Cover Story
HDC Collaborates With ICCI To Tackle World Markets
By Press Release
Dec 1, 2006, 10:39

The Halal Industry Development Corporation Sdn Bhd (HDC) continues its efforts in placing Malaysia in the world’s Halal map by forging ties with the Islamic Chamber of Commerce and Industry (ICCI).

The ICCI is OIC-linked and represents the private sector of 57 member Islamic countries. Its newly appointed president, Saudi entrepreneur Sheikh Saleh Kamil is also the president of the Dallah AlBaraka Group, recognized as one of the pioneers of Islamic Banking.

“The partnership marks a significant milestone that would steer greater development and progress for Malaysia’s rapidly emerging Halal industry,” said Datuk Jamil Bidin, the chief executive officer of HDC after signing a Memorandum of Understanding with, Sheikh Saleh.

The MoU was signed at the International Zakat Conference at the Mandarin Oriental recently and witnessed by Prime Minister Dato’ Seri Abdullah Ahmad Badawi.

Datuk Jamil added, “In this collaboration, we will be doing business matching with the parties across the OIC countries, which may be in the form of vendors and purchasers, joint ventures, technology transfer, mergers and acquisitions and consortia.

“This collaboration is a ground-breaking initiative that stands to attract the much-needed Islamic funds for the speedier development of this industry. With Malaysia acknowledged as the global leader in the promotion of new initiatives and developments within the Halal Industry, the country is a natural focal point for Islamic investment funds looking to support Islamic projects.

“The Halal Industry can boost the economic levels in many Muslim countries for they stand to become producers and not just consumers of Halal products,” said Datuk Jamil, whose corporation is entrusted to achieve and manage Malaysia’s goal of becoming a regional Halal Hub by 2008, and thereon the world.

Sheikh Salih has called on the industry to return to basics and to shift from Shariah-compliant to Shariah-based financial products, adding “In Islam, we have all the tools but what we need to do is to convert short-term money into long-term finance and investments.

He said, “The low level of trade and investment amongst OIC member countries has been noted and much discussed. It remains a difficult problem to solve. However, through this partnership, there stands to be greater incentives for Islamic funds to be channeled appropriately and specifically to Islamic projects that need such resources. We look forward to this collaboration opening many new avenues for further networking, business matching and the identification of potential companies that can grow through such financial support.”

The collaboration between HDC and ICCI covers a vast spectrum of areas, ranging from the sharing of research and information to better facilitate growth within OIC countries, networking with key corporations, agencies and individuals within private and public sector organizations, opening up trading channels, organizing trade shows, promotions and publishing of directories and other publications.

In recent weeks, HDC also sealed a partnership with Intertek Group Plc of UK to develop Halal Industry best practices and guidelines in Malaysia, to help steer the country’s aim of becoming a Global Halal Hub.


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