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Institutionalization of Halal Entrepreneurship for a Sustainable Economy

In: Contemporary Discourse of Halal and Islamic Entrepreneurship

Author

Listed:
  • Mohammad Mominul Islam

    (UBD School of Business and Economics, Universiti Brunei Darussalam)

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.

Suggested Citation

  • Mohammad Mominul Islam, 2023. "Institutionalization of Halal Entrepreneurship for a Sustainable Economy," Springer Books, in: Lukman Raimi & Salisu Monsuru Adekunle & Muhammad Salman Shabbir (ed.), Contemporary Discourse of Halal and Islamic Entrepreneurship, pages 61-78, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-6427-7_5
    DOI: 10.1007/978-981-99-6427-7_5
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