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Funding Societies inks partnership with Halal Development Corp to develop halal ecosystem

Publish date: Wed, 29 Nov 2023, 03:34 PM

KUALA LUMPUR (Nov 29): Funding Societies has inked a strategic partnership with Halal Development Corp Bhd (HDC) to offer halal businesses access to shariah-compliant digital financing facilities, enhancing the development of the halal ecosystem.

In a statement on Wednesday, the unified digital finance platform for small and medium enterprises in Malaysia and Southeast Asia said the collaboration supports the development of the local halal industry, and caters to the growing global halal market, which is forecast to be worth US$5 trillion (RM23.24 trillion) by 2030.

It said that locally, the Halal Industry Master Plan 2030 projects Malaysia’s halal industry to grow to US$113.2 billion in 2030, and contribute 8.1% of gross domestic product (GDP) by 2025.

As at 2022, total halal exports were valued at RM59.5 billion, with the halal industry contributing 7.4% of the country’s GDP.

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