The Application of Islamic Principles on Entrepreneurship Competence Development Framework

Abstract

Entrepreneurship is when you act on opportunities or ideas and transform them into value for others. The value that is created can be financial, cultural, or social. Entrepreneurship has been proven as an important key to propelling economic growth and the world is in an urgent need of more competent entrepreneurs. Several institutions and scholars have attempted to create a framework to develop this important competence. The European Union has developed the most comprehensive one, which is called the Entrepreneurship Competence Development Framework (EntreComp). Despite its comprehensiveness, the framework is based on a humanism perspective, which negates the supernatural existence and advocates achieving immediate worldly goals and unconstrained creativity. Consequently, EntreComp is incompatible with the Islamic perspective, which puts a transcendental being (God) as the foundation and axis of all things. The vision of this research is to develop a competent Muslim entrepreneur (Muslimpreneur) through establishing a practical framework called Muslimpreneurship Competence Development Framework (MCDF). The research was qualitative and exploratory. The Islamisation of Knowledge methodology was applied to synthesise the EntreComp to establish a practical MCDF. The EntreComp was instilled and enriched with core Islamic principles and teachings, making the competence development framework more compatible, comprehensive, and effective for Muslim end users.