The Basis of Entrepreneur Principles within an Islamic Ethical Framework
Author(s)
Download Full PDF Pages: 44-56 | Views: 1036 | Downloads: 239 | DOI: 10.5281/zenodo.3446035
Abstract
Islam provides complete road map of an individual for successful and ideal life. Every act of a Muslim shows according to the divine commands of Almighty Allah (SWT) for attaining inner satisfaction. In Islam, business and religion is not separated. Islam has its own culture regarding entrepreneur business which based on Al-Quran, Hadith, Shariah and Sunnah. Entrepreneurship is the social source of gaining through expanding capital, means to successful exchange of basic necessities of life, that maintain equilibrium between materialization and spirituality through social justice, freedom, and benefits. The Underlying principle of the Islamic values is the well beings of human life and the alam (environment).The approach adopts the representation of human being through the physical & spiritual dimensions. It describes a good understanding and correct implementation of principles and rule of Islam offers the various types of businesses possibilities. The aim of this paper is to seek entrepreneur principles according to Islamic ethical framework. A true Muslim entrepreneur is one who identifies Halal from Haram and the whole characteristic based on universal integration of spiritual elements. Moreover, entrepreneurship is the source of creating good employment opportunities which proves helpful for economic development. The conventional interpretation of Islam supports the managerial activities in business but the new and innovative practices change this title in the form of Entrepreneurial activities
Keywords
Muslim entrepreneur, spiritual elements, entrepreneurship, Islamic Principles, Ethics
References
i. Zakaria, Y. (2001). Entrepreneurs at home: secluded Muslim women and hidden economic activities in Northern Nigeria. Nordic Journal of African Studies 10(1): 107-123
ii. Schloss, H, H. (1968). The concept of entrepreneurship in economic development. Journal of Economic issues 2(2): 228-232
iii. Ariff, M., & Abubakar, S ,Y. (2002). Strengthening entrepreneurship in Malaysia. Malaysian Economic Outlook: 1st Quarter 2002 Update: 1-22.
iv. Usof, S, A., & Amin, F, R, M. (2007) . A Survey on the Objective of the Firm and Models of Producer Behavior in the Islamic Framework. Journal of King Abdul Aziz University: Islamic Economics 20(2): 3-16.
v. Lerner, M., & Brush, C. (1997). Israeli women entrepreneurs: an examination of factors affecting performance. Journal of Business Venturing 12(4): 315-339.
vi. Nakhleh, E. (2010). US–EU Partnership and the Muslim World: How Transatlantic Cooperation Will Enhance Engagement. Journal of Islamic and Human Advanced Research,Vol.3,Issue3,Month 2013,115-130
vii. Yaacob, Y., & Azmi.I, A, G., Entrepreneurs’ Personality from Islamic Perspective: A Study of Successful Muslim Entrepreneurs in Malayisia.
viii. Ones, G., & Wadhwani, R, D. (2007). Entrepreneurial theory and the history of globalization. Business and Economic History On-line 5: 1-27.
ix. Al-Swidi, A, K, & Al-Hosam, A. (2003). The Effect of Entrepreneurial Orientation on the Organizational Performance: A Study on the Islamic Banks in Yemen Using the Partial Least Squares Approach.
x. Berma, M., & Ramlee, S., (1995). Developing an Entrepreneurship Education Eco-System at Universiti Kebangsaan Malaysia (UKM): A Critical Analysis on Teaching, Learning and Knowledge Development.
xi. Solaiman, M, & Yasmin,S. Entrepreneurship Development for Rehabilitation of Muslim Youth–Investigating the Role of Islamic Bank Bangladesh Ltd. (IBBL). Business Management Dynamics 1.
xii. Ullah, M, M., & Mahmud, T, B. (2013). Women Entrepreneurship: Islamic Perspective. European Journal of Business and Management 5(11): 44-52.
xiii. Yousef, D, A. (2001). Islamic work ethic–A moderator between organizational commitment and job satisfaction in a cross-cultural context. Personnel Review 30(2): 152-169.
