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Research Abstracts
Session 1: Impacts and Challenges of Islamic Entrepreneurship in the Halal Economy
Islamic Entrepreneurship in the Anthropogenic Era
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
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?
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”
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
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
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
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
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.