Halal Entrepreneurship: Concept and Business Opportunities

The concept of entrepreneurship is not something new in Islam as it can be observed from the history as a noble profession practiced by the Prophet (PBUH) and His companions. However, in recent times, scholars of the Islamic economy have introduced a new term, “Halal entrepreneurship” or “Halalpreneurship” to define and differentiate entrepreneurs in the Halal industry from the conventional entrepreneurs. The integration of Islamic values reshapes the entrepreneurs in the Halal industry through certain features that justify using the term Halalpreneurs and Halalpreneurship. However, a limited number of research papers have attempted to define Halalpreneurship. In this context, this chapter aims to achieve two main objectives. Firstly, to provide a comprehensive overview of Halal entrepreneurship (Halalpreneurship) by identifying its salient features that differentiates from entrepreneurs. Such understanding and knowledge will help someone to identify his/her role as Halalpreneur in the Halal industry. Secondly, to explore the business opportunities in different sectors of the global halal industry for the Halalpreneurs to tap. To achieve the objectives, the chapter adopts the methodology of content analysis by reviewing research papers, books, journals, and articles from different secondary sources.


Introduction
The economic development of both developed and developing countries is now largely enhanced by entrepreneurship development. The term is often used as the synonym of job creation, and innovation that contributes to societal improvement. The established entrepreneurs are classified as Micro, Small, and Medium Enterprises (MSMEs). These MSMEs constitute more than 95% of the total establishment of an economy globally. The entrepreneurs are engaged in different industries of the global economy. The Halal industry, which represents the global Islamic economy, is one of the fastest-growing markets in the world. The key contributors to this global Halal industry are the Halal entrepreneurs (Halalpreneurs). Entrepreneurship has been defined by many scholars, researchers, industry players, and academicians globally. The definition has been acknowledged and adopted in more or less similar ways by most of the economies globally.
However, the concept of "entrepreneurship" in the Islamic economy is not exactly the same as the conventional economy. Although the nature of activities and literal definition is similar, the concept in Islam becomes different in some certain ways and is perceived as "Halalpreneurship." The term has been used in the

Concept and definition 2.1 Concept of entrepreneurship
The term entrepreneurship stems from the French word entreprendre that suggests "to accomplish something" or "to embrace". It is an imaginative activity that relies upon the ability to make and set up something from about nothing. Kuratko explained business entrepreneurship as facing challenges, responding to circumstances, bearing vulnerability and creating a balance between demand and supply in the market [6]. At the same time, as per Peter Drucker, entrepreneurship is ascribed as an efficient headway, which grasps in the purposeful and arranged DOI: http://dx.doi.org /10.5772/intechopen.93657 outlook for changes, and it is the coherent perception of the open opportunities where such changes add to financial and social advancement. A comparative definition was given by Shane and Venkataraman [7]. Rindova et al. have characterized entrepreneurship as the business foundations that are coordinated to accomplish a few objectives towards social, cultural, monetary, and institutional through the activities of an individual or a group of individuals [8]. Additionally, Lumpkin and Dess [9], Low and MacMillan [10] and Gartner [11] characterized entrepreneurship as the arrangement of new pursuits or associations. Entrepreneurship may likewise infer looking for advantages of chances by the creative use of assets in manners which make a significant impact on the market.

Understanding halal
The word "Halal" is an Arabic or Quranic word related to the Islamic lifestyle where the literal meaning of the word is permissible or lawful. That means the implication of the term is applicable to every conduct of human life whether it is a social, personal, economic, cultural, or political matter. When it comes to an economic perspective, the term has been used to denote the Islamic economy as the Halal industry. The Malaysian Standard (MS) provides an elaborated definition with all the requirements to be adopted in the halal industry [12]. Additionally, the application of the concept of halal adopts the concept "Toyyib" as well [13]. This is because in several places of the Quran, human beings are instructed to consume what is halal and toyyib. The meaning of toyyib can be translated as good, quality, healthy, sustainable and others. Hence, the association of the toyyiban aspect broadens the meaning and implication of halal in the economy [14]. Therefore, when we say halal, it means what is permissible or lawful in Islam, at the same time what is good and sustainable.
The opposite of halal is haram which means prohibited. In the Quran, Allah (SWT) has also prescribed what is prohibited and what to avoid in consumption as well as human conduct of Muslims and whole ummah. For example, consuming alcohol and pork is prohibited in Islam. Simultaneously, gambling, pornography, riba (usury), hoarding goods, deceiving customers, etc. are also prohibited. The gist is, to define Halalpreneurship, one must consider all the three concepts, i.e. halal, toyyib, and haram.

