News

KUALA LUMPUR: Malaysia’s halal product exports surged to RM61.79 billion in 2024, marking a 15% increase from RM53.72 billion the previous year, according to the Ministry of Investment, Trade and Industry (MITI). MITI deputy secretary-general (industry) Hanafi Sakri attributed the growth to Malaysia’s robust halal ecosystem, particularly in sectors such as food and beverage, finance, and travel. He shared the update during the soft launch of the Malaysia International Halal Showcase 2025 (MIHAS). Malaysia continues to lead the Global Islamic Economy Indicator rankings for the 10th consecutive year, underscoring its strong presence in Islamic finance and halal-related sectors. Looking ahead, the halal industry is projected to contribute RM231 billion—or 10.8%—to Malaysia’s GDP by 2030. Meanwhile, Malaysia External Trade Development Corporation (Matrade) chairman Reezal Merican Naina Merican said the nation’s 2025 export target of RM1.58 trillion remains attainable despite global challenges. He noted that Matrade is working on strategies to diversify markets and address trade deficits. Malaysia’s total exports reached RM1.51 trillion in 2024, surpassing its original target by RM10 billion.–FMT

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has appointed Shafiq Abdul Jabbar as its new Group Chief Financial Officer (CFO), effective 7 July 2025. He will succeed Khalijah Ismail in the role. With over 25 years of experience across various industries, Shafiq is expected to play a pivotal role in shaping Maybank’s strategic direction and transformation journey. The banking group said in a Bursa Malaysia filing that Shafiq will support President and Group CEO Khairussaleh Ramli in driving value creation and strategic decision-making. He will also lead the transformation of the group finance division by leveraging technology and data to build forward-looking financial capabilities. “Shafiq’s strong financial leadership will be instrumental in advancing our strategic growth agenda,” said Khairussaleh. “We look forward to his contribution as we continue positioning Maybank as the most positively impactful financial institution.” Shafiq will work closely with the group executive committee to enhance shareholder value, reinforce governance standards, and ensure long-term sustainable growth.

KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty of RM29,000 on Merchantrade Asia Sdn Bhd for breaching provisions under the Money Services Business Act 2011, citing failures in sanctions screening procedures and delayed updates to its sanctions database. BNM also fined JAGS Money Sdn Bhd RM6,000 for similar non-compliances, namely failure to promptly update the sanctions database and to screen new customers accordingly. As reporting institutions, both companies are required to screen existing and potential customers against the Domestic List and the United Nations Security Council Resolutions (UNSCR) List to ensure regulatory compliance and prevent financial crimes. BNM stated that Merchantrade’s oversight involved delays in updating the Domestic List and shortcomings in validating potential sanctions matches. In response, Merchantrade has since enhanced its compliance measures by subscribing to a commercial database service for real-time updates and conducting regular staff and agent training to strengthen internal controls. The penalties reinforce BNM’s ongoing commitment to enforcing robust due diligence practices within Malaysia’s money services sector.–BERNAMA

KUALA LUMPUR: Bursa Malaysia Berhad has officially launched the Bursa Research Incentive Scheme Plus (Bursa RISE+), an expanded research programme aimed at enhancing the visibility and investor appeal of both public listed companies (PLCs) and promising private or pre-IPO firms in Malaysia. Supported by the Capital Market Development Fund (CMDF), Bursa RISE+ builds on the success of the original Bursa RISE initiative, which ran from March 2022 to December 2024. That phase provided research coverage for 60 PLCs and led to a 9.2% increase in average market velocity among the participating firms in 2024. In contrast to its predecessor, Bursa RISE+ broadens its scope to include high-growth private companies and pre-IPO firms preparing for listing. The goal is to facilitate better investor understanding through independent research coverage and, in turn, support capital-raising efforts across a company’s growth lifecycle. “Bursa RISE+ underscores the Exchange’s commitment to promote the capital market as a source of funding not only for PLCs, but also for private companies and pre-listed firms,” said Dato’ Fad’l Mohamed, CEO of Bursa Malaysia. “The initiative reinforces our role as a catalyst for economic advancement by connecting businesses with the capital they need to flourish.” The two-year programme will cover a total of 60 PLCs and aims to include 40 private or pre-IPO firms annually. All research reports will be made publicly accessible via the MyBURSA Customer Portal, ensuring transparency and empowering informed investment decisions — especially ahead of new IPOs.

KUALA LUMPUR: The 21st Malaysia International Halal Showcase (MIHAS 2025), set to take place from 17 to 20 September at the Malaysia International Trade & Exhibition Centre (MITEC), aims to generate RM4.5 billion in global halal sales, leveraging its new MADANI Digital Trade (MDT) platform. Organised by the Malaysia External Trade Development Corporation (MATRADE) and hosted by the Ministry of Investment, Trade and Industry (MITI), MIHAS 2025 will run under the theme “Pinnacle of Halal Excellence.” The AI-powered MDT platform is designed to optimise trade matchmaking, enhance business connectivity, and expand global halal trade opportunities—particularly through its integration into MIHAS’ flagship International Sourcing Programme (INSP). INSP 2024 alone facilitated RM2.53 billion in sales, and the digital upgrade aims to significantly amplify those numbers this year. By using real-time data and AI algorithms, the MDT platform will pair Malaysian exporters with targeted international buyers based on market trends and business needs. “Despite ongoing global economic uncertainties, the global halal market is still expected to grow to USD5.0 trillion by 2030,” said MITI Minister YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz. “With Malaysia holding the world’s gold standard for Halal-certified goods and services, this presents a significant opportunity for our exporters.” As part of Malaysia’s broader national digitalisation agenda under the New Industrial Master Plan 2030 (NIMP 2030) and the National Trade Blueprint, MIHAS 2025 also aims to empower micro, small, and medium enterprises (MSMEs) to access international markets more effectively. Chairman of MATRADE, YB Dato’ Seri Reezal Merican Naina Merican, added, “This year we are redefining how businesses connect, collaborate, and thrive. Despite global trade tensions, MATRADE is focused on fast-growing markets such as Africa, the Middle East, and Latin America.” This year’s edition is expected to draw over 45,000 visitors, host 2,380 booths across nine halls, and feature exhibitors from 45 countries, showcasing 14 halal industry clusters including food and beverages, Islamic finance, and modest fashion. MIHAS 2025 will also include regional pavilions from ASEAN, the Gulf Cooperation Council (GCC), and other global partners. Further expanding its international footprint, MIHAS will return to Shanghai as part of the China International Import Expo (CIIE) from 5 to 10 November 2025, continuing its globalisation efforts following its successful international debut in Dubai last year. For more details, visit MIHAS – Malaysia International Halal Showcase.