International Journal of Economics, Management and Accounting 24, no. 1 (2016): 15-47 © 2016 by The International Islamic University Malaysia ENTREPRENEURSHIP AND LEADERSHIP: AN ISLAMIC PERSPECTIVE Maryam Foziaa,b, Ayesha Rehmana,c, and Ayesha Farooqa,d aDepartment of Business Administration, Aligarh Muslim University, Aligarh, India. (Email:
[email protected],
[email protected],
[email protected]) ABSTRACT Islam is a religion that provides not only guidelines for spiritual matters but also worldly matters, including the conduct of business. The main contribution of the study is in explaining the role of religion in managing enterprises vis-à-vis the characteristics of an entrepreneur and leader who practices Islam in conducting business. The principles are for leaders and entrepreneurs who are desirous of implementing leadership and entrepreneurship as guided by Islam. Two broad categories are discussed in this article: entrepreneurship and leadership in Islam. Seminal work in this area provides the understanding on the teachings of Islam and its principles for practicing entrepreneurship and leadership. The teachings of Islam have been elucidated from practicing perspectives. This article shows that Islam is a practical religion with entrepreneurship and leadership practice characterized by taqwā (faith), tawakkul (dependence on Allah), efficient and proper use of resources, the use of permissible sources of production and the production of permissible products, sincerity in efforts, trustworthiness in all dealings, concern for societal welfare and the environment, fairness and transparency in all activities, pursuance of knowledge, taking pride in work/ labor, and consultation with stakeholders before decision making. This article suggests that leaders and entrepreneurs who possess the qualities laid down in Islam are expected to combat any managerial challenge and complexity in administering their responsibilities.