Understanding Halalpreneurship
Entrepreneurship is an important aspect of life which is also inseparable from Islam where it is perceived as Halalpreneurship. The scope of Halalpreneurship is within the Shari'ah ("Aqidah, Fiqh, Akhlaq") which ensures that its activities do not deviate from the guidelines of Islam. In Islam, Halalpreneurship is perceived as the role of Khalifah (Caliph) on the earth. The mission of Khalifah is to worship Allah Subhanahu Wa Taala (SWT) and to develop and prosper the world. Such a role implies the actions of entrepreneurship contributing to the good and prosperity of society, the world and humanity.
The term Halalpreneurship is recently being used in the fields of the global Halal industry that connects halal advancement with business practices through halalpreneurial activities. This includes the capacity and capability, exercises, and activities seeking opportunities and developing business establishment. The procedure of creativity and innovation in Halalpreneurship is complex. However, this phenomenon is significantly important to be understood for halalpreneurial development.

Entrepreneurship -Contemporary Issues
The concept of Halalpreneurship is based on Maqasid-al-Shari'ah (objectives of Islamic law). Maqasid means objective and Shari'ah implies to Islamic law. The five objectives of Shari'ah ( Figure 1) are derived from the necessities (dharuriyat) of humankind. This is the first level of need in the human need model of Shari'ah which was proposed by Hamid-Al-Ghazali (d. 1111). Although the concept of Maqasid and the human need model in Islam dates back to 1399 C.E., the pioneering, and systematic study of the higher objectives of Islamic law was developed and introduced through the work on Maqasid-al-sharia'h by Muhammad al-Tahir ibn Ashur in 1946 [15]. Halalpreneurship management adopts the human need model (Figure 2) by Ghazali that implies the fundamental factors of motivation for Halalpreneurs.
In Halalpreneurship, it is the responsibility of Halalpreneurs to understand the product priorities of the consumers as illustrated in Figure 2. To address the objectives of Shari'ah, Halalpreneurs should prioritize the products and services that are in the category of necessity in their production. They should serve what the Muslim ummah and humanity need. They should not focus on luxury (Tahsiniyat) products or services when there is a need for basic goods and services in a society. Therefore, the first priority is to meet the demand for necessities and then luxury and embellishments.   the concept and definition of Halalpreneurship. The term has also been used implying to entrepreneurship in the Halal industry by Global Islamic Economy (GIE) report-2018.

Definition of Halalpreneurship and Halalpreneurs
Any Muslim individual conducting entrepreneurial business in the global halal industry with the objective of producing only halal products and services and maintains his/her business conduct in a Shari'ah-compliant way is called an Halalpreneur [16]. However, according to Islamic scholars, non-Muslims can also be involved in the fields of the halal industry and become Halalpreneurs given the condition that they comply with Maqasid-al-Shari'ah. Non-Muslims are allowed to be Halalpreneurs based on the maslaha (public interest) for the benefit of ummah and mankind. It is to mention that, anyone who wants to conduct business providing halal products and services, must obtain a halal certificate for the particular product or service. Given that, to obtain a halal certificate he/she must comply to halal standard for respective products and services required by the authorizing bodies in respective countries. And, all the halal standards are developed complying with Maqasid-al-Shari'ah. Therefore, in this chapter, the term Halalpreneurship refers to Halal entrepreneurship i.e. entrepreneurship in the halal industry that complies with Maqasid-al-Shari'ah.

