Introduction

According to Encyclopedia as on 2010 more than 200 countries finds that there are 1.67 billion Muslims of all ages living in the world today, representing 23.4% of an estimated 2012 world population of 7.09 billion. In our country 90% of the total population are Muslim that is 1.4 million. Not only is the Muslim population a significant percentage of the global population, the market for shariah-compliant products or services totals USD$2trillion annually and is growing rapidly. As Muslim countries develop, there is an expressed need to develop and market their own brands to the rest of the world. Additionally, there is substantial interest amongst non-Muslim companies in how to enter and penetrate this global market, which spans many industries, including finance, food and beverage, cosmetics, healthcare, pharmaceuticals, logistics, tourism, fashion, and others.

Objective
In our country there are more than 1.4 million Muslims are living today. The demand of Muslims is to establish or expand halal products in the name of Islamic brands in the sector of financial, food etc. Although some atheist are strongly opposed to develop Islamic products/ brand in our country. But large section of Muslim community in our country is a keen interested to develop products & services in halal way, fulfilling needs of day to day life. The meaning of the word Halal is: "Permitted, allowed, authorized, approved, sanctioned, lawful, legal, legitimate or licit."When used in relation to food or drink in any form whatsoever it means that it is permitted and fit for consumption by Muslims.For a food or drink to be described as Halal, it must conform to the Islamic dietary laws as specified in the Qur'an, the Hadith (sayings) of the Prophet Muhammad, his Sunnah (tradition), and in the fiqh (teachings) of the Islamic Jurists: Hanafi, Shafi'i, Malki, and Hanbali, products that satisfy all of the above, therefore approved products are acceptable to all Muslim denominations. To provide in order to have a sustainable business serving the Muslim consumers market in our country in the below sectors.The Islamic Business section has 3 key sections: 1. Islamic Finance Industry Focusing on providing industry trends, requirements in terms of knowledge and human resource, and product structure. All beneficial knowledge to practitioners and consumers across the globe irrespective of faith. 2. Islamic Business Management This section covers thought leadership in incorporating Islamic ethics and Shariah compliant governance with cross-industry best practices in day-to-day business management. Focus is on:

Strategic & Sustainable Business Planning Identifying and implementing Sustainable Business Practices Importance of Brand Marketing Public Relations and its importance in Islamic Business Management.

3. Halal Industry This section focuses on the key categories that are upcoming in the halal category and is led by a team of contributors from across the globe. The aim of this section is to highlight the business and marketing opportunities, provide category and country specific information (by providing access to experts located around the globe) as well as help sharing best practices covering regulations, governance and financing of halal business ventures. We are concluding that halal / Islamic brand in our country is big business. Spanning from food, to fashion, to finance and pharmaceuticals, more and more organizations, medium sized businesses and independent entrepreneurs.

Methodology Limitation of the study

Definition of Islamic Branding

Existing brands are taking a keen interest in the global Muslim consumer segment. Its the new growth opportunity for brands to capitalize on. Rightfully so, given the purchasing power and need for brands in this segment. So how can an existing brand establish itself to this segment? The brand owners can develop a strong brand based on the ethics and values important to this consumer. This is where the fundamental difference, in creating a brand for the Muslim community, vise versa brand development for other consumer segments comes in. Islamic branding is a term coined by virtue of the fact that we are all speaking to the global Muslim community. When we say Islamic or Muslim brand we mean that its a brand that based on the ethics and values of Islam. Along with communicating and delivering on its ethics and values the product (of the brand) would need to develop trust (through usage, product quality delivery and word of mouth popularity). As its quality is as per the expectation of the consumer, the pricing and image equally good, there is no reason why a brand developed on the values system appealing to the Muslim consumer would not be attractive to other consumer segments.

