fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Banking Islamic

HDC launches GO Halal with a RM100 million fund portfolio

GO Halal fund for SMEs helps in capacity building, halal advisory services, funding for Halal certification processes and capital expenditures

The Global Economics by The Global Economics
June 29, 2021
in Islamic, Funds, Retail
Reading Time: 2 mins read
0
HDC launches GO Halal with a RM100 million fund portfolio

HDC launches GO Halal with a RM100 million fund portfolio

755
SHARES
4.2k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Bank Islam Malaysia and the Halal Development Corporation (HDC) have launched an SME Finance program GO Halal with a RM100 million fund portfolio to develop the halal ecosystem in Malaysia. SMEs financing plays an important role in building the Malaysian economy, especially in terms of developing an ecosystem and halal-centered industry.

 As part of the campaign to promote the economy, Datuk Seri Mohamed Azmin Ali, Malaysia’s Senior Minister for International Trade and Industry, said the fund will assist small and medium businesses (SMEs) to increase their skills, reskill, and build capacity.

Finance loan provides opportunities for approximately 300 local small and medium-sized enterprises, particularly Bumiputera-owned firms to participate more actively in the Halal industry. In light of the post-COVID-19 situation, the Minister explained that such loan concepts would assist small and medium scale businesses meet their goals in the halal sector. He also stressed the importance of collaboration between Islamic financial institutions and the HDC in similar schemes that benefit the economy.

As of December 2020, there were nearly 6,727 small- and medium-size Halal certified companies. He noted that only 1,507 of these SMEs dealt with exports, so there is still much room for growth. The preliminary Halal Industry Master Plan included RM19 billion as its target. By contrast, the total Halal exports have exceeded the target to reach RM31 billion.

Chief executive officer (CEO) of Bank Islam Mohd Muazzam Mohammed noted that the GO Halal SME Financing Program will offer training and halal advisory services, funding Halal certification processes, Takaful contributions, working capital, and capital expenditures.

SME contribution to the economy, increased from 38.9% in 2004 to 38.9% in 2019, according to data released by the Department of Statistics Malaysia (DOSM) in July last year.

As part of the program, the entrepreneurs are not required to put up collateral to obtain financial assistance. It is still mandated to be an HDC member with an active business that was profitable in a minimum of one year.

The program finances sole proprietorships and partnership businesses from RM100,000 to RM1 million, and Sdn Bhd businesses from RM100,000 up to RM3 million repayable within 7 years.

According to S&P Global Ratings, the Islamic finance industry is worth $2.2 trillion, and is expected to grow 10%-12% in 2021-2022. As a result of the high bond issuance, Islamic finance markets have gained ground.

Tags: FinanceLoanHalalCertifiedHDCIslamicFinanceMalaysianEconomysme
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

Bank of England plans for its 10th successive interest-rate hike, stiffens for shallow recession
Funds

Bank of England plans for its 10th successive interest-rate hike, stiffens for shallow recession

by Riya Thomas
February 2, 2023
Oil storage tank
Islamic

Saudi Arabia Lowers Crude Prices For Asia, Not For the US

by Anuj Singh
January 31, 2023
Adani Group shares plunged, resulting in the erasure of $72 billion after three-day selloffs
Funds

72 Billion Wiped Out: Adani Group Shares Plunge After Three-Day Selloffs

by Riya Thomas
January 30, 2023
A girl using a smartphone
Digital

China’s 2022 Smartphone Sales Plunge to the Lowest Level in a Decade

by Khushboo Pandey
January 30, 2023
Food Brands Are Profiting From ‘Greedflation’- Tesco Chairman
Retail

Food Brands Are Profiting From ‘Greedflation’- Tesco Chairman

by Anuj Singh
January 25, 2023
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Swappable Batteries of Electric Scooter

Can Swappable Batteries For EVs Work? Singapore’s Mo Batteries Is Hopeful

February 6, 2023
Meta shares increase the most since 2013 and earns $40 billion in share buybacks

Meta shares increase the most since 2013 and earns $40 billion in share buybacks

February 3, 2023
Subway

Sandwich Chain, Subway’s Business Becomes Tastier As Sales Climb

February 3, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version