Entrepreneurship development

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Entreprenureship in Islam is much wider than define in conventional practice. It scopes trascend profits to falah, taufiq and jannah

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Entrepreneurship development

  1. 1. Entrepreneurship Development: Opportunity & Threat. The Islamic Solution A Presentation to Muslim Community in Lagos By: Jubril Salaudeen Partner at Secure H uda Limited 2348034700331 www.securehuda.net
  2. 2. Outline <ul><li>Entrepreneurship </li></ul><ul><li>Opportunities </li></ul><ul><li>Threats </li></ul><ul><li>Islamic Finance </li></ul><ul><li>Islamic funding </li></ul><ul><li>Recommendation </li></ul><ul><li>End of Presentation </li></ul>
  3. 3. Entrepreneurship <ul><li>an entrepreneurial mindset can exist anywhere people are paying attention to problems while working towards solutions. </li></ul><ul><li>successful entrepreneurs are the ones who follow through on their original vision </li></ul>
  4. 4. Islam and Entrepreneurship <ul><li>Entrepreneurs has to have objectives and targets but these are subservient to the ultimate objective of acquiring the blessing of Allah s.w.t. </li></ul><ul><li>Halal (lawful livelihood) </li></ul><ul><li>qanaah (be pleased with one’s earnings) </li></ul><ul><li>taufik (blessings of Allah in proportion to one’s expectations) </li></ul><ul><li>sa’adah (happy) and </li></ul><ul><li>jannah (heaven </li></ul>
  5. 5. ...cont... <ul><li>Entrepreneurship is ( fardhu kifayah ); unless and until there is an entrepreneur in a community, the entire community is deemed to be sinful! </li></ul><ul><li>Profis are encourage in order to prosper the community through donations, taxes, zakah, sadaqah, etc </li></ul>
  6. 6. Opportunities <ul><li>Nigeria is a developing economy </li></ul><ul><li>Over 140 million people </li></ul><ul><li>60-65% of the population are within 16-38 years of age </li></ul><ul><li>A major oil producing country in the world </li></ul><ul><li>No natural disaster </li></ul><ul><li>Huge potential for development </li></ul>
  7. 7. Major opportunity Gaps <ul><li>Plastic </li></ul><ul><li>Re-cycling ( Plastic, steel, lead, iron, electronics etc) </li></ul><ul><li>Distribution ( no established distribution platform) </li></ul><ul><li>Packaging </li></ul><ul><li>Agro-allied </li></ul><ul><li>Housing and Real estate </li></ul><ul><li>Insurance and Transportation </li></ul><ul><li>Farming and Telecommunication </li></ul>
  8. 8. Threat <ul><li>Poor infrastructure ( Road, rail and sanitation) </li></ul><ul><li>POWER supply </li></ul><ul><li>In-consistent govt policy </li></ul><ul><li>Access to funding is difficult </li></ul><ul><li>Multiple taxation </li></ul><ul><li>Skill gap </li></ul><ul><li>Cost of funding </li></ul>
  9. 9. Islamic Finance <ul><li>Relatively new or none existence to cater for the aspiration of the Muslims </li></ul><ul><li>Some (Private) community initiatives </li></ul><ul><li>Central Bank of Nigeria </li></ul><ul><li>No trained work force to cater for this initiative </li></ul><ul><li>Encourages profit sharing as against interest </li></ul>
  10. 10. Islamic Funding <ul><li>A few Halal outfit in Nigeria </li></ul><ul><li>Mudarabah, Musharakah, ijarah, salam and istisna </li></ul><ul><li>More Islamic Banking initiaves should be expected </li></ul><ul><li>Commercial banks with Islamic windows are also encouraged </li></ul>
  11. 11. Recommendations <ul><li>As Muslims we have a responsibility to contribute to National development </li></ul><ul><li>We are to create employment for Nigerians </li></ul><ul><li>We have to promote social well being </li></ul><ul><li>Start entrepreneurial incubation centres </li></ul><ul><li>Encourage partnership on the bases of honesty and fairness </li></ul><ul><li>Provide skill development and access to funding to entrepreneurs </li></ul><ul><li>Stop complaining and start acting </li></ul>
  12. 12. End of Presentation Thank you Ma-salam.

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