KUALA LUMPUR: HSBC Amanah Malaysia Bhs has partnered with Halal Development Corporation (HDC) to help spur the growth of the halal export market.
HSBC Amanah today entered into a memorandum of understanding (MoU) with HDC to collaborate and support them on their new Greater Islamic Economy initiative, comprising Islamic economic development tools, or muamalat.
Through this MoU, HSBC Amanah will also continue to facilitate programs and financial facilities to help spur the growth of the halal export market within the Asia-Pacific region.
In parallel with the MoU, this collaboration seeks to facilitate Islamic finance activities in the halal industry either for local or other international markets for businesses that prioritise Islamic finance.
HDC chief executive officer Hairol Ariffein Sahari said halal exports for 2022 are anticipated to surpass RM42 billion, above pre-pandemic levels.
Hairol said HDC's newly launched Greater Islamic Economy initiative and this MoU are crucial to providing its Halal Integrated Platform (HIP) members with the right financial facilities and development tools as they look to expand their presence in the halal export market within the Asia-Pacific region.
"Additionally, as we kick start our Greater Islamic Economy initiative, we believe this new partnership will help to increase the number of halal-certified businesses in Malaysia," he said.
Meanwhile, HSBC Amanah chief executive officer Raja Amir Shah Raja Azwa said this MoU would be able to strategically support businesses that are on HDC's HIP and intend to expand internationally.
Raja Amir also shared that the timing for this MoU could not be better, echoing the pace of an ongoing global economic recovery.
"This collaboration will unleash the potential for the multi-trillion-dollar halal industry to facilitate the Malaysian economy and help rejuvenate the global economy.
"Our digital products and solutions, including our HSBC Global Wallet-i and Receivable Finance-i, will provide them with the ability to scale with greater efficiencies, including time and cost savings, productivity, and security.
"These capabilities will set them apart in today's competitive halal export market," he said.
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