Trade network poised to support growing global demand for Halal products and services
Kuala Lumpur: CIMB Group Holdings Berhad (“the Group” or “CIMB”) today announced an initiative called the CIMB ASEAN-China Halal Corridor, an enhanced trade network linking Halal businesses across China and the region, by leveraging on CIMB’s strategic partnerships and strong ASEAN footprint. The initiative is timely, with the global Halal market at USD6.4 trillion, and estimated to grow at a CAGR of 7.3% in the next 5 years. The CIMB ASEAN-China Corridor also aims to leverage on the growing trade flow along the existing Halal corridor, particularly with China’s Halal sector expected to reach USD1.9 trillion by 2021, and a potential customer base of 266 million in ASEAN and China. The initiative will focus on agribusiness, cosmetics, F&B, modest fashion and pharmaceuticals.
The CIMB ASEAN-China Halal Corridor Initiative was officially launched by Darell Leiking, Minister of International Trade & Industry of Malaysia, and witnessed by Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group. Also present were key industry players which include the Malaysian Islamic Development Department (JAKIM); Serunai Commerce Sdn Bhd (a global network of accredited Halal suppliers, buyers and retailers); Warees Halal Limited (Singapore’s official Halal certification body); Iskandar Halal Park (Malaysia’s leading international integrated Halal industrial park); the Malaysia-China Chamber of Commerce and MAS Kargo. The event was also attended by 300 Halal business owners and CIMB customers.
Tengku Zafrul said, “As a leading ASEAN universal bank, CIMB is pleased to be a key driver of this initiative, to help existing and future customers tap into the expanding ASEAN-China Halal market by leveraging on existing halal database and CIMB’s strong ASEAN footprint. Malaysia’s leadership in the Halal industry, our key industry players’ value proposition in their respective fields and CIMB’s expertise in Islamic finance globally are strong key success factors for this initiative. The CIMB ASEAN-China Halal Corridor initiative aims to facilitate a seamless trade journey to encourage entrepreneurship and enable more SMEs to tap into the huge potential of the ASEAN-China Halal market.”
JAKIM’s Halal certification system – recognised in 42 countries worldwide including Australia, China, France, Germany, Indonesia, India, Japan, Philippines, Singapore, Thailand, US and UK – is a significant component of the CIMB ASEAN-China Corridor initiative. CIMB will also be forging partnerships with several Chinese banks to be part of this initiative.
