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Entrepreneurship as a means to create islamic economy

Entrepreneurship as a means to create islamic economy



Entrepreneurship as a means to create islamic economy

Entrepreneurship as a means to create islamic economy



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    Entrepreneurship as a means to create islamic economy Entrepreneurship as a means to create islamic economy Document Transcript

    • Entrepreneurship As A Means To Create Islamic Economy – AnalysisMay 17, 2013By Murray HunterIntroductionToday, the Ummah (Muslim community) represents over20% of the world’s population. However most of theUmmah exists within the bottom of the economic pyramid,lacking any real integration with the world economy, anddevoid of entrepreneurial opportunity. They are left tolanguish within a generational cycle of poverty. Evenwithin some of the ‘rich’ Islamic nations of the world likeSaudi Arabia, poverty and acute unemployment are on therise1.This malaise is hampered by regular natural disasters andsocial unrest through many parts of the Islamic world. Oneof the Ummah’s special problems in South-East Asia isthe predominant rural domicile, where many have becomevictims of ‘rural underdevelopment’.The feudal-like structure of many societies where‘cronyism’ and ‘corruption’ exist as part of the culture istaking away the fundamental human right to opportunity3.The symptoms of ‘rural underdevelopment’ and ‘feudalism’can be seen through growing unemployment, which is notalways captured in official government statistics. Inaddition, a growing unbalanced affluence biased towardscity dwellers, the lack of resources, and access tobusiness networks to enable greater entrepreneurialactivity within these regions exists.Lack of exposure to contemporary urban society greatly affects the scope of rural youth to discover and develop newentrepreneurial ideas. Consequently, this encourages a narrow view of the world on the part of youth, where theybegin to feel powerless.Lack of access to markets and the ability to acquire skills, contributes to a deeply ingrained lack of will andacceptance of the status quo, from which they feel unable to escape from.An isolated Ummah from the rest of the world is a source of disadvantage which contributes to the cycle of poverty.While the world is progressing economically, much of the Ummah is being left behind economically. However thispoverty isn’t just economic. It extends to social poverty which acts as a breeding ground for ignorance, apathy, drugdependence, crime, and amorality. This leads to spiritual poverty.Many Muslims feel that they are prisoners of secular society where values are contrary to Islam, and consequentlythey are unwilling to engage. Most Islamic countries have modeled their economies upon Keynesian fiscal andFriedman’s monetarism framework as their basic platforms.Others, like Malaysia, are business friendly, but exercise a great amount of regulation within the marketplace.Banking systems are internationalized where speculative currency exchange and interest rates fluctuations aremarkets in their own right, promoting a speculative and rent seeking society.Civil secular laws and business conventions provide an unappealing business environment.Many young people see business as a career being contradictory to their religious devotion. Therefore very few seeentrepreneurship as a way to deepen their faith.In addition, higher education, particularly within the sphere of business and entrepreneurship are very much biasedtowards ‘western theories’ and ‘ideals’, which excludes the possibility that Islamic concepts can form an alternativeand unique framework for the practice of business and entrepreneurship4.HOMEABOUT EDITORIAL STAFF AUTHORS AND PARTNERS SUBMIT AN ARTICLE CONTACTรู้จักเก้าอีҟวิเศษไหม?รู้จักเก้าอีҟวิเศษไหม?พบเก ้าอีѸวิเศษทีѷจะเปลีѷยนแปลงคุณ ให ้เป็น "นักบิน" สุดเท่ห์ ห ้ามพบเก ้าอีѸวิเศษทีѷจะเปลีѷยนแปลงคุณ ให ้เป็น "นักบิน" สุดเท่ห์ ห ้ามพลาด!พลาด!Watch on YouTubeWatch on YouTubeEARTHPage 1 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • Today within the ASEAN region there are very few places where Islamic entrepreneurship is taught.So this is the challenge. To develop an entrepreneurial pedagogy for the Ummah. Finding ways to teachentrepreneurship where the Ummah not just sees enterprise as being compatible with Islam, but as a way to enhanceone’s faith. Existing entrepreneurship theories can’t provide this.“Conventional” business models advocated by local business schools do not provide the answer. Many young Muslinentrepreneurs are looking for guidance and mentorship about how they can develop their businesses closer toTawhid principles5.The lack of published academic and intellectual thought on Islamic business has not assisted this cause6. Intellectualguidance could assist in developing more balanced views about how the principles of Islam can be utilized inbusiness.The focus of most published works on Islamic economics and business has been within the domains of finance andmorals7, which leads many to the conclusion that Islam has little to contribute in the theories of economics andbusiness.Table 1. Selected statistics from a number of Islamic counties2Country PopulationMuslims as%Population%UrbanizationUnemployment(15-24) (%)Poverty(%)GDP Per-capita(USD)GDP Per-capitaWorldrankingAfghanistan 31,108.077 99% 23% 36% (adult) 36% $1,000 219Algeria 38,087,812 99% 66% 21.5% 23% $7,500 137Azerbaijan 9,590,159 93.4% 52% 14.7% 11% $10,700 90Bangladesh 163,654,860 89.5% 28% 9.3% 31.5% $2,000 192Burkina Faso 17,812,961 60.5% 26% 3.8% 46.7% $1,400 206Chad 11,193,452 53.1% 28% - 80% $2,000 194Egypt 85,294,388 90% 43.4% 24.8% 20% $6,600 138Eritrea 6,233,682 80% 22% - 50% $800 223Gambia 1,883,051 90% 58% - 48.4% $1,900 178Guinea 11,176,026 85% 35% - 47% $1,100 215Indonesia 251,160,124 86.1% 44% 22.2% 11.7% $5,000 157Iran 79,853,900 98% 71% 23% 18.7% $13,100 101Iraq 31,858,481 97% 66% 16% (adult) 25% $4,600 162Kazakhstan 17,736,896 70.2% 59% 4.6% 5.3% $13,900 96Kyrgyzstan 5,548,042 75% 35% 14.6% 33.7% $2,400 185Libya 6,002,347 97% 78% 30% (adult) (33%) $13,300 98Malaysia 26,628,392 60.4% 72% 11.3% 3.2% $16,900 79Mali 15,968,882 94.8% 36% 30% (adult) 36.1% $1,100 214Mauritania 3,437,610 100% 41% 30% (adult) 40% $2,100 191Morocco 32,649,130 99% 58% 17.9% 15% $5,300 153Niger 16,899,327 80% 175 3.2% 63% $900 220Nigeria 174,507,539 50% 50% $2,700 180Page 2 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • Pakistan 193,238,868 96.4% 36% 23.9% (adult) 70% $2,900 179Saudi Arabia 26,939,583 100% 82% 28.2% - $25,700 59Somalia 10,251,568 100% 37% - - $600 227Sudan 34,857,910 97% 40% 20% (adult) 48.5% $2,400 184Tajikistan 7,910,041 90% 26% $2,200 190Turkmenistan 5,113,040 89% 50% 60% (adult) 30% $8,500 127Uzbekistan 28,661.637 88% 36% 2.5% (adult) 39.6% $3,500 168Western Sahara 538,811 100% 82% - - $2,500 183Yemen 25,408,288 100% 32% $2,200 189Dr. Umer Chapra in an on-line interview was very critical of the development of Islamic economic and businesstheories claiming they were unbalanced in their approaches. He was reported to state that “Primary attention hasbeen given so far to Islamic Finance. This has led to the false impression that interest-free finance is all that IslamicEconomics has to offer. Since most of the governments in Muslim countries are not yet convinced that interest-freefinance is workable, excessive emphasis on it has created a resistance in official circles against Islamic Economics.They find it to be of little value. This is unfortunate. We must blame ourselves for