Contemporary Discourse of Halal and Islamic Entrepreneurship : Trends and Future Opportunities

This book serves as a valuable resource for Islamic entrepreneurship researchers, Halal scholars, Islamic finance professionals, Halal advocates, and Halal business model consultants in the fast-changing global economy. The thematic focus is not only on Islamic and halal entrepreneurship but also on halal production and consumption, ethics and impact investing in Islamic entrepreneurship, Shariah principles guiding business model innovation and utilisation of disruptive technologies (such as crowdfunding for startups, bitcoin, digital ventures, cryptocurrency, blockchain, among others), Islamic entrepreneurship and SDGs, halalisation and sustainability issues, and emergence of Islamic-Fintech in Muslim majority nations and nations with plural economic systems, including the interface of Islamic and halal entrepreneurship with science, technology, engineering, and mathematics (STEM). At the moment, the working knowledge about Islamic and halal entrepreneurship is at its infancy among Islamic finance professionals, halal consultants, academic researchers, and students nursing the ambition of going into these two fields. Universities, Islamic training academies, and centres are also ill equipped to enrich Islamic and halal curricula with principles and conventional models. One of the proactive ways of breaking financial exclusion, social inequality, and social exclusion caused by apathy and avoidance of Riba, Maysir, and Gharar is by recognising, embracing, and promoting Islamic and halal entrepreneurship among the excluded Muslims and lovers of ethical business models. Overall, this book aims to promote better understanding of Islamic and Halal entrepreneurship in order to assist academics, researchers, practitioners, consultants, and policymakers to improve the growth of Islamic startups and small and medium enterprises (SMEs) by improving social inclusion and financial inclusion and accelerating the attainment of SDG 8 and SDG12. Foreword Introduction: An Overview of Halal Entrepreneurship in the Islamic Economy: Contemporary Trends and Future Opportunities Contents Editors and Contributors Historical, Theological, and Theoretical Underpinnings of Islamic and Halal Entrepreneurship 1 Introduction 2 Methods and Analysis Review 3 Critical Literature Review 3.1 Conceptual Issues 3.2 Historical Underpinning of Islamic and Halal Entrepreneurship 3.3 Theological Underpinning of Islamic and Halal Entrepreneurship 3.4 Theoretical Underpinning of Islamic and Halal Entrepreneurship 4 Misconceptions About Islamic and Halal Entrepreneurship 5 Conclusion, Implications, and Suggestions References Understanding Islamic and Halal Entrepreneurship from the Maqasidul Shari'ah Perspective 1 Introduction 2 Methodology 3 Critical Literature Review 3.1 Defining Islam and Halal 3.2 Understanding Islamic Entrepreneurship 3.3 Understanding Halal Entrepreneurship 4 Concept of Maqasidul Shari'ah and Applications 4.1 Islamic Entrepreneurship and Maqasidul Shari'ah 4.2 Halal Entrepreneurship and Maqasidul Shari'ah 5 Conclusion, Implications, and Limitations References Opportunities for Entrepreneurs in the Attainment of Sustainable Development Goals (SDGs) Through Halal Entrepreneurship 1 Introduction 2 Halal Entrepreneurship 3 Sustainable Development Goals (SDGs) 3.1 Green Products and Services 3.2 Ethical Investments 3.3 Climate-Friendly Technologies 3.4 Responsible Production and Consumption 4 Adopting ESG Practices in Halal Entrepreneurship 5 Conclusion References Strengthen the Sustainability of Halal Entrepreneurs Through International Consumer Rights Laws 1 Introduction 2 Literature Review/Conceptual Clarifications 2.1 Entrepreneurship 2.2 The ‘Halal’ Concept 2.3 Halal Entrepreneurship 2.4 Consumer Rights Laws 3 Situating Consumer Halal Rights Within the UNGCP 4 Conclusion and Suggestions References Institutionalization of Halal Entrepreneurship for a Sustainable Economy 1 Introduction 2 Literature Review 2.1 Halal Entrepreneurship 2.2 Institutionalization of Halal Entrepreneurship 3 Methodology 4 Findings 4.1 Sustainable Economy for Halal Entrepreneurship 4.2 Sustainable Halal Competitive Advantage (SHCA) 4.3 Sustainable Halal Supply Chain (SHSC) 4.4 Sustainable Halal Standards (SHS) 4.5 Sustainable Halal Certification (SHC) 5 Discussion and Conclusion References Development of Halal Entrepreneurship Framework Through Business Incubator Service for Sustainability Using PRISMA 1 Introduction 2 Halal Entrepreneurship 3 Business Incubator 4 Methodology 4.1 Search Strategy 4.2 Screening Phase 4.3 Eligibility 5 Discussion of Result 6 Conclusion 7 Theoretical and Managerial Implication of the Study 8 Limitation and Direction for Future Study References Designing Sustainable Business Models for Islamic Entrepreneurship 1 Introduction 2 Brief Overview of Islamic Entrepreneurship 3 The Significance of Sustainable Business Models 4 The Dual Goals of Islamic Entrepreneurship: Profitability and Al-Falah 5 The Challenge: Why Do Muslim Businesses Fail 5.1 The High Failure Rate of Muslim Businesses 5.2 Examination of the High Failure Rate of Muslim Businesses 6 Understanding Business Models 6.1 Explanation of What a Business Model Is 6.2 The