Muslim Youth and Entrepreneurship

Entrepreneurship is an integral part of Islamic Economics and an inseparable part of Islamic Finance. Entrepreneurship is the pursuit of economic opportunity and deployment of halal resources to harness halal opportunities observed in the environment.

Prophet Muhammad (SAW), and his companions, the Tabi’éen and the Tabi-Tabi’een were exemplary models of Muslim entrepreneurs. After them, there were many successful Muslim entrepreneurs because Islam always invites all Muslims to be creative, innovative and active in the field of entrepreneurship.

Today, we as Muslims have lost our entrepreneurial traits and enviable precedents in commercial activities, inventions and adventures. The thinking of some Muslims that Islam does not support entrepreneurship because it is worldly, is misleading, flawed and theologically weak.

Engaging in entrepreneurial endeavours (buying, selling, services and manufacturing) is encouraged, supported and demanded in the teachings of Islam

The Qur’an and Shari’ah laws require Muslims to fulfil two important duties, “Ibadah” and “Khalifah”. ‘Ibadah relates to Salat, Sawm, Zakat, Hajj and other acts of devotion.

Khalifah (vicegerency) on the other hand places on Muslim the task of governance, development of human and materials, wealth-seeking, working hard and lawful earning in order to support oneself, the family, and society. Lawful entrepreneurial endeavours are extension of ‘Ibadah.

• يأَيُّهَا الَّذِينَ ءَامَنُواْ إِذَا نُودِىَ لِلصَّلَوةِ مِن يَوْمِ الْجُمُعَةِ فَاسْعَوْاْ إِلَى ذِكْرِ اللَّهِ وَذَرُواْ الْبَيْعَ ذَلِكُمْ خَيْرٌ لَّكُمْ إِن كُنتُمْ تَعْلَمُونَ – فَإِذَا قُضِيَتِ الصَّلَوةُ فَانتَشِرُواْ فِى الاٌّرْضِ وَابْتَغُواْ مِن فَضْلِ اللَّهِ وَاذْكُرُواْ اللَّهَ كَثِيراً لَّعَلَّكُمْ تُفْلِحُونَ

O you who believe! When the call is proclaimed for the Salah on Al-Jumu`ah (Friday), then hasten (Fas`aw) to the remembrance of Allah and leave off business. That is better for you if you did but know! Then when the Salah is complete, you may disperse through the land, and seek the bounty of Allah, and remember Allah much, that you may be successful (Q64:9-10)

Therefore, Muslim youth should increase as entrepreneurs for several reasons. Firstly, entrepreneurship would provide an avenue for economic empowerment and self-sufficiency.

By starting their businesses, Muslim youth can create job opportunities not only for themselves but also for others in their communities. This can help to alleviate unemployment and poverty, which are often prevalent in Muslim-majority countries or areas with significant Muslim populations.

Secondly, becoming an entrepreneur will allow Muslim youth to contribute positively to the development of their societies. Through their businesses, they can address specific needs and challenges faced by their communities.

For example, they can focus on providing affordable housing, healthcare services, education, or sustainable energy solutions. By doing so, they become agents of change and play a crucial role in improving the quality of life for their fellow Muslims.

Additionally, entrepreneurship will enable Muslim youth to challenge stereotypes and misconceptions about Islam. By showcasing their talents, skills, and success in business, they can counter negative narratives and demonstrate the positive contributions that Muslims can make to society. This can help to foster interfaith dialogue and promote understanding and tolerance among different religious communities.

Furthermore, entrepreneurship will offer Muslim youth the opportunity to preserve and promote Islamic values in the business world. They can prioritize ethical business practices based on Islamic principles such as honesty, fairness, justice, and social responsibility. By adhering to these values, they can set an example for others and contribute to the creation of a more just and equitable economic system.

Lastly, becoming entrepreneurs will allow Muslim youth to harness their creativity and innovation. They can develop new products or services that cater to emerging market trends or address unmet needs. This not only contributes to economic growth but also fosters a culture of innovation within Muslim communities.