Malaysia again tops Global Islamic Economy Indicator for 2019/20

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KUALA LUMPUR (Nov 14): Malaysia continues to lead in the Global Islamic Economy Indicator (GIEI) this year, according to the State of the Global Islamic Economy Report (SGIE) 2019/20.

Now in its seventh edition, the report, published by DinarStandard in partnership with the Malaysia Digital Economy Corporation (MDEC), SalaamGateway.com, and Dubai Islamic Economy Development Center (DIEDC), focuses solely on the continued global growth of the Islamic economy, encompassing halal products, Islamic finance, and related lifestyle sectors.

Other countries in the Top 5 of the GIEI — out of 73 countries — are United Arab Emirates, Bahrain, Saudi Arabia and Indonesia. Malaysia's top scoring in the GIEI is attributed to its strength in global Islamic finance development and continuous focus on the Halal products ecosystem, according to MDEC in a statement today.

MDEC chief executive officer Surina Shukri said the agency actively engages with regulators like Department of Islamic Development Malaysia or JAKIM, Bank Negara Malaysia, and the Securities Commission Malaysia to ensure there is a collective commitment into efforts to develop the Islamic economy in the country.

These efforts include bringing together industry players, such as capital drivers, venture builders/accelerators and Shariah advisors to proactively engage and contribute towards the development of Malaysia’s Islamic Digital Economy.

"Malaysia continues to lead and drive forward the development of Islamic finance, especially the Islamic Digital Economy. Beyond topping the GIEI for this year, other accolades include obtaining the third place for Muslim Digital Commerce Spending in 2014, investing an estimated US$521 billion and producing 394 prominent consumer-facing Digital Islamic Services, as per the Digital Islamic Economy Report 2015 that Thomson Reuters produced in collaboration with DinarStandard," she said.

MDEC, meanwhile, went on to say that there are still major opportunities to consider for increased real marketplace impact.

"To date, there are no Malaysia brands from the Halal products and services space operating on a global scale," it said.

"Malaysia’s strong technology ecosystem within OIC-member countries can provide a strong platform to become the hub of the Islamic digital economy," MDEC added.