Hong Leong Islamic Bank launches halal business financing solution
KUALA LUMPUR: Hong Leong Islamic Bank (HLISB) has introduced an integrated Islamic banking solution that helps businesses, especially SMEs, operate within the halal industry.

In a statement, the bank said BizHalal facilitates Shariah-compliant financing to help fund halal businesses, complemented by halal advisory support from its in-house halal industry specialists.

HLISB said BizHalal is open to both existing and new-to-bank customers who are already halal-certified as well as those who have yet to obtain the halal certification and are considered “halal potential”.

Additionally, customers who have accepted any of the bank’s business financing facilities will automatically be eligible for the BizHalal programme.

BizHalal was launched at a memorandum of understanding (MoU) signing ceremony between HLISB and the Halal Development Corporation (HDC), officially inducting the Bank as HDC’s partner in promoting and developing the halal industry.

HLISB CEO Dafinah Ahmed Hilmi said the halal industry has been identified as a growth segment for the bank since 2018.

She added that the bank is committed to rejuvenating the halal sector by championing local halal SMEs and pledging halal financing through the HDC.

"We see a substantial growth potential in the Halal industry, and we took steps to enhance our expertise by adding Halal Specialists to our team in 2023.

"We also note an increasing demand for financing amongst customers within the Halal Industry," she said.

HDC chairman Khairul Azwan Harun said only about 2,000 out of the 10,000 halal-certified are exporters, with SMEs contributing to about 10% of the total halal export value.

"There is a huge 80% gap between demand and supply in the Halal market, underscoring the need for the country to foster new collaborations with key industry players like HLISB, and create local halal champions who will inject new ideas and open new areas of investment within the Halal space," he added.
Banking,Hong Leong Islamic Bank,HDC,financing
KUALA LUMPUR: Hong Leong Islamic Bank (HLISB) has introduced an integrated Islamic banking solution that helps businesses, especially SMEs, operate within the halal industry.