HLISB All-In-One Integrated Islamic Banking Solution for SME

Hong Leong Islamic Bank Introduces BizHalal All-In-One Integrated Islamic Banking Solution for SMEs

HLISB’s BizHalal offers both Shariah-compliant financing facilities and Halal Advisory Support for businesses to venture into the Halal economic landscape

Kuala Lumpur, 12 March 2024 – Aligned with the government's dedicated emphasis on growing the Halal ecosystem in Malaysia, Hong Leong Islamic Bank (“HLISB” or the “Bank”) today introduced BizHalal, an integrated Islamic Banking solution that helps businesses, especially SMEs to operate within the Halal industry. Through BizHalal, the Bank offers Shariah-compliant financing to help fund Halal businesses, complemented by Halal advisory support from its in-house Halal Industry Specialists.

The innovative, all-in-one offering was launched at a Memorandum of Understanding (“MOU”) signing ceremony between HLISB and the Halal Development Corporation (“HDC”), officially inducting the Bank as HDC’s partner in promoting and developing the Halal Industry. 

Dafinah Ahmed Hilmi, CEO of HLISB shared that the Halal industry has been identified as a growth segment for the Bank since 2018, with the Bank committed to rejuvenating the Halal sector by championing local Halal SMEs and pledging towards halal financing through HDC.

"We see a substantial growth potential in the Halal industry, and we took steps to enhance our expertise by adding Halal Specialists to our team in 2023. We also note an increasing demand for financing amongst customers within the Halal Industry. Developing BizHalal as an all-inclusive advisory package is a testament to our commitment to nurturing the growth and success of businesses, especially SMEs in the Halal sector.

In line with our brand promise of being ‘Built Around You’, BizHalal not only provides financing opportunities, but also offers tailor-made Halal advisory support that is catered to our customers’ specific needs. We envision this program being a catalyst in fostering a thriving Halal ecosystem that businesses and the country’s economy can benefit from”.  

According to HDC’s analysis, demand within the global Halal segment has grown to USD 3 trillion in 2020, marking the sector’s significant economic importance. With Malaysia’s Halal industry projected to expand to US$113.2 billion by 2030, with an expected gross domestic product (“GDP”) contribution of 8.1% by 2025 through the Halal Industry Master Plan 2030 (HIMP 2030), there is a need for increased supply and investment into the domestic Halal space. 

Khairul Azwan Harun, Chairman of HDC, commented “Out of the 10,000 Halal-certified companies in Malaysia, only around 2,000 are exporters, and SMEs only contribute to about 10% of the total Halal export value. However, there is a huge 80% gap between demand and supply in the Halal market, underscoring the need for the country to foster new collaborations with key industry players like HLISB, and create local Halal champions who will inject new ideas and open new areas of investment within the Halal space.

We are also committed to uplifting the economy by leveraging digital solutions, such as the Halal Integrated Platform (HIP), offering a comprehensive digital platform that ensures efficient and seamless processing to monitor and manage the entire halal application journey, from pre-approval to post-approval. With this, we hope to drive the advancement of Malaysia's integrated and inclusive Halal ecosystem, empowering Malaysian enterprises to seize a larger portion of the global Halal market.”

Under the Halal advisory support through BizHalal, customers will have access to the Bank’s in-house dedicated team of Halal Industry Specialists who will guide them through the intricate processes and requirements in obtaining a Halal Certification. The Halal Advisory Support will consist of three main segments – Readiness Assessment, Advisory Assistance and the Halal Digital Ecosystem. 

BizHalal is open to both existing and new-to-bank customers who are already Halal-certified as well as those who have yet to obtain the Halal certification and are considered “Halal Potential”. Additionally, customers who have accepted any of the Bank’s business financing facilities will automatically be eligible for the BizHalal program.

For more information, please visit https://www.hlisb.com.my/en/business-i/hlisb-bizhalal.html