Well-being in Islamic Entrepreneurship: A Shift in Perspective
Keywords:
Islamic entrepreneurship, welfare, falāḥ, Islamic spirituality, Islamic financing, digital technology
Abstract
This reflective paper examines the changing understanding of the well-being of Muslim entrepreneurs, from an orientation that initially emphasized business growth, increased turnover, and financial independence to a concept of well-being based on faṣlaḥ. In this perspective, success is determined not only by material achievement, but also by inner peace, blessings, harmony of values, and an orientation towards life in this world and the hereafter. The reflection is conducted through a synthesis of four main themes: Islamic values and ethics in entrepreneurship, the role of family, community, and the halal ecosystem, Islamic financing and governance, and the opportunities and risks of digital technology and artificial intelligence. The reflection results indicate that niyyah, amanah, iḥsān, tawakkul, ṣabr, and qanāʻah can be spiritual mechanisms that give meaning to work, reduce psychological stress, and guide business decisions towards halal compliance and maslahah. However, the well-being of Muslim entrepreneurs continues to face tensions between growth and serenity, profit and maslahah, and digital speed and sharia prudence. Therefore, business growth needs to be viewed as a means to achieve falāḥ, not as an end in itself. This reflection subsequently generated a research agenda on the spiritual mechanisms that shape the well-being of Muslim entrepreneurs under conditions of business uncertainty, using a qualitative case study approach and the potential development of mixed methods
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Salarzehi, H., Armesh, H., & Nikbin, D. (2010). Waqf as a social entrepreneurship model in Islam. International Journal of Business and Management, 5(7), 179.
Sarif, S. M., Sarwar, A., & Ismail, Y. (2013). Practice of social entrepreneurship among the Muslim entrepreneurs in Malaysia. Middle East Journal of Scientific Research, 14(11), 1463-1470.
Seaman, C., Bent, R., & Unis, A. (2016). Family entrepreneurship culture, entrepreneurial intent, futures and foresight in Scottish Pakistani communities. Futures, 75, 83-91.
Shir, N., Nikolaev, B. N., & Wincent, J. (2019). Entrepreneurship and well-being: The role of psychological autonomy, competence, and relatedness. Journal of Business Venturing, 34(5), Article 105875. doi:10.1016/j.jbusvent.2018.05.002
Sorenson, R. L., & Milbrandt, J. M. (2023). Family social capital in family business: A faith-based values theory. Journal of Business Ethics, 184, 701–724. doi:10.1007/s10551-022-05110-4
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Ullah, M. M., Mahmud, T. B., & Yousuf, F. (2013). Women entrepreneurship: Islamic perspective. EJBM-Special Issue: Islamic Management and Business, 5(11), 44-52.
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Wilkinson, M. L. (2013). Introducing Islamic critical realism: A philosophy for underlabouring contemporary Islam. Journal of Critical Realism, 12(4), 419-442.
Yaakub, M. B. H., & Othman, K. (2017). The Foundation of Islamic Knowledge Management Practices. In Entrepreneurship and Management in an Islamic Context (pp. 91-117). Springer, Cham.
Zapalska, A., Stodder, J., & Wingrove-Haugland, E. (2017). Female Micro- Entrepreneurship: The Key to Economic Growth and Development in Islamic Economies. In Entrepreneurship and Management in an Islamic Context (pp. 179- 206). Springer, Cham.
Balog, A. M., Baker, L. T., & Walker, A. G. (2014). Religiosity and spirituality in entrepreneurship: a review and research agenda. Journal of management, spirituality & religion, 11(2), 159-186.
Block, J., Fisch, C., & Rehan, F. (2020). Religion and entrepreneurship: a map of the field and a bibliometric analysis. Management Review Quarterly, 70(4), 591- 627.
Blundel, R. (2007). Critical realism: a suitable vehicle for entrepreneurship research? In: Neergaard, Helle and Ulhoi, John Parm (eds.) Handbook of Qualitative Research Methods in Entrepreneurship. Cheltenham: Edward Elgar, pp. 49–74.
Carswell, P., & Rolland, D. (2004). The role of religion in entrepreneurship participation and perception. International Journal of Entrepreneurship and Small Business, 1, 280-286.
Chapra, M. U. (2008). The Islamic vision of development in the light of maqāṣid al-sharīʻah. London: The International Institute of Islamic Thought.
Cruz, A. D., & Basco, R. (2018). Family perspective on entrepreneurship. In The Palgrave Handbook of Multidisciplinary Perspectives on Entrepreneurship (pp. 147-175). Palgrave Macmillan, Cham.
Elfakhani, S., & Ahmed, Z. U. (2013). Philosophical basis of entrepreneurship principles within an Islamic ethical framework. Journal of Transnational Management, 18(1), 52-78.
Essers, C., & Benschop, Y. (2009). Muslim businesswomen doing boundary work: The negotiation of Islam, gender and ethnicity within entrepreneurial contexts. Human Relations, 62(3), 403-423.
Ganzin, M., Islam, G., & Suddaby, R. (2020). Spirituality and entrepreneurship: The role of magical thinking in future-oriented sensemaking. Organization Studies, 41(1), 77-102.
Ghoul, W. A. (2017). Ethnic and Migrant Entrepreneurship: The Case of Muslim Lebanese Entrepreneurs in Dearborn. In Entrepreneurship and Management in an Islamic Context (pp. 75-89). Springer, Cham.
