This article aims to review previous studies related to the economic thought of Muslim scholars during the Abbasid era. Literature review has been done throughout this qualitative study using primary and secondary sources. Thought is an opinion and ijtihad (reasoning) in decision making according to thought process is accurate. Debates on Islamic economics scientifically and systematically existed before the advent of conventional economics. Therefore, these Islamic economic thoughts need to be re-highlighted in order to develop a holistic economic system. It has found that the development of Islamic economic thought in the Abbasid era emphasized the principle of justice in every economic activity, especially in business and trade. In addition, the national treasury system also plays an important role in developing the economic system in a country.
This study aims to develop a business model based on Islamic economic thoughts pioneered by Muslim thinkers such as Abu Yusuf, al-Syaibani, Abu Ubayd, al-Mawardi, al-Ghazali, Ibn Taimiyah, and Ibn Khaldun. They existed from the early period of Islam until 1446. An absence of consensus on the definition of a business model that is universally accepted has led to the reassessment of the current business model towards pro-business and encouraged by profit margins. A holistic and comprehensive business model influences a business's enhanced performance. Hence, in reality, the survival rate of businesses, mainly businesses run by Muslims, is at a low ebb, although Islam has provided guidelines for all life activities, including business strategies. Hence, further studies should be conducted to seek solutions to overcome the resilience of Muslim businesses by referring to the thoughts of Islamic economic scholars. However, the scholarly thoughts were not organised as a scientific discipline, which eventually led to a decline in the Islamic economy, and consequently, humans began to follow the conventional economy. Data were collected through the document analysis and Focus Group Discussion (FGD) methods involving agency representatives, entrepreneurs, and academicians in the business field. It was then analysed using the content analysis method. Findings indicate that the business model comprised four components, namely production, business transactions, marketing, and the government's role, which was based on Islamic creed (aqidah), Islamic law (shariah), and Islamic morality and manners (akhlaq), acts as a catalyst for a successful business venture. This study has a significant impact and offers a new solution for overcoming and substantiating society's economic growth and development by making business a mechanism for empowering the Islamic economy. Received: 16 April 2022 / Accepted: 25 June 2022 / Published: 5 July 2022
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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