Halal Development Corporation (HDC) and Capital Markets Malaysia are undertaking a year-long joint awareness and industry engagement initiative to promote Islamic digital finance literacy to drive the growth of local MSMEs.
This multipronged collaboration comprises of three main pillars: knowledge, engagement and an online platform.
Under the knowledge approach, both the entities will conduct a joint analysis of the requirements of entrepreneurs and businesses to upscale. They will also develop simplified toolkits to improve entrepreneurs’ knowledge in implementing a Halal business model as well as a Shariah ocmpliant funding model. In August, the SC launched its Shariah Screen Assessment Toolkit to guide MSMEs to secure Islamic funding.
Engagement will be carried out through HDC’s outreach program, Jelajah Halal Malaysia, business clincis and Halal Integrated Platform, to deepen understanding among entrepreneurs about alternative Shariah compliant fundraising options.
“Our priority will be on expanding business opportunities to ensure the sustainability of the whole Halal ecosystem in Malaysia,” said HDC Chief Commercial Officer Adly Mohamed, noting that the global Halal market is projected to be worth US$5 trillion by 2030.
Both HDC and CMM will continue to support market-based Shariah compliant fundraising activities, including equity crowdfunding and peer-to-peer financing mechanisms.