Islamic Business Model

1. SME – Entrepreneurship Global Conference, Melbourne 3-4 th July, 2008 Murray Hunter SME Unit University Malaysia Perlis (UniMAP) Towards an Islamic Business Model: A Tawhid Approach

2. Images of Islam

6. The Islamic world today

7. The Islamic world today

13. January 2007 More than five hundred people die in ferry disaster

17. Need for an Islamic Model The nature of man The amoral society The underdevelopment of Islamic societies

21. Islam Espouses a Market Economy “ He who brings goods to the market is blessed with bounty, he who withholds them is cursed.” (Ibn Majah & Al Hakim)

22. A Market Mechanism Is Espoused “ Do not chase after those who are going to the market before they reach the place.” (Al-Bukhari & Muslim)

23. Islam also prohibits price manipulation “ Anyone who withholds goods until the price rises is a sinner.” (Muslim).

24. Faith in one God and a commitment in the teachings revealed by God and His Messengers . Iman affects our world view and daily practices.

25. The path shown by Allah (SWT). The divine law.

26. A holistic life where one looks after worldly comforts and also prepare for the hereafter.

27. An individual’s obligation to perform one’s religious duties.

28. Knowledge. Three sources based on Iman , a) intellect (‘aql), experiences and revelations (wahy). Guided by Iman.

29. Work and deeds, pious practice, orientated to Allah, turning away from all weakness and evil. Amal is based and guided by Iman and Ilmu .

30. A collective responsibility for both social and spiritual development

35. Substances and deeds that are good, healthy, pure, clean and lawful. Prohibited by Allah in the Al-Qur’an Permitted by Allah in the Al-Qur’an

36. Mutual consent

37. A business partnership;a) Shirkah: where two or more individuals pool financial resources and share profit and loss on an agreed ratio and held liable to the extent of their capital,b ) Syari’ah: each partner is able to operate other businesses, independent of the principal businessc) Mudarabah: Partnership where one manages the partnership and another supplies the financial resources.

38. Worship. Relates man to Allah through spiritual acts. The manifestation of Amal salih (pious actions).

39. Piety

40. Recognition of the right and proper place and station, condition in life and to self discipline in positive and willing participation in enacting one’s role in accordance with that recognition and acknowledgement. Its occurrence in one and society as a whole reflects the condition of justice.

41. Trust by God in man in the all encompassing concept of nature (tabi’ah)

42. Inclination towards destruction

43. The concept of Al-Falah requires Muslims to win and be successful in both this world and the hereafter.

44. Islamic community

45. Tahwid: A relationship with Allah which excludes a relationship with anyone else. The focus of all man’s reverence and gratitude, the only source of value, where what Allah desires for man becomes value to him. Man who commits his will to Allah, recognises no other authority other than His. Comprises Iman, Ilmu and Amal .

48. Thank You