The case for a 'riba free' logo for halal businesses
Halal and haram is a concept which every Muslim must adhere to in all their daily affairs. Halal and haram are not terminologies relevant only for food or consumable items. In Shari'ah, the concept of halal and haram is also to be applied in muamalat or commercial matters. In short, all affairs of human must be based on doing what is halal or permissible and abstaining from what is haram or forbidden. According to Thomson Reuters' State of the Global Islamic Economy 2018/19 report, there are 1.8 billion Muslims in the world whose spending was estimated to be $2 trillion in 2017. In addition to Muslims, who made up a quarter of the world population, there are people of other faiths and backgrounds who has also subscribed to the principles upheld by Shari'ah such as human treatment of fellow mankind, animals and the environment. Therefore, there is a big market for halal goods and services.
Riba free , Halal businesses , Islamic finance
Muneeza, Aishath. (2019). The case for a 'riba free' logo for halal businesses. Islamic Business & Finance, (117), pp. 46-49