07
November-December . 2024
WITC 2024
07
INCLUSIVITY
BRINGING THE NON-MAINSTREAM , MAINSTREAM :
CONNECTING ACROSS BOUNDARIES
CO-FOUNDER of Creed & Culture , Omar DaCosta Shahid , delivered a thought-provoking presentation focusing on ethical marketing and its alignment with Islamic principles .
He challenged traditional profit-driven models by advocating for a more inclusive , community-centred approach to business .
Omar began by citing Edward Bernays ’ 1929 “ Torches of Freedom ” campaign , which reshaped societal norms by promoting smoking among women as a symbol of equality .
He used this example to illustrate how marketing can influence behaviour , both positively and negatively , emphasising the responsibility businesses hold . Omar critiqued the Friedman Doctrine of the 1970s , which claimed the sole purpose of business is profit maximisation , often at the expense of ethics .
“ Transparency must be central to our marketing efforts . The Prophet ( PBUH ) emphasised the importance of transparency in trade , ensuring that traders disclosed any defects in their products to customers ,” stated Omar , who also underscored the significance of the principles of good counsel and the no-harm principle in marketing .
“ There is nothing more crucial than transparency . It is essential to provide complete and accurate information to our customers , leads , and prospects .”
Omar proposed that businesses integrate halal ( compliance with Islamic law ) and ihsan ( excellence ) into their operations . While halal ensures legality , ihsan promotes ethical practices , such as sustainability , fair labour , and community empowerment .
He stressed the importance of transparency , honesty , and creating win-win relationships where businesses contribute to societal well-being .
Drawing from Islamic teach
with Jennifer and Shahzad urging entrepreneurs to move forward while learning from setbacks .
Mentorship was a recurring theme , with Vincent and Jennifer
Omar DaCosta Shahid .
“ Transparency must be central to our marketing efforts . The Prophet ( PBUH ) emphasised the importance of transparency in trade , ensuring that traders disclosed any defects in their products to customers .”
– Omar DaCosta Shahid
ings , Omar argued that marketing should serve the greater good , and profits should be reinvested to empower communities . He also addressed contemporary challenges , including Islamophobia , urging businesses to adopt a circular framework that promotes inclusivity and empathy .
“ Muslims are not just consumers ; they should view themselves as providers . This perspective should define our role in society . As ethical , spiritual beings , if we recognise ourselves as more than mere consumers , and if brands also see us in this light , it will fundamentally transform the marketing strategies .”
Omar concluded by encouraging businesses to balance
emphasising self-mentorship alongside traditional guidance .
The session concluded with reflections on adapting business goals and creating community profit with social responsibility , calling on them to embrace taqwa ( God-consciousness ) and ethical principles that transcend conventional capitalist models , fostering a more compassionate and sustainable business environment .
“ We must reimagine our approach to marketing . While we understand our past , the question is how we can improve our practices moving forward .
“ Our world is grappling with too many challenges for us to focus solely on profit or selfinterest . We need to drive positive change in society , and brands play a crucial role in this transformation . Each of us has a part to play in this effort .”
Inspiring Entrepreneurship session .
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impact , as the panellists underscored resilience , data-driven strategies , and mentorship as essential elements for entrepreneurial success .
Islamic Finance and the Economic Opportunities for Muslim-Friendly Travel session .
ISLAMIC FINANCE AND THE ECONOMIC OPPORTUNITIES FOR MUSLIM- FRIENDLY TRAVEL
THE evolving landscape of tourism and finance presents unique opportunities for innovation and growth . In an insightful panel discussion titled “ Islamic Finance and the Economic Opportunities for Muslim-friendly Travel ,” moderated by vice-president of the Malaysia-Bosnia and Herzegovina Business Council , Mirza Vejzagic , the focus was on the interplay between Islamic finance and Muslimfriendly travel .
• Executive director of Halogen Capital , Fuad Alhabshi , introduced the firm as Malaysia ’ s first licensed entity to engage with halal cryptocurrencies , emphasising the innovative fusion of modern financial technologies with Islamic principles . This development opens new avenues for integrating Islamic finance with tourism , particularly in the wake of the pandemic , which has seen a resurgence in pilgrimage travel .
• Fuad acknowledged the ongoing economic challenges within the Islamic tourism sector , notably the weakened Malaysian ringgit . Despite these hurdles , Malaysia remains a prime destination for Muslim travellers , owing to its abundance of halal food and services .
• He highlighted the significant growth of Islamic finance over the past 15 years , positioning it as a viable alternative to conventional finance . However , he revealed that only 10 per cent of the halal industry currently utilises Islamic finance , indicating a substantial gap that needs addressing .
• To bridge this divide , Fuad urged financial institutions to innovate and engage with smaller businesses , providing them with the necessary tools to access Islamic financial products . He also stressed the importance of ethical partnerships , cautioning against scams that promise high returns with minimal investment . The discussion proposed the creation of specialised financial institutions , such as tourism banks , to further enhance the synergy between Islamic finance and tourism .
Fuad encouraged a shift toward savings rather than debt , exemplified by the Tabung Haji model , where Malaysians save for Hajj and Umrah trips .
The session concluded with optimism about the future of Islamic finance as a significant driver of growth in the Muslim-friendly travel sector , emphasising the need for collaboration and infrastructure development to maximise opportunities . – RnR