Former prime minister Abdullah Ahmad Badawi has revealed plans to set up a 1.55 billion ringgit ($503.17 million) private equity fund to tap global opportunities in the halal industry.
It will be undertaken by Azka Capital, a private equity advisory firm focused on halal industry initiatives, of which Abdullah is the chairman of its advisory board.
Speaking at the eight World Halal Week 2013 conference on Tuesday, Abdullah said Azka Capital expects the fund to be raised in stages over the next three years.
“A key component of the Azka Capital initiative is to establish the first private equity fund to invest in the halal industry worldwide,” said Abdullah.
Global halal sales, which include food, pharmaceuticals and cosmetics, total about $2.1 trillion annually. Abdullah said Malaysia exported about 33.5 billion ringgit worth of halal products last year, making the country the largest halal products exporter. -The Edge.
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NOTE: Reuters has not verified these stories and does not vouch for their accuracy.
$1 = 3.0805 Malaysian ringgit