Islamic Business And

Entrepreneurship
Sew Lai Yan 815170

Yap Luen Her 815201

Adibah Binti Abdul Bari 815727

Ami 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

Business

Entrepreneur

Start in well existing

business
Risk Avoidance

Start in never exploited

business
Risk Seeker

Hiring expertise to increased Hiring normal employee to

productivity
be trained and transform into
pool of resources

Shift away from chances

Lack of innovation

Stays with traditional way

of doing business
Making revenue

Embracing sequences
chances
Always be innovation and
creative
Obsessed with unusual way
of doing business
Creating 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 should

1. Keenness to Earn Legitimate (Halal)

Earnings
2. Trade through Mutual Consent

3. Truthfulness in Business Transactions

4. Trustworthiness in Business Transactions

Islamic Transaction should

5. Generosity and Leniency in Business
Transactions
6. Honouring and fulfilling Business Obligations
7. Fair Treatment of Workers
8. Undergo transaction that involved interest
(riba)

Islamic Transaction shouldnt.

1. Dealing in Prohibited (Haram) Items

2. Sale of Al-Gharar (Uncertainty, Risks,

Speculation)

3. Arbitrarily Fixing the Prices

4. Hoarding (ihtikar)of Foodstuff

5. Swearing (Cursing)

Islamic Transaction shouldnt.

6. Exploitation of ones Ignorance of Market

Conditions
7. Al-Najsh (Trickery)

8. Cheating and Fraud in Business Transactions

9. Giving Short Measures

10.Dealing 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.

1. Entrepreneurship is an integral parts

of Islamic religion.
2. 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).

3. The
motivation
for
Islamic
entrepreneur will be not merely
measured by the end result but also
the way and means of achieving
them.
4. The
business
activity
of
entrepreneur is part of good deed
(ibadah).

5. 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.

6. 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.

7. Islamic entrepreneurship should

follow the guidance principle of
holy al-Quran and also alHadith.
8. Entrepreneurial Ethics are based
on the exemplary conducts of
Prophet Muhammad S.A.W.

7. Islamic Entrepreneurship should

Muslim
followEntrepreneurship
the guiding principlesEthics
from
the al-Quran and also al-Hadith.
1. To prevent laziness hardworking is needed

2. To
fear Islamic
risk taking
is necessary
8. eradicate
Moreover,
entrepreneurial
should also based on those
3. To search for legitimate ventures
exemplary conducts by Prophet
4. To avoid
forbidden
sources of income and
Muhammad
S.A.W.
property

7. Islamic Entrepreneurship should

followEntrepreneurship
the guiding principlesEthics
from
Muslim
the al-Quran and also al-Hadith.
5. To show gratitude and thankfulness of

8.
Moreover,
Islamic
entrepreneurial
whatever
has been
acquired.
should also based on those
6. To grow
and develop
capitalbyandProphet
profit.
exemplary
conducts
Muhammad
S.A.W.
7. To diversify
business
ventures.
8. To avoid greediness.

Ethical Behavior of Muslim

Entrepreneurship
1.
2.
3.
4.
5.

To avoid malicious behavior

To avoid squandering
To avoid stinginess
To pay alms (zakat)
Trustworthy

Ethical Behavior of Muslim

Entrepreneurship
6.
7.
8.
9.

To pray consistently
Trust in Allah (Tawakkal)
Patience
Contentment/Satisfying
(Qanaah)

Exemplary of good Muslim

Entrepreneurs in Islam
1. Business is secondary when
being called for other form of
crusade.

2. Avoid using influence for self

interest.

Exemplary of good Muslim

Entrepreneurs in Islam
3. Afraid of accumulated wealth
4. Leadership qualities in all
aspects
5. Practice moderate way of life

Characteristic of Islamic
Entrepreneurs
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

1. Knowledge and gnosis (marifat)

stage.
2. Repentance (taubat) stage
3. Temptation stage
4. Obstacles stage
5. Motivation stage
6. Imperfections stage
7. Praise and thankful (syukur)
stage

Successful in
Islamic
entrepreneur
According to AlQurtubi

1. Halal- livelihood that accordance to

what is sbeing outlined by Allah
SWT and syariah
2. Qanah- simple way of life
3. Taufiq- Asking for the blessing of
Allah as guidance
4. Saadah- Spiritual happiness
5. Jannah- Worldly success should act
as the bridge to the ultimate success
in the life hereafter (paradise).

Differences
between man
and women
entrepreneur

1. Score on innovation - Female

entrepreneur were more likely to
take risks than male
entrepreneur
2. 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 Occurred
1. Unequal of right between male

and female.
2. Obligated to household
responsibilities.

3. Lack of exposures

Empowerment the Muslim

Women to be involved in
entrepreneurship
1. Through family fort (Spouse and
Parent)
2. The capacity of chances to perform
3. Involved reward, knowledge, power,
information
4. The improvement of ICT infrastructure

The success factor of women

Entrepreneur in Malaysia
1. Personal 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 women

Entrepreneur in Malaysia
2. Disciplined and thrifty in managing the
cash flow, resources and capital in their
businesses.

3. 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)

Tengku
Datuk Paduka Noor
Zakiah Tengku
Ismail
(executive
chairman 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

Tarudin
Simply 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 Sazali

Qaira Hijab
(Distribution of Hijab through online)

Sherena Razaly
Recognized in Yum
List
Enak KL, Starhill
Gallery, Kuala
Lumpur, Malaysia
(Malay Restaurant)

Alyssa Mazlan
Island & Republic Sdn
Bhd
(Lifestyle Interior &
Design Boutique)

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
(Herbs Mediation)

Q&A

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
Question
1
(Herbs Mediation)

Why women
entrepreneur are
more risk taker than
men entrepreneur?

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
Solution1
(Herbs Mediation)

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

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
Question
2
(Herbs Mediation)

Why good faith in

religious will help to
derive better
entrepreneurship?

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
Solution
2
(Herbs Mediation)
Good 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.

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
Question
3
(Herbs Mediation)

Among gender, religious

and personalities traits,
which will be the main
success factor of an
entrepreneur?

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
Solution
3
(Herbs Mediation)
Religious 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.

Rozita Ibrahim
Sendayu Tinggi Sdn Bhd
(Herbs Mediation)

Thank You