Halal used to be an inconvenience that Muslims rather hide so as not to attract attention. Praying five times a day, taking your ablution and not drinking alcohol can affect your career advancement and social standing even in Muslims country. That was then!
Now our Muslims youths are proud of their identity, they have no problem with praying when it’s time, no matter where they are. This attitude of making a statement “I am a Proud Muslim’ is not printed on t-shirts but with actions of practicing their religion holistically, in the open, despite whatever people around them might think.
These desire for modesty and compliance to Islam has unleashed a whole spectrum of needs in all aspect of life.
photo credit: simplyhalal.com.sg
The Business Opportunities
It is estimated that the global Islamic economy is worth $1.9 trillion in 2015 and by 2017 will be $2.21 trillion, based on 8% annual growth rate, based on Salaam Gateway, a Dubai-based Islamic economic and market insights entity.
The main sectors of the Halal economy are halal food, halal travel, modest fashion, halal media and recreation, halal pharmaceuticals, halal cosmetics, and Islamic finance.
In 2015, the global halal food market size was $1.17 trillion, halal travel at $151 billion, modest fashion at $243 billion, halal media and recreation at $181 billion, halal pharmaceuticals at $78 billion, halal cosmetics at $56 billion. Islamic finance has $2 trillion worth of Islamic assets.
What It Means For YOU
If you think that the billions of dollars worth are out of your reach, think again!
The internet and the sharing economy has made it possible for you to share a piece of the pie. Here are some examples:
The Halal Guys started out selling halal food on a street cart in New York to cater to the Muslim community there. With franchising, the Halal Guys restaurants now stand at 49 stores across the world.
Halal travel means that you don’t need to compromise on your faith when traveling abroad. Halal travel means there are Muslim-friendly facilities: such as prayer rooms, hotel rooms with prayer mats and praying direction, halal restaurants nearby, as well as the absence of forbidden items (such as alcohol, discos at hotels, and so on).
So for Muslims looking to rent out their vacation properties but are worried about non-Muslim guests bringing in girlfriends or boyfriends or alcohol and pork, there are Muslim alternatives to Airbnb. These Muslim-friendly alternatives are a great way to keep your halal income with vacation rentals: BookHalalHomes.com and Muzbnb.com.
If you’re thinking of promoting modest fashion online, we’d say, go ahead! Whether on Pinterest, Instagram, Facebook, or even on eBay, there’s plenty of places to promote your own store. Or you can even set up your own online store.
Halal Media and Recreation
So what is halal media and recreation, and how is it different from conventional media and recreation? Simply put, it is Islamic- themed media and recreation that portray Islamic values.
Think of children’s media content and how some of them are unsuitable for our Muslim children. When they are young, they do not have the ability to differentiate between what’s right and wrong. While there are good content overall on conventional and social media, Muslims who want to teach their young about Islamic values can now choose to have Muslim cartoons and shows. But this is not just about children. Adults too can now choose to watch shows, dramas, reality tv that champion Islamic values.
You could start your own show on YouTube that would cater specifically for Muslims, and earn either direct sponsorships or YouTube advertising share of revenue. Either of these, however, require you to have a large following and viewership to earn money. In any case, you are doing the Muslim community a favor by providing Islamic content. For example, Baba Ali is a popular YouTuber who has different shows for children and for adults.
Halal Pharmaceuticals and Cosmetics
Did you know that lipstick contains by-product of animal carcasses? Which animal? Well, we can’t be sure exactly of the animal type, but when you’re not sure, and there’s a potential that it could be pig… And it’s not limited to just lipstick too… Other cosmetics and personal care products also contain some other interesting contents. According to this article, some hair shampoo brands contain bull semen because it has a high protein to treat damaged hair.
Now, Muslim consumers are inundated with halal-certified brands. Previously, the lack of information and halal-certified products may have led us to purchase products that are non-halal unknowingly. This is no longer the case, with many brands now that are halal-certified, whether in cosmetics or personal care. Depending on where you live, there are many brands that have halal certification on their products, so choose wisely before you buy. You can even start your own cosmetics brand today.
How You Can Tap Into This Trillion Dollar Market
They are already doing it, but instead of high street store they are on Instagram, Facebook, Pinterest. The limit is endless. Where previously you need at least $10,000 to set up a physical shop, now your shop can be free (online) and reach your intended audience and customers.
So what are you waiting for? Have an idea? Start one today… So you too can have a bite of out that Trillion Dollar Pie and serve the Ummah at the same time.