Dimensions of Islamic Entrepreneurship Model: Evaluating the Elements of Entrepreneurial Ventures and Entrepreneurs from Islamic Perspective

Abstract

The concept of Islamic entrepreneurship has gained popularity in recent past with the involvement of religion and ethics to business practices. In relation to the developing interest in the domain of Islamic entrepreneurship, various theorists and scholars have offered their insights and varied postulations regarding the different forms and frameworks of Islamic entrepreneurship model as well. This paper offers a fresh perspective by proposing an Islamic entrepreneurship model with a dual set of pertinent factors. These elements are dissected into two major dimensions referred to as eemaan (faith) and asbaab (means) to encompass the essential factors pertinent to the proposed model in order to offer a comprehensive theoretical underpinning to the concept of Islamic entrepreneurship. The factors in “eemaan” category include Islamic attributes of business and entrepreneurs like taqwa, tawakkal, abidance to halal and haraam, and interest-free dealings among others; whereas the factors discussed under the category of “asbaab” factors include contemporary business essentials and generic qualities of entrepreneurs including creativity, innovation, business structure, objectives, and operations to name a few. The model expounded in this study is actually hinged upon the premise that Islam is a complete code of life and hence provides a concrete and clear pathway to success not only in this world but also in the world-hereafter. The Islamic ideology which in fact transcends beyond the attainment of business profits focuses on the attainment of “falah” implying ultimate success. The paper endeavors to offer a renewed perspective to the theory of Islamic entrepreneurship by presenting a holistic approach to understand various aspects of Islamic entrepreneurship by consolidating both the dimensions of deen and dunya in order to successfully achieve falah which is the basis of dual motive of attaining goodness and prosperity in both worlds in the context of Islamic entrepreneurial perspective.