this. Islam is a complete way of lifeand is capable of solving the problems of not only Muslim countries, but also of mankind”8.In the same interview Dr. Chapra said that it was the responsibility of Islamic intellectuals to show how Islamiceconomics could solve the socio-economic problems that humankind faced. This is in great need because there is adistinct lack of theoretical and empirical analysis to show that an Islamic strategy can help solve economic problems,particularly with the current state of the Islamic world, where there is decline in moral values, exploitive financialsystems, illegitimate governments, landlordism, lack of education, absence of justice and ineffective operation ofincentives and deterrents. Dr. Umer Chapra believes that there is great repetitiveness in what is written about Islamiceconomics which is not serving any cause. An alternative Islamic perspective needs to be spelt out.The message of Islam forms its basis from the Al-Qur’an, which is the direct word of Allah (S.W.T.). The Hadĭths aredocuments made up of lessons taken from the life of the Messenger Muhammad (S.A.W.), written down by a numberof apostles, which put the knowledge from the Al-Qur’an in the context in which they were revealed to assist indeveloping a general and universal significance9. Without the Hadĭths many important aspects of Islam would not beknown today and the Al-Qur’an would be at the mercy of those who misinterpret it10.Need for an Islamic Model of BusinessTo date “The fanaticism and prejudice for Western managerial systems have also, among other things, veiled therelevancy of Islam as a model of management, as well as generating a cynical reaction that the Islamic model existedin history and concept only, but never practiced in modern life, even by countries with a Muslim Majority”11. Islamicscholars argue three main reasons for the need to develop and implement an Islamic business framework;1. The nature of man: Man has both the potential to rise to great spiritual heights and also disintegrate into totalimmorality. Man’s ability to act rightly or wrongly is a matter of moral choice. Under the Islamic viewpoint, man’spurpose on earth to carry out ibadah (relates man to Allah {S.W.T} through spiritual acts)12 and follow God’s will withtotal devotion, according to his natural disposition (fitrah); where everything fits into the divine pattern under the lawsof Allah (S.W.T)13. Submission to the laws of Allah (S.W.T) brings harmony to man, however man was created withmany weaknesses14, forgetfulness15, greed for material comforts and power16, is capable of oppressiveness andignorance17, is rash and impatient18, stringy and miserably19, ungrateful20, quarrelsome21, ruthless22, and full ofself interest23, which can easily lead him astray.2. The amoral society: General society has become amoral and lapsed in faith, believing that truth and reality isbased on what can be touched, smelled, seen, heard and tasted. This has lead to a society that has becomematerialistic and less spiritual. This absence of spirituality is leading business into immoral activities such as stealing,lying, fraud and deceit, making people believe that they cannot succeed without pursuing the same practices24.3. The underdevelopment of Islamic societies: Approximately 80% of the World’s Muslins live in poverty, as culturalminorities in other countries, with high incidences of unemployment and low productivity25. Countries with majorityMuslin populations, are declining in their knowledge generation, research, innovation and educational standards26,have a generally a lower life expectancy, higher illiteracy rates, lower GDP per capita rates with the majority of peopleliving in fragile and non-arable lands, poorer infrastructure and water supplies and a larger number of dependentsthan the non-Islamic World27. Islamic GDP as a percentage of total World GDP is estimated to be only 45% of what itshould be, in order to be on par with the rest of the world28.The Al-Qur’an was written mostly within a business metaphorThe Al-Qur’an was revealed to the Prophet Muhammad (SAW), who was born into a trading family and brought up byAbu Talib, who was a trader. Society in the Prophet’s time was almost totally dependent on trade as a means to earna living and unlike any other religion, the Al-Qur’an is heavily written in the metaphor of business and trade. WithinPage 3 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • many parts of the Al-Qur’an life is paralleled to a business venture, where one earns profits to gain entry into heaven– profits meaning faith and good deeds to others and those that accept Allah’s (SWT) guidance as a bargain to savethem from punishment on judgment day29. Islam urges individuals to strive their utmost to earn large monetaryrewards and spiritual profits, while at the same time being inspired to be successful and honest people30. This is partof the concept of ad-din, which makes material and spiritual pursuits inseparable, where one’s whole life is concernedwith the needs of humankind here on earth to secure a comfortable life in the Hereafter31. Consequently, Islam doesnot prohibit worldly success32, in fact Allah (SWT) has provided opportunities for humankind to obtain success and itis certainly the responsibility of the individual to do so33. However involvement in business should also carry with itbenevolent intentions for others while seeking success for oneself34.Islam espouses a transparent market economyIslam espouses a market economy with freedom of the individual to operate a business with minimal outsideinterference;“He who brings goods to the market is blessed with bounty, he who withholds them is cursed.” (Ibn Majah & AlHakim)A market mechanism is urged with free flowing knowledge without exploitation by middlemen;“Do not chase after those who are going to the market before they reach the place.” (Al-Bukhari & Muslim)Islam also prohibits price manipulation;“Anyone who withholds goods until the price rises is a sinner.” (Muslim).The basic tenants of an Islamic economyMost Islamic countries sought out economic models that promoted economic development. The concept of socialmarket economy which Islam requires was often discarded in favour of secular models. Most countries adoptedconcepts of “Islamic socialism” where references to Islamic teachings and Shariah were only cursory or cosmetic35.The general principles of an Islamic economy can be summarized as follows36;• Islam provides a supportive value system where a person should seek to achieve economically as well asspiritually.• People are expected to earn their own living, if possible.• The pursuit of wealth is legitimate, however moderation in lifestyle is espoused.• Prices should be just, based upon competitive markets.• The inequality of income should not be allowed to become too wide, therefore the state should intervene to ensurethat equality is maintained.• The needy are protected by society through Zakat.• Land and capital are productive factors, only when combined with labour. Therefore income should not just bederived from ownership. Finance, leases, loans, etc., should be based on the sharing of risk as a basic principle ofjustice and equity.• Islamic values frown upon wasted resources, human skills, and idleness.• Humans are God’s custodians and only possess resources temporarily. As trustees, they must ensure theseresources are passed onto the next generation intact, consequently Muslins have a duty to protect theenvironment37.