Industry Article

The State of the Global Islamic Economy Report (SGIE) 2024-25 divides the halal consumer market into six sectors: food, fashion, media and entertainment, travel, pharmaceuticals and cosmetics. Collectively, these segments are projected to reach a market size of US$3.36 trillion by 2028. When combined with global Islamic financial assets, estimated to reach US$7.53 trillion by the same year, the overall size of the global halal economy is expected to be approximately US$10.89 trillion by 2028. Global spending on halal food is expected to reach US$1.94 trillion in 2028. This includes food and beverages that adhere to Islamic guidelines and avoid prohibited substances such as pork, blood and alcohol. Even meat from halal animals is impermissible if not slaughtered according to Islamic rites. The demand for halal food is primarily driven by increasing awareness among Muslims, particularly among younger generations. Additionally, the focus on hygiene, animal welfare and clean processing in halal food has also attracted non-Muslim consumers. In response to the growing demand, major global corporations have entered the Halal food market, and many Halal certification bodies have been established globally. Many Muslim-majority countries require halal certification for imported food, while in non-Muslim countries, halal certification plays a crucial role in assuring Muslim consumers of a product�s permissibility.

Mental health has become an increasingly urgent socioeconomic issue in Malaysia, silently eroding the nation�s well-being. According to the World Health Organization (WHO), mental health is �a state of mental well-being that enables people to cope with the stresses of life, to realise their abilities, to learn well and work well, and to contribute to their communities� (WHO, 2022). In the context of Malaysia, mental illness is referred to as �the state of mind makes it difficult for him/her to function optimally; and this can further lead to clinically recognisable disorders/illness/disease such as depression, neuroses and psychoses� (Ministry of Health Malaysia, 2020). According to the National Health and Morbidity Survey (NHMS) 2023 report, approximately one million adults (aged 16 and above) in Malaysia are suffering from depression. This reflects an almost twofold increase in prevalence over just four years, rising from 2.3 per cent in 2019 to 4.6 per cent in 2023. Mental disorders can cause severe socioeconomic issues for a nation, including disruptive cognitive, emotional, and behavioural impairments that can lead to suicidal thoughts. The survey also found that 43.6 per cent of people with depressive symptoms reported suicidal thoughts or self-harm (Institute for Public Health, 2024). From an economic perspective, mental illness also imposes a significant burden. According to Chua (2020), an estimated RM14 billion in annual productivity losses stems from absenteeism, presenteeism, and staff turnover.

Zakat, as one of the five pillars of Islam, has long served as a divine instrument of social justice, wealth redistribution, and poverty alleviation (Kahf, 1999). This 2.5 per cent obligatory contribution has sustained the poor, empowered communities, and served as a social safety net, deeply rooted in faith and accountability to God. While technology is drastically improving efficiency in today�s rapidly evolving digital world, zakat management systems in many Muslim countries still remain tied to manual, paper-based, or semi-digital processes. Although Muslim-majority nations such as Malaysia�s Pusat Pungutan Zakat (PPZ), Indonesia�s Badan Amil Zakat Nasional (BAZNAS), and the Gulf states� zakat funds have established formal authorities, significant challenges persist (Abdullah & Suhaimi, 2018). Issues such as identification of the poor and the needy, delays in disbursement, inefficient matching of resources to needs, lack of transparency, and limited donor engagement weaken the full potential of this vital pillar of Islam. Today, humanity is entering an age where Artificial Intelligence (AI) and Machine Learning (ML) are transforming the way we manage information, predict human needs, and allocate resources (Russell & Norvig, 2021). AI already drives personalised healthcare, optimises global supply chains, and strengthens humanitarian logistics. If applied thoughtfully, it could leverage these technological advancements to enhance the social, economic, and sustainability impact of zakat.

The increasing consumption of short-form digital content has led to a phenomenon known as "popcorn brain," where individuals struggle with sustained attention and deep thinking. This issue is particularly relevant in Malaysia, where digital engagement is high, impacting cognitive development, productivity, and mental well-being. This research aims to explore intervention mechanisms to mitigate the effects of popcorn brain and promote a healthier digital environment for the young generation.

Malaysia's reliance on migrant workers, initially intended to fill labour shortages in 3D sectors (dirty, dangerous, and difficult), has contributed to wage suppression, socioeconomic inequality, and long-term risk to the Employees Provident Fund (EPF). This paper examines how weak labour governance facilitates the displacement of B40 locals from higher-value jobs, stagnates productivity, and intensifies competition with informal migrant labour, including undocumented workers. This paper advocates for a three-pronged reform strategy: prioritising the upskilling of the B40 group, implementing innovative migration governance, and aligning social protection systems with productivity initiatives. These integrated policies are necessary to protect the EPF's viability and promote equitable growth aligned with the Sustainable Development Goals (SDGs).

A groundbreaking pilot initiative that addresses two of Malaysia's urgent challenges - youth financial hardship and the growing needs of an aging population - Yayasan KUIS, in partnership with MBSB Bank and the United Nations Population Fund (UNFPA) Malaysia, launched the Community Credit Fund. The fund can empower students and communities as well as enrich older persons, laying the foundation for a future Community Credit Exchange. Held at Universiti Islam Selangor (UIS), the launch was marked by addresses from institutionals leaders and testimonials from students participants. The initiative provides essential stipends to financially vulnerable university students in exchange for their voluntary service in nursing homes. These services include companionship, educational support and basic assistance to elderly residents - strengthening intergenerational solidarity and fostering meaningful social impact.