Integrating Halal Industry with Islamic Funding: Where Are We Now?
International Convention on Islamic Management, Academy of Islamic Studies, University of Malaya, 2015
7 Pages Posted: 10 Mar 2017
Date Written: November 4, 2015
Integrating Islamic funding with Halal industry is viewed as a way to increase consumers’ confidence on Halal products and services as well as to boost up the Halal businesses. One of its approach is by channeling the Islamic funds from Islamic capital market instruments (ie. equity and sukuk). The question is, how far the integration is adopted in the Halal industry? This paper extends this agenda by examining the current practices of the regulators on their screening and certification process. This study used the primary data for data collection. Interviews have been made with respondents who involved in the Halal certification and screening process of shares. Findings evidently show that there are different practices on Halal certification and Shariah compliance recognition. This study suggests that collaboration among these institutions can lead to the realization of integration agenda.For the start,efforts can be done by identifying, recognizing and coding the goods and products that gained both of recognition. The data can be published to customers. This study will enhance understanding on the current approach used by authority bodies in Halal industry.
Keywords: Halal Industry, Islamic Finance, Integration of Halal Industry
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