HALAL MKT REVIEWER

• Muslim individuals


  Responsible for refraining from consuming non-halal food and from extravagance
• Main perspective of Islamic socio-economic studies


  Realizing the spiritual, moral, social and material well-being of individuals in this life and the hereafter - from production to consumption of scarce resources in a morally guided market economy
• Key point in the perspective of Islamic economic thought

  Human well-being cannot be defined from a hedonic perspective, rather, it is defined from a spiritual, moral, and social perspective
• Orientalist Raymond Charles states that Islam draws a distinctive way for progress
• Islamic Shariah


  Governs the way of life and has clear guidelines that cover all aspects of a Muslim's life
• Maqasid


  Achieve specific goals
• Two interlinked set of rules in Maqasid Al Shariah

  • Those that clarify the Islamic belief system
  • Those that regulate the actual behaviour of the Muslim people
• The six pillars of faith in Islam

  • Allah
  • Allah's angels 'Malaeka'
  • Allah's book 'kutub'
  • Allah's messengers 'Rusul'
  • Last Day 'Yaoum Akhir'
  • Qada and Qadar (predestination)
• Allah


  Belief in his existence, Lordship and Divinity, and His names and attributes
• Allah's angels 'Malaeka'


  Allah created angels to worship Him, and only He knows their exact number
• Allah's books 'kutub'


  Allah revealed divine books- torah, Zaboor (psalms), Bible and Quran— to His messengers for them to convey to mankind
• Allah's messengers 'Rusul'


  Allah chose the finest amongst mankind to be messengers whom He sent with specific laws to worship and obey Him and to establish His religion
• Last Day 'Yaoum Akhir'


  Believing that the life of this world will come to an end
• Qada and Qadar (predestination)


  Believing that Allah knew everything before it came into being, and what will happen to it afterwards
• An obvious goal


  Peace of mind and heart
• Three layers or level of motivation

  • Consumption is motivated by not consuming Haram
  • Muslim consume Halal as part of doing good deeds
  • Believing, and behave accordingly, will result not only in improving one's own immediate status but also in a better planet for all
• The strongest degree of motivation

  Where a Muslim's behaviours are aimed at achieving the ultimate reward, that is, heaven in the afterlife
• The lowest level of motivation

  Where Halal is consumed and Haram is avoided out of custom, tradition or upbringing
• Faith


  It is not a logo or an item of attire, these are mere reflections of it
• Traditional firms


  They could never sustain any competitive advantage they might gain as a result of being an early entrant
• Visionary firms


  Play at an entirely different field where it is very costly and time-consuming for other firms to follow suit. They understand the difference between reflection and the faith
• Islamic economy


  The economic system of the religion of Islam. It shows the Islamic way of organizing the economic part of Muslim people's lives according to the general guidelines expressed in the Quran and the Sunnah
• Two main parts included from the definition of Islamic economy

  • Related to the fixed guiding principles
  • The environment in which these principles are applied
• The general guidelines under Islamic economy

  • Work is halal and freedom to work
  • Trade is Halal but usury is Haram
  • The fruits of labour go to the labourer, and men and women are equal in that regard
  • The state has the power to redistribute wealth in society in case of grave disparities
  • It is Haram to transgress against a Muslim's wealth in any way
• Civil laws


  Are bound by time and place
• Characteristics of the Islamic Faith

  • An integral Part of the Islamic Faith
  • A noble cause
  • Self-Monitoring and Control
• Islam is a complete way of life and is taken as a whole, not in parts
• Three environmental changes that are taking place around the world

  • The population of Muslims is growing rapidly, and so is their purchasing power
  • The participation of Muslims in global commerce is on the increase
  • The logic to bring to market offerings that respect the principles of Islam, as evidenced in growing number of Shariah-compliant banks and Halal foods, has become self evident
• Shariah


  Governs the life of Muslims and which Muslims consider to be the embodiment of the will of God
• Shariah


  This law caters the needs of Islamic society, and is essentially preventative and is not based on harsh punishment- except as last resort
• Five pillars of Islam

  • Affirmation of the faith (Shahadah)
  • The five daily prayers which Muslims perform facing Mecca (Makkah)
  • Fasting from dawn to dusk during the lunar month of Ramadan
  • Making the pilgrimage to Mecca once in a lifetime
  • Paying an obligatory charitable sum of 2.5 per cent tax on one's capital
• Islam means submission to God
• Salam


  Literally means peace
• Detailed instructions are provided on the acts of pure worship such as prayer, pilgrimage, fasting and charity, as well as a multitude of other aspects of life
• General guidelines are provided in what is referred to by the Prophet Mohammad as 'the affairs of your worldly life'
• Multinational corporations


  They should be multicultural and not simply impose their own culture; they need to adapt their operations to make their Muslim customers, employees and suppliers comfortable with their practices
• Halal


  Known as permissible in Islam
• Three levels of Halal

  • Wajib (duty)
  • Mandoob (likeable)
  • Mankrooh ( despised)
• Wajib (duty)


  It is an obligatory acts. Can be described as the Core Halal without which a firm cannot be seen as Shariah-compliant
• Mandoob (likeable)


  Preferable but not obligatory. It can be described as the supplementary halal