The 2023/2024 edition of the State of the Global Islamic Economy (SGIE) Report places Malaysia at the top position in the Global Islamic Economy Indicator (GIEI) for the remarkable 10th consecutive year. The 2023 rankings place Malaysia at the forefront, followed closely by Saudi Arabia, Indonesia, and the UAE.
Since the inception of the SGIE Report, Malaysia has consistently claimed the first position, showcasing the nation’s enduring commitment to the Islamic economy. Malaysia secured first place in Islamic Finance, Halal Food, and Media and Recreation, coupled with a commendable second-place ranking in Modest Fashion, third spot in Pharmaceuticals and fifth in Tourism.
“This milestone underscores the sustained progress within Malaysia’s Halal Ecosystem since the establishment of HDC in 2006,” said the Chairman of HDC, Khairul Azwan Harun. “Malaysia pledges to uphold its leading position with the implementation of the Halal Industry Master Plan (HIMP2030), embracing technology, and digitizing the Halal Ecosystem. HIMP2030 is instrumental in driving the comprehensive expansion of Malaysia’s halal industry, fostering inclusivity and robust growth,” he added.
The State of Global Islamic Economy (SGIE) Report is prepared by Dinar Standards, a US-based research and advisory firm specializing in government innovation, the global halal economy, and social impact spaces. This year’s report, supported by the Dubai Department of Economy and Tourism (DET), emphasizes the expansion and promotion of Halal Malaysia certification and standards.
Malaysia, with 84 recognized Certification Bodies to date, is well-positioned to comply and participate, particularly in the Halal Ingredients sector such as halal gelatin.