xiv. Natt, A., & Alhabshi, S, O. (2007). A Proposed Framework for Human Capital Development in the Islamic Financial Services Industry. Knowledge Economy and Management Congress, Istanbul, Turkey
xv. History of Islam,http://barkati/contents/chrononlogy/net
xvi. Dana, L, P. (2011). World Encyclopedia of Entrepreneurship, Edward Elgar Publishing. Journal of Islamic and Human Advanced Research,Vol.5,118-130
xvii. Gurbuz, M. (2007). Performing moral opposition: musings on the strategy and identity in the Gülen movement. Muslim World in Transition: Contributions of the Gülen Movement: International Conference Proceedings.
xviii. Rafiki, A., & Wahab, K, A. Measuring entreprenuers’satisfaction from islamic perspective: a study on small firms in north sumatera, indonesia.International . Journal of Business and Social science Vol,2 No.11 special issue – june 2011
xix. Hesse, H., & Jobst, A , J . (2008). Trends and challenges in Islamic finance. World Economics 9(2): 175-193.
xx. Shaikh, S. (2011). Thesis of religion: normative basis of Islamic economics. Journal of Business and Social science
xxi. Alsayyed, N. (2009). Shari’ah Board, The Task of Fatwa, and Ijtihad in Islamic Economics, and Finance.
xxii. Alexakis, C., & Tsikouras, A. (2009). Islamic finance: regulatory framework–challenges lying ahead. International Journal of Islamic and Middle Eastern Finance and Management 2(2): 90-104.
xxiii. Zamin, A., & Gondal, R , I. (2012). Managerial Ethics in Islamic Framework. International Journal of Business and Social Science 3(7).
xxiv. Mohammed, F. (2009). Islamic finance and entrepreunial development. Journal of Business and Social science . Vol,4 No,115-200.
xxv. Abdullah, M, A., & Hoetoro, A. (2011). Social Entrepreneurship as an Instrument to Empowering Small and Medium Enterprises: An Islamic Perspective. International Journal of Management and Business Research.
xxvi. Suleiman, N, M. (2000). Corporate governance in Islamic banks. Társadalom és gazdaság Közép-és Kelet-Európában/Society and Economy in Central and Eastern Europe 22(3): 98-116.
xxvii. Abdullah, S., & Ahcene, L. The Understanding of Technology Entrepreneurship According to Shariah Principles.
xxviii. Oukil, M, S. (2013). Entrepreneurship and Entrepreneurs in an Islamic Context. Journal of Islamic and Human Advanced Research جهار 3(3).
xxix. Dryoas1s, A. (2009). A climate change scenario is a plausible representation of a future climate. A Dry Oasis: Institutional Adaptation to Climate on the Canadian Plains 24: 155.
xxx. Kahf, M., & Khan, T. (1992). Principles of Islamic financing. research paper(16).
xxxi. Ghafoorian, H., & Sarkhosh, S. (2011). The Relationship among Organizational Culture and Entrepreneurship in Personnel of Islamic Azad University, Islam Shahr Branch.
xxxii. Harris, S, L. (2008). Development through faith: the ma’adi life makers and the islamic entrepreneurial subject, georgetown university.
xxxiii. Kuran, T. (2008). The scale of entrepreneurship in Middle Eastern history: Inhibitive roles of Islamic institutions. Economic Research Initiatives at Duke (ERID) Working Paper (10).
xxxiv. Lee, J. (2005). Equity and Innovation: Using Traditional Islamic Banking Models to Reinvigorate Micro lending in Urban America. Ind. Int'l & Comp. L. Rev. 16: 523.
xxxv. Roomi, M, A. (2013). Entrepreneurial capital, social values and Islamic traditions: Exploring the growth of women-owned enterprises in Pakistan. International Small Business Journal 31(2): 175-191.
xxxvi. Al-harran, S. (1995). The new role of the muslim business university students in the development of entrepreneurship and small & medium industries in malaysia.
xxxvii. Hamid, M., & Rahman, S, H. (2005). The Role of Islamic Bank in the Development of Small Entrepreneurs. Journal of Islamic Economics and Finance 1(1): 60-83.
xxxviii. Iqbal, Z., & Mirakhor, A. (2011). An introduction to Islamic finance: theory and practice, Wiley.
xxxix. Zapalska, A., & Brozik, D.(2005). Macroeconomic processes and regional economies management. Problems and Perspectives in Management 1: 5-10.
xl. Salarzehi, H., & Armesh, H. (2010). Waqf as a social entrepreneurship model in Islam. International Journal of Business and Management 5(7): P179.
Cite this Article: