@ Halal | September-October . 2024

BY NOR ASILA NAZMI

IIUM Institute of Islamic Banking and Finance

AND

HARUNA BABATUNDE JAIYEOBA

International Institute for Halal Research and Training ( INHART ) International Islamic University Malaysia

Halalpreneurs take steps towards economic stability and growth

Entrepreneurial activity has become one of the tools for individuals who want to create and maintain a sustainable way of life as it not only supports the well-being of individual entrepreneurs but also contributes to the overall well-being of society by generating more job opportunities , driving economic growth and addressing social challenges .

As such , entrepreneurship provides the opportunity for people , especially asnaf , to liberate themselves from poverty and take steps towards economic stability and growth . ‘ Asnaf ’ refers to a group of people worthy of receiving zakat ( an annual alms tax or poor rate that each Muslim is expected to pay as a religious duty ). This includes the needy , the poor , zakat collectors , the muallaf ( converts ), the slaves to whom freedom is promised , the debtors , the distant travellers , and those who fight in the name of Allah .

While traditional entrepreneurship focuses on the profit motive , halal entrepreneurship integrates Islamic values into its

” Knowledge and skills development are essential in shaping the success of a business among asnaf halalpreneurs . Specific skills such as marketing , digital literacy , and bookkeeping are critical in helping them to manage and grow their business effectively .” business practices . The integration of entrepreneurship with Islamic principles reflects how halal entrepreneurs ( halalpreneurs ) operate their businesses .

Their emphasis is not solely driven by financial gain but rather a commitment to produce and consume halal ( permissible ) and toyyib ( pure and wholesome ) goods and services which may positively impact the people , as has been highlighted in the Quran : “ O you who have believed , eat from the good things which We have provided for you and be grateful to Allah if it is [ indeed ] Him that you worship .” ( Quran , Al-Baqarah , 2:172 )

For Muslims , halalpreneurs can also be seen as a khalifah ( caliph , ruler , leader ) who have a responsibility to develop prosperity and see their business as ibadah ( worship ).

SKILLS AND KNOWLEDGE

Knowledge and skills development are essential in shaping the success of a business among asnaf halalpreneurs . Specific skills such as marketing , digital literacy , and bookkeeping are critical in helping them to manage and grow their business effectively .

For example , IT skills can empower asnaf to promote its products using digital platforms and thus may overcome marketing challenges despite the limited budget .

Additionally , knowledge and skills in proper bookkeeping allow them to monitor