What is the role of entrepreneurship in Islam?
1 min read
It’s a topic that’s rarely discussed, but Islam is all about creating value, and business is just a means to that purpose. Our holy Prophet Muhammad (PBUH) was an entrepreneur and a businessman. He was a person who added actual value to the world around him, not only through his business but also by the manner he ran it.
In Islam, the end goal is not to start a company or corporation; rather, it is to figure out how to get there and what to do with the profits. Because it is all about creating value, entrepreneurship is at the heart of all Islamic ideals. We create value to have a positive social impact, produce money, and grow the economy. Entrepreneurship provides you with financial independence, allowing you to pass it on to others. As an entrepreneur, you must generate value for your consumers in order to better their lives and the lives of others.
In Islam, zakat is another significant part of entrepreneurship. We don’t typically talk about it, yet anytime Allah mentions namaz in the Quran, He also mentions zakat. All men and women, including males and women, are required to perform namaz and pay zakat. But what exactly is the concept of zakat, and what does it imply?
Have you considered this: zakat means “to produce value,” and it urges you to do so in both individuals and the environment. It is your responsibility to give up 2.5 percent of your savings as zakat if you are a capable individual. This is accomplished in entrepreneurship not only by individual entrepreneur giving away his profits, but also by cultivating a culture of giving. Entrepreneurs should foster a giving culture within their businesses and start-ups, thereby contributing to the greater good. Giving back has an influence on people and communities, regardless of how large or small the donation is.
Today’s society must foster a climate that encourages entrepreneurship and, eventually, wealth creation in all people. In today’s world, earning money has a negative connotation. What people don’t realise is that wealth isn’t necessarily good or evil; it’s how it’s used that matters.
Summarized from the article of Dr Farrah Arif
