Effect of Grameen Bank Micro-Credit Program on Change in Socio-economic Condition and Empowerment of Rural Women

Nine selected personal characteristics of women were described, which include- age, education, family size, family annual income, credit availability, duration of involvement with GB micro-credit program, personal independent savings, organizational participation and level of aspiration in life with dependent variable of Effect of GB microcredit program on women beneficiaries. The result of analysis on change pattern of livelihood status in nine dimension namely ‘change in family annual income’, ‘change in clothing’, ‘change in food consumption’, ‘change in sanitation’, ‘change in mobility’, ‘change in housing’, ‘change in decision making ability’, ‘change in purchasing capacity’ and ‘change in spousal arguments and abuse’ in terms of before and after involvement with GB microcredit program were found significant. Null hypotheses were tested to explore the relationship between nine independent variables and change in livelihood status. Five null hypotheses out of nine were rejected. Among these age, education, family income, credit received and level of aspiration in life were significantly related. On the other hand family size, organizational participation, duration of involvement and personal independent savings didn’t show any significant relationship with the Effect of GB micro-credit program. This implied that the GB micro-credit program had a positive Effect on change in socio-economic condition and empowerment of rural women. Keywords: Effect, Micro-credit, Socio-Economic condition, Empowerment and Rural wome

GLOBAL HALAL INDUSTRY: REALITIES AND OPPORTUNITIES

The purpose of this study is to realize the opportunities of Halal industry exploring the driving factors of this fastest growing industry in the world. The global Halal industry as a whole is estimated to worth around USD2.3 trillion (excluding Islamic finance) a year, is now one of the fastest growing markets. Simultaneously, the global market growth is estimated to reach at an annual rate of 20 percent per annum. Such expansion of the industry is because the global halal market of 2.18 billion Muslims is no longer confined Muslims only. Similarly, the Halal industry is no longer confined to food and food-related products, but rather to include pharmaceuticals, cosmetics, health products, toiletries and medical devices as well as service sector components such as logistics, marketing, print and electronic media, packaging, branding, and financing. This paper attempts to examine the current realities of the global halal industry by observing the factors determining such increasing demand for Halal industry in addition to the opportunities that are offered from on recent global development in the market.  According to the Islamic rules and regulations the word halal is rooted from an Arabic word which means ‘permissible’ or ‘lawful’. The concept of halal is not bound to food-related items only but to multiple other aspects such as products, which can be further categorized into various groups, for instance, cosmetics, self-care, health, tourism and services. A global survey discovered that the Muslims spend on food, beverages and lifestyles amounting to USD$2 trillion in 2016. Moreover, the global Muslim market spends on travel reaching USD$169 billion in 2016 and expected to increase to USD$283 billion in 2022. Meanwhile, the Muslim average per capita income (GDP) has risen from USD$1763 to USD$6530 from 1993 to 2010. To achieve the objectives of the study, a methodology of analyzing secondary data was adopted in this paper. The sources of all secondary data and information were extensive literature review, library search, a number of different websites, online journal publications, conference proceedings, thesis, different institutional reports and publications. The findings show that there are three major factors driving the rapidly growing global halal market. First, sizable and growing Muslim population at 1.8 per cent per annum, Second, growing economic development and hence increasing purchasing power among the Muslim. Lastly, emergence of the potential halal market in non-Muslim nations and halal industry players. Nonetheless, numerous challenges confronting Halal industry players. These include the standardization of halal, lack of data, animal right, halal is not compulsory in many Muslim countries and others. As a way forward, industry players need to deepen knowledge and understanding of the Muslim market (pattern and behavior), regularly update data, and exploit untapped market niches as well as product sales and promotion. Findings and recommendations of this work will be a great resource for future researchers and scholars in relevant areas as well as policy makers to make their strategic decisions in the fields of Halal Industry

Halal entrepreneurship from Maqasid-al-sharia’h perspective: inseparable concept for Halalpreneurs

