Alliance Islamic Bank to provide RM100 mln financing to halal SMEs

In a statement today, the bank said it has inked a Memorandum of Understanding with eJazmine, Fusionex and the International Institute for Halal Research and Training (INHART) to further strengthen its 'Halal in One' programme.

The expanded strategic partnership is aimed at offering more digital solutions, market access and customised training to help businesses grow in the halal sector.

"Today, the global halal market is valued at US$3 trillion and is one of the fastest-growing markets in the world.

"Towards this end, it is imperative that our local businesses continuously embrace innovation and digital transformation efforts to tap into this lucrative market," Alliance Islamic Bank chief executive officer Rizal IL-Ehzan Fadil Azim said in a statement today.

He said e-commerce platform, eJazmine provides preferential rates to local businesses looking to gain market access to countries like the US, Saudi Arabia, Indonesia, and China, while Fusionex, via its digital solutions, helps SMEs create an online presence and uses analytics and intelligence to boost business growth.

In addition, INHART, which was set up by the International Islamic University Malaysia, offers specialised training programmes to educate business owners on shariah compliance and provides international halal audit services to businesses looking to enter foreign markets.