Hong Leong Islamic Bank’s BizHalal offers financing, advisory services
PETALING JAYA: Hong Leong Islamic Bank (HLISB) has rolled out BizHalal, an all-in-one integrated Islamic banking solution aimed at helping businesses, particularly small, medium enterprises (SME), to operate within the halal industry.
Through BizHalal, HLISB offers syariahcompliant financing to help fund halal businesses, complemented by advisory support from its in-house halal industry specialists.
The offering was launched at a recent memorandum of understanding signing ceremony between HLISB and Halal Development Corporation (HDC), officially inducting the bank as HDC’s partner in promoting and developing the halal industry.
HLISB CEO Dafinah Ahmed Hilmi noted that the halal industry has been identified as a growth segment for the bank since 2018 and it is committed to rejuvenating the sector by championing local halal SME as well as pledging towards halal financing through HDC.
“We see substantial growth potential in the halal industry, and we took steps to enhance our expertise by adding halal specialists to our team
in 2023.
“We also note an increasing demand for financing among customers within the halal industry. Developing BizHalal as an all-inclusive
advisory package is a testament to our commitment to nurturing the growth and success of businesses, especially SME in the halal sector,” she said in a statement.
Dafinah said that in line with its brand promise of being “Built Around You”, the solution offers financing opportunities as well as tailormade halal advisory support catered to its customers’ specific needs.
“We envision this programme being a catalyst in fostering a thriving halal ecosystem that businesses and the country’s economy can benefit from,” she added.
According to HDC’s analysis, demand within the global halal segment has grown to US$3 trillion (RM14 trillion) in 2020, marking the sector’s significant economic importance. With Malaysia’s halal industry projected to expand to US$113.2 billion (RM530 billion) by 2030, with an expected gross domestic product contribution of 8.1% by 2025 through the Halal Industry Master Plan 2030, there is a need for increased supply and investment into the domestic halal space.
Meanwhile, HDC chairman Khairul Azwan Harun said that out of the 10,000 halal-certified companies in Malaysia, only around 2,000 are exporters. He added that SME contribute to about 10% of the total halal export value.