Page 64 - CMA Journal (Mar-Apr 2025)

The Halal Industry in ASEAN:
Focus Section
Growth, Challenges, and Opportunities

The halal industry in Southeast Asia has experienced
remarkable growth and development, driven by the
increasing demand for halal products and services
among the region's substantial Muslim population.
Countries like Malaysia, Singapore, Indonesia, the
Philippines, and Thailand have made significant strides in
establishing robust halal ecosystems, each with unique
approaches and strategies. This article explores the
current state of the halal industry in these countries, the
lessons Pakistan can learn, and the future prospects for
the ASEAN halal market.
Humayun Habib, FCA
Singapore: A Hub for Halal
Finance Leader
Products and Services Cargill Food APAC, Malaysia
Singapore has positioned itself as a leading hub for halal
products and services, thanks to its strategic location and Thailand: Embracing Halal
well-regulated halal ecosystem. The Islamic Religious Standards
Council of Singapore (MUIS) plays a crucial role in
ensuring stringent halal certification processes, which Thailand, renowned for its rich culinary
has fostered consumer trust and facilitated international heritage, has embraced the halal market through the
trade. Singapore's robust infrastructure further supports efforts of the Halal Science Center. The Thai government
its ambition to be a key player in the global halal market. ensures that halal standards are met, helping Thai halal
products gain international recognition. Thailand's
Indonesia: Leveraging the approach underscores the importance of scientific and
Largest Muslim Population regulatory support in the halal industry.
Lessons for Pakistan
Indonesia, home to the world's largest Muslim
population, boasts a vast and diverse halal market. The Pakistan can learn several key lessons from the ASEAN
Indonesian government has been proactive in countries to strengthen its halal industry:
promoting halal certification through the Halal Product
a) Robust Certification System: Establishing a
Assurance Organizing Agency (BPJPH). This initiative has
transparent and reliable halal certification system is
increased consumer confidence and business
crucial for building consumer trust and facilitating
participation, creating a thriving halal ecosystem.
international trade.
Indonesia's efforts highlight the importance of
government support in developing the halal industry. b) Government Support: Collaboration between the
government and industry stakeholders can
The Philippines: Promoting significantly enhance the growth of the halal sector.
Halal-Friendly Initiatives c) Focus on MSMEs and Tourism: Supporting MSMEs
and promoting halal tourism can create new
In the Philippines, the halal industry is gaining momen-
economic opportunities and attract foreign
tum, particularly in regions like Bicol. The Department
investment.
of Trade and Industry (DTI) actively promotes
halal-friendly initiatives to boost tourism and support ASEAN Halal Roundtable Dialogue
local businesses. By focusing on micro, small, and
The ASEAN Halal Roundtable Dialogue, held in December
medium enterprises (MSMEs), the Philippines aims to
2024 in Kuala Lumpur, highlighted the burgeoning halal
attract tourists from Muslim-majority countries and
economy, projected to grow from approximately $3
develop a robust halal market.
trillion to $5 trillion by 2030.
62 ICMA’s Chartered Management Accountant, Mar-Apr 2025