Islamic Digital Economy Projected To Reach A Global Value Of US$7.7 Trillion By 2025

The Ministry of Communications and Digital through Malaysia Digital Economy Corporation (MDEC) hosted the first-ever Islamic Digital Economy (IDE) Industry Conference 2023 to foster collaboration and partnerships with key industry players within the Islamic digital economy sector.

The IDE is one of the key sectors supporting a fair distribution of wealth and resources, aligned with the Malaysia MADANI vision. It is also one of the nine promoted sectors under the national strategic initiative, Malaysia Digital (MD), aiding MDEC in implementing an effective framework to establish various Malaysia Digital Catalytic Programmes (PEMANGKIN).

Malaysia continues to lead the Global Islamic Economy Indicator (GIEI) for the past nine (9) consecutive years, driven by a thriving Halal ecosystem which is led by the Halal food-pharmaceutical-cosmetics, Muslim-friendly tourism, media, and recreational sectors. It is expected to attain a global value of US$7.7 trillion by 2025.

MD Tasree` has been introduced to drive industry involvement, idea generation, promotion of ground-breaking innovations, and the commercialisation of technological solutions, in forming a suitable platform for MD PEMANGKIN.

Minister of Communications and Digital, YB Fahmi Fadzil witnessed the signing of a Memorandum of Understanding (MoU) between MDEC and the Halal Development Corporation (HDC) to encourage the development of Halal digital technology such as the Halal Assurance System and Halal Traceability, as well as increasing digital adoption levels among entrepreneurs and small and medium-sized enterprises (SMEs).

These efforts will be intensified through the involvement of Malaysia Digital (MD) status companies facilitated by MDEC in collaboration with ecosystem partners.

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