Halalpreneurship vs. entrepreneurship
In conventional economy unlimited wants and limited resources create scarcity which gives rise to the fundamental questions that are, what to produce, for whom to produce, and how to produce [17]? However, Halalpreneurs believe that there are always enough resources. If there is any scarcity, it is due to a lack of skill and knowledge, and inefficient use and distribution of the resources. Hence, the answers to the fundamental questions in Halalpreneurship are different from entrepreneurship. Figure 3 shows the differences between Halalpreneurship and entrepreneurship regarding the fundamental questions of economics and some other salient points of Halalpreneurship.
Additionally, Halalpreneurs exhibit some unique characteristics that distinguish them from conventional entrepreneurs. The characteristics enlisted below, are based on Maqasid-al-Shari'ah.
a. Takwa: It is the fear of Allah (SWT) that makes Halalpreneurs always conscious about all their deeds, whether it is bad or good, believing that they are

Business opportunities for Halalpreneurs
Halalpreneurs is the source of creativity and innovation that postulates the Islamic economy in many ways. Unlike entrepreneurs, Halalpreneurs are driven towards Al-Falalh (success in this world and the world hereafter) with the motivation of pleasing Allah (SWT) and serving humanity. In this regard, Halalpreneurs thrive for business opportunities with knowledge and wisdom and having faith in Allah (SWT). Simultaneously, they tap the opportunities and conduct their business activities following the guidelines of the Quran, and the advice and practice of the Prophet (PBUH). Most importantly, they believe that opportunities are created by Allah (SWT). Such a conceptual model of Halalpreneurship was illustrated by Ramdani [19] as shown in Figure 4.
The business opportunities for Halalpreneurs in the global halal industry can be realized by looking into the current market status of the different fields of the halal industry. Therefore, this section explores different components of the halal industry ( Figure 5) where market opportunities can be tapped by Halalpreneurs.
The current market value of the global halal industry is estimated to be US$4.7 trillion in 2018 including Islamic finance. This value is projected to be US$6.9 trillion by 2024 with a CAGR growth of 6.2% [21]. Figure 6 exhibits the current market shares of different fields of the halal industry and their projection by 2024. It shows that after Islamic finance, the biggest sector of the halal industry is the halal food and beverage industry followed by modest fashion, media and recreation, Muslim friendly tourism, halal pharmaceuticals, and halal cosmetics. Entrepreneurship -Contemporary Issues 8

Halal food
The Global Islamic Economy (GIE) report 2019/2020 reveals that the Muslim spending for halal food and beverage (F&B) in 2018 was US$1.3 billion which has been projected to reach US$1.9 billion by 2024. The hot growth sectors of the F&B market are halal ingredients, and meat-based meals and snacks. The production of gelatine is 450,000 tons globally of which only 10 percent is halal. There is a gap in the supply of other ingredients as well. Halalpreneurs can tap the opportunities in these sectors by their innovative halal products and exploring the gap in demand and supply chain. The opportunity is further spread over halal organic and healthy foods, baby foods, emerging exporters, online restaurant booking, retail commerce, social media marketing, etc.

Modest fashion
The Muslim millennials are the target consumer in this sector of the halal industry. The market of modest fashion was estimated to be US$283 billion in 2018 and projected to reach US$402 billion by 2024 (Figure 6). Innovative Halalpreneurs have the opportunity to offer products and services in this market in terms of modest luxury wears, modest sportswear, fashionwear for teens and tween, role modeling, blogging, etc.
"Follow This" is a web series by BuzzFeed which is one of the most popular websites for information on different topics like culture, religion, politics, technology, etc. This show has recently started streaming on Netflix from 2018 and covered an episode on modest fashion titles "Covered-up Culture." The writer of the episode reveals how modest fashion has become a $billion worth market from a religious niche [22]. Modest fashion as a lifestyle is becoming the mainstream among the millennials. For example, the release of a modest clothing range by H&M in 2018, launching of "modest fashion edit" in 2019 by the collaboration of ASOS and   [23]. In India, mubarakdeals.com is another example of success in the market of modest fashion [24]. Opportunities for Halalpreneurs in the field of modest fashion can be explored in terms of online shopping, fashion week or events, magazine publishers, styling services, influencer, designer and many more.