• Private ownership is paramount within the economy, where the state should only interfere under exceptionalcircumstances. Monetary policy should only be utilized to stabilize prices. Fiscal policy should only be used topreserve an equilibrium between tax revenue and public expenditure. The state’s role is solely to provide sufficientinfrastructure for society to operate fairly and equitably38.• Antisocial practices that damage society are forbidden where monopoly and hoarding and other market distortionsare not permitted. In addition all transactions where ‘one person wins and one person losses’ are forbidden.Social justice in Islam is derived through productive work, where equal opportunities exist for all, and everybody canutilize their abilities to work and gain just reward for their efforts39 – This is entrepreneurship.Ironically Islamic economics offers one of the oldest theoretical foundations for any economic model today. It is theonly economic model that built in moral and ethical mechanisms, with guidelines to control speculation. In this way,Islam is not just a divine belief in God, but a carefully worked out set of rules that provides a set of principles andcode of conduct which organizes and regulates society40.Piety through businessThus Islam espouses that free trade is a major factor in the enhancement of living standards of the generalcommunity, subject to some constraints on business in the interests of the wider community.Central to Islam is Tawhid “…a man’s commitment to Allah, the focus of all his reverence and gratitude, the onlysource of value. What Allah desires for man becomes value for him, the end of all human endeavour41.” Tawhid isthe Islamic way of life, the fundamental of all Islamic civilization, which is process, means and end together. Tawhid isboth the essence of the individual and the society he or she lives in. Tawhid is acceptance of one creator and HisPage 4 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • divine guidance of humanity42. Tawhid implies both the mission and morality of humankind in both social andspiritual contexts.Mankind’s responsibilities under Tawhid fall into two categories, fard’ain which is an individual’s obligation to performhis or her religious duties and fard kifayah, which is an obligation for man to serve the entire community, throughservices to each other, necessary for the community to live safely and comfortably. Thus the obligation to improve theMuslim Ummah (community) falls under fard kifayah43, where undertaking business is the principal method44 ofimproving the economy and community;“Be involved in business as nine out of ten sources of income lie in business” (Ihya)An Islamic Business FrameworkThe building blocks of Tawhid are the concepts of al-iman (belief), al-ilm (knowledge) and al-amal (pious acts andefforts). Al-iman is the belief in the existence of one God and Creator, with a commitment to His teachings andrevelations, revealed through the Al-Qur’an, and Prophets, through the Hadĭths and Sunnah (What the ProphetMuhammad (S.A.W.) said, did, agreed or disagreed to). Our faith in Allah (S.W.T.) is reflected in our daily behavour,influenced by our moral system formed and contained within us. It is our inner self;“Faith is not expectations and not outward ornamentations, but implanted in the heart and realized throughactions.” (Ibn Najjar & Dailami)Al-iman is deepened by al-ilm45, which is the responsibility of all Muslims to seek46 in order to fulfill and perform al-amal. Knowledge (spiritual, wisdom and scientific) is the foundation of all acts of al-amal which would be futile andunproductive without the search for further knowledge47 to enhance the wellbeing of society48. Islam places greatimportance on scientific discovery, knowledge and wisdom to develop civilisation49. Al-iman and al-ilm manifestedthrough al-amal is the basis of the advancement of civilization for the benefit of humankind and the Ummah inparticular. This is undertaken under the principle of ad-din, mentioned above, which is referred to as ibadah.In Islam a person, who of faith, knowledge and pious devotion,manifested in effort and acts, using reason and experience andadheres to the teachings of the Al-Qur’an and Prophets is a personof Taqwa, adhering to the philosophy of Tawhid. He is fulfilling hispurpose on earth to perform ibadah50 to God, through obedience(ta’ah), which conforms to his true and essential nature (fitrah) ofman. This relates man to God through everything an individualdoes, including spiritual duties, thoughts, actions and deeds toother people51.As man operates in a social environment, Islam prescribes anumber of forms of business organization, through which hisobligations can be fulfilled. A mushharakah can take a number offorms;a) Mudarabah: Partnership where one manages the partnership and another supplies the financial support,b) Shirkah: where two or more individuals pool financial resources and share profit and loss on an agreed ratio andheld liable to the extent of their capital, andc) Syari’ah: each partner is able to operate other businesses, independent of the principle business.Such business organizations are founded and operated on the principle of al-ta’awun (mutual assistance andcooperation) among members of a society for both their mutual benefit and that of a society as a whole52.Islamic business is governed by the rules of syar’iah, the path by which all Muslims should follow. The syar’iah is thedivine law that establishes the standards of justice and human conduct, as well as what is permitted and prohibited inaction. The syar’iah is based on the Al-Qur’an, Sunnah and interpretations by Islamic scholars. Some Muslimscholars have stated that these standards are beyond human and are a goal or path of guidance53, where others seethese utopian ideals as mandatory for advancement of the community54.Central to the syar’iah are the concepts of halal and Toyyibaan, which govern all the economic activities of man inwealth production and consumption of wealth, where certain means of gaining a livelihood are declared unlawful55.Halal means lawful or permitted for Muslins56, a concept that is much wider than just issues of food, concerning as towhether things are undertaken according to the syar’iah57. Toyyibaan is a much wider concept, meaning good,clean, wholesome, ethical in the Islamic concept. In nutrition, toyyibaan is much wider than halal, as food must alsobe clean, safe, nutritious, healthy and balanced58. Toyyibaan would also mean that agriculture must be undertakenwithin sustainable practices59, and in business that things are done with good intentions60.In Islam, the individual’s vision, mission and objectives in businessis to achieve both success in this world and the hereafter. This isal-falah. Islam puts very little restriction upon the scale of worldlysuccess62, except specifying, it must be reasonable, provides thecomforts of worldly life63, with consideration to the poor andsuffering64, and within the balance of worldly and spiritual life65.Mans success must also serve the legitimate needs of theummah66. This is in great contrast to the singular objective ofprofit maximization in contemporary business thinking67.Allah (S.W.T.) equipped man with the faculties of understandingright and wrong, so that he may obtain a bright destiny68. Man hasa free choice in what he chooses. Opposition and straying from his true nature (fitrah) will bring discord to theindividual where negative attributes will distort his true nature, which could lead him into doing evil deeds69. ThePage 5 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • individual has his al-iman and al-ilm to keep him from this path