Current state of Malaysia’s IDE landscape
This report outlines Malaysia's current IDE landscape, highlights key challenges, and explores vital steps to foster Malaysia’s IDE as a new catalyst.
Current state of Malaysia’s IDE landscape
This report outlines Malaysia's current IDE landscape, highlights key challenges, and explores vital steps to foster Malaysia’s IDE as a new catalyst.
Malaysia’s Islamic Economy
By 2025, the global Islamic economy is estimated to reach USD7.7 trillion. Malaysia can leverage its unique positioning to secure a sizeable market share via its Islamic Digital Economy.
Islamic Finance
- Islamic finance assets stood at USD3.6 trillion (RM 16.2 trillion) in 2021 and expected to grow to USD4.9 trillion (RM22.0 trillion) in 2025
- Malaysia's market share is approximately 24%:
| Islamic Finance Asset 2021 | RM trillion |
|---|---|
| Islamic Banking | 0.98 |
| Takaful | 0.46 |
| Islamic Capital Market | 2.31 |
| Islamic AUM Funds | 0.22 |
| TOTAL | 3.97 |
Halal
- Spending on Halal food was USD1.27 trillion (or RM5.7 trillion) in 2021 and expected to grow to USD1.67 trillion (or RM7.5 trillion) in 2025
- According to 12th Malaysia Plan, Halal industry is estimated to contribute 8.1% of GDP and generate export revenue totaling to RM56 billion in 2025
- JAKIM recognises 46 countries’ foreign certification bodies.
Lifestyle
- Comprise of Shariah spending on travel, eateries, clothing, and others.
- Spending on lifestyle sectors such as travel, cosmetics, and modest fashion was USD467 billion (RM2.1 trillion) in 2021 and expected to grow to USD657 trillion (RM2.9 trillion) in 2025
- Due to Malaysia’s global leadership in Islamic economy spill over effects on lifestyle spending could promote a domino effect across supporting sectors.
*Rate of conversion as per 2022 (1USD = RM4.90)
Current state of Malaysia’s IDE landscape
This report outlines Malaysia's current IDE landscape, highlights key challenges, and explores vital steps to foster Malaysia’s IDE as a new catalyst.
Partnerships and Collaborations
MDEC is proactively pursuing partnerships and collaborations to facilitate scale-up opportunities and onboarding of our tech companies’ solutions into local and international Islamic finance markets.
IDE Top 45 Companies
What is MD Tasree`?
What is MD Tasree`?
MD Tasree` (pronounce as tasriaq) is an initiative by MDEC to advocate and facilitate the growth of the Islamic Digital Economy under the MD promoted sector through a public-private partnership mechanism. MD Tasree` aims to create a dynamic ecosystem for Islamic Digital Economy players to accelerate the development and adoption of Shariah-compliant products and services by leveraging digital technologies and solutions.
Focus Areas under MD Tasree`
Advocacy
Promotes awareness on Islamic Digital Economy to community and businesses
IDE Toolkit
Self assessment exercise to qualify as IDE compliant business
IDE Digital Solutions
Implementation of IDE pilot projects with strategic partners
Partnership & Collaboration
Facilitation for capacity building, market access, funding, and talent
IDE Resources
Insights, publications, and knowledge management
Advocacy
Promotes awareness on Islamic Digital Economy to community and businesses
IDE Toolkit
Self assessment exercise to qualify as IDE compliant business
IDE Digital Solutions
Implementation of IDE pilot projects with strategic partners
Partnership & Collaboration
Facilitation for capacity building, market access, funding, and talent
IDE Resources
Insights, publications, and knowledge management
More updates coming soon!
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