Cosmetics Market is projected to surge from USD 7.78 billion in 2024 to USD 14.67 billion by 2030, with a CAGR of 18.34%, driven by ethical consumerism and government support through Vision 2030. Pakistan recently issued its first sovereign domestic green Sukuk, signaling a focus on sustainable development, while Amwal Capital Partners launched a $150 million Shariah-compliant private credit fund.
The halal industry’s expansion into cosmetics, finance, and tourism is fueled by a growing Muslim population and increased awareness of ethical consumption. Halal certification is also advancing with technologies like blockchain to enhance transparency and consumer trust.
