Islamic business model Monash University Conference


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Islamic Business Model

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Islamic business model Monash University Conference

  1. 1. SME – Entrepreneurship Global Conference, Melbourne 3-4 th July, 2008 Murray Hunter SME Unit University Malaysia Perlis (UniMAP) Towards an Islamic Business Model: A Tawhid Approach
  2. 2. Images of Islam
  3. 6. The Islamic world today
  4. 7. The Islamic world today
  5. 8. <ul><li>December 26 2004 More than 180,000 Indonesians are killed and over 600,000 listed as missing and homeless after a massive undersea earthquake off Sumatra triggers a series of tsunami </li></ul>
  6. 9. <ul><li>February 21 2005: A landslide sweeps through two West Java villages near a garbage dump on the outskirts of Bandung, killing 96 people </li></ul>
  7. 10. <ul><li>March 28, 2005: More than 900 people are killed after a quake of magnitude 8.7 hits Nias on the coast of northern Sumatra. Around 500 more are injured and 2,000 left homeless </li></ul>
  8. 11. <ul><li>July 20, 2005: Indonesia confirms its first deaths from bird flu. Tests on a father and his two young daughters, who lived in Tangerang on the outskirts of Jakarta, show they contracted the killer virus </li></ul>
  9. 12. <ul><li>Sept 2005 – February 2006 More than 200 people killed in Flash floods and Landslides </li></ul>
  10. 13. January 2007 More than five hundred people die in ferry disaster
  11. 14. <ul><li>February 2007 – Heavy rains cause major flooding in Jakarta more than 50 people die over 300,000 have to move from their homes </li></ul>
  12. 15. <ul><li>December 2007/January 2008 Floods and mud-slides in Central Java leave 130+ dead, thousands homeless </li></ul>
  13. 17. Need for an Islamic Model The nature of man The amoral society The underdevelopment of Islamic societies
  14. 21. Islam Espouses a Market Economy “ He who brings goods to the market is blessed with bounty, he who withholds them is cursed.” (Ibn Majah & Al Hakim)
  15. 22. A Market Mechanism Is Espoused “ Do not chase after those who are going to the market before they reach the place.” (Al-Bukhari & Muslim)
  16. 23. Islam also prohibits price manipulation “ Anyone who withholds goods until the price rises is a sinner.” (Muslim).
  17. 24. Faith in one God and a commitment in the teachings revealed by God and His Messengers . Iman affects our world view and daily practices.
  18. 25. The path shown by Allah (SWT). The divine law.
  19. 26. A holistic life where one looks after worldly comforts and also prepare for the hereafter.
  20. 27. An individual’s obligation to perform one’s religious duties.
  21. 28. Knowledge. Three sources based on Iman , a) intellect (‘aql), experiences and revelations (wahy). Guided by Iman.
  22. 29. Work and deeds, pious practice, orientated to Allah, turning away from all weakness and evil. Amal is based and guided by Iman and Ilmu .
  23. 30. A collective responsibility for both social and spiritual development
  24. 31. Toyyibaan & Halal <ul><li>This day are (all) things good and pure made lawful unto you. The food of the people of the Book is lawful unto you and yours is lawful unto them. … If anyone rejects Faith, fruitless is his work, and in the Hereafter he will be in the ranks of those who have lost (all spiritual good). </li></ul><ul><li>Al-Ma’idah5:5 </li></ul>
  25. 32. <ul><li>O you people! Eat of what is on earth, lawful and good; and do not follow the footsteps of the evil one, for he is to you an avowed enemy. </li></ul><ul><li>Al-Baqarah 2:168 </li></ul>
  26. 33. <ul><li>From the land that is clean and good, by the Will of its Cherisher, springs up produce, (rich) after its kind; but from the land that is bad, springs up nothing but that which is niggardly: thus do we explain the Signs by various (symbols) to those who are grateful. </li></ul><ul><li>Al-A’raf 7:58 </li></ul>
  27. 34. <ul><li>O ye who believe! Eat of the good things that We have provided for you, and be grateful to God, if it is Him ye worship. </li></ul><ul><li>Al-Baqarah 2:172 </li></ul>
  28. 35. Substances and deeds that are good, healthy, pure, clean and lawful. Prohibited by Allah in the Al-Qur’an Permitted by Allah in the Al-Qur’an
  29. 36. Mutual consent
  30. 37. A business partnership;a) Shirkah: where two or more individuals pool financial resources and share profit and loss on an agreed ratio and held liable to the extent of their capital,b ) Syari’ah: each partner is able to operate other businesses, independent of the principal businessc) Mudarabah: Partnership where one manages the partnership and another supplies the financial resources.
  31. 38. Worship. Relates man to Allah through spiritual acts. The manifestation of Amal salih (pious actions).
  32. 39. Piety
  33. 40. Recognition of the right and proper place and station, condition in life and to self discipline in positive and willing participation in enacting one’s role in accordance with that recognition and acknowledgement. Its occurrence in one and society as a whole reflects the condition of justice.
  34. 41. Trust by God in man in the all encompassing concept of nature (tabi’ah)
  35. 42. Inclination towards destruction
  36. 43. The concept of Al-Falah requires Muslims to win and be successful in both this world and the hereafter.
  37. 44. Islamic community
  38. 45. Tahwid: A relationship with Allah which excludes a relationship with anyone else. The focus of all man’s reverence and gratitude, the only source of value, where what Allah desires for man becomes value to him. Man who commits his will to Allah, recognises no other authority other than His. Comprises Iman, Ilmu and Amal .
  39. 48. Thank You