Session
1: Impacts and Challenges of Islamic Entrepreneurship in the Halal
Economy
Islamic Entrepreneurship in
the Anthropogenic Era
Prof. Dr. Tariqullah
Khan
First time in human history, we are in the anthropogenic era where the
stability of planet earth is threatened by human actions and economic
activities. We must reassess the economic paradigms that have caused this. The
Schumpeterian institution of entrepreneurship and its narrative of creative
destruction is one such important area that requires a revisit. Similarly, the
new entrepreneurial terminology blitzscaling (fast-track
entrepreneurship) is another relevant concept to rethink through open innovation
alternatives. The positive role of entrepreneurship for society’s wellbeing is
well appreciated in Islamic economics as prior to his Prophethood, Muhammad
(PBUH) was himself an entrepreneur. Therefore, the attributes of transformative
Islamic entrepreneurs are also well recognized. This research argues that
businesses have caused climate change, and therefore businesses must play a
central role in climate remediation through innovation, cleaner creative
destruction, and blitzscaling. The attributes of Islamic entrepreneurship
have high relevance for aligning economic development, societal wellbeing, and
ecological resilience as the preconditions of comprehensive development and the
management of its sustainability. The research uses the embedded
multidimensional development framework of Maqasid
Al-Shariah, Sustainable Development Goals (SDGs), and the sustainability
management paradigm of circular businesses as an ecosystem for entrepreneurial
initiatives. The research also discusses prospects and suggests some potential
themes of innovative Islamic finance for promoting climate-friendly
entrepreneurship.
The Impact of Islamic
Finance on Entrepreneurship for Sustainable Economic Development in
Nigeria
Dr. Akilu
Aliyu Shinkafi, Mr. Sufyan Mustafa, Dr. Sani
Yahaya, and Mr. Ahmed Ibrahim Mohammed
This research intends to explore the impact of Islamic finance on
entrepreneurship development for sustainable economic development in Nigeria.
The research adopted the social constructivist approach and used the
face-to-face interview as a data collection technique. Purposive sampling was
employed with a sample size of 12 participants comprising Islamic banking
experts, economic development experts, and entrepreneurship experts were derived
from the selected sample sites (i.e., four public Universities in northern
Nigeria). In this regard, Guest, Bunce, and Johnson (2006) suggest a sample of
six to twelve participants as sufficient and adequate for developing meaningful
interpretations and understanding of the phenomenon under study. Thematic and
theoretical data explanations were used in analyzing the data obtained from the
participants. The research outcome reveals that Islamic financing products such
as Mudarabah, Musharakah, Wakala, Qard al-Hasan, and Ijarah have
a significant impact on micro-entrepreneurs, micro-investment, SMEs, and
entrepreneurship development. Also, the findings further reveal that Islamic
finance has a significant impact on socio-economic welfare, improves household
financing, economic objectives, employment generation, salvage capital needs,
promotes business activities, and stimulates sustainable economic development in
Nigeria. These findings have practical implications for stakeholders,
policymakers, Islamic bankers, Islamic economists, and entrepreneurs. It
contributes to the body of knowledge and is an addition to the emerging
literature; and implies Islamic finance has a potential impact on
entrepreneurship for sustainable economic development.
Challenges, Opportunities
and Recommendations for MSMEs in the Global Halal Industry
Mr.
Irshad A. Cader
The global halal industry is arguably one of the fastest-growing
industries in the world. The economic potential of the industry has attracted
not only OIC member countries but also OIC non-member countries and their
conglomerates. The most promising halal markets are the fast-growing economies
of Asia, the Middle East, Europe, and the Americas. With a growing consumer base
and increasing growth in many parts of the world, the industry is set to become
a competitive force in Global trade. The global halal industry is estimated to
be worth around USD2.3 trillion (excluding Islamic finance), making it one of
the fastest-growing consumer segments in the world. Data and statistics
highlighting the size and growth of the Islamic Finance market have sustained
the value of its total assets at approximately USD2.1 trillion. The Islamic
Finance sector has witnessed tremendous growth over the past few years with the
emergence of crowdfunding platforms. MSMEs are the lifeblood of the Global Halal
industry from villages to cities. MSMEs possess strong leverage for the halal
value chain greater than material benefits, including ethics, morality,
accountability, and spirituality, with economic independence as the ultimate
goal. Moreover, MSMEs are described consistently as critical role sectors in
economic growth. Therefore, this research thoroughly discusses the challenges
faced by MSMEs in the OIC member and non-member countries while highlighting the
opportunities and providing recommendations including some of the best practices
implemented by certain countries and organizations to further promote MSMEs’
sustainable development in the Halal Industry.
