Institutionalization of Halal Entrepreneurship for a Sustainable Economy

Mohammad Mominul Islam ()
Additional contact information
Mohammad Mominul Islam: UBD School of Business and Economics, Universiti Brunei Darussalam

A chapter in Contemporary Discourse of Halal and Islamic Entrepreneurship, 2023, pp 61-78 from Springer

Abstract: Abstract This chapter explicates the imperatives of institutionalizing halal entrepreneurship for a sustainable Islamic economy in the face of unethical practices and fraudulent activities in the supply chains of products across the globe. Imperatively, the planet, people, and profit (3Ps) can shape a sustainable Islamic economy. Halal entrepreneurs can galvanize the Islamic sustainability model, resulting from the triple bottom lines of the 3Ps. The institutionalization of Halal entrepreneurship and sustainability relies on how the concerned stakeholders actively perform their roles. For instance, halal entrepreneurs, supply chain members, Islamic scholars, and policymakers can collaboratively institutionalize halal entrepreneurship. Again, halal entrepreneurs must consider halal certification as a spiritual, legal, and profit-making tool for halal entrepreneurship. The government and other legislative authorities must ensure that the halal certification management process is user-friendly, rigorous, and authentic. Besides, Islamic scholars can galvanize sustainable halal certification by using prescriptive Islamic principles to set sustainable halal standards to support the certification. Based on the halal certification, upstream stakeholders must form a sustainable supply chain to lubricate halal entrepreneurship. All the agents of halal entrepreneurship must be conscious of Allah (Taqwa) to refrain from unethical practices and fraudulent activities.

Keywords: Halal entrepreneurship; Halal marketing mix; Sustainable economic development; Halal supply chain (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-6427-7_5

Ordering information: This item can be ordered from
http://www.springer.com/9789819964277

DOI: 10.1007/978-981-99-6427-7_5

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().