Potency and Prospect of Halal Market in Global Industry: An Empirical Analysis of Indonesia and United Kingdom

Abstract

This research aim to describe and prove the correlation and influence between market potency and market prospect to determine the appropriate strategy and policy for halal product market development in Indonesia compared with United Kingdom. The object of this research are total of potential consumer, percentage of buying consumer, average selling price, total of annual average consumption rate, profit estimation, and sales estimation of halal product market in each countries base on halal products and services into fiqh platform. This research use quantitative and qualitative method, which is in quantitative method using estimation of Fixed Effect Methods and the validity examined by AR and Jarque-Bera test. The result of this research find that sales in UK and RI are heavily dependent on changes in time and period in each Country indicated by PER_EFFECT, even though this analysis has used white heterocedasticity approach to eliminate that impact. Potentials and Prospects in the United Kingdom and the Republic of Indonesia have a positive and significant influence on Halal market and both countries have the same potential and prospective behaviour toward the Halal Market, although differing individual country and time or period.