Entrepreneurship and the Halal Wave in Malaysia

Halal Entrepreneurship In Malaysia

Halal entrepreneurship is a concept of entrepreneurship where halal is regarded as “entrepreneurial process for innovatively using opportunities to obtain economic gains and society equity on an equal footing” (Bustamam, 2012). Some called halal entrepreneurship as “halal driven entrepreneurship” and “halal minded entrepreneurship”.

Halal entrepreneurship has augmented tremendously in Malaysia. The country has been named as the first country in the world for establishing halal food indicators before the United Arab Emirates and Australia which were identified as second and third respectively in 2015. The value of the Malaysian halal food trade industry is estimated at RM37.7 billion (www.hdc.gov.my). Furthermore, Malaysia has also been selected as the top country for halal travel, pharmaceuticals, and cosmetics. The halal entrepreneurship started with halal food and then extended to non-food products, for example, personal care, cosmetics, tourism, pharmaceuticals, banking, financing and other services such as hospitality and logistics.