Importance of a Business Model to the Success of Business 6.3 Introduction to the Concept of Sustainability in Business Models 7 Islamic and Halal Business Models 8 Case Studies: Successful Islamic Entrepreneurs 8.1 Presentation of Real-Life Examples of Successful Islamic Entrepreneurs and Enterprises 8.2 Lessons Learned from the Success Stories 9 Conclusion References Halal Entrepreneurship in Islamic Digital Economy from a Cultural Perspective 1 Introduction 2 Methodology 3 Critical Discourse Analysis 3.1 Halal Entrepreneurship and Its Significance 3.2 Islamic Digital Economy (IDE) and Its Significance 3.3 Mapping the Halal Ecosystem in Relation to HE-IDE Nexus 4 Cultural Perspectives in Relation to HE and IDE 4.1 Modeling Impact of Culture in Shaping Halal Ecosystem 5 Conclusion 5.1 Theoretical Implications 5.2 Managerial Implications 5.3 Limitations and Future Research Directions References Nexus of Halal Entrepreneurship and Islamic Finance for the Creation of a Strong Halal Ecosystem 1 Introduction 2 Literature Review 2.1 Nexus of Halal Entrepreneurship and Islamic Finance 2.2 Raising Funds Through Islamic Finance for Halalpreneuers 3 Methodology 3.1 Benefits of Halal Entrepreneurship Integration with Islamic Finance 3.2 Challenges of Integrating Halal Entrepreneurship with Islamic Finance 4 Conclusion References Halalisation: Challenges and Opportunities in Halal Food and Beverages Industry for Halalpreneurs 1 Introduction 2 Staging of Halal Certification 3 Self-Declare Halal Certification Mechanism and Regular Scheme 4 The Latest Halal Certification Mechanism 5 Halal Product Assurance System and Micro-Small-Medium Enterprises (MSME’s) Progress 6 Halal Product Assurance System 7 Progress of MSMEs 8 Halal and Its Components 9 Halal Food and Beverages 10 Halal Fashion 11 Halal Tourism 12 Halal Certification Procedures for Food and Beverages, Halal Fashion, and Halal Tourism 13 New Risk of Halal Fraud References Influence of Religious and Health Factors on the Halal Cosmetics Industry 1 Introduction 2 Literature Review 2.1 Halal Cosmetics 2.2 Religion Factor in Halal 3 Research Methodology 4 Research Findings and Discussion 4.1 Studies Review 4.2 Success Stories of Halalpreneurship 5 Conclusion References Halal Digital Entrepreneurship and Disruptive Technologies from the Lenses of Maqasid al-Shari’ah 1 Introduction 2 Literature Review 2.1 An Overview of Maqasid al-Shari’ah 3 Halal Digital Entrepreneurship 3.1 The Significance of Halal Digital Entrepreneurship 3.2 Applications of Maqasid al-Shari’ah in Halal Digital Entrepreneurship 3.3 Successful Halal Digital Entrepreneurship: Examples that Align with Maqasid al-Shari’ah 4 Disruptive Technologies 4.1 The Impact of Disruptive Technologies on Society 4.2 Applications of Maqasid al-Shari’ah to Disruptive Technologies 4.3 Disruptive Technologies: Examples that Align with Maqasid al-Shari’ah 5 Insights into the Interaction Between Halal Digital Entrepreneurship and Disruptive Technologies from the Lenses of Maqasid al-Shari’ah 6 Conclusions References Innovative Opportunities for Halal Entrepreneurs in the Tourism Sector 1 Introduction 2 Demand for Halal Products and Standard Services 3 Supply of Halal Products and Services 4 The Innovative Opportunities in the Neglected Tourism Sector Apart from Hajj and Umrah 5 Halal Entrepreneurs’ Perspectives Regarding Medical Tourism, Space Tourism, Educational Tourism, and Sports Tourism References Reshaping the Mindset of Halal Entrepreneurs Toward Sustainable Business: The Case of Indonesia 1 Introduction 2 The Concept of Sustainable Business Activities in Islamic Economics 3 Islamic Business Ecosystem that Exists in Indonesia Today 4 The Strategy to Implement Sustainable Business in the Islamic Business Ecosystem References The 21st Century Innovative Marketing Strategies for Halal Entrepreneurs in the Various Segments of the Halal Industry 1 Introduction 2 Preparation for Innovation and Technology 3 Building Scalable, Digitally Enabled Business Models 4 Innovative Marketing Strategies 4.1 Digital Marketing Strategy 4.2 Social Media Marketing 4.3 Influencer Marketing Strategy 4.4 Experiential Marketing Strategy 4.5 Mobile Marketing Strategy 4.6 Programmatic Marketing Strategy 4.7 Video Marketing Strategy 5 Discussion 6 Conclusion References Green Marketing as an Ethical Practice for Halal Entrepreneurs for a Sustainable Ecosystem 1 Introduction 2 Literature Review 2.1 Islam and Business Ethics 2.2 Islam and Environment 2.3 Sustainable Development Goals (SDGs), Entrepreneurship and Sustainable Environmental Practices 2.4 Supply Chain Management in Halal Business and Green Practices 2.5 Sustainable Halal Green Marketing 2.6 Consumer’s Concerns About Green Products 2.7 Between Profit, Sustainability and Green Marketing 3 Conclusion References Halal Entrepreneurship and Its Impact on Sustainable Economy: Opportunities and Challenges 1 Introduction 2 Literature Review 2.1 Factors that Drive the Growth of Halal Entrepreneurship 2.2 Theories of Entrepreneurship 2.3 Global Standardization of the Halal Certificate 2.4 Political Stability 2.5 Social Change and Halal Entrepreneurship Growth 3 Halal Entrepreneurship Contribution to the Achievement of SDGs 2030 4 General Discussion 5 Conclusion 6 Recommendation References