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Allah says: It is He who created all that is in the earth for you.... (2:29) He has subjected to you, from Himself, all that is in the heavens and all that is on the earth.... (45:13) In Islam the sphere of prohibited things is very small, while that of permissible things is extremely vast. There is only a small number of sound and explicit texts concerning prohibitions.
If something is entirely harmful it is haram, and if it is entirely beneficial it is halal; if the haram of it outweighs its benefit it is haram, while if its benefit outweighs its harm it is halal. This principle is explained in the Qur'an in relation to wine and gambling: They ask thee concerning wine and gambling. Say (O Prophet): In them is great sin and some benefit for human beings, but the sin is greater than the benefit.... (2:219)
The Muslim is not required to know exactly what is unclean or harmful in what Allah has prohibited; it may be hidden from him but be apparent to someone else, or its harm may not have been discovered during his lifetime but may be understood at a later period. What is required of a Muslim is simply to say, "We have heard and we shall obey.
How does one know whether a business / investment opportunity is halal or not; in the prevailing financial environment. For those businesses whose critical information are there in the public domain, such information can be used to assess their investibility. The prevailing Shariah screening norms for equity investments seek to provide this kind of information. The critical question then is; whether these indices express the Shariah compliance/validity of businesses they feature in a holistic manner or whether they give only a cross-sectional view.
Shariah Screening
BUSINESS SCREENING
Businesses engaged in activities explicitly prohibited by Shariah are excluded. Conventional banking Conventional insurance Alcohol Gambling Haram food Obscenity etc.
FINANCIAL SCREENING
Indebtedness of the enterprise (debt to TTMAMC) is greater than or equal to 33%. Earnings from interest and impure income (cash + interest bearing securities to TTMAMC) is greater than or equal to 33%. Cash receivables of the enterprise (accounts receivables to TTMAMC) is greater than or equal to 33%.
Capital
Halal Industry
MUSLIM ENTREPRENEURSHIP
Islam hails entrepreneurship. Business is considered to be one of the highest profession that can be undertaken by a Muslim. The case with many other religions is on the other end; where by all sorts of material pursuits are discouraged and asceticism is regarded to be the ideal state of being to be achieved by a man. One of the hadith states that the righteous trader will be among Prophets, martyrs and the truthful on the day of resurrection. The spread of the religion of Islam was achieved not by solely dedicated missionaries, but mainly by trading communities who travelled to the different parts of the world.
Modern management and technological advancements were the virtues among the vile. In a sense of resistance towards anything that is alien towards their culture; Muslims didnt keep pace with the advancements in management and technology; which has progressively resulted in the eradication of Muslims from the forefront of business and industrial leadership in the modern world. For the development of halal businesses; modern business acumen and Shariah conscience have to be inculcated in the very same place and cant yield results while remaining as water tight containers.
IT Systems
Operations
Shariah Compliance
Human Resources
Marketing, Sales and Advertisements
World Muslim population of 1.83 billion in 2009 out of 6.5 billion world population. Average annual growth rate of about 1.80% per annum which does not include conversion which is on the rise currently. Global halal products market is estimated at US$2.3 trillion excluding Islamic banking
If we include service sectors for the halal market, the potential size of total market is astronomical.
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