SMEs in Malaysia Require more Halal-Funding Support

Standard Chartered Saadiq’s Chief Executive Officer (CEO), Mohd Suhaimi Abdul Hamid, stated that Small-Medium Enterprises (SMEs) are a key contributor to Malaysia’s overall economic growth, considering SMEs comprise around 95% of the country’s economy.

He noted that financing is one of the key challenges faced by SMEs. Statistics from Bank Negara Malaysia show that only 54.1% of Halal businesses in Malaysia are bank-financed, and of this, less than one-fourth is in the form of Islamic financing. 

There is also an increasing trend on the awareness of ‘Halal tayyab’ concept, which requires Shariah-compliance assessment across the entire su...