Malaysia to introduce first Islamic Digital Economy framework
Malaysia will be introducing its first Islamic Digital Economy (IDE) framework to claim the leadership role in the global halal marketplace. Through the IDE, Malaysia Digital Economy Corporation (MDEC), Jabatan Kemajuan Islam Malaysia (JAKIM) and Hall Amanie Sdn Bhd will be collaborating to create a unique and competitive advantage to accelerate the growth of Malaysia’s digital economy.
The comprehensive and holistic IDE framework is expected to be ready by the first quarter of 2018 and will cover areas such as halal and shariah compliance, funding and financing, Islamic digital economy regulation as well as the halal and shariah business operation frameworks.
Digital Economy continues to be a key driver of growth, contributing 18.2 per cent to Malaysia’s GDP in 2017 and is expected to exceed the projected target of 20 per cent by 2020. Malaysia’s digital economy employment had grown 5 per cent to 167,044 jobs in 2016 and is expected to surpass the global average by 2025.
Malaysia ranks first overall in the Global Islamic Economy Indicator Score and in Islamic Finance, ahead of the UAE and Bahrain, which looks at the current health and development of the Islamic Economy ecosystem.
BNM’s statistics showed total assets of Malaysia’s Islamic banking system (IBS) — comprising Islamic banks, IBS of commercial banks, and IBS of investment or merchant banks — as at June 2017, had risen to RM610.52 billion from RM584.45 billion in January 2017.
Islamic finance currently accounts for 34.2 per cent or RM578.4 billion of total bank financing, reflecting sustained demand for Shariah-compliant financial solutions, which continues on a double-digit year-on-year upward trend.
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