Islamic Banking and Finance Development and Malaysia Halal Economy

Abstract

Malaysia is a leader in growing its Islamic finance sector and achieving financial inclusion among ASEAN, OIC, and other middle-income countries. Malaysia is one of the Asian nations with the fastest economic growth, and it has a well-developed Islamic finance system. On the other hand, as of 2020, Malaysia's halal economy (HE), which made up 7.5% of GDP, was significant to the country's economic development. Enhancing the competitiveness of the halal industry to take a larger proportion of the global halal market is one of the primary initiatives under the Twelfth Malaysia Plan, 2021–2025 (12MP) to promote Malaysia's economic growth. The Multidisciplinary Research on the Entrepreneurship and Business E-Colloquium 2022/2023Colloquium was held in as virtual on 30 January 2023 at Campus Kota, Universiti Malaysia Kelantan. It was a delightful event with all the final year undergraduate student participants had many fruitful discussions and exchanges that contributed to the success of the colloquium. 14 papers for field of development of Islamic banking and finance, halal studies and general studies for the Islamic banking and finance was presented during the colloquium. The main objective of the colloquium is to be a platform for students to present and publish their works as well as to share their research progress with their colleagues and experts.