Risk management in halal business: a new model of value creation

Subject Areas : Risk Management

Fereidon Rahnama Roodposhti ¹ (Full professor of the university, founder and head of the financial engineering and investment research center, bazaarsaz, member of the Islamic Financial Associations of Iran, financial engineering of Iran and management accounting of Iran)
azadeh soleimani ² (science and research branch of Islamic Azad University)

Received: 2021-12-04 Accepted : 2022-03-03 Published : 2022-02-20

Keywords: risk management, Value Creation, halal industry,

Abstract :

Risk exists where there is an opportunity for return. The application of risk management strategies is a critical issue; Because it prevents the occurrence of crises. Despite the risk management, if a certain crisis occurs, the resulting damages and losses will be minimized. This issue is much more important in business, because it reduces financial losses and prevents wasting time to achieve the main goals of the business. One of the most important risks that businesses face and must be managed is competitive risk and the risk of reputation or branding in business. If these risks are not managed in business, they can be potential threats and unwanted effects on the credibility and reputation of the company. have Halal branding is one of the things that is important in gaining the market and remaining in the competitive environment of global trade. The growing Muslim population, economic growth and development in Muslim countries, the emergence of potential halal markets are among the factors influencing the growth of the halal industry in the world. The purpose of this research is to express this fact that in the new conditions created, in addition to the components of the survival triangle (cost, quality and performance) which is a necessary condition for the survival of the business, to the structures of the halal triangle (Sharia, acceptability and health) ) is needed as a sufficient condition in today's competitive environment.

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