Reasons Malaysia Remains Unshaken from the First Tier of SGIE for 10 Years

"Defeating Saudi Arabia, Malaysia's 10-Year Factor Always Ranks 1 in SGIE Report"

"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 halal economic development. Indonesia's position has risen by one rank, surpassing the United Arab Emirates in 2023. The GIEI ranking includes Islamic finance, halal food/drinks, modest fashion, pharmaceuticals and cosmetics, Muslim-friendly tourism, media, and recreation."

The translation of "Malaysia Peringkat 1 Selama 10 Tahun" to English is "Malaysia Ranked 1 for 10 Years".

"Interestingly, for 10 consecutive years, Malaysia's position as the top rank in the GIEI rankings has remained unshakable by other countries, including Indonesia."

"For 10 consecutive years, Malaysia has ranked at the top," said the SGIE Report 2023, quoted on Friday, December 29, 2023. The SGIE Report 2023 explains why Malaysia has once again taken the first place in the GIEI. Here are the factors."

The translation of "Faktor Malaysia Selalu Nomor 1" to English is "Malaysia Factor Always Number 1."

"Malaysia ranks first in the Islamic Finance, Halal Food, and Media and Recreation sectors, and second in the field of Modest Fashion."

The translation of "Keuangan Syariah" to English is "Islamic Finance".

The text translated to English while preserving the HTML tags is as follows: "The Islamic finance sector in Malaysia shows sustainable growth, with a 9 percent increase in Islamic financial assets and a 20 percent growth in Islamic financial value. "The Islamic economy of Malaysia has demonstrated strength across halal products, Islamic lifestyle, and the Islamic finance sector," according to the SGIE Report 2023."

Reasons Malaysia Remains Unshaken from the First Tier of SGIE for 10 Years

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

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

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

The Malaysian Securities Commission (SC) has also released a consolidation guideline related to Islamic capital market products and services. This guideline is expected to streamline and enhance the offerings of Islamic financial products, such as sukuk, sharia funds, and sharia investment services. 6 transactions related to VC, PE, and M&A associated with Islamic finance in Malaysia have been recorded.

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

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