ISSN: 2222-6990
Open access
This study will examine the need of constructing an appropriate business model as a solution to the survival of Muslim businesses. History has shown that the Islamic business model advocated by the Prophet SAW and HIS companions had led the Islamic community to enjoy a progressive economy. This model has become a best practices reference in the transformation towards sustainable and excellent business. Notwithstanding, in reality, there is a gap between the business formula and the Islamic perspective in relation to contemporary business practices. Muslim traders have abandoned religious and shariah law such as riba, gharar and maysir for the sake of material wealth. The effect is that the rate of durability and survivability of a business, is still at a low level. This qualitative study employs an exploratory research design. Data was obtained from written documents and analyzed through content analysis. The results showed a comprehensive business model needs to be developed, especially by assimilating early Islamic economic thinkers who have studied Islamic economics empirically and scientifically with a systematic methodology before the birth of conventional economics. These ideas can be adapted according to Maqasid al-Shariah to be conveniently applied in the current situation to provide benefits and abstain from harm (jalb al-masalih wa dar al-mafasid).
‘Ashur, M. A. (2016). Maqasid al-Shariah Al-Islamiyyah. Kairo: Dar Al-Salam.
‘Ilal al-Fasi. (1993). Maqasid al-Shari’ah al-Islamiyyah wa Makarimuha. Tunisia: Dar al-Gharb al-Islami.
Abdul Rachman, A. (2011). Strategi Keusahawanan Islam; Kajian Terhadap Peniaga Kecil Di Kecamatan Neglasari, Kota Tangerang, Indonesia, Disertasi Sarjana Syariah. Universiti Malaya.
Al-Kamali, A. Y. (2000). Maqasid al-Shari’ah fi Daw’i Fiqh al-Muwazanat. Beirut: Dar Ibn Hazm.
Abllah, N., & Nokman, S. F. (2018). Model ekonomi Islam wajar dipertimbangkan pelaksanaannya. Retrieved from
https://www.bharian.com.my/berita/nasional/2018/07/445402/model-ekonomi-islam-wajar-dipertimbangkan-pelaksanaannya, Accessed January 9th 2020.
Al-Syatibi, I. (1975). Al-Muwafaqat fi usul al-Shariah. Cairo: Al- Maktabah al-Tawf?qiyyah.
Amit, R., & Zott, C. (2001). Value Creation in E?Business. Strategic Management Journal, 22(6?7), 493-520.
Asdar Yusup. (T.t). Paradigma Ekonomi Islam Dalam Sorotan Kontemporer (Muh.Abdul Mannan Versus Syed Nawab Haedir Naqvi).
Askarullah, M. W. F., & Hendratmi, A. (2016). Perbandingan Pembentukan Gap Sensitivitas Pada Bank Syariah Mandiri (Bsm) Dan Bank Mega Periode 2011-2015. Journal of Islamic Economics and Business, 2(2), 167-184.
Asmak, A. R. (2004). Pemikiran Ekonomi Islam dalam Bidang Pertanian dan Amalannya di Malaysia. Tesis Phd. Universiti Malaysia: Kuala Lumpur.
Augustin, R. (2018). Pakar ekonomi cadang model Islam atasi ketidaksamaan kekayaan, Retrieved from https https://www.freemalaysiatoday.com, Accessed January 7th 2020.
Baden-Fuller, C. and Morgan, M. S. (2010). Business Models as Models. Long Range Planning, 43(2-3), 156-171.
Bahari, N., & Buang, A. H. (2016). Penggunaan Maqasid al-Syari‘ah dalam Fatwa Muamalat. Journal of Shariah Law Research, 1(1), 1-18.
Bayyah, ‘A. A. (2006). ‘Alaqah Maqasid al-Shari’ah bi Usul al-Fiqh. Mekkah: Mu’assasah al-Furqan.
Beekun, R. I. (1996). Islamic Business Ethics. Herndon: International Institute of Islamic Thought (IIIT).
Bernama. (2017). Failure Rate among Bumiputera Entrepreneurs Still High – GABEM, Astro Awani. Retrieved from http://english.astroawani.com/business-news/failure-rate-among-bumiputera-entrepreneurs-still-high-gabem-13 7267. Accessed January 4th 2021.
Carol, M. K. (2020). Business Model, Retrieved from
https://www.investopedia.com/terms/b/businessmodel.asp. Accessed January 9th 2021.
