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
have 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.
International Real Estate Review