Prof. Dr. K C Patrick Low, University of South Pacific, Fiji
Muslims will grow more than twice as fast as the overall world population between 2015 and 2060, and in the second half of this century, will likely exceed Christians as the world’s largest religious group (Lipka and Hackett, 2017). Islam is today the fastest growing religion on earth, both by birth and adoption. With the global halal market estimated to be worth US $150 billion a year, the halal food industry is pegged to grow at a rate of 2.9 percent annually (Asia Inc., July/August 2007). Businesses should therefore be tapping at this growing market segment. At the same time, however; it’s important to note that “focusing on only halal food is not enough; we need to focus on halal income as well.” (https://quotesdownload.com/halal-quotes/) Additionally, the marketing of halal products needs to be appropriate and not haram (harmful).
China’s halal market, for example, valued at US$21 billion, is one of the fastest-growing in the world (Shafeez, 2017). Yet the focus should not only be on ethical marketing but also on halal income. Business people should not use bribes or follow corrupt practices to secure licences, business premises and / or trade; especially as the different provinces in China follow different rules and regulations for their importation procedures.
For Islam, one should and can make halal money. Earning halal money is, in fact, a religious obligation. Halal money and earnings that come from a good source are forms of good deeds for which people will be rewarded in the afterlife. Therefore, while discussing halal marketing and highlighting its importance, this paper also seeks to underscore the importance of obtaining halal income in the marketing of products.