Chik, W. M. Y. W., Moktar, M. S., Ismail, A. F., Mohamad, M. Z., & Salleh, A. W. (2017). A Comparative Analysis of Bay ‘ah during the Time of the Prophet SAW. International Journal of Academic Research in Business and Social Sciences, 7(8), 2222-6990.
Hassan, S. A., & Khairuldin, W. M. K. F. W. (2020). Research Design Based on Fatwa Making Process: An Exploratory Study. International Journal of Higher Education, 9(6), 241-246.
Hendratmi, A. & Widayanti, M. A. (2017). Business Model in Islamic Perspective: Practising of Baitul Maal Wattamwil (BMT) UGT Sidogiri East Java Indonesia. Journal of Management and Marketing Review, 2(1), 43-52.
Hunter, M. M. (2012). Towards an Islamic Business Model: A Tawhid Approach. International Journal of Business and Technopreneurship, 2(1), 121-135.
Umar, H. (1994). Tatawwur Al-Fikr Al-Iqtisadi Qadiman Wa Hadithan Wa Mu’asaran. Mesir: Dar Al-Fikr Al-Arabi.
Ibn Ashur, M. A. T. (2006). Ibn Ashur: Treatise on Maqasid al shariah in El-Mesawi, M.E.T., (Ed.). The International Institute of Islamic Thought.
Ishak, M. S. I., & Asni, F. (2020). "The Role of Maqasid al-Shari?ah in Applying Fiqh Muamalat into Modern Islamic Banking in Malaysia". Journal of Islamic Accounting and Business Research, 11(9), 2137-2154.
Jaelani, A. (2018). Sejarah Pemikiran Ekonomi Islam: Kontribusi Sarjana Muslim dalam Pemikiran dan Analisis Ekonomi Abdul Azim Islahi, History of Islamic Economic Thought: Contributions of Muslim Scholars to Economic Thought and Analysis (2014) CV, Aksara Satu, Cirebon.
Khairuldin, W. M. K. F. W., Embong, A. H., Anas, W. N. I. W. N., Ismail, D., & Mokhtar, W. K. A. W. (2019). An augmented reality (AR) approach in educational integration of Du’a in Islam. International Journal of Academic Research in Progressive Education and Development, 8(1), 32-39.
Khairuldin, W. M. K. F. W. (2020). Pengurusan Fatwa Di Malaysia. Kuala Terengganu: Penerbit Universiti Sultan Zainal Abidin.
Krippendorff, K. (2009). The Content Analysis Reader. Sage Publications.
Malaysia World’s Islamic Finance Marketplace (MIFC). (2020). Retrieved from http://www.mifc.com/newsletter/2020/07/edm1/epicentre.html. Accessed January 3rd 2021.
Malaysian Productivity Corporation (MPC). (2019). Laporan Tahunan 2018, Retrieved from https://www.parlimen.gov.my/ipms/eps/2019-12-05/ST.192.2019%20-%20ST%20192.pdf. Accessed January 9th 2019.
Malaysian Productivity Corporation (MPC). (N.d). Malaysia Business Excellence Framework, Retrieved from https://drive.google.com/file/d/1t3FkWThHtNt85-lI0KfIT85-uvgML6Fo/view. Accessed January 1st 2020.
Rasid, M. J. (2018). Wujud Dasar Keusahawanan Negara, Retrieved from
https://www.bharian.com.my/bisnes/usahawan/2018/11/497762/wujud-dasar-keusahawanan-negara, Accessed January 9th 2020.
Maulidizen. A. (2017). Pemikiran Dan Kontribusi Tokoh Ekonomi Islam Klasik dan Kontemporer. Jurnal Ilmiah Hukum (Deliberatif), 1(1), 42-62.
Mirakhor, A. (1989). Muslim Contribution to Economics. In the book Baqir al-Hasanidan Abbas Mirakhor. Essays on Iqtisad: The Islamic Approach to Economic Problems, USA, NurCoorporation, 82-86.
Morris, M., Schindehutte, M., & Allen, J. (2005). The Entrepreneur's Business Model: Toward a Unified Perspective. Journal of Business Research, 58(6), 726-735.
Nadzri, S., Shamsudin, S. M., & Sabri, M. F. M. (2014). Faktor-faktor penyumbang kepada kejayaan dan kegagalan Perusahaan Kecil dan Sederhana (PKS) bumiputera di Malaysia. In E-procedings of the Conference on Management and Muamalah (CoMM 2014), 191-200.