Entrepreneurship has become one of the vital activities for economic development. It is synonymous with job creation, innovation, improvement in the societal well-being and economic growth in developed and developing countries alike. There is great interest in entrepreneurship globally as well as in Malaysia. Over the past few years, many individuals, as well as families, are actively engaged with the small business. Also, in light of the 2013 GEM study, 12.7% of Americans are effectively occupied with beginning a business or are the proprietor/director of a business that is under three years of age. Simultaneously, the Halal industry, that represents the global Islamic economy, is the fastest growing market in the world with $2.3 trillion market value. Halal entrepreneurs (Halalpreneurs) are the major contributors to this achievement as they constitute a significant portion of the total establishment in most of the Muslim countries. That is the reason Entrepreneurship has turned into a conventional term that depicts a wide range of practices that include being innovative, devilish and tricky. Entrepreneurship has been defined by many scholars, researchers, industry players, and academicians globally which has also been perceived in the same way by most of the economies around the world. However, the Islamic economy looks at the concept of ‘entrepreneurship’ in a different way and perceives it as ‘Halalpreneurship’. To define entrepreneurship in the Halal industry, although, the term ‘Halalpreneurship’ is being used, surprisingly the term has not been defined properly yet. It is essential for the Muslim entrepreneurs to have a proper understanding of Halalpreneurship from Maqasid-al-Shariah perspective. Such point of view is crucial to justify the term in the Halal industry and differentiate from conventional entrepreneurs. On this context, this paper provides concept and definition of Halalpreneurship justifying from the perspective of Maqasid-al-Sharia’h. It also identifies the differences between Halalpreneurs and entrepreneurs using secondary resources available in the forms of literature, research papers, journal papers, articles, conference papers, online publications, etc. The findings of the study will clarify the concept of Halalpreneurship from Maqasid-al-Sharia’h perspective and recognize Halalpreneurs distinguished from conventional entrepreneurs

Halal tourism: definition, justification, and scopes towards sustainable development

Sustainability is a worldwide concern embedded in every sphere of human life including economic, environmental, and as well as social aspects. Similarly, tourism is one of the major areas of many economies where sustainability is a rising concern. Sustainable tourism has been defined by several organizations like WTO, ICOMOS, and many studies as well. Additionally, Halal tourism, often termed as Islamic tourism or Muslim friendly tourism, is a new concept in the tourism industry that opens up new and exciting opportunities for enhancing economic growth. The idea 'Halal' additionally relates the idea 'Toyyib' which means great. Along these lines, the importance of 'Halal' is anything which is allowed by sharia’h and great for human being. The coordination of moral qualities alongside religious qualities opens up the limit of halal tourism from 2.8 billion Muslim consumers to non-Muslim consumers too around the globe. The fusion of halaln-toyyiban (Lawful and goodness) can be related to every field of sustainability. Halal tourism, one of the components of the Halal industry, in fact, addresses a few of the seventeen sustainable development goals (SDGs) and can have a significant contribution towards sustainability. It has now become a lifestyle choice of Muslim travelers and also drawing the attention of non-Muslims as well. Recent data shows Muslim spending on Halal travel was USD169 billion in 2016 and estimated to reach USD283 billion by 2022. It is essential to understand and also spread the sustainable aspect of Halal tourism in the global economy which can enhance the growth of the industry. This perspective will also make all consumers welcome and accept halal tourism keeping aside any religious zeal. Based on literature review and secondary data, this paper defines and justifies the term ‘Halal’ accepted and welcomed by all. The study provides the definition of Halal in the form of a table where the term has been adopted as an acronym. Each letter of the acronym HALAL stands for different attributes of Halal concept. Combining all these aspects together completes the definition of Halal. The definition of Halal tourism has also been deducted integrating all the aspects (Shariah law, target customer, destination, purpose, and product and services) together to be covered in terms of both sustainable and halal tourism. Simultaneously, it justifies the definitions of tourism from both sustainable and Islamic perspective. The study also identifies how halal tourism addresses four important SDGs and contributes towards sustainable development. Additionally, and it explores the scope of halal tourism to contribute more in relation to other SDGs in a greater extent. This paper contributes to the halal industry, that represents Islamic economy as well, providing a universal definition of Halal, clarifying the sustainability perspective of both Halal and halal tourism, and identifying the SDGs addressed by Halal tourism. This study opens up greater research scopes regarding other components of Halal industry and sustainable development

