Prospects for achieving the Sustainable Development Goals 2030 Through A Proposed Halal Entrepreneurship Success Index (HESI)

Abstract

The Global Islamic Economy Indicator recognizes Malaysia as a global leader of the Islamic/Halal economy. Malaysia is also expanding its Islamic Economy and Business Ecosystem. Accordingly, the Ministry of Entrepreneur Development (MED) in Malaysia aims to produce a million small and medium enterprise (SME) entrepreneurs in 2019-2023. However, the Global Innovation Index in 2018 and 2019 ranked Malaysia in the 35th place globally, behind top Asian innovators like Singapore, South Korea, and Japan. This raises an important question: How can Malaysia foster its entrepreneurial economy using its advantageous position in the Halal industry? Malaysia must act now to prepare for a future led by innovation and technology. The country can use the Halal Entrepreneurship Success Scale to foster sustainable innovation and achieve the Sustainable Development Goals (SDGs). Measuring the success of Halal entrepreneurs in Malaysia can help it to achieve the SDGs. The religious background of Halal entrepreneurs motivates them to contribute positively to their society and environment. Halal entrepreneurship can be a driver of transformation that can help attain and deliver the SDGs while promoting sustainable economic growth. The findings of this paper can be useful to policy makers, regulators, practitioners, and academics.

Employment Opportunities as Halal Entrepreneur for Halal Science Graduates: UNISSA as Model

“…As Baumol [17] stated in paper of Salaheldeen, Nazri and Battour, he felt that the role of the entrepreneur is vital to economic growth. Salaheldeen, Nazri and Battour [18]. Hence it will help in reducing the rate of youth unemployment in Brunei Darussalam.…”

“…The Global Entrepreneurship Monitor report confirmed that Opportunity drives most entrepreneurs in every economy, and many entrepreneurs strive to improve their lives through better income or more independence in their work. GEM also demonstrates the impact entrepreneurs have across the world by introducing innovations into their societies, creating jobs, competing globally, and contributing to the emergence and growth of industries (Global Entrepreneurship Monitor, 2018/2019) [18].…”

Fostering innovation capability and sustainable innovation in halal industry: the role of halal entrepreneurs’ success

“…Halal requires an end-to-end approach, from raw material procurement up to product delivery, similar to food safety (Tieman, 2020). Increasing demands from consumers in Muslim and non-Muslim countries for halal certification and labels for products and services have led to the emergence of a new cultural phenomenon (Wilson, 2014;Salaheldeen et al, 2019).…”

The perception of success in the halal market: developing a halal entrepreneurship success scale

“…The National Entrepreneurship Program, which involves various entrepreneurs and stakeholders, was established through the Bumiputera Entrepreneur Congress organized by the Ministry in various states. Therefore, there is a need to investigate the success indicators of Halal entrepreneurs in the Halal industry, especially in Malaysia (Salaheldeen et al , 2021). To measure the success of Halal entrepreneurs, this study will develop the Halal entrepreneurship success scale (HESS).…”