of self destruction (al-fasad), which would manifestitself through nepotism, favourtism, envy, greed, corruption, injustice and ignorance70. This in Islam is the influenceof satan, manifested in many different ways to man to lure him away from God’s chosen path for him. Man becomesunfocused through ignorance and lack of knowledge71.Achieving al-falah means that man has lived up to God’s trust placed upon him, through performing his ibadah, whileobeying all the laws of the syar’iah. This is where man has overcome his weaknesses in the service of Allah (S.W.T.)through righteous deeds (amal), in his obligation of fard kifayah. Man has reached the state of amanah, fulfilling thetrust God has put in him72.Islam also specifies the way organizations should be operated and managed. As discussed, an organization mustbase all its work on al-amal and ibadah with the overall management objective of achieving al-falah for theorganization as a whole and each individual within it. This is based upon a foundation of al-iman and al-ilm, within acivilization based upon a tawhid philosophy, so that employees have the opportunity to achieve taqwa and avoidstraying towards the state of al-fasad. Central to achieving this are the concepts of shura and adab (justice andrights).Shura is total organizational community participation in decision making to ensure an organization gets the bestviews, is creative, to develop employees understanding of decisions made, to achieve better implementation ofdecisions and strengthen the Islamic fraternity73. Shura is can also be seen as a organizational control mechanism toprevent management and individuals within the organization from straying down the path of ignorance, greed andoppression74, so that the organization can continue to serve its members and the wider community and thus sustainitself. Shura creates a positive learning environment within an organization, similar to the concepts of learningorganization. The Al-Qur’an states that the concept of shura is mandatory upon an organisation75.An organization should build its foundations upon the basic principles of human rights in its administration based onthe concept of adab. Adab is based on the existence and recognition of Allah (S.W.T.) and recognition of hiscommands and laws (syar’iah). Within an organizational context, adab persuades man to do good and avoid evil (al-fasad), in accordance with the nature of man (fitrah) and nature of his action (al-amal). Adab comprises four majorresponsibilities, 1. responsibility to God, 2. responsibility to oneself, 3. responsibility to society and other humanbeings, and 4. responsibility to the universe and other creatures76.Over the last few decades ‘Western’ management ideas and ethics have moved closer to Islamic principles andethics. Stephen Covey, a devout practicing member of The Church of Latter-Day Saints, evangelistically preachespersonal development, fulfillment and spirituality within the context of the organization. Covey’s first book The SevenHabits of Highly Effective people set a standard of highly ethical and humanistic principles that all individuals shouldstrive for in business77:• Be proactive as this will develop the ability to control one’s environment, rather than be controlled by it, as isgenerally the case;• Begin tasks with the end result in mind, avoid distractions and concentrate only on relevant activities, which willmake you much more productive;• Organize correctly and undertake the most important tasks first in a step by step approach;• Look for win-win strategies so that all benefit;• Listen to people first and understand them before you try to make them understand you, which will assist inmaintaining positive relationships with people;• Look to develop synergy between people which will develop a better outcome, greater than what individuals canachieve working by themselves; and• Continually seek self-renewal, spiritually, mentally, emotionally, socially and physically.Covey’s book sold over 15 million copies and launched him on a career of consulting to many of the top Fortune 500companies. Covey built a training and consultancy company which has over 12,000 direct facilitators with curriculummaterials translated into numerous languages. Covey’s organization has also developed pilot programs with citieswishing to become principle centered communities. Covey’s set of life rules is not without their critics who claim hisideals are too idealistic and difficult to implement as well as being seen as a quick fix approach. However, this doesnot detract from the extremely large following of devotees to Covey’s methods growing around the world. There aresimilarities with Peter Drucker, Dale Carnegie and David Allen in the approach. Dale Carnegie’s work is also on therise again in popularity and consequently, corporations are taking notice of the importance of employee personalgrowth within the corporate environment.The above ‘Western’ management ‘gurus’ have had great impact upon the corporate world and way management istaught at business schools. In the world where 20% of the population follow Islam, there is little evidence that Islamicmanagement principles are practiced in Islamic countries of South East Asia. Ironically, unlike the ‘West’, IslamicScholars, in agreement with Dr. Umer Chapra’s observations have not agreed due to various interpretations of Islamto any universal Islamic business model for the Islamic World to embrace and espouse. ‘Western’ managementscientists have taken the initiative on similar principles that were laid down in the Al Qu’ran and Hadiths, more than1500 years ago.Entrepreneurship as the driver of Islamic economyAs entrepreneurship embraces community through a Tawhid model, then any entrepreneurship pedagogy shouldalso be community based. A village through a Community Shura Council, the source of true democracy andempowerment, must play a role in espousing entrepreneurship to the youth within their community.Page 6 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • The existing higher education infrastructure is not suitable to assist in developing Islamic entrepreneurship pedagogyat this point of time. Business schools and entrepreneurship courses are fixed upon the metaphor of ‘high growthentrepreneurship’, where the mushharakah has more complex objectives.The teaching of Islamic entrepreneurship should be conducted at the schools, and madrasas to reach the young, andmosques to reach the rest of the community. Within Islamic communities large pools of funds exist through the Zakatmechanism which could be channeled for empowerment. “Zakat revenue can be spent under tamlik mechanism forproviding an opportunity or raising productivity of the poor. Viewed from the long term perspective the poor wouldbecome in time self-reliant, hence reducing the national burden of spending money on social security schemes79.”Community savings Cooperatives based on Islamic principles can promote micro-entrepreneurs through the provisionof riba free micro-finance where risk is shared. The sharing of risk will eliminate the exploitative nature ofmicrofinance upon the Ummah80. This has the potential to open up a completely new paradigm in economicbehavior.Community mentoring and teaching should aim to strengthen the Islamic aspects of culture to overlay other culturalaspects within the community that may inhibit a true understanding of Islamic entrepreneurship. Raja PetraKamarudin criticized Malay Muslims for being too focused on “Islamic practices” without accepting “Islamic values”,“…Malays pride themselves on being good Muslims. ….. Malays