Pushing the main narrative of an inclusive digital economy, the Malaysia Digital Economy Corporation (MDEC) has further showcased that Malaysia has a fast-growing Islamic digital economy. Through MDEC, the Malaysian government is also making significant efforts to embed the Islamic digital economy in the design of the digital economy in the country.
The MTW19 was held alongside MyFintechWeek 2019, which was organised by Bank Negara Malaysia. Over 2,000 participants, which included the cream of Malaysian corporations, ecosystem partners, tech startups, international investors, regulators and government officers congregated in Kuala Lumpur to share experiences, explore investment opportunities and discuss new modalities of Public Private Partnerships.
The Malaysian government has a dedicated agenda and budget for the digital economy as it plays a key role in building the nation’s GDP. With the growing demand of the Islamic market, MDEC has introduced the Islamic Digital Economy Guide (Mi’yar), a reference for startups, venture capitals and supporting ecosystem players who wish to explore and understand its various components of Islamic Digital Economy such as Islamic Venture Capital, Business Operation and Product & Services in Shariah compliant or Halal perspective.
This isn’t new for Malaysia as we’re already well-known throughout the Islamic world with Malaysia’s JAKIM Halal Certification being rated as one of the best halal certification standards in the world. Furthermore, Malaysia is also ranked No. 1 by the Islamic Finance Country Index, developed by Edbiz Consulting in 2017 for Islamic banking and finance.