islamic business and entrepreneurship (1)

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Islamic Business And EntrepreneurshipSew Lai Yan 815170Yap Luen Her 815201Adibah Binti Abdul Bari 815727Ami Joselina Binti Abu Bakar 814481

General View

Business???An activity of making, buying, selling goods or providing services in order to exchange for monetary benefit or non-monetary benefit which also known as profit.

Entrepreneurship???An initial started business by a person who known as entrepreneur who dare to take risk and seek for challenging before monetary return.

Differences between business and entrepreneur

BusinessEntrepreneurStart in well existing businessStart in never exploited businessRisk Avoidance Risk SeekerHiring expertise to increased productivityHiring normal employee to be trained and transform into pool of resourcesShift away from chancesEmbracing sequences chances Lack of innovationAlways be innovation and creativeStays with traditional way of doing business Obsessed with unusual way of doing business Making revenueCreating revenue

Islamic Business???

A motivation to earn halal profit through exchanging goods and services under the mutual and valid agreement between two or more parties whereby using Islamic law as the guidance along the transaction.

Islamic Transaction shouldKeenness to Earn Legitimate (Halal) EarningsTrade through Mutual ConsentTruthfulness in Business TransactionsTrustworthiness in Business Transactions

Islamic Transaction shouldGenerosity and Leniency in Business TransactionsHonouring and fulfilling Business ObligationsFair Treatment of WorkersUndergo transaction that involved interest (riba)

Islamic Transaction shouldnt.Dealing in Prohibited (Haram) ItemsSale of Al-Gharar (Uncertainty, Risks, Speculation)Arbitrarily Fixing the PricesHoarding (ihtikar)of FoodstuffSwearing (Cursing)

Islamic Transaction shouldnt.Exploitation of ones Ignorance of Market ConditionsAl-Najsh (Trickery)Cheating and Fraud in Business TransactionsGiving Short MeasuresDealing in Stolen Goods

Islamic Entrepreneur???

An Islamic entrepreneur must first be a religious person then follow by practitioner which intends to practice whatever he had learn through religion.

An Islamic entrepreneur should also based on cooperation, generosity and benevolence (insan berihsan).

Successful entrepreneur under Islamic entrepreneurship should have high commitment and appreciation to the Islamic way of life which prefect in every aspect of daily life.

Strong faith in religion enhances trust basis to the Almighty and enable the entrepreneurs to know the fact that his/her only the slave and trustee in responsible for implementing the decree of Allah SWT.

This assertion phrased by the Quran,

And He provides for him from (sources) he never could imagine. And if anyone puts his trust in Allah, sufficient is (Allah) for him. For Allah will surely accomplish his purpose: verify for all things has Allah appointed a due proportion. (al-Talaq:3)

Commenting on these verses, Ibn Kathir exegesis in his opinion saying that those who carry out the commands of Allah SWT and leave his forbidden, then Allah will free him from all the trouble, hardship and provides him sustenance from the unknown ways.

Islamic entrepreneurship focus on eight principles of thoughts.

Entrepreneurship is an integral parts of Islamic religion.

By virtue of human nature , the Muslim entrepreneurs are expected to perform the role of a responsible leader (khalifah) and have the responsibilities develop prosperity and sees business as part of good deed (ibadah).

The motivation for Islamic entrepreneur will be not merely measured by the end result but also the way and means of achieving them.

The business activity of entrepreneur is part of good deed (ibadah).

Position of entrepreneurship and business in Islam Islam encouraged its follower (ummah) to venture into business. Prophet Muhammad S.A.W expounded that 9 out of 10 source of rizque (reski) can be found in business.

Islamic Economic System Islamic Entrepreneurship should operate within the domain of Islamic Economic system and act as the vehicle towards global acceptance of Islamic Economic System.

Islamic entrepreneurship should follow the guidance principle of holy al-Quran and also al-Hadith.

Entrepreneurial Ethics are based on the exemplary conducts of Prophet Muhammad S.A.W.

Islamic Entrepreneurship should follow the guiding principles from the al-Quran and also al-Hadith.

Moreover, Islamic entrepreneurial should also based on those exemplary conducts by Prophet Muhammad S.A.W.

Muslim Entrepreneurship EthicsTo prevent laziness hardworking is neededTo eradicate fear risk taking is necessaryTo search for legitimate venturesTo avoid forbidden sources of income and property

Islamic Entrepreneurship should follow the guiding principles from the al-Quran and also al-Hadith.

Moreover, Islamic entrepreneurial should also based on those exemplary conducts by Prophet Muhammad S.A.W.

Muslim Entrepreneurship EthicsTo show gratitude and thankfulness of whatever has been acquired.To grow and develop capital and profit.To diversify business ventures.To avoid greediness.

