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).
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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), 1096– 1106.
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