Ishun P AhmadMonday, October 10, 2016
Business potential for the halal industry is huge and growing, especially for Malaysian companies as Muslim population is expected to grow to 22.8m by 2030 (Pic by Muhd Amin Naharul/TMR)
“The halal industry is expected to grow tremendously in the years to come. This means there will be a hike in demand for these individuals,” MIM general council Ramlan Osman (picture) tells The Malaysian Reserve.
The courses planned include a professional halal executive workshop; a halal certification, procedures and requirement for food services product; and fundamental of the halal industry.
The courses will be in consultation and sanctioned by Department of Islamic Development, better known as Jakim.
Speaking at the MIM talk on “Halal Innovation Economy” in Petaling Jaya last Friday, Ramlan said a research conducted two years ago on halal companies indicated that the lack of talent was a major problem.
The Halal Development Corp research revealed that halal companies were unable to meet their programmes and value chain targets due to lack of talents.
“If you graduate in Islamic studies, that does not mean that you are qualified to be in the halal business because your discipline is different,” he said.
With that in mind, there is a need to provide these graduates with the apropriate business knowledge to “merge the Islamic understanding with business understanding”.
Ramlan said the business potential for the halal industry is huge and growing, especially for Malaysian companies.
One impetus is the growing Muslim population, which is projected to balloon to 2.2 billion by 2030 from 1.6 billion currently.
As for Malaysia, he said the Muslim population is expected to grow to 22.8 million by 2030.
He added that gross domestic products of Muslim nations have grown faster that its global counterparts in the one decade between 1990 to 2010. This indicated that the purchasing power of Muslims globally is growing faster, thus a potential boon for the halal industry.
For example, he said the global halal food and beverages industry alone is worth about US$432 billion (RM1.79 trillion).
Ramlan said Malaysian companies should take advantage of the huge mismatch between the global supply and demand for halal products.
He said the global halal ingredient industry is underserved with only 37% of its demand achieved, providing ample opportunities for halal operators.
The global market of this industry alone is estimated to be worth about US$100 billion.