Hong Leong Islamic Bank (HLISB) revealed a new solution tailored for Small and Medium Enterprises (SMEs) venturing into the Halal market. Called BizHalal, this integrated Islamic banking solution provides Shariah-compliant financing alongside Halal advisory support. The initiative aims to support the government’s focus on expanding Malaysia’s Halal ecosystem.
The BizHalal is a partnership between HLISB and the Halal Development Corporation (HDC), formalided through a Memorandum of Understanding (MOU) signing ceremony. This collaboration signifies HLISB’s commitment to promoting and developing the Halal industry.
HLISB CEO, Dafinah Ahmed Hilmi, highlighted the bank’s long-standing interest in the Halal sector, dating back to 2018. With the launch of BizHalal, HLISB aims to bolster the growth of local Halal SMEs by offering tailored financing solutions and advisory services.
According to HDC, the global Halal market reached USD 3 trillion in 2020, with Malaysia’s Halal industry projected to grow to US$113.2 billion by 2030.
However, there remains a substantial gap between demand and supply in the Halal market, emphasizing the need for increased investment and collaboration.
HDC Chairman, Khairul Azwan Harun, emphasised the importance of fostering partnerships like the one with HLISB to bridge this gap and create local Halal champions.
HDC also highlighted the role of digital solutions, such as the Halal Integrated Platform (HIP), in streamlining the certification process and advancing Malaysia’s Halal ecosystem.
Under BizHalal, customers will have access to HLISB’s team of Halal Industry Specialists, who will guide them through the certification process. The advisory support comprises readiness assessment, advisory assistance, and access to the Halal Digital Ecosystem.
BizHalal is open to both existing and new customers, providing support to those already Halal-certified and those with potential to obtain certification. Additionally, customers availing HLISB’s business financing facilities will automatically qualify for the BizHalal program.
Source: BusinessToday