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ABSTRACT
The Islamic economy has great potential and the integration of halal and Islamic economics will bring many benefits, including a broader market, increased prosperity, increased religious affiliation and digital connectivity. The aim of this study is to contribute theoretically and practically to the halal sector and Islamic digital economy. Another aim is to determine strategies regarding the role of the digital economy in the halal industry. Countries need to overcome a number of problems and challenges in order to realize their digital economy potential. Therefore, it is deemed necessary to examine in more detail the strengths, weaknesses, opportunities and challenges, as well as strategies for the role of the digital economy in the context of the development of the halal industry and the Islamic economy. Therefore, this study was conducted to analyze the strengths, weaknesses, opportunities and threats, as well as strategies regarding the role of the digital economy in the development of the halal industry and Islamic economy in Muslim countries. Research shows that the ultimate strength of the digital economy lies in the high growth in the number of Muslims and the growth in digital transactions. Among the main weaknesses in the use of digital economy in the halal sector; insufficient digital economic capacity to meet the demands and needs of the market, imbalances between digital technologies in various regions, especially urban and rural areas, and lack of information about halal products and halal brands. Also, everything is still quite expensive in terms of production components like internet access, electricity, and costs. In addition, digital economy education does not yet exist and domestic working capital cannot meet digital requirements. The main weaknesses that need to be fixed are the lack of startup capital and professional workers in the digital economy.
Keywords: Islamic Digital Economy, Islamic Finance, Halal Industry, Halal Economy, Integration
1. INTRODUCTION
The Islamic economy has great potential and the integration of halal and Islamic economics will bring many benefits, including a broader market, increased prosperity, increased religious affiliation and digital connectivity. According to the "State of the Global Islamic Economy Report 2018/19" prepared by Thomson Reuters, the global halal market, which continues its rapid growth rate, is estimated to reach 9.71 trillion US dollars by 2025. The halal industry...