Economic Analysis: Theory and Practice
 

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An overview of the global halal market: Dynamics, composition and structure

Vol. 18, Iss. 7, JULY 2019

Received: 12 February 2019

Received in revised form: 8 April 2019

Accepted: 27 May 2019

Available online: 30 July 2019

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: F14, L16

Pages: 1309–1321

https://doi.org/10.24891/ea.18.7.1309

Shovkhalov Sh.A. Siberian Federal University (SibFU), Krasnoyarsk, Russian Federation
shovkhalov.shamil@gmail.com

https://orcid.org/0000-0001-8430-3276

Subject The article analyzes the dynamics, composition and structure of the halal market, investigates the world experience to unveil fundamental solutions to overcome mistakes in the development of halal market in Russia, considering the regional features that influence changes therein.
Objectives The focus is on identifying the main areas of domestic halal market development in the short term, on the basis of international practice.
Methods The study rests on the institutional methodology. It helps assess the impact of different institutions on the economic behavior of market participants. I also employ general scientific methods of cognition, like analysis, consistency, deduction, observation, and comparison.
Results The analysis of dynamics, composition and structure of the international halal market in the context of four groups of countries enabled to conclude that there is a positive perspective for the industry development in Russia. It would lead to increasing market capacity, boosting employment, accumulating internal finance, import substitution and future export opportunities.
Conclusions The development of the halal market in Russia on the basis of international experience from the perspective of the proposed four groups of countries will create conditions for solving the socio-economic tasks faced by the State.

Keywords: halal market, Islamic goods, certification, import substitution, sanctions

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