The initiative to merge the halal sector comprising halal food, products and services with Islamic finance industry will further entrench Malaysia’s leading position in the global halal industry, said former Prime Minister Tun Abdullah Ahmad Badawi Monday.

He said the syariah-based trillion dollar industries were growing between 15 and 20 per cent annually, with each complementing the other perfectly.

Abdullah said these industries formed the foundation of the new economic paradigm of the halal economy.

Malaysia’s innovation in Islamic finance has resulted in a comprehensive environment that is rich in diversity with vibrant financial institutions and continuous product innovation and market activity, he said at the launch of the World Halal Forum 2011 (WHF 2011) here.

On the World Halal Forum, he said the event has played an important role as a ‘match-maker’ in bringing the industries together towards the creation of a halal economy, of which the halal food industry alone is estimated at US$661 billion.

The combination of halal food, pharmaceuticals, cosmetics and travel meanwhile is estimated at US$2.3 trillion.

A new economic paradigm that is based on firm foundations are needed to restore justice and harmony to global markets, he said.

“In this light, it is a welcome sight to see a fresh initiative at this year’s WHF that brings together the halal food sector with the Islamic finance industry,” he added.

Source : Bernama