A Home-Grown Economy: Can
The South African Muslim Heritage Be The Key to Reviving The Flagging Hopes of A
Struggling South African Economy?
Ms.
Maheerah Gamieldien
This research aims to explore the value and impact of the Muslim
community's historical knowledge and heritage regarding the Halal global
economy, specifically the South African economy, as it is placed a key producer
for Halal and shariah-compliant products and commodities. The research's two
main discussion areas will cover the segue of the Halal economy into the global
economy and South Africa tapping into the Halal agricultural and tourism
industry as a key economic opportunity (Davids, 2015). This research argues that
there will be unintended consequences for the local Muslim community with the
piecemeal adoption of Halal codes, and this will impact the identity markers for
this centuries-old minority Muslim community. With this perspective, one needs
to look no further than the fair trade model to look at an all-encompassing
systematic approach (ways of doing business, providence, anti-cruelty, etc.).
Thus, highlighting and emphasizing the Tayyib (clean, pure, and comply
with shariah) aspects alongside the food hygiene aspects will initiate the
growth of the Halal economy and create space for thinking about Halal as a
measure of integrity and fairer trade in a globalized economy, which is
increasingly characterized by exploitative and damaging practices.
Session
2: Ethnographic Perspectives of Entrepreneurship in the Halal Economy
Demystifying Antecedents of
Attitude Towards Entrepreneurship: Evidence from Majority Muslim Country
Mr.
Hamid Mernaoui, Dr. Hind
Lebdaoui, and Dr. Yousef
Chetioui
This empirical research aims at studying the antecedents of attitude
towards entrepreneurship in the southern regions of Morocco. Based on responses
from 360 aspiring entrepreneurs, data was collected using a self-administered
questionnaire. The partial least squares structural equation modeling (PLS-SEM)
technique is used for data analysis. The research findings demonstrate that
subjective norms, perceived behavior control, entrepreneurship training, and
financial literacy impact their attitude towards entrepreneurship. In addition,
the results confirmed that socio-demographic aspects such as age, level of
education, and gender do not impact the attitude toward entrepreneurship. This
is the first research of its kind addressing entrepreneurship issues using such
a model in Morocco. The research findings permit a better understanding of
people’s attitude and behavior towards entrepreneurship and can better inform
decision and policies makers for more effective promotion of entrepreneurship in
the regions and its impact. To the authors’ knowledge, this is the first
research of its kind that explores the impact of financial literacy and
entrepreneurial education on entrepreneurial attitude in an African context.
Factors driving Halal supply
chain Adoption by MEA Pakistan
Dr. Imran
Mehboob Shaikh, Dr.
Hanudin Amin, and Dr.
Kamruzaman Noordin
This research examines the factors that drive exporter’s influence
towards halal meat supply chain adoption by encompassing the theory of
interpersonal behavior (TIB). Using TIB as a reference line theory, the research
evaluates the halal supply chain adoption by the meat exporters association
(MEA) in Pakistan by employing purposive sampling. The research’s findings
reveal that awareness, affect, facilitating conditions and religious obligation
are pivotal in determining the adoption of the halal supply chain. In addition,
perceived risk and social factors are found not to be significant predictors.
Resultantly, it may also be necessary to look into factors examined in this
research and other factors that may have played a great role in the halal supply
chain adoption by meat exporters in the case of Pakistan.
This research is limited in terms of the sampling method opted as well
as the population of the study. Future studies may focus on the random sampling
method using cluster sampling to cover other regions and provinces for a clear
picture and understanding. Nonetheless, there are limited studies that used the
theory of interpersonal behavior in the context of halal supply chain adoption
in Pakistan. Therefore, the theory of interpersonal behavior is extended in the
current work. Further, this research will be a useful source of guidance for the
operators of halal supply chain practices, academicians, and future researchers.
