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Halal economy in the global markets: new source of investment and economic growth

There are approximately 1.5 billion Muslims in the world and majority of the world’s Muslim population is located in the Asia-Pacific region. According to Global Islamic Economy Report in 2013, the global expenditure of Muslim consumers on food and lifestyle sector is being estimated to be 1.62 tril...

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Main Author: Baharumshah, Ahmad Zubaidi
Format: Conference or Workshop Item
Language:English
Published: Halal Products Research Institute, Universiti Putra Malaysia 2014
Online Access:http://psasir.upm.edu.my/id/eprint/60587/1/M27.pdf
http://psasir.upm.edu.my/id/eprint/60587/
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spelling my.upm.eprints.605872018-06-07T08:46:08Z http://psasir.upm.edu.my/id/eprint/60587/ Halal economy in the global markets: new source of investment and economic growth Baharumshah, Ahmad Zubaidi There are approximately 1.5 billion Muslims in the world and majority of the world’s Muslim population is located in the Asia-Pacific region. According to Global Islamic Economy Report in 2013, the global expenditure of Muslim consumers on food and lifestyle sector is being estimated to be 1.62 trillion US dollar in 2012 and is expected to increase by more than 53 by 2018. This has raised attention in many people’s minds recently as to what the Halal Economy refers to. Does it refer to the economies of the Organization of Islamic Cooperation (OIC)? Are the consumers of the Islamic economy (e.g. Islamic finance) limited only to Muslims? Does it refer to green, purity and non-pollution? Can this halal economy promote new investments and economic growth? The primary aim of this paper is to offer a global perspective of the halal economy. The paper looks at the definition of halal economy and five existing sectors, namely halal food, Islamic finance, clothing or fashion, halal tourism, and pharmaceutical and cosmetic sectors. In addition to that, the prospects of Malaysia’s major halal exported products and destinations are reviewed. Some challenges and opportunities will be highlighted in the last section. Halal Products Research Institute, Universiti Putra Malaysia 2014 Conference or Workshop Item PeerReviewed text en http://psasir.upm.edu.my/id/eprint/60587/1/M27.pdf Baharumshah, Ahmad Zubaidi (2014) Halal economy in the global markets: new source of investment and economic growth. In: Malaysia International Halal Research & Education Conference 2014 (MIHREC 2014), 2-4 Dec. 2014, Marriott Putrajaya Hotel, Malaysia. (p. 264).
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description There are approximately 1.5 billion Muslims in the world and majority of the world’s Muslim population is located in the Asia-Pacific region. According to Global Islamic Economy Report in 2013, the global expenditure of Muslim consumers on food and lifestyle sector is being estimated to be 1.62 trillion US dollar in 2012 and is expected to increase by more than 53 by 2018. This has raised attention in many people’s minds recently as to what the Halal Economy refers to. Does it refer to the economies of the Organization of Islamic Cooperation (OIC)? Are the consumers of the Islamic economy (e.g. Islamic finance) limited only to Muslims? Does it refer to green, purity and non-pollution? Can this halal economy promote new investments and economic growth? The primary aim of this paper is to offer a global perspective of the halal economy. The paper looks at the definition of halal economy and five existing sectors, namely halal food, Islamic finance, clothing or fashion, halal tourism, and pharmaceutical and cosmetic sectors. In addition to that, the prospects of Malaysia’s major halal exported products and destinations are reviewed. Some challenges and opportunities will be highlighted in the last section.
format Conference or Workshop Item
author Baharumshah, Ahmad Zubaidi
spellingShingle Baharumshah, Ahmad Zubaidi
Halal economy in the global markets: new source of investment and economic growth
author_facet Baharumshah, Ahmad Zubaidi
author_sort Baharumshah, Ahmad Zubaidi
title Halal economy in the global markets: new source of investment and economic growth
title_short Halal economy in the global markets: new source of investment and economic growth
title_full Halal economy in the global markets: new source of investment and economic growth
title_fullStr Halal economy in the global markets: new source of investment and economic growth
title_full_unstemmed Halal economy in the global markets: new source of investment and economic growth
title_sort halal economy in the global markets: new source of investment and economic growth
publisher Halal Products Research Institute, Universiti Putra Malaysia
publishDate 2014
url http://psasir.upm.edu.my/id/eprint/60587/1/M27.pdf
http://psasir.upm.edu.my/id/eprint/60587/
_version_ 1643837402598342656
score 13.211869

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