Build lasting businesses on the bedrock of faith, Muslims urged

The values and tenets of Islam can be the best foundation and guide for entrepreneurs, summit speakers say

Muslim entrepreneurs were urged to dig deep into the bedrock of their faith to create the key differentiating factors for their businesses as speakers at the MPowered Summit in Dubai on October 9 and 10 reminded them that Islam is a faith based on values.

From business planning and product development to sales, marketing and fundraising, current and future entrepreneurs in the $1.9 trillion global Islamic Economy were encouraged to build their enterprise on the foundations of the tenets taught by Islam and to use such value-based businesses to reach out to non-Muslims worldwide.

“Islam wants us to be excellent in what we do; and to be excellent in what we do, we need to work hard,” said Irfan Khairi, founder of the Irfan Khairi Institute of Business, who built a million-dollar business when he was just 25.

Shahbaz Mirza, founder of mobile app Ramadan Legacy, said his business did well in 2015 but not as well this year. “At first,” he said, “we thought it could be because key members of the team left the company or maybe because we did not have enough funding.

But Islam teaches us to reflect, and to be honest with ourselves. So that’s what we did. And we realised the downturn was because we did not fully practice the faith in our business.”

Some soul-searching later, Mirza said, the Ramadan Legacy team decided to start each meeting, regardless of whether it was held in their office or in a public space, with the Surah Fatiha, treat each stakeholder with dignity and respect, and pray istikhara to enhance decision-making.

“Considering the fact that we are based in Glasgow, Scotland, you can imagine the strange looks we received when we had team meetings in public places. But that also helped to establish our credentials while at the same time refocusing our values,” he said.

“The Islamic Economy is a value-based market,” Shahed Amanullah reminded the audience. The co-founder and CTO of Virginia-based Affinis Labs, considered by many social media users as a torch-bearer for Muslim enterprise globally, urged entrepreneurs to modify existing successful products to conform to Islamic values.

“But think bigger,” Amanullah added. “The tag ‘Made for Muslims’ is no longer enough to build a large, scalable global business. Use the values of Islam to create products that are accepted by people of all faiths, with the assurance that they were built and are run ethically.”

Dustin Craun, founder of Ummah Wide, a digital media and film production company, added, “We have to change the story …  tell the true story of who and what we are as Muslims as a global population.”

The values and tenets of Islam are important for building a business, but they should be applied also to a personal work ethic, said Mohammed Faris, founder of Productive Muslim.

Urging followers of the faith to eschew “productivity-killing” excuses such as fasting during Ramadan, Faris said, “The salah, or prayer regime, that Islam advocates actually helps to make a Muslim more productive. It helps with time management; helps you focus; helps manage your emotions; energises you; and helps manage your ego. All of these are essential to building successful start-ups.”

The last word on the subject of Islam’s impact on the Muslim start-up ecosystem probably belongs to the organisers of the MPowered Summit: Canadian Hodan Ibrahim and Egyptian Abdel Mohaimen Mansi.

Ibrahim, who says she has worked with marginalised communities in Canada to try and acquire the resources they need, told Salaam Gateway, “There are platforms that serve the Muslim consumer and the large corporate space, but nothing that speaks for young Muslim entrepreneurs. My goal is to prove this space, prove that it is viable, and connect the entrepreneur with the tools and resources needed.”

Mansi, a former employee of the Dubai International Convention and Exhibition Centre, where the MPowered Summit was held, says he left his job to set up the event management company Elmangos, which organised the summit, after prayer and reflection.

“I wanted to do something that has a positive effect on society,” Mansi told Salaam Gateway. “Two weeks before I met Hodan at the Global Entrepreneurship Summit, I prayed the istikhara to quit my job of 10 years and go into business. Later, when I told Hodan about my istikhara, she said she had done the same before coming to Dubai on a one-way ticket!”

© SalaamGateway.com 2016 All Rights Reserved