With eyes on the US$3 trillion global Halal market, Malaysia’s Alliance Islamic Bank has won new partners to help it boost its Halal business program with digital solutions.
Halal in One is the program engineered and launched by Alliance Islamic in January 2020 to be a single-source digital platform for SMEs looking to tap the Halal market. The bank now has partnered with three entities to bolster its offering with additional digitization options, an e-commerce platform as well as training programs.
Driving home the message that it is “imperative” for local businesses to embrace innovation and digital transformation to capitalize on the trillion-dollar Halal market, Alliance Islamic CEO Rizal IL-Ehzan Fadil Azim revealed that the bank has allocated RM100 million (US$24.15 million) in financing to Halal SMEs or SMEs which have started their journey toward Halal certification.
“Our aspiration is to be the center of excellence for the Halal industry and contribute toward Malaysia becoming a global Halal hub,” Rizal added.
The new strategic partners are eJazmine, an e-commerce platform providing preferential rates to local businesses looking to gain market access in other markets such as the US, Saudi Arabia, Indonesia and China; Fusionex, which would provide integrated digital solutions to assist business owners create an online presence, list their business on its e-commerce platform and use analytics and intelligence to drive business growth; and the International Institute for Halal Research, or INHART, which is part of International Islamic University Malaysia and offers training programs on Shariah compliance and provides international Halal audit services.
The onboarding of these new partners is expected to facilitate Alliance Islamic in building Halal in One to be a one-stop digital platform for business matching, Halal funding, certification support, coaching and training as well as advisory services and all things related to Halal.