CIMB’s halal corridor initiative to tap into US$6.4 trillion global halal market
KUALA LUMPUR: CIMB Group Holdings Bhd (CIMB) on Thursay announced an initiative called the CIMB Asean- China Halal Corridor, an enhanced trade network linking Halal businesses across China and the region, by leveraging on CIMB’s strategic partnerships and strong Asean footprint.
The initiative is timely, with the global halal market at US$ 6.4 trillion, and estimated to grow at a cumulative annual growth rate of 7.3 per cent in the next five 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 US$ 1.9 trillion by 2021, and a potential customer base of 266 million in Asean and China.
The initiative will focus on agribusiness, cosmetics, food and beverage, modest fashion and pharmaceuticals.
The CIMB Asean- China Halal Corridor Initiative was officially launched by Minister of Internat ional Trade and Industry Darell Leiking and witnessed by CIMB Group chief executive officer Tengku Datuk Sri Zafrul Aziz.
Also present were key industry players which include the Malaysian Islamic Development Department ( Jakim); global network of accredited halal suppliers, buyers and retailers Serunai Commerce Sdn Bhd; Singapore’s of f ic ial hala cert i f icat ion body Warees Halal Ltd; Malaysia’s integrated international halal industrial park Iskandar Halal 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 respect ive f ields and CIMB’s expertise in Islamic f inance global ly are strong key success factors for this initiative.
“The CIMB Asean- China Hal a l Cor r idor init iat ive 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 Austral ia, 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.