Vivamus Tortor Enim, Semper Et Ornare Sed, Sagittis In Lorem.
Admin Mar 18, 2024 0 comments
Lorem ipsum dolor, sit amet consectetur adipisicing elit. Quos mollitia dolores corrupti placeat voluptatem dignissimos ullam quis ad accusantium.
Vivamus Tortor Enim, Semper Et Ornare Sed, Sagittis In Lorem.
Admin Mar 18, 2024 0 comments
Lorem ipsum dolor, sit amet consectetur adipisicing elit. Quos mollitia dolores corrupti placeat voluptatem dignissimos ullam quis ad accusantium.
Promoting Entrepreneurial Mindset Among Muslims — A Pressing Need of the Hour
Irshad Ahmad Salafi June 04, 2025 0 comments
Islam offers a comprehensive way of life, including clear guidelines for business conduct. Islamic entrepreneurship refers to business practices conducted under Islamic principles, avoiding interest, deceit, fraud, and trade in prohibited items. Such businesses aim not only for profit but also for divine approval and societal welfare.Islamic Innovation Islamic innovation involves creating products or services based on Islamic principles, excluding prohibited elements like alcohol, pork, gambling, and interest-based financial services. The core tenet is to avoid the forbidden and prioritize ethical values.
A Glance at Islamic Economics
Irshad Ahmad Salafi June 04, 2025 0 comments
Islamic economist Muhammad Umar Chapra, in his book “What is Islamic Economics”, defines Islamic economics as: A discipline and practice concerned with understanding and implementing Shariah directives and principles to prevent injustice in acquiring and utilizing material resources. Its goal is to provide comfort to humans and enable them to fulfill their responsibilities towards Allah and society.” According to the State of the Global Islamic Economy (SGIE) Report 2022, Islamic economics, also known as the ‘Halal Economy,’ encompasses various sectors including food, pharmaceuticals, cosmetics, finance, travel, media, and entertainment, all aligned with Islamic principles and ethics.The foundation of Islamic economics lies in fulfilling the ethical values and needs of Muslims who strive to adhere to Islamic teachings in their daily lives.
Overview of the Global Islamic Economy
Irshad Ahmad Salafi June 04, 2025 0 comments
As per the SGIE Report, Muslim consumer spending across various sectors reached $2.29 trillion in 2022, up from $2 trillion in 2021, marking a 9.5% increase within a year.Including Islamic financial assets, valued at $3.96 trillion, the total worth of the Islamic economy amounts to $6.25 trillion.This highlights the significant potential of the Islamic economy—a market that Indian Muslim youth and entrepreneurs have largely overlooked.
The Indian Muslim Market
Irshad Ahmad Salafi June 04, 2025 0 comments
Before exploring opportunities, let’s consider the demographics. Officially, Muslims constitute about 15% of India’s population, approximately 200 million people. Some estimates suggest the number may be even higher, making India the third-largest Muslim population globally, after Indonesia and Pakistan.Focusing on the halal food sector, according to IMARC Group, the global halal food market was valued at $2.71 trillion in 2024 and is projected to reach $5.91 trillion by 2033, growing at a CAGR of 8.92% from 2025 to 2033.In 2022, India’s halal meat exports were valued at $4.4 billion, indicating a significant share in the global halal meat market.These figures underscore the vast opportunities available, urging us to consider and actively pursue them.
Successful Business Models in the Islamic Economy
Irshad Ahmad Salafi June 04, 2025 0 comments
Islamic Finance: • Wahed Invest (USA/Global): A halal investment platform offering robo-advisory services compliant with Islamic principles. • Ethis (Malaysia/Indonesia): A Shariah-compliant crowdfunding platform for real estate and SME projects. • Insha Bank (Germany): A digital bank operating under Islamic financial principles. • Zoya (USA): A platform assisting Muslims in screening stocks and building halal investment portfolios. E-commerce & Marketplaces:• Modanisa (Turkey): A global e-commerce platform offering hijabs and modern fashion for women.• TijaraHub (Malaysia): An online marketplace focused on halal products, aiding Muslim entrepreneurs and small businesses.• MuslimMarket.com (Indonesia): A popular online platform selling Islamic fashion, food, books, and prayer items Education & EdTech: • Alif Technologies (Bangladesh): Provides Islamic educational apps, Quran learning, and online madrasa services.• Tarteel AI (USA): A Quran app using artificial intelligence to assist in recitation correction and memorization. Media & Content Creation: • OnePath Network (Australia): A Muslim media network producing videos, documentaries, and Islamic educational content. • Muslim Central (Global): A platform offering lectures, podcasts, and Islamic talks from scholars worldwide.
Indian Context: Emerging Islamic Businesses
Irshad Ahmad Salafi June 04, 2025 0 comments
In India, particularly in the southern regions, there’s a growing interest in Islamic economy ventures:• IslamicShop.in: A prominent e-commerce platform offering Islamic books, halal cosmetics, food items, perfumes, toys, and clothing.• Muslim Forever: A Delhi-based e-commerce website selling clothing featuring Islamic calligraphy.• Dates Wala: A new venture focusing on the sale of premium dates.• Nikah Forever: A matrimonial platform for Muslims, boasting over 1.5 million registered users.• eMadrasah.in: Founded by Abdul Rahman Alamgir, this platform aims to make Islamic education accessible to university students and non-Muslims.• Azaan Guru: Established by Muhammad Sufyan Sanabali, this initiative teaches Quran reading, especially to those unfamiliar with it. It’s approved by the Center for Entrepreneurship and Innovation at Jamia Millia Islamia, New Delhi.• Led By Foundation: Dedicated to the professional development of Muslim women, offering leadership training, skill development, and networking opportunities.• I PLUS TV: A reputable institution broadcasting religious discussions, speeches, and answers to public queries under the guidance of esteemed scholars.