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The Islamic Digital Economy (IDE) and Madani Economy initiatives in Malaysia are working in tandem to advance the digital landscape in the country, with a strong focus on incorporating technology and Islamic principles into the economic fabric.
According to the Communications and Digital Minister, IDE serves as a symbol of inclusivity, aligning perfectly with the Malaysia Madani vision, which seeks a more equitable society by promoting a fairer distribution of wealth and resources.
The Minister made these remarks during his speech at the IDE Industry Conference 2023, highlighting the government’s commitment to these initiatives. Furthermore, he outlined how the Malaysia Digital Economy Corporation (MDEC) is introducing the Malaysia Digital Tasree’, a program designed to drive industry engagement, validate innovative ideas, and promote pilot projects aimed at scaling and commercializing IDE-related technology solutions. This initiative is expected to create a sustainable pathway for the Malaysia Digital Pemangkin (catalyst) agenda.
At the core of IDE and the Madani Economy philosophy is a community-centric approach, emphasising collective welfare and collaboration, which aligns with IDE’s vision of shared prosperity. For instance, Fahmi pointed out that utilizing fintech platforms to mobilize Malaysia’s social economy, such as ‘zakat’ (charitable giving) and ‘waqf’ (endowments), can significantly promote financial literacy, establish financial safety nets, and deliver impact reporting.
Also highlighted were MDEC’s collaborations with Jabatan Kemajuan Islam Malaysia (Jakim) and the Halal Development Corporation (HDC) to drive the digitalisation roadmap of Malaysia’s Halal Industry Master Plan 2030. This effort is crucial in amplifying Malaysia’s Halal ecosystem on the global stage, as aligning foreign Halal certification standards and policies with Jakim can catalyse both inbound and outbound investments for Malaysia’s Halal industry. Digital technology plays a pivotal role in realizing these goals, reflecting the government’s commitment to IDE’s objectives while ushering in transformative digital innovations.
The IDE Industry Conference 2023, hosted by the Communications and Digital Ministry through MDEC, served as a platform for fostering collaboration and partnerships with key players in the Islamic digital economy sector. This conference aims to harness technology to further the initiatives’ goals and promote sustainable economic growth in Malaysia.
In today’s rapidly evolving digital landscape, where technology is the driving force behind economic growth and innovation, Malaysia’s IDE and Madani Economy initiatives aim to harness digital technology while adhering to Islamic principles.
The Islamic Digital Economy (IDE) and Madani Economy initiatives are complementary efforts aimed at fostering the growth of Malaysia’s digital economy. According to the Communications and Digital Minister, these initiatives are closely aligned with the vision for a more equitable society outlined in the Malaysia Madani vision. IDE, in particular, is seen as a beacon of inclusivity, incorporating Islamic principles into the digital economy to ensure a fairer distribution of wealth and resources.
In support of IDE, the Malaysia Digital Economy Corporation (MDEC) is introducing the Malaysia Digital Tasree,’ a program aimed at facilitating industry engagement, idea validation, and the promotion of pilot projects related to IDE technology solutions. This initiative is expected to create a sustainable pathway for the Malaysia Digital Pemangkin (catalyst) agenda, driving economic growth through digital means.
Both IDE and the Madani Economy share a community-centric approach, prioritising collective welfare and collaboration. IDE seeks to provide ethical alternatives within its products and services, potentially becoming a new engine for Malaysia’s economy.
The Minister emphasised the collaborative efforts between MDEC and government agencies to digitise Malaysia’s Halal Industry Master Plan 2030. This digitalisation is vital in promoting Malaysia’s Halal ecosystem globally, as aligning international Halal certification standards with Jakim can attract investments to the country’s Halal industry. Digital technology plays a pivotal role in realizing these objectives, demonstrating Malaysia’s commitment to IDE’s goals and digital innovation.
