KUALA LUMPUR: CIMB Group Holding Bhd (CIMB) is optimistic that its CIMB ASEAN-China Halal Corridor initiative would be able to capture five to 10 per cent of China's US$2 trillion halal market by 2021.
CIMB's Group Islamic Banking group chief executive officer Rafe Haneef said the new initiative launched by CIMB was aimed at creating a Halal trading network ecosystem among ASEAN countries, especially from Malaysia to the Chinese market.
Today, China's US$1 trillion halal sector is among the world's largest halal markets, which Malaysia can leverage.
"The world's US$6.4 trillion halal market, supported by 266 million customer base, is expected to grow 7.3 per cent annually," Rafe said.
"CIMB Islamic seeks to offer financing to stakeholders throughout the halal product and services value chain," he said in a media briefing at a seminar titled CIMB ASEAN-China Halal Corridor, here, today.
China's banking institutions such as Bank Of Communication Co Ltd, China Merchants Co Ltd and Bank Of Nanjing Co Ltd also support this initiative.
The CIMB ASEAN-China Halal Corridor was officiated by International Trade and Industry Minister Darrell Leiking.
Also present was CIMB Group chief executive officer Tengku Datuk Seri Zafrul Aziz.
Rafe said the CIMB ASEAN-China Halal Corridor initiative would catalyse CIMB Islamic business to capture 40 per cent of the banking market by 2020, as set out by Bank Negara to all Islamic banks.
Minister Darrel said currently Malaysia's halal sector export of RM43 billion make up 7.5 per cent of the country's gross domestic product (GDP).
He noted, by 2020, the Malaysian Halal Industry Plan seeks to create 300,000 jobs and 1,600 small and medium enterprises (SMEs) actively exporting halal products.
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