are very ritualistic in their Islamic beliefs. They donot care much about values. It is practice that counts when it comes to Malays and Islam. Values don’t count. For thatmatter, the Malays do not even begin to understand what Islamic values are81”.Therefore culture has a large influence upon cognitive perceptions and beliefs, and thus a role to play in enrichingcommunity religious values. Community perceptions to a great degree drive behavior, thus there needs to be a movefrom ritual to value driven behavior. Perceptions are heavily influenced through the attitudes and beliefs we developthrough our upbringing and integration into the society we feel we belong to. Our values and beliefs shape our views,where we try to fit what we sense in the world according to these sets of beliefs. This helps form our values, whichare reinforced by artifacts such as symbols, storytelling and group behavior. It is a complex and circular phenomenonwhere beliefs reinforce the artifacts and the artifacts reinforce the beliefs. This is why culture is hard to changebecause its elements act like bonding glue, pulling those who deviate back in, or if the bond is actually broken castingthe individual out of the critical mass of the rest of the populace. Our values are based upon a set of conscious andsub-conscious assumptions that would seem to be shared throughout the community.This simplistic model of culture highlights attribute sets made up from the assumptions, beliefs, values and artifacts ofthe society in question. Each set of attributes can be looked at as being either negative or positive in a dialectic seathat continues to ebb and flow within itself. Culture is a living entity, sometimes developing strong negative attributes,which are destroyers, rather than the enrichment of a religious culture.So for example in the case of entrepreneurship, there is a set of positive influences (or attributes) and a set ofnegative influences (or attributes) within a community. The strength of each attribute will be different and evenchange from time to time as new information or events happen and are perceived through their shared cognitive‘glasses’ within the community. The key will be; how to strengthen the positive and weaken the negative. Withdifferent strengths as is with water, air and solids, one can only work with what can be molded and shaped. It’s easierto work with sand on a beach that granite on the side of a mountain. Leadership facilitation dialogue seems the bestway to engage the unconscious assumptions within a communities culture.Working with this model may enable real mindset change. Theauthor believes that failure to solve the many community issues andexploit entrepreneurial opportunities, has a basis in a socio-psycho‘mindset’.Without mindset change, the allocation of resources intocommunities is not likely to change the nature of the Ummah.Each village needs to determine their scope of interests andactivities their particular community may best be suited, accordingto the surrounding hinterland. Thus a seaside village would beexpected to engage in different activities from a farming or mountaincommunity. These selected activities should be supported by thedevelopment of ‘appropriate indigenous technologies’ that suit thelifestyle of the community. Public universities have a major role toplay through outreach programs in this area.The objective should be to create ideas that fit into the schema ofthe people living in a village, which builds enthusiasm and pride. This requires a diagnosis of positive and negativecultural attributes to understand the root causes of cultural behaviour, so that groups can be engaged and assisted inseeing new ways of acting in the world. Much can be learned from the work of Paulo Freire in this area.From an idea, opportunity must be seen and developed into a strategy that can be accepted and followed, accordingto the aspired lifestyles of the people, which in the Ummah’s case is an Islamic one.Markets must be identified and accessed utilizing the current means of communications, transport and logisticsavailable (one must add here that the advent of the internet is one of the tools with the largest potential forempowerment – something that didn’t exist a little more than a decade ago). Resources must be acquired andexploited to enable the opportunity to be exploited. There must also be access to skill development forums, so groupscan acquire the necessary knowledge to undertake a venture. The elements needed to create a village based ventureare summarized in Table 2 below;Table 2. The Required and Existing Elements of EmpowermentElement ExistencePage 7 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • ValuesIslam very positive values towards enterprise, independence and empowerment. Thishas to be brought to the surface of some cultures or sub-cultures, i.e., refocusing onthe functional rather than the dysfunctional aspects.Confidence Confidence is a group phenomena and can be improved through engagement ofgroup processes to achieve new ways of seeing.Ideas The skills of ideation can be developed through access to communications technologyand developing both partial and whole brain thinking.Potential Opportunities By linking ideas to markets, modes of entry, resources and skill needs, potentialopportunities can be constructed.Product Focus on themes rather than marketing mixes, look for ways to incorporate consumerfears, existence, acceptance, hopes and dreams in the product (spiritual materialism)MarketsMarkets exist in various forms and segmentations with much more fragmentation,coupled with the ability to communicate are potentially accessible to villagecommunities. Identify aspirations of consumers, connect products and channels tothese aspirations.TechnologyTechnology is a way of how to make and do things. Product manufacture can beundertaken in scaled down models to suit decentralization, small unit output andflexibility. The focus is on how to do things in more cost effective ways, within theexisting cultural socio-organisational setting.Competitive AdvantageIn many FMCG markets competitive advantage has more to do with theme, schemaand branding, through selected channels of distribution, than economies of scale. Theproduct is a fulfiller of dreams.SkillsNot all the skills taught at formal educational institutions are needed to start anenterprise. In this regard its only necessary to provide people with what they needfrom the point of view of business, product development and production. There is aneed for the “village university” to focus on showing people how to see, learn how todo and connect to consumers.Agency/NetworksThrough modern communications technology (internet & travel) it is now possible tocontact and interact with very wide groups of people, including agencies of interest,customers, grant agencies and sourcing know-how.Logistics Logistics have advanced in recent years and can be coupled together such as theinternet and EMS to create direct logistic systems between producers and consumers.ResourcesWe have to learn to use what we have and utilize these limited resourcesinnovatively. There are many methods of alternative funding that can be exploredand set up, i.e., Zakat, unit trusts, closed equity markets, etc.OrganisationNew forms need to be generated from often discarded forms such as cooperatives.Cooperatives can exist at both production and market levels. People can form theirown companies under umbrellas, organizations should be focused on linking theyoung with their older generation. Coalitions can be sort with larger organizations