Corp to introduce halal inventory financing year end

The Halal Industry Development
Corporation Sdn Bhd (HDC), will introduce halal inventory financing to
assist industry players.

According to its chief executive
officer, Datuk Seri Jamil Bidin, the HDC had already finalised the
financing structure and it was expected to be launched by the end of
the year.

“We are currently working with a
leading international Islamic financial institution to provide the
funding,” he told reporters after the World Halal Forum 2008 sponsors’
appreciation lunch, here Wednesday.

“This is to ensure that halal integrity is protected throughout the whole supply chain including financing,” he added.

He said that the financial institution would also provide an advisory service on managing funds for the industry players.

Jamil said the HDC is encouraging more halal industry players to opt for Islamic financing as the main source of funding.

Currently, he said less than 10 percent of those in the halal industry in the country, have adopted Islamic financing.

On another development, he
confirmed that over 20 foreign companies from countries like Taiwan,
Hong Kong, China, Australia and Saudi Arabia, have expressed an
interest towards investing in the Tanjung Manis Food Halal Park near
Sarikei, Sarawak.

He also said that five companies,
including those from Australia, Pakistan and United Kingdom may invest
in the Port Klang Free Zone Halal Hub.

The HDC was established in 2006
as a private company fully owned by the Ministry of Finance. It was
recently given the responsibility of issuing the Malaysian Halal
certificate, taking over the function from the Jabatan Kemajuan Islam
Malaysia(Jakim). To date, the HDC has issued about 378 halal
certifications. – Bernama