Understanding The GISB Empire; Just How Rich Are They?

Recently, Malaysia has been rocked by the stories of the police raids  linked with the GISB Holdings Sdn Bhd, or as it is more commonly known, the GISB Group.

The raids, which led to 155 people being detained in a massive probe regarding a child abuse allegations kicked off a whole hornet’s nest of scrutiny, which in turn led to the discovery that the company actually a multi-national corporation with a bunch of assets in multiple countries.

So who actually is GISB? How extensive is their wealth? Let’s have a look.

History of GISB

So who actually is GISB? By this point, it’s considered an open secret that the GISB group actually shares it’s roots with the Al-Arqam cult, which was banned by the Malaysian government in 1994.

From there, the group splintered into several smaller factions, including its business wing, which rebranded itself into Rufaqa Corp, before further transitioning into GISB Holdings (GISBH).

According to a remark made by GISBH’s Executive Chairman and CEO, Nasiruddin Mohd Ali, GISB has already been cleared of any wrongdoing by the police Special Branch, but still the rumors that they were remnants of the banned Al-Arqam movement persists.

On the official front, the company details on CTOS shows that GISB Holdings Sdn. Bhd. was incorporated on 23rd October 2013 in Malaysia with registration number of 1067307T / 201301037478. The description of their business includes investment holding, manufacturing and general trading.

From there, GISBH managed to spread their business wings to the next level, spreading their business so far and wide to what it is now, a multi-million dollar corporation that spans multiple countries.

How rich is GISBH actually?

So now that we’ve gotten the history of the GISBH @GISB out of the way, time to answer the question, just how rich are they really?

Well the short answer is; they’re really really rich.

According to an article from The Malaysian Reserve, GISBH boasts an impressive revenue of RM187 million annually, a figure that is only rivalled by public listed companies. Other news reports have also put the group’s assets value reaching RM325 million.

The holding company is also home to 25 different subsidiaries in multiple industries, which is listed down here;

List of GISBH subsidiaries

Food and beverage companies

• GISB Mart Sdn Bhd
• GISB Bakery, Restaurant & Catering Sdn. Bhd.
• GISB Industries Sdn Bhd
• Ikhwan Hatchery Sdn Bhd
• Ikhwan Fateh Poultry Sdn Bhd
• Ikhwan Meat & Chicken Supplies Sdn Bhd
• GISB Poultry Sdn Bhd
• GISB Aeilah Mart Sdn Bhd

Logistics and supply chain management

• GISB Distributor Sdn Bhd

Event management

• GISB Event Management Sdn Bhd

Medical and health services

• GISB Medicare Sdn Bhd
• Ikhwan Biotechnology Sdn Bhd

Professional services

• GISB Consultancy and Services Sdn Bhd

Travel and tourism

• GISB Travel & Tours Sdn Bhd
• Ikhwan Travel Marketing & Services Sdn Bhd

Property development

• GISB Properties & Development Sdn Bhd

Other industries;

• Ikhwan TV Network Sdn Bhd
• GISB Academy Sdn Bhd
• GISB Security Services Sdn Bhd
• Permodalan Berjiwa Sdn Bhd
• Fateh Biotech Sdn Bhd
• GISB Hi Tech Sdn Bhd
• GISB Maritime Sdn Bhd
• GISBH Berbahagia Sdn Bhd
• Ikhwan Perkasa Genetik Sdn Bhd

This number of subsidiary companies across this number of industries are diverse enough to ensure a steady stream of revenue. The names of GISB company subsidiaries was listed on its website which is now under maintenance.

Under these subsidiaries, part of GISBH’s empire is made up of 38 shopping marts, called GISB Mart, 63 bakeries and 120 restaurants called Ikhwan Delights.

And it also helped that group’s business operations weren’t limited locally as well. According to news reports, the GISB group has businesses in 20 countries across the Middle East, Europe, and China.

A list sourced form the International Islamic Trade & Tourism Expo 2024 states that GISB has branches in Bosnia, Turkey, France, UK, Germany, Egypt, Saudi Arabia, Jordan, Oman, UAE, Uzbekistan, Russia, China, Thailand, Indonesia, Singapore, Brunei, Philippines and Australia. In many of these countries, they have a presence in more than one of the major cities.

It has halal restaurants in Sydney, Singapore, Dubai, Bangkok, London, and Cairo, as well as other businesses in France, Russia, and Guangzhou, China.

So it’s safe to say that in terms of wealth, the GISB group is definitely one of the richest conglomerates in Malaysia, and perhaps one of the richest in the halal industry as well.

The downfall of GISB Group?

But even with all their riches, it seems that GISBH just can’t avoid controversies.

Since the 11 September raids, plenty of accusations have been levied against GISB, which includes reports of unpaid wages from their workers, and unpaid taxes. With public perception at an all-time low and their business being targeted for some long overdue discretion, what will the next chapter of GISB be?

What is certain is that the business is facing intense scrutiny from local authorities in Malaysia. The most recent development involves fines of RM4.4 million in compounds for 17 GISB companies for contravening the Companies Commission of Malaysia (SSM) rules.

However, on the global front, many of its businesses are still operating as usual. These includes restaurants in London, Paris, Istanbul, Dubai and Mecca. In fact, the Nur Malaysia Paris restaurant was even frequented by Malaysian delegates during the recent Paris Olympics.  

As these businesses operate under the individual countries laws and appear to be running legitimate businesses, only time will tell if they will be engulfed by the controversy in Malaysia.