Entrepreneurship and Business Ethics from Islamic Perspective

Abstract

Entrepreneurship is a catalyst and the largest contributor to the economic development of every country in the world. Islam encouraged its adherents to be involved in business activities from day one, following the essentials of business ethics. Islam sees business activities as a form of worship since it was made lawful by Allah in the Noble Qur'an. It urged Muslims to become successful in this world and hereafter by enjoying good and forbidden wrong. The study, therefore, discussed entrepreneurship from Islamic perspective and examined the essentials of Islamic business ethics. The findings of the study show that in contemporary society, there are some Muslim entrepreneurs and traders who still conduct business regardless of its lawful or unlawful side. The study revealed that following the Islamic guidelines on entrepreneurship and the business ethics and manners of business activities proscribed in the Noble Qur'an and Hadith of Prophet Muhammad (PBUH) is the best way to succeed in any type of business. The study, therefore, recommends that every Islamic entrepreneur should continuously practise Islamic-based entrepreneurship and business ethics stated in the Noble Qur'an and in the Sunnah of our beloved Prophet Muhammad (PBUH) and always be fair, honest, and sincere in every business establishment conducted with other entrepreneurs, and always avoid bribery, corruption, lying, deceiving, conflicts of selfish interest and must avoid practicing usury either directly or indirectly. The study adopts descriptive and interpretative methods, and both primary and secondary data sources were used.