Monetary Compensation for Non-Payment of Debt: A Comparative Analysis of Classical and Contemporary Jurist Perspectives

Abstract

The global halal industry as a whole has an annual value 
of approximately 2trillion US dollars, which is now one 
of the fastest growing markets. At the same time, the 
global market growth is estimated to reach an annual rate 
of 20 percent per annum. Halal industry is no longer 
limited to food and food-related products (rather its scope 
has now expanded to cosmetics, pharmaceuticals, halal 
finance, halal tourism, etc.). This paper attempts to 
review the current realities of the global halal industry by 
observing the factors that determine the growing demand 
for the halal industry apart from the opportunities 
presented by recent global developments in the market. 
In order to achieve the objectives of the study, this paper 
has adopted the methodology of analyzing secondary 
data obtained from various sources. The findings show 
that there are three major factors driving the fast-growing 
global halal market. First, a large and growing Muslim 
population at a rate of 1.8 percent per annum, second, 
increasing economic growth and hence increasing 
purchasing power of Muslims. The last is the emergence 
of a potential halal market in non-Muslim countries and 
halal industry traders. Moreover halal supply chain can 
plays a vital role in continuously growing Halaal 
economy/market if public and private sector show a keen 
interest in it. As a way forward, industry traders need to 
deepen their knowledge and understanding of the Muslim 
market (patterns and behaviours), regularly update data, 
and address untapped market niches