Global Halal Brand
The size of the Islamic Economy Market (IEM) in 2017 was estimated at USD2,107 billion and by 2023 is projected to grow by 5.9 percent per annum to reach USD3,007 billion (See infographic). The IEM comprises of 7 major activities namely Islamic Finance, Halal Food, Halal Travel, Modest Fashion, Halal Media & Recreation, Halal P&C (Pharmaceuticals and Cosmetics). Key drivers are increasing population particularly among young professional and middle-income group which are more affluent and well-travelled.
In terms of projected growth during the period of 2017-2023, Islamic Finance is projected to record the fastest, at 7.4 percent, followed by Halal Travel (7.1 percent), P&C (6.8 and 6.5 percent respectively) and Halal Food (6.0 percent). Indeed, the 1.8 - 2.0 billion growing Muslim population is a huge potential for the growth of Halal industry, particularly in Asia where 60.0 percent of the population are Muslim. Brunei has been championing the ‘Brunei Halal’ Brand to maximise this potential given our huge comparative advantage, foremost our highest and readily acceptable Brunei Halal certification.
In an effort to tap into this vast potential market, taking into account of Brunei’s strength, MH has conceptualised a list of inter-related projects to fast track and enjoy the potential benefit of the Halal industry as follows:
Brunei Halal Laboratory & Halal Development Agency
An independent Brunei Halal Development Agency, IHADA Sdn Bhd, has been set up to facilitate the certification process and other requirements as required by the Brunei Religious Council & Halal-Haram Committee. IHADA had submitted a letter of intent (LOI) to establish a joint venture with MH.
Certification & Science Lab. Currently, the company has signed MoU with Osaka University to establish research-related activities in concert with the higher learning institutions in Brunei namely UBD, UTB and UNISSA. An increasing number of students and researchers will also participate in the short and long-term international exchange programmes.
More activities are planned, including forum, seminar and continuing R&D including potential crops and herbs in the Heart of Borneo (HoB) initiative with these higher learning institutions.