Initiating Islamic Entrepreneurship Among Muslim Communities

Abstract

This paper is aimed at presenting a set of solution for current muslim communities 'limited economic performance on entrepreneurial ideas. Library research is applied in this paper to do so. Firstly this paper oversees the nature of entrepreneurship and its development through Islamic teaching and history. Secondly it discusses current condition in Islamic countries regarding their economic performance, cooperation and ,further challenges. Thirdly it deals with the efforts to initiate entrepreneurship in Islamic communities mainly through academic process provided by higher education institutions. The results suggest that entrepreneurship has played important roles in economic development since primarily entrepreneurs are able to implement new ideas to work. Islam has also put great attention to entrepreneurship as seen in the Holy Koran verses and Prophet teachings. Nowadays,Muslims live more individualistically; each of them live in very different conditions based on their economic achievement with very limited cooperation among them. Some challenges arise to improve their competitiveness to attract investment as well as cooperation among them. Higher education institutions in Muslim-majority countries are expected to initiate Islamic entrepreneurship through their curricula to prepare young entrepreneur Muslim generations that could give direct contributions to stimulate business.