Malaysia: At the top of the Islamic digital world

This article is produced and sponsored by the Malaysia Digital Economy Corporation (MDEC). It was first published in the State of the Global Islamic Economy 2019/20 report produced by DinarStandard and supported by the Dubai Islamic Economy Development Centre. The report can be downloaded from here. 

For years, Malaysia has seen huge contributions to its GDP come from its burgeoning digital economy, with a prediction that 21% of the nation’s GDP will be digitalized against the current level of 18% come the year 2022. Interestingly enough, a large chunk of this digital pie consists of digital products and services catering to the Islamic crowd. From Islamic finance to Muslimfriendly travel options, demand and supply in this particular sector have seen a steady climb in recent times.

Lately, Malaysia has escalated its focus on serving these sectors, with the Malaysia Digital Economy Corporation (MDEC) acting as one of the leading lights in this regard. In 2017, MDEC took a step forward by releasing Mi’yar—a guide and reference created for start-ups, investors, and other ecosystem players interested in being a part of IDE.