Constructing Islamic Law and Islamic Business Ethics for a Sustainable Halal Industry Economy

Wazin

Tulus Suryanto

 

Abstract: Muslim-majority countries, sustainable economic growth is intricately linked to the halal industry sector, which is supposed to operate in accordance with what is permissible in Islamic law. he present halal industry is the limited understanding of Islamic law. Additionally, Islamic business ethics practices are essential in effective halal industry management because they comprise ethical values, morality, decency, and commendable morals that can support the sustainable development of the halal sector within the economy. This study examines the intersection of Islamic law in business ethics, with the anticipation of promoting the substantial growth of the halal industry. To achieve this, the study employs the literature review method, assisted by the Publish or Perish software and Vosviewer bibliometric analysis. A literature review was conducted to synthesise research findings by presenting the perspectives of Islamic law scholars, substantiated by evidence from various previous studies. The findings of this research reveal that, to achieve a sustainable economy, the establishment of business ethics within the domain of the halal industry must be built based on the five fundamental pillars of Islamic law, the seven principles of muamalah (dealings) pertaining to transactions and activities involving goods and benefits in Islam, such as buying and selling, renting, debts and borrowings, farming, associations, and other commercial dealings, and the five principles of Islamic business ethics. The findings of this research are expected to serve as collective evidence within the realm of Islamic law studies pertaining to the halal industry and its role in fostering a sustainable economy.