Abstract
The concept of entrepreneurship is not something new in Islam as it can be observed from the history as a noble profession practiced by the Prophet (PBUH) and His companions. However, in recent times, scholars of the Islamic economy have introduced a new term, “Halal entrepreneurship” or “Halalpreneurship” to define and differentiate entrepreneurs in the Halal industry from the conventional entrepreneurs. The integration of Islamic values reshapes the entrepreneurs in the Halal industry through certain features that justify using the term Halalpreneurs and Halalpreneurship. However, a limited number of research papers have attempted to define Halalpreneurship. In this context, this chapter aims to achieve two main objectives. Firstly, to provide a comprehensive overview of Halal entrepreneurship (Halalpreneurship) by identifying its salient features that differentiates from entrepreneurs. Such understanding and knowledge will help someone to identify his/her role as Halalpreneur in the Halal industry. Secondly, to explore the business opportunities in different sectors of the global halal industry for the Halalpreneurs to tap. To achieve the objectives, the chapter adopts the methodology of content analysis by reviewing research papers, books, journals, and articles from different secondary sources.
Highlights
The economic development of both developed and developing countries is largely enhanced by entrepreneurship development
Non-Muslims are allowed to be Halalpreneurs based on the maslaha for the benefit of ummah and mankind
Halalpreneurs are recommended to give back to the same society they are being benefitted from
Summary
The economic development of both developed and developing countries is largely enhanced by entrepreneurship development. The established entrepreneurs are classified as Micro, Small, and Medium Enterprises (MSMEs). These MSMEs constitute more than 95% of the total establishment of an economy globally. The entrepreneurs are engaged in different industries of the global economy. The Halal industry, which represents the global Islamic economy, is one of the fastest-growing markets in the world. The key contributors to this global Halal industry are the Halal entrepreneurs (Halalpreneurs). Entrepreneurship has been defined by many scholars, researchers, industry players, and academicians globally. The definition has been acknowledged and adopted in more or less similar ways by most of the economies globally
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