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Ethical entrepreneurship and financing models based on Islamic principles are insufficiently researched and discussed in the emerging plural economic landscape. So far, Islamic theorists have made commendable efforts in this direction. To fill the knowledge gaps, this study aims to explore more rigorously the interdependence of halal entrepreneurship and Islamic finance in creating a strong halal ecosystem.

Using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodology, a systematic literature review (SLR) of 33 articles from 2001 to 2024 was conducted to answer three research questions. Publications were obtained using purposive sampling from the Scopus database. They were selected based on the ranking of high-quality journals, global coverage relevance to research and base years of publications.

Three key findings emerged from the SLR using the PRISMA protocol. First, halal entrepreneurship and Islamic finance complement each other by providing Shari’ah-compliant financial instruments, fostering ethical practices, enhancing market reach and ensuring business operations adhere to Islamic principles, thereby creating a cohesive halal ecosystem. Second, the strategic integration of halal entrepreneurship and Islamic finance – through innovation, sustainability practices, Shari’ah-compliant products, effective marketing and regulatory support – promotes economic growth, social welfare and sustainable development within the halal ecosystem. Third, Maqasid-ul Shari’ah principles guide halal entrepreneurship and Islamic finance by ensuring ethical standards, promoting social justice, emphasizing sustainability and ensuring that business and financial practices benefit society and adhere to Islamic ethical standards. These findings aid in developing a theoretically grounded conceptual framework for future empirical investigation.

Practically, policymakers, Islamic financial institutions and halal entrepreneurs can leverage this integrated approach to drive economic growth, social welfare and sustainable development, aligning operations with Maqasid-ul Shari’ah to ensure ethical standards and societal benefits. In addition, the findings aid in developing a theoretically grounded conceptual framework for future empirical investigation, both theoretically and methodologically.

Given the paucity of studies in this multidisciplinary area, this paper offers new insights into the interdependence of halal entrepreneurship and Islamic finance, grounded in the finance–growth nexus theory and Maqasid-ul Shari’ah principles. Unlike other exploratory studies, this research presents a theoretically grounded conceptual framework, paving the way for future empirical investigations.

This study aims to investigate the variables influencing halal entrepreneurial behavior among Thai small and medium-sized enterprise entrepreneurs in Phuket, promoting the region as a halal destination.

A quantitative, cross-sectional research design was used, involving a self-administered questionnaire to collect data from Muslim entrepreneurs between February 2024 and May 2024. Thus study achieved a high response rate of 94.37%, with 302 valid surveys analyzed out of 320 participants.

The structural model analysis revealed that local and country policies supporting entrepreneurship did not significantly impact halal entrepreneurial intentions or behaviors. However, entrepreneurial self-efficacy showed a significant positive effect on halal entrepreneurial intentions but not on behaviors. Halal knowledge significantly influenced both halal entrepreneurial intentions and behaviors. In addition, halal entrepreneurial intentions significantly positively impact halal entrepreneurial behaviors. These findings highlight the crucial role of self-efficacy and knowledge in fostering halal entrepreneurship in Phuket, suggesting targeted support to promote the region as a halal destination.

This study provides valuable insights into the factors influencing halal entrepreneurial behavior in Phuket, a region with the potential to become a prominent halal destination. The research suggests targeted support strategies to foster halal entrepreneurship by highlighting the roles of self-efficacy and halal knowledge. The findings contribute to the existing literature by elucidating the nonsignificant impact of policies while reinforcing the significance of personal and knowledge-based factors in entrepreneurial success within the halal context.