Participative Finance,
Microfinance, and Entrepreneurship in Morocco: “The Case of Auto Entrepreneur
Scheme”
Dr. Adil Zarfi
The main purpose of this research is to investigate the role of
participative finance and Microfinance in Morocco to enhance and empower
entrepreneurship. The new banking law (N° 103-12) reinforces the legal framework
and offers the participative financial institutions an opportunity to implement
their products and participate in financial inclusion strategy in Morocco, which
can facilitate the access of very small and medium enterprises (VSMEs) and auto
entrepreneurs to several modes of financing. Under this purview, it is necessary
to determine the place of participative microfinance in the whole participative
finance ecosystem and the necessary conditions for its implementation. Also, it
is necessary to know if the formal financial system is well designed to serve
the financing needs of auto entrepreneurs in Morocco.
For the first part, the research proposes a conceptual framework to
establish the relationship between participative finance, microfinance, and
entrepreneurship in the case of the auto-entrepreneur scheme. Understanding
Morocco's overall socio-economic structures will help define the obstacles and
level of awareness (either on the demand or supply-side) and determine whether
the Shariah-compliant products can meet the expectations of the VSEs segment.
Therefore, the perceptions and attitudes of auto entrepreneurs were analyzed
using an online survey. Similarly, the perceptions of a group of experts were
analyzed using a qualitative approach, in which semi-structured interviews were
conducted.
Finally, the research identifies the major challenges of participative
finance and formulate recommendations for entrepreneurial empowerment that can
contribute positively to the field of academic knowledge and professional
practices.
Session
3: Policy and Financing Models for Advancing the Entrepreneurial
Ecosystem
Financing Halal
Entrepreneurship by Venture Waqf
Prof. Dr. Usama Alani
Halal Entrepreneurship (HE) is gaining momentum in Muslim societies,
and research on the financing role of waqf in the financing of entrepreneurship
accompanies this trend. This research, therefore, aims to analyze the phenomenon
of halal entrepreneurship (HE) by comparing it to the conventional framework, as
well as to discuss the essence of the venture waqf (VW) phenomenon. Also, it
aims to propose a new entity of financing and support for halal entrepreneurship
through Incubator of waqf (IW).
Finding The Islamic Social
Finance Partnership Models for Micro Entrepreneurship Through Islamic Helix
Approach: Case Study in Indonesia and Algeria
Dr.
Khairunnisa Musari and Dr. Fatima
Sayah
Islamic social finance has played an important role in the
socio-economic development of Islamic civilization. This research endeavors to
expand on the Islamic Triple Helix ‘(Islamic) Government – (Islamic) Industry –
(Islamic) Civil Society’ as a generic scheme of the Islamic social finance
partnership model by reconfirming this model for micro-entrepreneurship in
Indonesia and Algeria. By using the purposive, this research analyzes
micro-entrepreneurship, including micro-projects and micro and small enterprises
that received funding from national zakat authority in Indonesia (National Board
of Zakat – BAZNAS) and in Algeria (Ministry of Religious Affairs and Wakfs). The
analysis will focus mainly on three issues: (1) describing the fact and figures
of Islamic social finance in Indonesia and Algeria; (2) describing the financing
and empowering micro-entrepreneurship by Islamic social finance in Indonesia and
Algeria; and (3) mapping the Islamic Helix of micro-entrepreneurship in
Indonesia and Algeria.
Documenting and
Strengthening Entrepreneurial Ecosystem
Dr. Adil
Zarfi, Ms. Noora Al
Suwaidi and Dr. Nasim
Shirazi
An entrepreneurial ecosystem may be described as the unique system or
the conducive environment that supports businesses’ formation, development, and
sustainability. Qatar has several sectoral sponsored ecosystems intended to
nurture entrepreneurialism as a part of its Qatar National Vision of 2030, which
represents a cornerstone element in its economic diversification strategy. This
research seeks to analyze them according to Isensberg’s (2011) six critical
domains that ensure sustainability: policy, finance, culture, supports, human
capital, and markets. The objective is to determine if an open ecosystem model
would improve the relationships between these siloed ecosystems to respond to
environmental and internal disruptors and limitations to effectiveness and
ultimately deliver more success stories in the startup communities across the
sectors. It is hypothesized that through an open innovation system, competition
and collaboration would result in accelerated growth, revenue implosion, and
sustainable development for the key ecosystem stakeholders. In light of the
varying ecosystems performance and contemporary academic literature, this
research will be able to put forth recommendations that impact the policies and
cultures of the ecosystems, which would lead to expanded interdependence,
streamlined offerings, and cost efficiencies, ultimately delivering more for
less.