Media and recreation
Halal media and recreation refer to content targeting or suitable for Muslims. According to the GIE report 2019/2020, total Muslim spending in his sector was US$283 billion and projected to reach $US402 billion in 2024. Strong performance has been identified by the member countries of the Organization of Islamic Cooperation (OIC) in producing more Islamic themed content from the region. This sector of the halal industry targets the Muslim millennials, mainly. It has been forecasted that 54 percent of the Muslim population will be below 30 years old by 2030 (Thompson and Reuters, 2019). In Saudi Arabia, the ban on cinema has been lifted after 35 years in 2018. With the 2030-vision of achieving the goal of diversifying the Kingdom's economy and output, more than 300 screens in multiple theaters are scheduled to be open by 2020 [25]. This will create thousands of opportunities for Halalpreneurs in different roles that include journalist, editor, photographer, designer, researcher or producer, technical staff, copyrighter, presenters, content writer, graphics designer, and many more roles. The opportunities can be tapped in other OIC member countries as well, as the industry is growing significantly.

Muslim friendly tourism
Global Muslim spending on travel in 2018 was US$189 billion and projected to reach US$274 billion by 2024 (Figure 6). Simultaneously, global Muslim travelers are expected to grow 156 million in 2020 which was 121 million in 2017 [26]. Opportunities in this sector of the halal industry can be realized by realizing both the demand-supply side of the market. The demand for Muslim travelers comprises in terms of leisure, business, healthcare, and religious travel. On the other side, the supply side encompasses transport (bus, train, flights, etc.), accommodation (hotels, villas, resorts, apartments, homestays, etc.), F&B, travel agents, attractions and activities, Muslim friendly tour guides, and others related to travel and tourism. Such demand and supply are based on Muslim faith-based needs. Halalpreneurs have potential opportunities in the market of the travel industry to meet the faithbased needs that include halal food, prayer facilities, water usage friendly toilets, Ramadan services and facilities, halal spa, gender-segregated swimming pool and gymnasium, assurance of elimination of any non-halal activity, recreational activities with privacy, Muslim friendly tour guide, etc.

Halal pharmaceuticals
The industry of halal pharmaceuticals valued US$92 billion in 2018 and expected to grow US$134 billion by 2024, and the market expansion may even be greater as the target consumer is not limited to the Muslim population only. The demand for halal pharmaceuticals among Muslim consumers is increasing due to the Toyyiban concept that assures efficacy, quality, safety, halal, and hygiene factors. Additionally, it has gained acceptance among non-Muslim consumers as well because of the ethical aspect and the requirements to comply with the halal standard that include good manufacturing practices (GMP) as a prerequisite before meeting other requirements of halal certification. Such quality assurance sets a high benchmark in the market which enables "Halal" to become a recognized value in the pharmaceutical industry globally. A number of pharmaceutical companies in Malaysia are leading the industry, as Malaysia is the first country to come up with a strong and comprehensive halal standard for the pharmaceutical industry [27].

Halal cosmetics
Halal cosmetics and personal care is another booming market in the global halal industry. As of 2018, the Muslim spending on halal cosmetics was US$64 billion which is expected to grow US$95 billion by 2024. The product base of this industry is expanded to personal care products, color cosmetics (face, eyes, lips, nails), and fragrance products. Additionally, these product lines are applied for hair care, face care, skincare, and beauty care. Halalpreneurs can feasibly tap the opportunities and generate revenues in this market. Some hot sectors of this industry for growth in 2020 are halal nail polish, lipstick, halal face cream, scents, and perfumes. The potential growth has been identified through e-commerce [21]. The cosmetics and personal care products are even demanded by men as they are conscious about their appearance as well. The halal certification, i.e. the halal logo gives a competitive advantage to the Halalpreneurs over competitors who do not have halal certification.

