Hong Leong Islamic Bank launches BizHalal for SMEs in the Halal industry

SME Banking
18/05/2024 News

Hong Leong Islamic Bank (HLISB) has introduced BizHalal, a comprehensive Islamic banking solution aimed at supporting small and medium-sized enterprises (SMEs) in the Halal industry. BizHalal provides Shariah-compliant financing and Halal advisory support, facilitating businesses' entry into the Halal economic landscape.

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

The launch was commemorated by a Memorandum of Understanding (MOU) signing ceremony between HLISB and the Halal Development Corporation (HDC), officially establishing HLISB as a partner in promoting and developing the Halal industry.

Dafinah Ahmed Hilmi, CEO of HLISB, highlighted the bank's commitment to the Halal sector since 2018. "We see substantial growth potential in the Halal industry and have bolstered our expertise with Halal Specialists. BizHalal is an all-inclusive advisory package, demonstrating our dedication to nurturing SMEs in the Halal sector."

BizHalal supports HLISB's brand promise of "Built Around You," offering both financing and customized Halal advisory support. The advisory services include Readiness Assessment, Advisory Assistance, and the Halal Digital Ecosystem, helping businesses navigate the process of obtaining Halal certification.

Khairul Azwan Harun, Chairman of HDC, emphasized the economic significance of the Halal sector, with global demand reaching USD 3 trillion in 2020. Malaysia's Halal industry is projected to grow to USD 113.2 billion by 2030, with a GDP contribution of 8.1% by 2025. Despite this, only 2,000 out of 10,000 Halal-certified companies in Malaysia are exporters, and SMEs contribute just 10% of the total Halal export value.

HDC aims to bridge the gap between demand and supply by fostering collaborations with key industry players like HLISB. HDC is also leveraging digital solutions such as the Halal Integrated Platform (HIP) to streamline the Halal application process, empowering Malaysian enterprises to capture a larger share of the global Halal market.

BizHalal is available to both existing and new HLISB customers, including those who are Halal-certified and those considered "Halal Potential." Customers who accept any of the bank’s business financing facilities automatically qualify for the BizHalal program, further supporting the Halal industry's growth in Malaysia.

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