Session
4: Fintech and their Role in Modern Entrepreneurship
Emerging Business Models of
Sustainable Entrepreneurship: An Investigation into E-hailing Mobility Services
in Nigeria
Prof.
Dr. Samuel Odewumi
Mobility and Access in sub-Saharan Africa are perennially challenged.
One of the solutions that is spreading fast is e-hailing and its riding on
shared mobility solution through ICT applications. The research's main
objectives are to (1) determine the types, origin, and operational modality of
the business; (2) describe the socio-economic characteristics of the operators
and users of the service; (3) examine issues of sustainability from the public
policy regulatory frameworks, perception of the government officials, (4) assess
perceptions of the operators and users of the services; and (5) analyze the
business cost and revenue profile to determine the sustainability of the
business model. For primary data, the research employed participant
observers and structured questionnaires. The secondary information was obtained
from government's guidelines and other archival sources. Descriptive statistics
were used for data analysis and graphical presentations.
Artificial Intelligence as
New Entrepreneurship in the Fourth Industrial Revolution
Mr.
Fadilu Rahman CH
Digital technologies are transforming the nature and scope of
entrepreneurial activity. One specific feature of digitization is the capacity
to automate activities that require significant human input and effort. The
Fourth Industrial Revolution (4IR, or Industry 4.0) has gained traction as a
term to describe a new paradigm of cyber-physical systems. These systems are
constituted by a range of emerging general-purpose technologies applied across
multiple industries, including artificial intelligence, blockchain, genomics,
and the internet of things (IoT). Recent developments in Artificial Intelligence
(AI) are enabling machines to process large unstructured data sets using
complex, adaptive algorithms to perform tasks normally requiring human
intelligence. With this backdrop, the research aims to analyze artificial
intelligence as new entrepreneurship, its evolution, implications, and
opportunities in the Halal economy in the context of Industry 4.0.
Unlocking Islamic Finance
and Entrepreneurship with Innovative Solutions
Ms. Sara
Cherqaoui
The purpose of this research is to examine innovative solutions to
unlock Islamic finance and entrepreneurship. In recent years Islamic finance has
enjoyed rapid growth, but several challenges remain. Data show significant unmet
demand for sharia-compliant financial services, particularly among micro-small
and medium-sized enterprises (MSMEs). To fill this financing gap,
Sharia-compliant products currently offered to MSMEs are mostly leasing and
asset resale arrangements, with very little application of profit and loss
sharing contracts. This paper will look at innovative solutions uniting Islamic
finance and entrepreneurship to unlock the potential of MSMEs. In addition, the
emergence of Financial Technology (Fintech) has given the Islamic financial
system an impetus to compete on an equal footing with the conventional system
and prove itself. This research will examine the role of Islamic finance in
recovery post-COVID-19 and how Fintech can be utilized to combat the economic
repercussions that resulted from COVID-19. In addition to other existing
articles, this paper suggests that several countries, including Kuwait and
Malaysia, adopt cultures of e-commerce and develop Fintech products and services
to help MSMEs. This paper suggests using modern technology to unlock the
potential of Islamic finance in contributing to entrepreneurship and MSMEs
development. The findings of this research have significant implications for
policymakers and governments, and notably guidance on how to effectively apply
FinTech and innovative Islamic financial services in an Entrepreneurship setup.
Halal E-Business in Emerging
Market: Best Practices in the UK, Singapore, and Malaysia Based on Business
Canvas Model
Mr.
Fazlur Syarif
This research aims tо analyze and fоrmulate a business mоdel оwned by
three innоvative firms. Accordingly, the fоllоwing firms have been chоsen due to
their differences in size and their unique mоdel in emerging markets:
Halalbооking.cоm (United Kingdоm), Ethis (Singapоre), and Payhalal (Malaysia).
The research adopts descriptive qualitative research method by utilizing
business canvasmоdel as a tооl fоr identificatiоn to analyze the similarity and
differences of the three companies.
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