Human Capital and Structural Capital as Drivers of Maqasid Sharia Performance in Women-Led Halal Businesses

Abstract

Women-led businesses are playing an increasingly vital role in the growth of the halal industry, which continues to expand as demand for Shariah-compliant products and services rises. As these enterprises grow, measuring their performance through Maqasid Sharia provides a more meaningful assessment than traditional financial indicators. Guided by the Resource-Based Theory (RBT), this study explores how human capital and structural capital shape Maqasid Sharia performance in women-led halal SMEs. Survey data were collected from 101 women entrepreneurs operating in various halal sectors, and the relationships were examined using PLS-SEM. The findings show that human capital significantly enhances Maqasid Sharia performance, suggesting that the skills, knowledge, and ethical awareness of women entrepreneurs act as strategic resources that support the realisation of Shariah objectives. However, structural capital does not show a significant effect, indicating that systems and procedures alone may not be sufficient without strong human capabilities driving their implementation. These results extend RBT by demonstrating that, in the context of halal SMEs, human capital remains the most influential resource for achieving Shariah-based outcomes. The study highlights the need for capacity-building programs that strengthen women’s competencies and halal literacy while encouraging policymakers to prioritise human-centred development strategies.