For e.g. In Malaysia, the usage and acceptance of Islamic Finance retail products is higher amongst non-Muslims than amongst Muslims and the penetration of Takaful {as a financial product} amongst the Muslims is still abysmally low). Strategically, the ethical values of the brand would have to be expressed through: 1. Employees: Projecting the brands culture (and experience) to all stakeholders including intended consumers. This would involve ensuring that the brands mission, vision and culture is clearly communicated and comprehended through employee levels. More specifically the work culture or This is how we do ithas to be spot on in terms of delivering the right brand experience to the stakeholder. 2. Communication: The brands communication has to be from the Islamic ethics perspective in terms of imagery, association, and tonality. It has to address the targeted stakeholder and not be a one-size-fit-all approach and clearly show the individual and social benefit that the brand usage brings.

Scope in financial sector / food sector of Islamic branding

There are big scopes in financial sector/ food sector of Islamic branding in our country. In financial sector the Islamic branding is highly working. Muslim or Non muslim both are taking service from financial sector & day by day it is increasing. Because of trust on Islamic branding for example, Islamic bank. But there are also some risks like social,political & financial. 1. Social Risk: by virtue of their numerical strength and purchasing power the Muslim consumer can choose not to buy. Such not to buy acts are not uncommon. Recall the indignation and subsequently the impact the global Muslim community had over the publication of cartoons of our beloved Prophet (P.B.U.H) in a Danish newspaper. The subsequent lack of political and cultural empathy led to a widespread boycott of Danish products to the extent that even western retailers removed Danish products from their shelves due to fear of negative repercussions. 2. Political Risk: Given the rising awareness of Islam, and a new-found resurgence of the Muslim identity, governments across Muslim countries have responded with regulatory changes. Malaysia, for example, has created its competitive advantage by promoting halal foods, Islamic Finance and halal tourism. Kuwait had its first women ministers a year ago. 3. Financial Risk: An existing organization has to evaluate the potential fallout that may occur through alienating the existing consumer base by entering the Muslim consumer segment AND also has to check potential revenue loss from not correctly serving the Muslim consumer. This needs to be balanced out versus the projected revenue growth expected from serving the Muslim segment.

The Muslim consumers seek reassurance that any brand offer from an organization is not just a marketing ploy. They want to feel that the brand genuinely understands and empathize with Islamic values in all aspects of their operations. Towards this, communicating transparently and providing a beneficial and meaningful brand experience will enable a brand to reduce and control risk to a great extent in marketing to the Global Muslim Community.

Challenges faced in pursuing Islamic Branding

When it comes to Islamic branding and marketing, there are two challenges first, is the need to develop a comprehensive range of products that are universally accepted by all Muslims. Second, value propositions are required that will appeal to non-Muslims which would move the addressable market from 1.67bn Muslims to the full global population. Islamic branded products offer a better future for all, as they are based in the values of goodness and justice. But such products needed to be competitive and the substantive benefits had to be obvious. To achieve scalability, first a common halal brand needs to be established, and then local and theological variation could be easily introduced. To achieve this, global standards would be helpful, and would require a global consensus in order to build the industry and avoid duplication. Bringing Muslim brands from Muslim countries would be challenging. Muslim brands need to think carefully about which their propositions are aimed at and whether the context is a majority or minority Muslim country. Muslim brands must choose whether to target Muslims or non-Muslims. For example, a halal certification logo may place on the product. Local propositions are increasingly popular as long as they deliver quality. In Malaysia it will allow Tesco to become part of Malaysias plan to export their halal products. In Turkey, the local approach is also used. To serve customers better the company has been broken into regional groups, and stores are localized for local taste. Muslim consumers needed education in Islamic value propositions. Because consumers were not always clear about what benefits Islamic finance brought them. It is noted that for a proposition to be Islamic, it did not need to have the word Islamic in its name offering example: OnePure does not advertise that it is halal on the label, but is positioned in a premium space so its halal message can be explained clearly to consumers. The challenge is to educate consumers and to avoid the creation of technically halal products that miss the point. Much of the groundwork for these values has already been laid by the development of the ethical industry, the green movement, animal welfare and so on. The halal market is not the big idea. Instead we need to focus on the big ideal of sustainable industry.