indeveloped countries for branding and market purposes. Organisations have to fitwith existing social schema and develop from there, as people are ready.Positive values towards enterprise are required to motivate people to do things. Groups hold various valuesassociated with fate and future, abilities, possibilities, and the rewards of their labours, etc. Any positive values thatexist within Islamic doctrine are often immersed by other values developed through social and life interactions.Changing values is the most challenging aspect of empowerment. One must not make the mistake of trying toconvert others to our own values, however noble we feel they are. This has been one of the greatest mistakes ofthose ‘trying to help’ in the past. A village may not be ready for a new industry, but it might accept a new idea to passthe time and earn some small extra income. Not all people want to be an entrepreneur in the sense we teach inconventional entrepreneurship programs.The facilitation of change thus involves the creation of new contexts that would break up the old established patterns,in favour of new ones. Competing invisible forces (attractors) compete with each other to generate a situation wherethe group can travel along different paths in the future. The mentor must find the right place and time and facilitatenew contexts that make the present paradoxes or contradictions irrelevant. Change becomes dialectic, wherepotential new futures have their opposites which are resisting any change, for example83;Positive NegativeInnovate Avoid mistakesThink long term Live for todaySpend for the future Spend for todayWork as a group Work by oneselfBe flexible Follow rules and normsPage 8 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • Figure 4. Overall Producer, Marketing andMentor Model86Collaborate CompeteMake joint decisionsMake your own decisionsChanging values also requires a group acceptance of new sets of values and individual confidence in the group’sacceptance. This requires dialogue to build new consciousness. David McClelland, best known for his achievementmodel and work on power in organizations, also researched a person’s needs for affiliation. He found that the needfor affiliation or intimacy with a group plays an important role in motivation86. There are various reasons behind theneed for intimacy. Groups are perceived to provide a sense of security for individuals where there is someuncertainty, or fear of something external to the individual and group. Groups also provide individuals with a cognitiveclarity (sense of how to interpret events around them) and a way to make a self evaluation and social comparisonabout the way they should dress, talk, think and act. Thus developing motivation, based on McClelland’s model andwork with entrepreneurs in India, may best be undertaken within a group context84.Ideas, shape the future of any individual, enterprise and village. It is ideas that have the potential to becomeopportunities and ‘going-concern’ ventures.Young graduates are the hope for future entrepreneurship in villagesaround the region, as the catalyst of change. They are tomorrow’s leadersand have a specific role to play in development. Students have access andknowledge to the information tools of our age. They are the potentialmobilizers, liaisers and leaders of village empowerment, should theychoose to stay and do something. Graduates understand their own andalso understand universities as a source of technology and can learn howto deal with relevant agencies for their cause. Graduates and the young arethe only people who can build enterprises in rural areas in the future.Through linking all the elements together new organizations can be evolvedthat are based on the village model and link with consumers in developedmarkets in two way communication. Figure 4 shows what could be85. Dueto the advances in communication through the internet, graduates andvillages now have unprecedented access to a wider internationalcommunity of buyers, retailers, Fairtrade organisations and consumersdirectly, with which to communicate their intentions and seek support andcustomers; to advance the cause of empowerment to people in developedcountries without third party agents.A producing company would be a democratic co-operative based uponshura, of local producers, workers and collectors, mentored byprofessionals who come from their own villages. The venture, will have ethical trade at its heart, working inpartnerships with producers to first meet their nutritional, food and health needs, including local communities, havelong term arrangements with the marketing company, and will act as a resource base for its producers/partners, fullysupporting them in providing them with required services at their doorstep, leaving them to farm and on farmresponsibilities, in adhering to Tawhid principles. The aim is to provide a smooth, transparent, and fully managedsupply chain, from primary production, knowledge, management, adding value, holding capacity and ensure the‘Cash to Cash Cycle’. The company would act according to the following based principles;1. Commitment to Social Justice in Organic Agriculture2. Transparency and Accountability3. Direct and long-term trade relationships built on trust and mutual respect.4. Equitable distribution of returns to stakeholders5. Communication and information flow6. Skills development and capacity building7. Internal ethics, and8. Professionals manning the PC, support the local community87.The cooperative would be committed to organic, integrated and sustainable production. The cooperative would beinvolved either in agriculture or in both agriculture and product manufacturing as part of the overall marketing strategyof the marketing company.Finance for the cooperative will come partly from the marketing company which will channel funds according to thecooperatives designated projects.The producing companies aim is to develop a share holding structure that is beneficial to all parties involved. It ishoped that key producers will become shareholders in the company, thereby becoming ‘producer partners’. AlthoughPC will also engage in one-off trades with producers considered ‘non-partners’, the above benefits, and the option tobecome ‘shareholders’ and therefore receive a yearly ‘bonus’ .Three types of shares are envisaged to add maximum flexibility to the way the village can be organized:a. The Founder’s shares, which would be the majority initiallyb. Shares bought by large investors (which will not be sought initially)c. Shares held by producers, who would not invest other than with their products and favourable pricing.The objective of the central marketing company would be to develop the market and organize producers according tothe needs of the market. The company would primarily be involved in product development in association with auniversity, organizing logistics from producers to the market, providing finance to producer units and undertaking thenational marketing.The management of the company would be by a small group of professionals, preferably post graduate studentsunder mentorship. The organization would aspire to be a knowledge based company, which would compile andPage 9 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • pictorial depiction of a localized Entrepreneurial IslamicEconomy.disseminate information to those groups that require it for smooth operations. The specific groups within the companywould include;• Strategic group• Management group• Marketing group• Product development group• Extension group• Resource sourcing group• Direct