Transition, Vol. 24 No. 48, 2021.
Review article
HALALECOMICS AND THE HALAL MARKET
Kadrija Hodžić
; Ekonomski fakultet Univerziteta u Tuzli
*
* Corresponding author.
Abstract
With this article, we try to draw attention to halalonomics as a comprehensive concept of the Islamic economic system corresponding to secular economic systems, as well as the expansion of the halal market, including the specific competitiveness of halal products. The halal market is one of the most promising world markets, which in recent years has been growing at an average annual rate of approx. 20%, and according to projections in the next ten years, this growth will increase in the European Union by an additional 15-20%, (4.9 thousand billion USD ). Halalonomics is a mixed economic system that combines various organizations, institutions, subjects, rules and relationships that determine the economic structure of the Islamic social community, and its starting point is halal, which is increasingly the reality of both Western consumer societies and the behavior of Western companies. Halalonomie is today an integral part of the state regulation of Islamic countries, and the marketing and technological concept of halal is becoming attractive in a significant part of the global production and distribution chains of the food industry from the farm to the consumer. Thanks to its constant growth, the Islamic economy has become an established reality in the system of the global economy. The regulation of halal is generously accepted by Western companies, especially the food industry, because it brings them huge profits, which is why the religious echo of halal is avoided in the business world. Our analysis of the market of halal products, which are the basis of halolonomy, showed two basic characteristics: (1) it is one of the most promising markets in the world, and (2) the market uniqueness of halal products is complete protection in competition from products that are not under the halal standard.
Keywords
halal, haram, halalonomics, Islamic economy, Islamic finance
Hrčak ID:
309057
URI
Publication date:
21.10.2023.
Visits: 735 *