Islamic and Social Entrepreneurships for Social Justice: A Policy and Structural Framework for Social Enterprise Economics

Molla, R.I., Alam, M.M., Bhuiyan, A.B., and Alam, A.S.A.F. 2015. Islamic and Social Entrepreneurships for Social Justice: A Policy and Structural Framework for Social Enterprise Economics. Al-ijtihad: Journal of Islamization of Knowledge and Contemporary Issues. Vol. 13 (1), pp. 1-27

17 Pages Posted: 30 Mar 2017

See all articles by Md. Mahmudul Alam

Md. Mahmudul Alam

Universiti Utara Malaysia

Abul Bashar Bhuiyan

Universiti Malaysia Perlis

A. S. A. Ferdous Alam

School of International Studies, Universiti Utara Malaysia; National University of Malaysia (UKM)

Date Written: March 29, 2017

Abstract

Entrepreneurship is indispensable for progress of human civilization and effectively exploring and exploiting existing and potential resources for wellbeing of humanity. Modern economics operates basically through two major modes of entrepreneurships: the market/private sector economics relying on commercial entrepreneurships (self-interestcentric) and the state/public sector economics relying on state entrepreneurships (public wellbeing-centric). However, both have, individually and jointly, failed to ensure economics‟ fundamental goal of wellbeing for human societies. In response, a community wellbeing-centric social enterprise economics (third sector), which features cooperatives and not-forprofit social enterprises in the name of foundations, trusts/awqāf, social businesses, and similar undertakings, has emerged as a make-up strategy to meet the minimum unmet requirements for social wellbeing. However, there is a strongly felt belief that this community wellbeing-centric social enterprise economics needs to be broadened and mainstreamed in order to include entirely charitable institutions, predominantly not-for-profit operations, and predominantly for-profit businesses but blended with provision of social welfare programs like corporate social responsibility, etc., for its emancipation as a major economic system to be able to play a leading role for ensuring desirable economic growth and development. Islamic entrepreneurship, which is basically a community-centric mode of business initiative, is closely related to social entrepreneurship. It is an antidote to the problem of intolerable economic and social dualism and a natural strategy against all forms of capitalist exploitation to control world resources, like, in the past, through European colonialism, and now, through American-led state terrorism. It is the natural guard against economic inequity, wealth concentration, and social divides. Based on its potential and using examples from Bangladesh and Malaysia, we argue that the Islamic style social entrepreneurship, which is operationally a profession for a mission, is intellectually and operationally superior and more efficient for effectively widening and mainstreaming community-centric social enterprise economics to ensure development with equity and social justice. The paper aims to put forward social enterprise economics (third sector) for dialogue and research in the context of effective functioning of modern economies ensuring community wellbeing.

Keywords: entrepreneurship, community-centric, American-led terrorism, not for-profit business, economic & social dualism, capitalist exploitation, social justice, public sector, private sector

Suggested Citation

Alam, Md. Mahmudul and Bhuiyan, Abul Bashar and Alam, A. S. A. Ferdous, Islamic and Social Entrepreneurships for Social Justice: A Policy and Structural Framework for Social Enterprise Economics (March 29, 2017). Molla, R.I., Alam, M.M., Bhuiyan, A.B., and Alam, A.S.A.F. 2015. Islamic and Social Entrepreneurships for Social Justice: A Policy and Structural Framework for Social Enterprise Economics. Al-ijtihad: Journal of Islamization of Knowledge and Contemporary Issues. Vol. 13 (1), pp. 1-27. Available at SSRN: https://ssrn.com/abstract=2942938

Md. Mahmudul Alam (Contact Author)

Universiti Utara Malaysia ( email )

Sintok, Kedah
Malaysia

Abul Bashar Bhuiyan

Universiti Malaysia Perlis ( email )

School of Materials Engineering
Jejawi
Arau, 02600
Malaysia

A. S. A. Ferdous Alam

School of International Studies, Universiti Utara Malaysia ( email )

Department of International Business
SoIS, UUM COLGIS
UUM Sintok, KY KEDAH DARUL 06010
Malaysia

National University of Malaysia (UKM) ( email )

43600 Bandar Baru Bangi
Bangi, Selangor 06010
Malaysia

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