Marketing (sales group)A interdependent and cooperative cluster can develop according to these community enterprises, based on theirspecial skills, resources, and location. This will help develop differentiation, where the village can create a form ofcomparative advantage that brings new wealth. This is the philosophy behind many of the Halal hubs beingdeveloped around the Asian region today. For example, regions like Satun (Thailand) and Kelantan (Malaysia) candevelop cultural Halal tourism and Islamic herbal medicine. Sarawak could specialize in jungle based handicrafts, andJanda Baik just North of Kuala Lumpur could enhance the Halal farming project through cluster development.Such projects would enhance community identity and createfurther economic opportunities, where whole communities canbecome an integrated matrix, where for example there may becollectors of raw materials, processors, traders, and othersupport businesses developing through the cluster.An Islamic economy can be developed from village level whereamanah and equity can be assured. Community shura councilswill be much more able to deal with local village issues than anyprovincial or regional government, where bureaucracy finds itvery difficult to deal with anything outside the scope of itsresponsibilities. Community Shura Councils can also play therole of commercial arbitrators where there is the absence of lawenforcement and court jurisdiction is not practical.Even the Dinar and Dirham can be brought into the communityas a means of exchange at a community level. Dinar andDirham can be issued by a local authority, implemented by the savings cooperative taking on the functions of acentral bank, and overseen by the Community Shura Council, which can set conversion rates to local legalcurrencies.An Islamic economy is based upon community iman, ilm, integration and interdependence. However eachentrepreneurial agent is also independent within his or her own business, that fulfills a function within new valuechains that are constructed. The key to any successful cluster is therefore, community vision and thereafter closecooperation. In this way unique value chains can be developed to serve potential markets.However the greatest challenge to overcome in implementation is overcoming community division and non-cooperation.There are enough mentors within the Ummah today to assist in this form of community empowerment. Today’sMuslim business academics have a responsibility as part of their own personal jihad to integrate Islamic principlesinto business theory and entrepreneurship pedagogy.New forms of competitive advantage can be developed when Islamic values have been integrated into the heart of afirm and its products. Table 3 below shows that themes and branding philosophies some companies have usedsuccessfully in the past.Table 3. Market/Brand Paradigms Utilized by Some International CompaniesAveda The Body ShopHPA(Malaysia)Hain CelestialGroupEst. Sales USD619mil (2006)USD1.5Billion(2006)USD40MilUSD738Mil(2006)Location USA UK Malaysia USAEstablished 1978 1976 1999 1926Products Personal Care Personal Care HerbsOrganic foodand cosmeticsBasic Philosophy To sustain theenvironment andSocialhumanitarianismHalal &ToyyibaanFree of artificialingredients,Kosher foodsPage 10 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • give back tocommunitiesactivism on manyissuesEthics Yes Yes YesGreen Yes Yes YesNatural Yes Yes Yes YesOrganic Yes Yes YesCommunity Yes YesCulturalReligious/Spiritual Yes YesMode of DistributionDirectMarketing/SalonRetail ande-CommerceDirectMarketingGeneraldistributionOwnerEstée LauderCompanies Inc.L’OrealPrivateOwnershipListed companyBoth the Halal and ethical markets are growing exponentially today throughout the world. Consequently, the need foran Islamic model is increasing in importance today. There is a growing awareness among Muslims about their dutiesand responsibilities to adhere to the Tawhid. As Muslim consumers require more Islamic goods and services88,Islamic compliant supply chain development is a major growth industry in itself, and is becoming a feature withinconventional supply chains internationally. The concepts of Halal/Toyyibaan are compatible with GMP/HACCP, andalso incorporate a strong ethical framework that is consistent with the rapidly growing global ‘ethical product’ and‘Fairtrade’ movements89. However how many ‘Islamic corporations’ on the ground are actually complying withIslamic principles, other than Halal certification remains an interesting area for future research. Indonesia, Malaysiaand Thailand are developing Halal food hubs without taking into consideration the underlying Tawhid principles tomake these proposed hubs holistic in their approach to Islamic business.Conclusion – Towards Islamic EconomyAn Islamic economic system is compatible with the concept of ‘western’ social economics90. Islamic economicsprovides a way of creating equity within a community, which other models have failed to achieve91. Entrepreneurshipis the preferred method of agency within an Islamic economy, where high levels of interdependency through clustersbased on community are advocated.Developing entrepreneurship based upon Tawhid principles is empowering to the Ummah and a way to integrate withthe world without the need to compromise religious beliefs and values. The nexus of ‘appropriate indigenoustechnology’, ‘branded differentiation’, and deeply held firm values can create new sources of wealth within acommunity. This helps to enable the creation of barriers to entry for imitators, a problem with many village basedclustering around the world.To achieve the above requires a paradigm change. The Islamic economic paradigm has been largely ignored by both‘western’ and Muslim economists. However the Islamic approach to economy and entrepreneurship limitsspeculation, debt, and exploitation, all casual factors to some degree in the 2008 global financial crisis. Islamiceconomy and entrepreneurship encourages mudarabah (profit and loss sharing) and thus lays the foundation for acooperative society. This is the challenge for academics, policy makers, and most importantly, the communitiesthemselves. An economically prosperous community has better chance of reaching community piety than animpoverished community. The Al-Qur’an is not just a book of divinity, it is a practical book of empowerment, largelyignored for its potential in this regard.So much can be achieved through the right intention:“Indeed, Allah will not change the condition of a people until they change what is in themselves”92.This is a paper presented to the 6th Annual Muslim World Conference 2013, “Competitive Collaboration Strategiesand Muslim Common Culture in the ASEAN Community”, Bangkok, Thailand, May 2013.Notes:Abdullah Abdul Elah Sallam & Murray Hunter (2013), Where is Saudi Arabian Society Heading?, Eurasiareview, May 1,http://www.eurasiareview.com/01052013-where-is-saudi-arabian-society-heading-analysis/2The World Factbook, CIA, https://www.cia.gov/library/publications/the-world-factbook/index.html3Hunter, M., (2012), The Curse of Feudalism, New Mandela, August 24, http://asiapacific.anu.edu.au/newmandala/2012/08/24/the-curse-of-feudalism/4Hunter, M., (2013), Are Western management ideas crippling Asian business education?, University World News, February 9th,http://www.universityworldnews.com/article.php?story=20130206154746686Page 11 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • 5Hunter, M., (2012), Southern Thailand’s Islamic Business Revolution, Asia Sentinel, October 