Evolution Of The Concept Of 'Halal And Tayyib' In The Era Of Sustainable Investment: Implications And Opportunities For The Global Halal Industry

Abstract

The evolution of the 'Halal and Tayyib' concept in the era of sustainable investment has presented a new paradigm integrating Islamic values with global sustainability demands. This research explores this transformation and its implications for the global halal industry through a comprehensive literature study. Content and thematic analysis were conducted on current literature, including academic journals, industry reports, and ulama fatwas. The research results show that expanding the meaning of 'Halal and Tayyib' now includes environmental, social, and governance (ESG) aspects. This integration has encouraged product innovation, reformulation of certification standards, and development of sustainable sharia financial instruments such as green sukuk. However, this transformation also presents challenges, including the need for harmonization of global standards and the development of competent human resources. Significant opportunities arise in the form of cross-sector collaboration, the adoption of advanced technologies such as blockchain, and the potential to lead the transition to a more ethical global economy. In conclusion, the evolution of the concept of 'Halal and Tayyib' paves the way for the halal industry to not only meet the needs of Muslim consumers but also contribute positively to global sustainable development. The industry's success in navigating these changes will depend on its ability to innovate, adapt, and collaborate on a global scale.