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Halal Entrepreneurship and Its Impact on Sustainable Economy: Opportunities and Challenges

In: Contemporary Discourse of Halal and Islamic Entrepreneurship

Author

Listed:
  • Muazu Hassan Muazu

    (Bayero University Kano)

  • Effa Ratna Sjahrir

    (Exemplar Synergy Consultancy)

Abstract

Halal entrepreneurship is a growing trend in the global economy due to the increasing demand for Halal products and services by Muslim consumers. This chapter examines the impact of Halal entrepreneurship on sustainable economy, by exploring the opportunities and challenges that arise from this emerging sector. The study employs a qualitative research method that analyses the existing literature on halal entrepreneurship, sustainable economic development, and the halal industry. The review focuses on the definition of halal entrepreneurship, the market potential, and the challenges facing entrepreneurs in this field. The chapter highlights the significance of the Halal market and the potential for entrepreneurs to tap into this niche. Additionally, it explores theories of entrepreneurship, global standardization of certificate, political stability and social change as enabling factors for the growth of the sector. The discussion section analyses the opportunities, impact and challenges of Halal entrepreneurship on sustainable economy by examining the economic, social, and environmental benefits of this sector as a transformational driver for the achievement of SDGs 2030. It suggests that Halal entrepreneurship can create sustainable economic development by promoting ethical, socially responsible, and environmentally friendly business practices. The chapter concludes that Halal entrepreneurship can have a positive impact on sustainable economy, but entrepreneurs need to address key challenges to fully realize its potential. The challenges in implementing Halal entrepreneurship are due to regulatory and compliance issues, lack of awareness and education, and inadequate infrastructure. Recommendations were made for policymakers and entrepreneurs to support the development of Halal entrepreneurship and promote sustainable economy.

Suggested Citation

  • Muazu Hassan Muazu & Effa Ratna Sjahrir, 2023. "Halal Entrepreneurship and Its Impact on Sustainable Economy: Opportunities and Challenges," Springer Books, in: Lukman Raimi & Salisu Monsuru Adekunle & Muhammad Salman Shabbir (ed.), Contemporary Discourse of Halal and Islamic Entrepreneurship, pages 251-263, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-6427-7_17
    DOI: 10.1007/978-981-99-6427-7_17
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    More about this item

    Keywords

    Halal entrepreneurship; Sustainability; Regulatory support;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M38 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Government Policy and Regulation
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • P23 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Factor and Product Markets; Industry Studies; Population
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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