PETALING JAYA: The Islamic economy is an economic frontier that would enable people to move rapidly forward together, particularly in the new post-Covid landscape, as there is an abundance of opportunities that exist for the Muslim world, says Tan Sri Muhyiddin Yassin.

       "An abundance of opportunities exist for the Muslim world, our Muslim member states must work to establish competitive advantages and maximise these opportunities.

       "The global halal economy has grown in leaps and bounds over the years, with pertinent areas of growth such as the halal food industry, Islamic finance and banking, pharmaceuticals, tourism as well as education

       "Malaysia, for instance, remains a key player under the Global Islamic Economy Indicator (GIEI) since the past decade, driven by a strong Islamic finance ecosystem and creative initiatives," the National Recovery Council chairman said in a special address at the virtual World Islamic Economic Forum (WIEF) Roundtable 2021 titled “Revitalisation and Reform: Catalysing Growth” on Wednesday (Dec 15).

       Besides being a pioneer in the halal industry, Muhyiddin said Malaysia continues to lead as one of the largest sukuk issuers in the world, accounting for 32% of the global sukuk issuances in 2020.

       "One of the Malaysian government’s initiatives was the launching of RM500mil worth of Sukuk Prihatin Islamic bonds during my premiership in August last year.

       "As part of the Key Economic Growth Activities (KEGA), Islamic economy sectors will continue to flourish in Malaysia, through government support and the role of agencies such as the Department of Islamic Development Malaysia (Jakim) and the Malaysia Digital Economy Corporations (MDEC)," he said.

       In moving with the digital age, he added that the participation of Malaysian bumiputra entrepreneurs and MSMEs in the field of digital economy will lead to more breakthroughs as well as penetration of halal markets, both locally, abroad and online.

       "The economic empowerment of the ummah is crucial to ensure a fair and equitable distribution across all targeted groups to spur Malaysia towards becoming a prosperous and inclusive nation in line with the Shared Prosperity Vision 2030," he said.

       In line with Malaysia’s Digital Economy Blueprint (MyDIGITAL), he added that the evolving roles of science and digitalisation have highlighted the importance of embracing digital transformation across various sectors.

       He noted that the need to move beyond traditional frameworks and conventional wisdom amid challenges, exploring innovative approaches and cultivating new ideas will foster positive change in the Muslim world and beyond.

       Muhyiddin added that they must embrace disruptive change as a catalyst of growth to be “future-proof” in response to the ever-changing business and economic landscapes.

       He pointed out that the strength of human capital must be also optimised by prioritising skills enhancement in the workforce, adding that bottom-up initiatives through community empowerment should constantly be afforded with opportunities to adapt and grow to set their businesses apart.

       "Empowering the role of government-linked companies (GLCs) as forefront in regional integration, meanwhile, will enhance the focus and mandate to drive economic growth and development," he said.

       Muhyiddin also said that the roll-out of eight stimulus packages worth RM530bil during his premiership, has aided all targeted groups and provided support to businesses.

       He said according to the Finance Ministry’s Economic Outlook 2022 report, Malaysia is on track towards economic recovery, with the Gross Domestic Product (GDP) expected to grow between 3 and 4% this year, and further expansion between 5.5 and 6.5% next year.

       "The multiplier effects on the economy will further strengthen Malaysia’s growth prospects and fiscal resilience in the long run," he said.