Islamic Lifestyle 

MDEC to introduce Islamic Digital Economy framework in 1Q18

| 22 November, 2017
 HISYAM RASID
MDEC to introduce Islamic Digital Economy framework in 1Q18
MDEC CEO Datuk Yasmin Mahmood said the new framework will boost halal maket and help Malaysia be a leader in the global Islamic Digital marketplace. [NSTP FILE PHOTO/AHMAD IRHAM MOHD NOOR.]

NOVEMBER 22, 2017 | 6:01PM MYT | KUCHING, MALAYSIA

Malaysia Digital Economy Corporation Sdn Bhd (MDEC) is set to introduce a comprehensive Islamic Digital Economy (IDE) framework by the first quarter of next year.

Chief executive officer Datuk Yasmin Mahmood said the new framework will boost halal maket and help Malaysia be a leader in the global Islamic Digital marketplace.

She added that the IDE framework would be developed in collaboration with Jabatan Kemajuan Islam Malaysia (JAKIM) and Hall Amanie Sdn Bhd, following their tripartite agreement exhanged in conjunction with WIEF yesterday.

"At present, there is a lot of start-ups coming in to develop products and solutions specifically for the Islamic market, of which opportunities currently valued at US$3 trillion.

"We hope to attract many more of the startup from all over the world to come here and develop the solutions out of Malaysia to serve the global market," Yasmin told reporters on the sidelines of the 13th World Islamic Economic Forum (WIEF) here.

The IDE framework will include Halal and Shariah compliance framework, funding and financing framework, IDE regulation framework and Halal business operation framework.

For example, under the framework, Yasmin said MDEC would look into having Shariah compliant venture capital funding, to be an alternative to the conventional venture capital funding.

Copyright New Straits Times

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