24,http://www.asiasentinel.com/index.php?option=com_content&task=view&id=4925&Itemid=3926Hassan, R., (2006), ‘Islamic world faces intellectual stagnation’, Asia NewsNetwork,http://www.nationmultimedia.com/2006/11/04/opinion/opinion_30018026.php, (accessed 6thNovember 2006).7Shams, R., (2004), ‘A Critical Assessment of Islamic Economics’, HWWA Discussion Paper 281, Hamburg Institute of InternationalEconomics, Hamburg, Germany.8Islamic Voice, ‘Islamic Economics Offers the Best to Mankind’, http://www.islamicvoice.com/june.2003/ine.htm, (Accessed 20thDecember 2006).9Al-Qur’an (3:164)10Koya, P.K., (Editor), (1996), Hadĭth ans Sunnah: Ideals and Realities, Kuala Lumpur, Islamic book Trust, Introduction xiii.11Hassan, M., A., (1992), The Tawhidic Approach in Management and Public Administration: Concepts, Principless and an AlternativeModel, Kuala Lumpur, National Institute of Public Management, pp. 6-7.12Al-Qur’an (51:56)13Al-Qur’an (30:30)14Al-Qur’an (4:28))15Al-Qur’an (20:115)16Al-Qur’an (102:1-2)17Al-Qur’an (33:72)18Al-Qur’an (17:11)19Al-Qur’an (17:100)20Al-Qur’an (17:67)21Al-Qur’an (18:54)22Al-Qur’an (70:19-20)23Al-Qur’an (4:128)24Beekum, R., I., (1996), Islamic Business Ethics, Herndon, VA., International Institute of Islamic Thought.25Mohsin, M., (1995), Economics of Small Business in Islam, Jeddah, Saudi Arabia, Visiting Scholar Research Series No. 2., IslamicResearch and Training Institute, Islamic Development Bank.26Mehar, A., (2004), From Knowledge Creation to Economic Development: Missing Links in the Muslim World, Munich, Germany,MRPA Paper No. 358, http://mpra.ub.uni-muenchen.de/358/, (Accessed 19thDecember, 2006).27Kahf, M., (2003), Sustainable Development in the Muslim Countries, , Jeddah, Saudi Arabia, IDB Prize Winners’ Lecture Series,Islamic Research and Training Institute, Islamic Development Bank28Beal, T., (2006), The Global Islamic Economy: A rough estimate of the position of Islamic peoplesin the global economy, paper presented to the Seminar on Islam And The Global EconomyMalaysian And Nz Perspectives, Wellington, New Zealand, Tuesday 13thJune. (http://www.vuw.ac.nz/~caplabtb/beal.html, Accessed19thDecember 2006).29Al-Qur’an (35:29), (26:207), (17:82).30Al-Qur’an (2:164)31Al-Qur’an (5:3)32Al-Qur’an (2:168)33Al-Qur’an (14:32-34)34Al-Qur’an (24:37)35Nienhaus, V., (2010), Fundamentals of an Islamic economic system compared to the social market economy, KasInternational Reports, 11, P. 77, http://www.kas.de/wf/doc/kas_21079-544-2-30.pdf?10111014145036Umer Chapra, M., (2000), The Future of Economics: An Islamic Perspective, Leicester, Islamic Foundation.37Al-Qur’an (20:6).38Al-Qur’an (2:275-279)39Al-Qur’an (2:279)40Presley, J., R., & Sessions, J., G., (1994), Islamic Economics: The emergence of a new paradigm, The Economic Journal, Vol. 104,pp. 584.Page 12 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • 41Siddiqi, M., N., (2005), ‘Tawhid: The Concept and Process’, in Syed Agil, S., O. and Ghazali, A., (Eds.), Readings in the Concept andMethodology of Islamic Economics, Kuala Lumpur, CERT Publications, P.1.42Al-Qur’an (2:170), (43:22-24), (7:28-29).43Al-Qur’an (22:77)44Al-Qur’an (2:275)45Al-Qur’an (17:36)46Al-Qur’an (92:4), (29:69).47Hassan, M., A., (1992), op. cit., P. 24.48Al-Qur’an (31:20)49Al-Qur’an (35:28)50Al-Qur’an (51:56)51Al-Qur’an (2:21)52Ismail, A., H., (1992), ‘Bank Islam Malaysia Bhd.: Principless and Operations’, in Sheikh Abod, S., G., Syed Agil, S., O., andGhazali, A., (Eds.), An Introduction to Islamic Finance, Kuala Lumpur, Quill Publishers, P. 258.53Doi, I., A., R., (1981), Non-Muslims Under Syar’iah, Lahore, Kazi Publications, P.4.54Al-Buraey, M., A., (1988), Administrative Development: An Islamic Perspective, London, Kegan Paul International, P. 145.55Chaudry, M., S., (2006), Social and Moral Code of Islam, Batu Caves, Selangor, Malaysia, Masterpiece Publications, P. 15.56Halal-Haram Guide (2006), Penang, Consumers Association of Penang, P. 17.57Amin, M., (1965), Wisdom of the Prophet Muhammad, Lahore, Pakistan, Sh. Muhammad Ashraf.58Abdullah, A., and Huda, N., (2006), ‘Nutrition Security in Muslim Countries: The Drive Towards a Healthy Ummah’ in Saifuddeen,S., M., Mohd. Salleh, S., and Sobian, A., Food and Technological Progress: An Islamic Perspective, Kuala Lumpur, MPH Publishing,P. 173.59Al-Qur’an (7:58)60Al-Qur’an (5:5), (2:168)61Hunter, M. (2009), Essential Oils: Art, Agriculture, Science, Industry, and Entrepreneurship: A Focus on the Asia-Pacific Region.New York: Nova Scientific Publishers, P. 670.62Al-Qur’an (2:198)63Al-Qur’an (7:31)64Al-Qur’an (25:67)65Al-Qur’an (22:77)66Al-Qur’an (3:1-2), (4:125)67Al-Qur’an (6:132), (16:97), (16:93)68Al-Qur’an (90:8-10)69Al-Qur’an (30:41), (103:1-3)70Al-Qur’an (33:72)71Al-Qur’an (2:169)72Al-Qur’an (33:72)73Hassan, M., A., (1992), op. cit., pp. 66-68.74Al-Qur’an (42:36-40)75Al-Qur’an (3:159)76Lapidus, M., (1984), ‘The Place of Adab in South Asian Islam’, in Metcalf, B., D., (Ed.), Moral Conduct and Authority, Berkeley, LosAngeles, University of California Press, P. 39.77Covey, S. R. (1990), Principle Centered Leadership. New York: Free Press.78Khaliq Ahmad 2002 Intellectual Discourse Vol. 8, no. 2 (IIUM)79Mitra, S., K., (2009), Exploitatative Microfinance Interest Rates, Asian Social Science, Vol. 5, No. 5, pp. 87-93, Prabhu, G., N.,(2011), Potential exploitation of vulnerable poor by publicly held microfinance firms, Network, Vol. 80, No. 3, pp. 14-15,http://www.iimb.ernet.in/~gprabhu/microfinancenetwork2011.pdfPage 13 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...
    • 81Petra Kamarudin, No Holds Barred – Heat on the Street, http://www.malaysia-today.net/nuc2006/barred.php?itemid=448, (Accessed20thAugust 2007)82Morgan, G., (1984), Images of Organisation, Newbury Park, Sage83McClelland, D., C., The Achievement Society, Princeton, N.J., D. Van Nostrand Company, Inc., 196984McCelland, D., C., and Winter, D., G., Motivating Economic Achievement, New York, Free Press, 1969.85Hunter, M., Proposal Outline to Develop a Community Based Enterprise to Manufacture and Market Cosmetics, Personal Care,Household and Medicinal Products in Pattani Province, Thailand, Submitted to the Hon. Governor’s Office, Pattani Province, April2007, Unpublished document.86Hunter, M., (2008), Revolutionary Empowerment: A Re-look at Spirituality, Cultural Integrity and Development, Proceedings of theMonash University SME Business Conference, July 8-10, Melbourne, Australia.87Principles set out for peoples companies by Dr. Subash Mentha, Bangalore, India, as communicated to the author.88This is much wider than food and includes banking, finance, insurance, entertainment, tourism, and cosmetics, etc.89Hunter, M. (2012), “The Emerging Halal Cosmetic and Personal Care Market,” Personal Care March: P. 40.90Konrad-Adenauer-Stiftung, C., F., (2009), Guidelines for Prosperity, Social Justice and Sustainable Economic Activity, Berlin:Konrad-Adenauer-Stiftung, http://www.kas.de/wf/doc/kas_17025-544-2-30.pdf91Umer Chapra, M., (2003), Islam and the Economic Challenge, Leicester, The Islamic Foundation and The International Institute ofIslamic Thought.92Al-Qur’an (13:11)View profile and articles by Murray Hunter →Check out our sister site Albany Tribune Log in- Posts - Add New - Owned and Designed by Buzz Future LLCABOUT EDITORIAL STAFF AUTHORS AND PARTNERS SUBMIT AN ARTICLE CONTACT PRIVACY POLICY AND TERMS OF USE ARCHIVESAFRICA AMERICAS ASIA EUROPE OCEANIAPage optimized by WP Minify WordPress PluginPage 14 of 14Entrepreneurship As A Means To Create Islamic Economy - Analysis Eurasia Review5/24/2013http://www.eurasiareview.com/17052013-entrepreneurship-as-a-means-to-create-islamic-e...