Halal Market in Malaysia and Global (HART 1331) PDF

Introduction to Halal Market in Malaysia and Global HART 1331 Halal Industry Ecosystem Assoc. Prof. Dr. Hafidz Mahamad Maifiah INHART Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  https:...

Introduction to Halal Market in Malaysia and Global HART 1331 Halal Industry Ecosystem Assoc. Prof. Dr. Hafidz Mahamad Maifiah INHART Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  https://www.menti.com/al82r77og9wr Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  Halal before JAKIM…… KFC price list and menu items back in ’84, including beer! Image from forum.lowyat.net https://cilisos.my/so-jakim-was-only-born-in-1997-what-were-malaysias- halal-laws-like-before-that/ Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  Halal in Malaysia 1974 Halal certification letters 2002 2009 issued by Research Centre of the Islamic Affairs Division of Rebranding of HIDC All Halal certifications activities Prime Minister Office for – became an agency products that meet Halal Criteria were conducted under MITI. All Halal by JAKIM (Food and Islamic certifications TRADE DESCRIPTION Consumer product Division) activities conducted ORDER 1975 back to JAKIM 1997 1982 Prime Minister’s Department Halal certification was given in Halal Industry Development Corporation under the Islamic Affairs the form of a certificate with a was setup. Halal Industry Development Division established a Halal logo Corporation conducted halal committee on the assessment certification of food, drinks, and goods consumed by Muslims 1994 2006 - 2008 Reference: http://www.halal.gov.my/v4/index.php?data=bW9kdWxlcy9uZX Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) dzOzs7Ow==&utama=ann&ids=corporate&lang=en © Copyright PresentationGO.com Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  The global halal market Park, Hyunseo. (2017). Food globalization and culture war : Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) The case of the halal food complex in South Korea. 10.13140/RG.2.2.27796.81286. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  An annual publication describes the Islamic economy (its growth, development, and challenges) across various sectors and regions. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  “those sectors whose core products and services are structurally affected by Islamic ethics/laws.” HALAL/ISLAMIC ECONOMY SECTORS HALAL PRODUCTS Halal food Pharmaceuticals Cosmetics Modest fashion ETHICAL & SOCIAL FINANCE Islamic finance HALAL LIFESTYLE Muslim-friendly travel Islamic-themed media and recreation Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  DEMAND-SIDE DRIVERS A growing youthful Muslim population The affluence of Muslim consumers The centrality of Islamic values to Muslim lifestyle and consumption patterns Digital connectivity and the rise of e- commerce The intersection of Islamic values with sustainable and ethical consumerism SUPPLY-SIDE DRIVERS Government bodies functioning as enablers National Islamic economy strategies Global brand involvement Islamic economy investment activity Rise in trade agreements and intra-oic trade Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) DEMAND-SIDE DRIVERS A growing youthful Muslim population In 2023, the Muslim population exceeded two billion, as per a careful estimate, representing more than 25% of the global population. Over the next decade, it is anticipated that the Muslim population will continue to grow at about twice the rate of the non- Muslim population. It is forecasted to reach 2.8 billion by 2050, representing 30% of the world’s population. In 2023, Muslim youth and young adults (ages 15-29) represented 27.8% of the world’s youth and young adults. By 2030, nearly three in ten of the world’s youth and young adults are projected to be Muslim. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) https://populationeducation.org/world-population-by-religion-a-global- tapestry-of-faith/  The affluence of Muslim consumers According to the IMF, the overall GDP of OIC member countries is forecasted to increase by 21.7% to reach US$25.4 trillion in 2023. The latest World Bank data (2021-2022) also shows that GDP per capita for several Muslim- majority countries is above the global average, including all GCC countries, Brunei Darussalam, and Guyana Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) The centrality of Islamic values to Muslim lifestyle and consumption patterns According to the latest Pew Research Center study, there is a belief that religiosity has increased significantly compared to two decades earlier. Furthermore, the study showed that a large percentage of Muslims in Asia- Pacific and the MENA region (70-90%) have rated religion as “very important” in their lives Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Digital Connectivity and the Rise of E-Commerce The growth in digital connectivity is spurred by increased accessibility to digital devices, investments in technology, and developed digital infrastructure. The increased digital connectivity represents an important enabler for various Islamic economy sectors. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) The intersection of Islamic values with sustainable and ethical consumerism Research shows that more consumers are prepared to spend on sustainable products now than two years ago. Many Islamic values underlying various sectors of the Islamic economy have a wider appeal, resonating with universal principles such as sustainability and ethical consumption. Halal products are increasingly associated with food safety, hygiene, and health. Many halal brands have succeeded in attracting non-Muslim ethical consumers Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) SUPPLY-SIDE DRIVERS Government Bodies Functioning as Enablers The governments of OIC member countries are actively regulating the imports of products to ensure adherence to halal certification requirements and guidelines. UAE’s Emirates Authority for Standardization and Metrology (ESMA), the Emirates International Accreditation Centre (EIAC), Saudi Arabia’s Saudi Food and Drug Authority (SFDS), and Malaysia’s Department of Islamic Development Malaysia (JAKIM). Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) National Islamic Economy Strategies The Islamic economy is becoming a central focus for many countries, including non-Muslim majority countries, OIC member countries, such as Saudi Arabia, the UAE, Nigeria, Indonesia, and more, have proactively implemented various programs with the Islamic Organization for Food Security (IOFS) to acquire security for halal foods. Depending on the industry, most OIC governments provide various types of support to ensure economic growth is fulfilled. One opportunity major stakeholders look for is increased support from global governments to unify halal standards and accreditation processes to reduce the certification requirements to be able to promote halal commerce on a global scale.13 Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Global Brand Involvement As major players, they have become part of the growing halal economy, providing various innovative products and services to the Islamic economy sectors. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Islamic Economy Investment Activity Islamic finance continues to set benchmarks, augmenting the development of the overall Islamic economy ecosystem. According to this year’s report estimates, the total value of Islamic finance- related deals increased more than fivefold, from US$2.19 billion in 2021/22 to US$14.4 billion in 2022/23. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Rise in Trade Agreements and Intra-OIC Trade OIC member countries have entered into several regional trade agreements, such as the African Continental Trade Agreement (27 African OIC member countries) and the Regional Comprehensive Economic Partnership (three Asia-Pacific OIC member countries). The Organization of Islamic Cooperation (OIC) has declared that it aims to increase intra-OIC trade from 18% in 2021 to 25% by 2025 through cooperation between its trade promotion agencies and OIC member states. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) By 2013, Malaysia had already established a strong baseline of the global Islamic finance and halal economy ecosystem Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) How to promote halal industry in Malaysia? please give your suggestions 1. Government Bodies 1. Regulatory Authorities 2. Policy Makers (e.g., Ministry of International Trade and Industry (MITI) in Malaysia. 2. Halal Certification Bodies 1. JAKIM 3. Businesses and Industry Players 4. Academia and Research Institutions 5. Shariah Scholars and Experts 6. Consumers 7. Non-Governmental Organizations (NGOs) 8. Investors and Venture Capitalists 9. Technology Providers Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Halal Market in Malaysia https://katamalaysia.my/culture/gelatin-the-enemy-of-halal-products/ Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) HIMP 2030 STRATEGIC FRAMEWORK Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)  The NIMP 2030 sets forth Malaysia’s future direction in industrial transformation. It provides a national integrated plan for resilient industrial development until 2030 – setting the fundamentals for future policy development and enabling the industry at all levels. It articulates Malaysia’s position and participation in the global economic environment. Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024) Mohd Hafidz Bin Mahamad Maifiah (INHART 2023-2024)