Marketing from Islamic perspective, tapping into the halal market

Abstract

Islamic economy is one of the fastest growing segments worldwide that estimated to be worth S3 trillion in 2021 with an average CAGR growth of 8%. In this segment Halal food is the largest pillar, where Muslim spent $1.17 trillion in 2015. The figures encourage many market players to enter to this market. However, Halal food market is fragmented and to some extend is different from other industries due to the Islamic culture and traditions. Islam asked Muslims to follow guidelines advised in Quran and Hadith to conduct business. These two main references promote a set of fundamental principles to maximize value via effective marketing strategy. Marketing strategy from Islamic perspective is an emerging field and the concept is developing constantly to realize its immense potential. There are arguments from scholars that Islamic marketing should be included in the concept of marketing mix (4Ps). Therefore, this article aims to identify the needs in applying Islamic marketing attributes into firm’s marketing strategy and more specifically establish an understanding of 4Ps via providing an in-depth discussion on its different dimensions.