Innovate with Shariah entrepreneurship
The development of the concept of Shariah entrepreneurship is salient to harness the business potential of Shariah educated personnel, in a bid to turn Malaysia into a centre of excellence for Shariah-compliance.
Shariah entrepreneurship will see many Shariah educated young people enter into the business arena, and will altogether create the need for global brands to seek Malaysia’s advisory services in certifying their product as Shariah-compliant, Amanie Group chairman Dr Mohd Daud Bakar said.
“We need to engage the various stakeholders in the industry to bring about innovative solutions. “These solutions are needed to get the industry to move forward.
One such solution is the brand new concept that will encourage Shariah entrepreneurship.” Dr Mohd Daud said in an exclusive interview with The Malaysian Reserve.
Dr Mohd Daud, who recently won the “Anugerah Tokoh Perdana” for his contribution to the Shariah advisory in Malaysia, said a growing number of Muslims are inquiring about whether mainstream or even exclusive product brands are acceptable for them, and this is where Malaysia’s advisory expertise will be needed.
The award, handed over by His Majesty Tuanku Abdul Halim Mu’adzam Shah, the 14th and current Yang diPertuan Agong of Malaysia, is one of the highest awards rewarding Malaysians for their contributions to society.
Nevertheless, Dr Mohd Daud said the Malaysian Shariah entrepreneurs would be able to tie up deals with global or regional brands by providing Shariah advisory to the brand owners.
“Overall, Shariah scholars will not be advisors only, but will own companies that will own brands, rebrand products and altogether become agents or producers and exporters of high end products,” said Dr Mohd Daud.
While admitting the future of Islamic finance and banking rests on the strict application of Shariah principles, Dr Mohd Daud said it was time for Malaysia to move an edge further to ensure greater inclusiveness in the Islamic economic framework.
“To be inclusive is for Malaysia to create opportunities for the Shariah scholars to be involved in entrepreneurship, that will help them set up businesses in order to advise potential new and international clients on the Shariah framework,” Dr Mohd Daud said.
Expanding on the subject, Dr Mohd Daud said the success of educating the current generation, which has resulted in steady growth in the number of Shariah educated students, will be wasted if nothing is done to increase the job portfolios in the marketplace.
Dr Mohd Daud, who is also the Bank Negara Malaysia chairman of the Shariah advisory council also said Shariah entrepreneurship will open Malaysia to a whole new level of economic dynamism.
“Malaysia will become the source for product origination as it will be turned into a centre where branding, re-branding and reproduction will generate new opportunities,” Dr Mohd Daud said.
This will bring a boom in global exportation and trade, positioning Malaysia as a top provider of halal certified international brands in information technology, fashion, cosmetics and consumer goods.