Halal Business landscape; Exploring the scope of large scale Muslim participation in Corporate Sector
Among the various core theme, Economic development also enjoys great importance in Islam of Islam. Differing from the common perception, the religion Islam strongly guides on several everyday affairs including the economic field of human performance.
With the kind of figures of Muslims in the Indian population, the number of companies owned by Muslims should have been at least one in seven. But among the Indian companies there are few well-known companies run by Muslims’ They are Cipla, Hamdard, Himalaya Healthcare, Ajmal Perfumes, Allana group and few others. But on the large scale the Muslim participation in the consumer industry remains negligible. This is despite the fact that as consumers, Muslims with around 180 million are about one seventh of the Indian population. The mere size of Muslim population is enough to ensure the success of any serious attempts to establish a Muslim corporate world.
As per the estimate of Pew Research Centre USA, the Muslim population in India is projected to increase to 236.2 million in 2030. By the end of 21st century, India's Muslim population is projected to reach 320-340 million. Muslim have better economic condition in urban areas, approximately 36 percent population prefer to live in urban areas. But the urbanization trend among Muslims becomes high in comparison to other communities in over period of time.
Homegrown brands like CavinKare, Daawat, Bikano, Goldwinner oil, Vadilal ice cream, Amrutanjan Health Care have sense the potential of Muslims as a consumer and have obtained the Halal certificate to appeal to this highly religious conscious consumer segment.
The Indian consumer market is set to scale new heights. With an estimated ten-fold increase in middle-class population and three-fold rise in household income, aggregate consumer spending is likely to more than US$ 1.76 trillion in 2025. As per...
Please join StudyMode to read the full document