IDENTIFYING AND MEASURING THE WEIGHTS OF HALAL COMPLIANCE RATING (HCR) COMPONENTS OF BEST HALAL PRACTICES BY APPLYING AHP METHOD

The halal industry in restaurant chain is lacking a rating system that would help the consumers to choose their preferences and enhance the halal integrity. In this regard, as a first step to develop a halal compliance rating (HCR) tool, the objective of this research is to identify and select the components of best halal practices for restaurants. This was achieved by reviewing existing relevant rating systems, standards, and research papers. The selected ten components were weighed by applying Analytic Hierarchy Process (AHP) method of decision making through the participation of 15 experts where the maximum priority was given to ‘Hygiene and Food Safety (HFS)’ component with a weightage of 22.3%. The least priority was given to ‘Branding, Packaging, and Labelling (BPL)’ with a weightage of 4.4%. The consistency ratio was checked as 0.015. Additionally, the study investigates the auditable and measurable areas of the selected ten HCR components

Halal Entrepreneurship: Concept and Business Opportunities

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

The CSR of Islamic banks and Halal businesses in the post Covid-19 pandemic era

This paper discusses the CSR activities of Islamic banks and Halal companies in this era. As the world begins to transition from the Covid-19 pandemic, there is a need for Islamic banks and Halal businesses to retrospect into what has been learned during this crisis and to understand that stakeholders are now more concerned about how businesses operate and contribute to the betterment of the community than ever before. To avoid running the risk of losing customers and employees, Islamic banks and Halal companies must genuinely make large efforts to further their CSR initiatives by committing and promoting the greater good in society. The CSR sphere in post-Covid-19 must minimise, if not eliminate, the existential threat of the widening gap between the haves and have nots created by the Covid-19 outbreak. To this end, the researchers intend to identify and expose Islamic banks and Halal companies to various CSR activities that could help enhance their reputation, gain a competitive edge, achieve cost savings and operational efficiency, reinforce their credibility among Halal consumers and communities, manage their regulatory compliance and mitigate associated risks, and improve their long-term resilience and adaptability in this era. Specifically, the CSR activities covered in this study include commitment to Halal best practices, Zakat and charitable donations, Halal economic responsibility, legal responsibility, environmental responsibility, employee welfare, and responsible dealing with clients. Following the discussion of these CSR activities, the implications, with respect to the practice and theory, of this study are explicated, and recommendation and limitations of this study are offered

Factors influencing intention to use Islamic credit cards in Selangor

Islamic credit card (ICC) has been widely used for personal consumption. The use of ICC is gaining prominence as an alternative to conventional credit card as the concept and operations are permissible by the shariah. The paper aims to determine factors influencing intention to use ICC based on three variables namely benefits, fair charges and religious motivation. A quantitative methodology was conducted via a survey of 102 respondents in the state of Selangor. The results indicated that benefits and religious motivations have significant influence on the intention to use Islamic credit cards. Hence, practitioners should incorporate the two factors in their marketing efforts to promote ICC. The academician can benefit by conducting further research on this eminence body of knowledge

SMEs, Employment Generation, and Islamic Finance

Almost wherever the economy is growing, small and medium-sized businesses (SMEs) are the ones doing the heavy lifting. Who are these SMEs? How does the definition of SME differ across different countries? What are the contributions of SMEs in terms of employment and GDP? How can Islamic finance play a significant role in scaling up the business performance of SMEs and, subsequently, their contribution to employment and the economy? What are the issues and challenges faced by SMEs and Islamic finance that would resolve into greater employment generation? Addressing all these questions, this paper provides an overview of SMEs globally and their definitions in different countries as well as in Malaysia. Simultaneously, some issues and challenges are discussed. Furthermore, the paper presents Islamic finance as a better solution to the financial accessibility of SMEs in future economic activities. The paper thus attempts to illustrate a model or framework that would work well for SMEs to generate productive employment opportunities in their respective economies. To achieve the objectives of this paper, secondary data was used to present all the statistical figures and tables. For any generalizations, recommendations, or conclusions, an extensive review of literature from various sources was conducted