Dream - DinarStandard in Dubai, United Arab Emirates has released the latest report, The Global Islamic Economy Indicator (GIEI), in the State of the Global Islamic Economy (SGIE) Report 2023. The report places Indonesia in third position, below Malaysia and Saudi Arabia, in the development of the halal economy. Indonesia's position has risen one rank and displaced the United Arab Emirates in 2023. The GIEI ranking includes Shariah finance, halal food/beverages, modest fashion, pharmaceuticals and cosmetics, Muslim-friendly tourism, media, and recreation.

"For 10 consecutive years, Malaysia has been ranked at the top," according to the SGIE Report 2023, quoted on Friday, December 29, 2023. The SGIE Report 2023 explains why Malaysia has once again become the top-ranked GIEI. Here are the factors."

The Shariah financial sector in Malaysia has shown sustainable growth, with a 9 percent increase in Islamic financial assets and a 20 percent growth in Islamic financial value. "The Islamic economy in Malaysia has demonstrated strength across halal products, Islamic lifestyle, and the Islamic financial sector," according to the SGIE Report 2023.

Then, the Department of Islamic Development Malaysia (JAKIM) became the center for the development of the halal industry in Malaysia which actively collaborates with international halal bodies, such as the Halal Product Assurance Organizing Agency (BPJPH) from Indonesia and the Food and Drug Authority of KSA, to strengthen global halal product assurance.

The Halal Industry Master Plan 2030 (HIMP 2030) was launched by the Ministry of Trade and International Industry (MITI) in collaboration with the Halal Development Corporation (HDC) to drive the holistic expansion of Malaysia's halal industry and promote inclusivity and comprehensive growth.

The Malaysian Government also issues sukuk under the Malaysian Government Investment Issuance (MGII) program in the local currency. This shariah-compliant loan is used by the government and corporations to finance or refinance social and environmental projects that meet the criteria set by the Sukuk SDG Malaysia Framework Government.

The following is the translation of the given 'Bahasa' text to 'English' while preserving any html tags: "The Securities Commission Malaysia (SC) has also released a consolidation guide related to Shariah capital market products and services. This guideline is expected to streamline and enhance the offerings of Islamic financial products, such as sukuk, Shariah funds, and Shariah investment services. 6 VC, PE, and M&A transactions related to Islamic finance are recorded in Malaysia."

Malaysia Digital Economy Corporation (MDEC) also collaborates with the travel technology startup Tourplus to accredit digital nomads. Duopharma becomes the first company in Malaysia to receive halal certification for oncology products.