Islamic Entrepreneurship

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Entrepreneurship:

Islamic Entrepreneurship

By

Nur Suhaili RamliAuckland, New Zealand


Theories and Concepts:

Entrepreneurship is an integral parts of

Islamic religion

The Muslim entrepreneurs are ‘khalifah’ and have the responsibilities to develop prosperity and sees business as part of ‘ibadah’ or good deed.

Motivation – success in Islam is not merely measured by the end result but also the way and means of achieving them.



In Islam, the activity also known as Ibadah –or good deed

Position of Entrepreneurship andbusiness in Islam - encouraged to venture into business. Prophet Muhammad (PBUH) expounded that 9 out 10 sources of sustenance are through business.



Islamic Economic System - IslamicEntrepreneurship should operate within thedomain of Islamic Economic system and actas the vehicle towards global acceptance ofIslamic Economic System.

Guiding Principles of IslamicEntrepreneurship is by the alQuran and al-Hadith

Entrepreneurial Ethics based onexemplary conducts of ProphetMuhammad (PBUH)


ISLAMIC ENTREPRENEURSHIP AS INTEGRAL PART OF THE RELIGION

Islam is a complete way of life. There is no separation between business and religion. Islam has its own entrepreneurship culture and guiding principles based on the Al-Quran and Hadith to guide business operation


HUMAN NATURE (The fitrah of human being)

By virtue of the human nature, the person must firstly be a Muslim, then an entrepreneur. He has the responsibility to perform ‘ibadah’ and be a ‘khalifah’. Muslim entrepreneur should search for God’s blessings above all other factors. A Muslim entrepreneur perform business not solely for profit, but above all, to fulfill the ‘fardhu kifayah’.


Motivation:

• Most entrepreneurs have the desire to achieve successful business venture.

• The successful path and means for achieving success for Muslim entrepreneurs are unique.

• Success in Islam is not merely measured by the end result, but also the means and ways of achieving them.


SUCCESS FORMULA BY AL-QURTUBI:

Halal – livelihood that are in accordance to what is being outlined by Allah SWT and syariah.

Qanaah–be pleased and thankful with one’s earning

Taufiq-Asking for the blessing of Allah in proportion to one’s expectation

Sa’adah-Spiritual happiness

Jannah–Worldly success should act as thebridge to the ultimate success in the lifehereafter (paradise).


SEVEN STEPS TOWARDS A

SUCCESS IN LIFE ACCORDING TO

IMAM AL-GHAZALI

Level of KnowledgeLevel of Taubat or

repentence

Level of Temptation

Level of MotivationLevel of Handicap

Level of Obstacles

Level of Praise and Thankfulness


POSSESSION OF WEALTH IS ALLOWED BASED ON THE FOLLOWING PRINCIPLES:-

• Allah S.W.T is the absolute owner of wealth

• Allah created wealth in abundance and sufficient for all

• Wealth is created for mankind

• Wealth is entrusted to mankind


IBADAH

In Islam, involving in business is part of ibadah through the fulfilment of fardhu

kifayah.


POSITION OF BUSINESS AND ENTREPRENEUR:

ISLAMIC ENTREPRENEURSHIP MODEL

Islam Proposed(Business Venture)

Allah Prepared(Facilities)

Islam Outlined(Rules and Regulation)

Allah Promised(Reward)


ISLAMIC ECONOMIC SYSTEM:

Islamic Entrepreneurship should be in the framework of Islamic Economic System and should assist in establishing the Islamic Economic System


GUIDING PRINCIPLES OF ISLAMIC ENTREPRENEURSHIP:

Guidelines for Islamic Entrepreneurship and

business activities are wide and comprehensive based on

Al-Quran and Al-Hadith.


MUSLIM ENTREPRENEURSHIP ETHICS:

To prevent laziness To eradicate fear To search for legitimate ventures To avoid forbidden sources of income and property To show gratitude and thankfulness of whatever has been acquired To grow and develop capital and profit To diversify business ventures To avoid greediness


THE ETHICAL BEHAVIOR OF MUSLIM ENTREPRENEURSHIP

To avoid malicious behavior To avoid squandering To avoid stinginess To pay alms (zakat) Trustworthy To pray consistently Tawakkal Patience Qana’ah


EXEMPLARY CONDUCTS OF GOOD MUSLIM ENTREPRENEURS DURING THE PROPHET MUHAMMAD S.A.W REIGN

• Business is secondary when being called for other form of crusade

• Avoid using influence for self interest

• Afraid of accumulated wealth

• Leadership qualities in all aspects

• Practice moderate way of life


References:

http://wiki.answers.com/Q/Characteristics_of_Islamic_Entrepreneurship

www.perlis.uitm.edu.my/medec/images/.../ent300_module01.ppt