Potential markets
The GIE report (Figure 7)

Conclusions
The chapter introduces and explains a new term, "Halalpreneurship," similar to entrepreneurship. To understand and define Halalpreneurship, one must understand and consider what is halal, toyyib, and haram. Halalpreneurship refers to halal entrepreneurship which revolves around the Islamic economy and the individuals in Halalpreneurship are called Halalpreneurs, whereas entrepreneurship is a concept that is used in the conventional economy. Both Halalpreneurs and entrepreneurs imply business individuals who offer innovative products and services to the consumers, take risks, look for opportunities by the creative use of assets in manners that make a significant impact on the market. However, the concept of Halalpreneurship differs from entrepreneurship in certain aspects which comprise mainly the implication of ethical and religious (Islamic) values and guidelines in all kinds of activities in an economy that are related to entrepreneurship. The concept of Halalpreneurship is based on Maqasid-al-Shari'ah (five objectives of Islamic law). Any Muslim individual conducting entrepreneurial business in the global halal industry with the objective of producing only halal products and services and maintains his/her business conduct in a Shari'ah-compliant way is called a Halalpreneur. Non-Muslims are also allowed to be Halalpreneurs based on the maslaha (public interest) for the benefit of ummah and mankind. A number of salient points differentiate Halalpreneurship from entrepreneurship. The points are concept, what to produce, how to produce, for whom to produce, the scope of knowledge, motivational factors, and stakeholders. Additionally, there are certain characteristics of Halalpreneurs that make them unique and differentiated from conventional entrepreneurs. Some of these characteristics include fear of Allah, the nature of prioritizing prayer, truthfulness, philanthropist, and knowledge of Islamic law.
Halalpreneurs is the source of creativity and innovation that postulates the Islamic economy in many ways. Halalpreneurs thrives for business opportunities with knowledge and wisdom and having faith in Allah (SWT). Simultaneously, they tap the opportunities and conduct their business activities following the guidelines of the Quran, and the advice and practice of the Prophet (PBUH). Business opportunities of Halalpreneurs are spread over the entire global halal industry that had a market value of US$4.7 trillion in 2018 including Islamic finance. The opportunities can be explored in different potential sectors of the halal industry that include Halal F&B, modest fashion industry, Halal media and recreation, Muslim friendly tourism, Halal pharmaceuticals, and Halal cosmetics. Furthermore, the emerging markets to explore opportunities are Halal logistic and supply chain, Halal technology, and Halal talent and skills (Human resources) development.
The potential markets for Halalpreneurs are the top 15 countries in the GIE where Malaysia is leading with maximum GIEI score followed by UAE in the second position. The other markets in the list include Bahrain, Saudi Arabia, Indonesia, Oman, Jordan, Pakistan, Kuwait, Qatar, Brunei, Sudan, Turkey, Iran, and Bangladesh, respectively. Interestingly, Brazil has ranked the third position in the halal F&B industry. Additionally, some other non-Muslim countries have also made their positions in the top 10 list of the GIE report in 2018.
Limitations of the chapter: The general objective of this chapter was limited to elucidate and explain the concept of halal entrepreneurship, i.e. Halalpreneurship. As the concept is new, limited literature was available relevant to the topic specifically. Although, the chapter attempts to provide an overview of the underlying opportunities for Halalpreneurs in different fields of the halal industry, to carry out a research and field survey in every filed was beyond the scope of the current chapter.
Recommendations for future study: Future study should carry out an in-depth investigation of each field of the halal industry to explore the business opportunities of Halalpreneurs in detail. Simultaneously, the issues and challenges faced by the Halalpreneurs in the halal industry need to be identified and addressed. Additionally, the factors driving the growth of the halal industry need to be realized so that policymakers can emphasize those forces more to enhance the expansion of the halal industry globally.