Neuendorf, K. (2002). The Content Analysis Guidebook, Thousand Oaks. CA: Sage Publications.
Nielsen, C., and Lund, M. (2014). An introduction to business models. In Nielsen, C. & Lund M., (Eds.) The Basics of Business Models. Copenhagen: BookBoon.com/Ventus. Publishing Aps 1(1).
Hanapi, M. S., & Khairuldin, W. M. K. F. W. (2017). The Halal-Green in Al-Qur’an: A Conceptual Analysis. International Journal of Academic Research in Business and Social Sciences, 7(10), 2222-6990.
Nordin, N., Mohammad, M., Ahmad, A. A., Haron, M. S., & Daud, N. (2017). Commodity Futures: A Maqasid al-Shariah Based Analysis. International Journal of Academic Research in Business and Social Sciences, 7(8), 602-614.
Orhan Z. H. (2018). Business model of Islamic banks in Turkey. Journal of Islamic Accounting and Business Research, 9(3), 290-307.
Osterwalder, A., Pigneur, Y., & Tucci, C. (2005). Clarifying Business Models: Origins, Present, and Future of the Concept. Communications of the Association for Information Systems.
Oukil, M. S. (2013). Entrepreneurship and Entrepreneurs in an Islamic Context ‘. Journal of Islamic and Human Advanced Research, 3(3), 111-131.
Radawi, Taisir. (1981). Tarikh Al-Afkar Wa Al-Waqa’i Al-Iqtisadiyyah. Paris: Mudiriyyah Al-Kutub Wa Al-Matbu’ah Al-Jami’iyyah.
Said, N. A., & Khairuldin, W. M. K. F. W. (2017). Freedom of Speech in Islam and its Connection with Street Demonstrations. International Journal of Academic Research in Business and Social Sciences, 7(4), 122-129.
Samsuddin, N. A. A., Nordin, N., Embong, R., Ismail, S., Usop, R., & Ismail, S. K. (2020). Islamic Economic Thoughts of Prominent Muslim Scholars in the Abbasid Era. International Journal of Academic Research in Business and Social Sciences, 10(12), 26–35.
Schreier, M. (2012). Qualitative Content Analysis in Practice. London: Sage.
Shafie, R. (2018). Model perniagaan berteraskan keadilan. Retrieved from http://www.utusan.com.my/rencana/utama/model-perniagaan-berteraskan-keadilan. Accessed January 9th 2020.
Siddiqi, M. N. (1980). Muslim Economic Thinking. International Center for Research in Islamic Economics and Leicester, Islamic Foundation.
Siddiqi, M. N. (1982). Recent Works on History of Economic Thought in Islam–A Survey. International Center for Research in Islamic Economics.
SMEcorp. (2018). Pelan Induk PKS 2012-2020, Retrieved from
www.smecorp.gov.my/index.php/my/.../about-sme-masterplan. Accessed January 9th 2020.
SMEcorp. (2020). SME Development Policies, Initiatives and Programmes, Retrieved fromhttps://smecorp.gov.my/images/pdf/2021/LTPKS/BI/Main%20Report/2.%20SME%20Insights%202019-20%20-%20Chapter%201.pdf.
Suwandi, M. H. M. S., & Abdullah, W. N. W. (2016). Konsep Perniagaan Islam Kajian Al-Quran dan Al-Sunnah. Jurnal Sultan Alauddin Sulaiman Shah, 3(2), 65-79.
Wardhana, A. (2014). Business Model Canvas Penerapannya Pada Industri Jasa Pertambangan Batubara di Indonesia. Bandung: PT. Karya Manunggal Lithomas.
Wilson, R. (2006). Islam and business. Thunderbird International Business Review, 48(1), 109-123.
Yusof, R. (2004). Penyelidikan Sains Sosial. Selangor: PTS Publications.
In-Text Citation: (Nordin et al., 2022)
To Cite this Article: Nordin, N., Ahmad, A. A., Razif, N. F. M., Haron, M. S., & Samsuddin, N. A. A. (2022). Towards an Islamic Business Model in Malaysia: Why and How? International Journal of Academic Research in Business and Social Sciences, 12(10), 1146 – 1157.
Copyright: © 2022 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode