KUALA LUMPUR, Sept 17 — Prime Minister Datuk Seri Anwar Ibrahim said today the halal industry has shown to be more progressive than Western-style capitalism by being inclusive towards smaller and poorer traders.

Opening the Malaysia International Halal Showcase (Mihas) 2024 here, Anwar hailed Islamic finance as one of the halal industry’s hallmark achievements as he pledges full governmental support for the reportedly US$3 trillion export market.

"Through the halal industry one of the major weaknesses of [mainstream] economy in terms of the financial sector is to widen coverage to include groups that are always considered [big] traders and businesses that are considered the elites of society,” he said.

"The halal industry will touch each farmer, fisherman, small and petty traders and small and medium enterprises or even small sundry shops.

"For me, in the context of the Madani Economy and the spirit of maqasid shariah, [any industry] must touch almost all segments of the people,” the prime minister added, using the Arabic term meaning the "overarching objectives of Shariah”.

Earlier, the prime minister had also said that the halal industry must go beyond the consumption of halal meat, or abstaining from eating pork and drinking alcohol.

"The traditional understanding of halal, which many people have, was simply ‘no pork, no alcohol.’

"Today, the halal industry excels with certifications that go beyond what is generally acceptable,” he said in is speech.

Malaysia’s halal exports were valued at RM54 billion in 2023 and the government is eyeing to raise it to RM65 billion by next year.

Malaysia is one of the biggest players in the halal market and is at the forefront of the halal certification industry that it pioneered in 2007.

The global halal market is expected to reach US$5 trillion (RM24 trillion) by 2030 as the Muslim population continues to grow. Muslims could make up a fourth of the world population by then.

The size of the halal market has drawn interests and investments even from non-Muslim businesses. Companies from Japan, China and South Korea are among participants at Mihas 2024, attended by 66 countries.

Anwar said the participation from these countries show the global understanding of the halal concept has grown beyond just Islamic ritual in food production.

"They understand that it’s about health, avoiding harmful elements and sophisticated use of materials and ingredients,” the prime minister said.