Malaysia: SME Bank, IDB in Halal fund deal

The RM200 million Halal Industry Fund will play a part in stimulating halal industry growth for export market purposes, says SME Bank.

In a statement yesterday, the development financial institution said it will join hands with the Islamic Development Bank (IDB) to provide the fund.

“The move is also expected to hasten the internationalisation of competitive small and medium enterprises in the global arena,” it said.

On the 2013 Budget, the bank said a huge challenge awaits SME entrepreneurs in ensuring the production of high-impact halal products. “… The seed fund is a good initiative by the government to enable the country to compete with others,” it said.