The Role of Islamic Banks in Strengthening the Halal Economy
Keywords:
Halal Economy, Islamic Bank, RoleAbstract
The growing global awareness of the importance of halal products and services has significantly driven the expansion of the halal economy across various regions. In this context, Islamic banks play a strategic role as providers of Sharia-compliant financial services, particularly in supporting key sectors within the halal ecosystem, such as food, pharmaceuticals, tourism, and fashion industries. This study aims to analyse and evaluate the extent of Islamic banks' contribution to strengthening and promoting the growth of the halal economy. A systematic literature review (SLR) approach is employed to gather and critically review relevant scholarly literature in a structured and comprehensive manner. Data sources include nationally and internationally indexed journals that focus on the intersection of Islamic finance and the halal economy. The findings reveal that the contribution of Islamic banks to the halal economy remains suboptimal. This is due to several structural constraints, including limited financial product innovation, weak cross-sectoral integration, and insufficient regulatory and institutional support. These results highlight the urgent need for strategic reforms, such as the development of adaptive halal financial products, the enhancement of collaboration among stakeholders, and the strengthening of the role of Islamic banks in building an inclusive, competitive, and sustainable halal economy. The study provides valuable insights for policymakers, practitioners, and academics in formulating effective strategies to optimise the role of Islamic finance in the global halal economy landscape.
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