Ethical Behavior of Muslim EntrepreneurshipTo avoid malicious behaviorTo avoid squanderingTo avoid stinginessTo pay alms (zakat)Trustworthy

Ethical Behavior of Muslim EntrepreneurshipTo pray consistentlyTrust in Allah (Tawakkal)PatienceContentment/Satisfying (Qanaah)

Exemplary of good Muslim Entrepreneurs in IslamBusiness is secondary when being called for other form of crusade.

Avoid using influence for self interest.

Exemplary of good Muslim Entrepreneurs in IslamAfraid of accumulated wealth

Leadership qualities in all aspects

Practice moderate way of life

Characteristic of IslamicEntrepreneurs The successful and pathway of Islamic entrepreneurs are different whereby in Islamic view, successful are not merely measured by the end result, but also measured the ways of achieving the success.

7 Steps for success in Islamic entrepreneur According to Al Ghazali

Knowledge and gnosis (marifat) stage.Repentance (taubat) stageTemptation stageObstacles stageMotivation stageImperfections stagePraise and thankful (syukur) stage

Successful in Islamic entrepreneur According to Al-Qurtubi

Halal- livelihood that accordance to what is sbeing outlined by Allah SWT and syariahQanah- simple way of lifeTaufiq- Asking for the blessing of Allah as guidanceSaadah- Spiritual happinessJannah- Worldly success should act as the bridge to the ultimate success in the life hereafter (paradise).

Differences between man and women entrepreneur

Score on innovation - Female entrepreneur were more likely to take risks than male entrepreneur

Women prefer soft way like looking for meaning, balance and fun while men are more dry and just look for profits

Challenging of Islamic Entrepreneur

Increased the involvement of Islamic Female Entrepreneur

Problem OccurredUnequal of right between male and female.Obligated to household responsibilities.Lack of exposures

Empowerment the Muslim Women to be involved in entrepreneurshipThrough family fort (Spouse and Parent)The capacity of chances to performInvolved reward, knowledge, power, informationThe improvement of ICT infrastructure

The success factor of womenEntrepreneur in MalaysiaPersonal Qualities self reliance,ability to identify and exploit opportunities,innovative, willingness to take chances,communication skills, good negotiation skills,ability to build good relationship,less fear of failure, possess dynamic leadership and effective management, charismatic

The success factor of womenEntrepreneur in MalaysiaDisciplined and thrifty in managing the cash flow, resources and capital in their businesses.

Supporting factors such as education background

Female Entrepreneurs in Malaysia

Raja Dato Sri Eleena Azlan Shah(2013-Rank as 13th Successful Malay Entrepreneurs in Malaysia)Messrs Raja Eleena, Siew Ang & Associates(Law Firm)

TengkuDatuk Paduka Noor Zakiah Tengku Ismail(executivechairman of K & N Kenanga Holdings Bhd)

received the award of the best Malaysian women entrepreneur for the second decade (1967-1977)

Datuk Khatijah Ahmad(Executive Chairman of KAF Group of Companies, a financial services group that she founded in 1973.)In 1997, she became the first Malaysian to receive the Leading Women Entrepreneurs of the World award

Datuk DR. Maznah Hamid~ Iron Lady Maznah Motivational Centre Sdn Bhd(Training centre for entrepreneur)

Dato' Siti Nurhaliza Bt TarudinSimply Siti Sdn Bhd(Cosmetic and Skin Care Products)

Nor Zaina Bt Ghani ( Datin Ira)Positive Image Resources Sdn Bhd(Development of Aura Seri and Aura Genius beauty product line)

Nor Akmar Hanif & Aida Nurlin Hanif The Millionaire Sisters(financial service agency)

Ainil Hawa SazaliQaira Hijab(Distribution of Hijab through online)

Sherena RazalyRecognized in Yum ListEnak KL, Starhill Gallery, Kuala Lumpur, Malaysia(Malay Restaurant)

Alyssa MazlanIsland & Republic Sdn Bhd(Lifestyle Interior & Design Boutique)

Rozita IbrahimSendayu Tinggi Sdn Bhd(Herbs Mediation)

Q & A


Question 1Why women entrepreneur are more risk taker than men entrepreneur?


Solution1Male entrepreneur concern on profit therefore there rather be low risk taking.


Question 2Why good faith in religious will help to derive better entrepreneurship?


Solution 2Good faith in religious enable a person act accordingly verses stated in al-Quran and strong faith enhance the belief of life after earth, therefore whatever to be done will actually being repay during the judgment day.


Question 3Among gender, religious and personalities traits, which will be the main success factor of an entrepreneur?


Solution 3Religious will come before gender and personalities traits, because religious will act as guidance in every aspect of life, strong faith in religious able to act as the denominator in every aspect of daily life.


Thank You

islamic business and entrepreneurship (1)

Documents

islamic law

business transactionshonouring

islamic way of life

islamic entrepreneurship

general view business

initial started business

successful entrepreneur

decree of allah swt