The Muslim community in the country has been urged to continue with its business jihad through the corporate Waqaf concept in order to continue to compete at the international level.
President of the Malaysia Islamic Business Council (DPIM), Tengku Tan Sri Ahmad Rithauddeen, said the business jihad was aimed at uniting all Muslims on a single trading platform and creating a culture of competing at the global level.
The halal industry offers a major potential, he said.
"Imagine, the halal food market currently stands at RM2.3 trillion, and in the domestic scene alone, it is estimated at RM190 billion worth a year.
"While many are sceptical about the given figures, nevertheless, if each Malaysian Muslim, currently standing at 17 million, takes out RM10 a day for food, the ready market is already exceeding RM60 billion a year," Rithauddeen said at a press conference following the annual general meeting of DPIM at the Putra World Trade Centre here on Sabtu.
He also said the business jihad was becoming more clear and accepted by the business community, universities and academicians.
The concept of corporate Waqaf or the sharing of profits among Muslims, has gained attention and is accepted as a formula that can be used by large institutions to improve the economy of Muslims, he said.
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