Gursoy, D., Altinay, L., & Kenebayeva, A. (2017). Religiosity and entrepreneurship behaviours. International Journal of Hospitality Management, 67, 87-94.
Gümüsay, A. A. (2015). Entrepreneurship from an Islamic perspective. Journal of Business Ethics, 130(1), 199–208. doi:10.1007/s10551-014-2223-7
Hu, X. (2018). Methodological implications of critical realism for entrepreneurship research. Journal of Critical Realism, 17(2), 118-139.
Kauanui, S. K., Thomas, K. D., Rubens, A., & Sherman, C. L. (2010). Entrepreneurship and spirituality: A comparative analysis of entrepreneurs’ motivation. Journal of small business & entrepreneurship, 23(4), 621-635.
Kayed, R. N., & Hassan, M. K. (2010). Islamic entrepreneurship. London: Routledge.
McIntosh, J. C. (2010). Beyond the veil: The influence of Islam on female entrepreneurship in a conservative Muslim context. International Management Review, 6(1), 102-111.
Mehtap, S., Caputo, A., & Pellegrini, M. M. (2017). Encouraging female entrepreneurship in Jordan: environmental factors, obstacles and challenges. In Entrepreneurship and management in an Islamic context (pp. 207-225). Springer, Cham.
Mulyaningsih, H. D., & Ramadani, V. (2017). Social entrepreneurship in an Islamic context. In Entrepreneurship and Management in an Islamic Context (pp. 143- 158). Springer, Cham.
Parasuraman, S., Purohit, Y. S., Godshalk, V. M., & Beutell, N. J. (1996). Work and family variables, entrepreneurial career success, and psychological well-being. Journal of Vocational Behavior, 48(3), 275–300. doi:10.1006/jvbe.1996.0025
Ramadani, V., Dana, L. P., Ratten, V., & Tahiri, S. (2015). The context of Islamic entrepreneurship and business: Concept, principles and perspectives. International Journal of Business and Globalisation, 15(3), 244-261.
Randerson, K., Bettinelli, C., Fayolle, A., & Anderson, A. (2015). Family entrepreneurship as a field of research: Exploring its contours and contents. Journal of Family Business Strategy, 6(3), 143-154.
Ratten, V., Rammal, H., & Ramadani, V. (2017). Islamic Finance: An Entrepreneurial Management Perspective. In Entrepreneurship and Management in an Islamic Context (pp. 119-132). Springer, Cham.
Rexhepi, G., & Ramadani, N. (2017). Ethics and Social Responsibility in Islamic Finance. In Entrepreneurship and Management in an Islamic Context (pp. 133- 142). Springer, Cham.
Rixon, A., Maritz, A., & Fisher, R. (2017). Youth Entrepreneurship in an Islamic Context. In Entrepreneurship and Management in an Islamic Context (pp. 159- 178). Springer, Cham.
Ryff, C. D. (1989). Happiness is everything, or is it? Explorations on the meaning of psychological well-being. Journal of Personality and Social Psychology, 57(6), 1069–1081.
Ryff, C. D. (2019). Entrepreneurship and eudaimonic well-being: Five venues for new science. Journal of Business Venturing, 34(4), 646–663. doi:10.1016/j.jbusvent.2018.09.003
Salarzehi, H., Armesh, H., & Nikbin, D. (2010). Waqf as a social entrepreneurship model in Islam. International Journal of Business and Management, 5(7), 179.
Sarif, S. M., Sarwar, A., & Ismail, Y. (2013). Practice of social entrepreneurship among the Muslim entrepreneurs in Malaysia. Middle East Journal of Scientific Research, 14(11), 1463-1470.
Seaman, C., Bent, R., & Unis, A. (2016). Family entrepreneurship culture, entrepreneurial intent, futures and foresight in Scottish Pakistani communities. Futures, 75, 83-91.
Shir, N., Nikolaev, B. N., & Wincent, J. (2019). Entrepreneurship and well-being: The role of psychological autonomy, competence, and relatedness. Journal of Business Venturing, 34(5), Article 105875. doi:10.1016/j.jbusvent.2018.05.002
Sorenson, R. L., & Milbrandt, J. M. (2023). Family social capital in family business: A faith-based values theory. Journal of Business Ethics, 184, 701–724. doi:10.1007/s10551-022-05110-4
Stephan, U. (2018). Entrepreneurs’ mental health and well-being: A review and research agenda. Academy of Management Perspectives, 32(3), 290–322. doi:10.5465/amp.2017.0001
Stephan, U., Tavares, S. M., Carvalho, H., Ramalho, J. J. S., Santos, S. C., & van Veldhoven, M. (2020). Self-employment and eudaimonic well-being: Energized by meaning, enabled by societal legitimacy. Journal of Business Venturing, 35(6), Article 106047. doi:10.1016/j.jbusvent.2020.106047
Thurik, A. R., Benzari, A., Fisch, C., Mukerjee, J., & Torrès, O. (2024). Techno-overload and well-being of French small business owners: Identifying the flipside of digital technologies. Entrepreneurship & Regional Development, 36(1–2), 136–161. doi:10.1080/08985626.2023.2165713
Ullah, M. M., Mahmud, T. B., & Yousuf, F. (2013). Women entrepreneurship: Islamic perspective. EJBM-Special Issue: Islamic Management and Business, 5(11), 44-52.
Wiklund, J., Nikolaev, B., Shir, N., Foo, M.-D., & Bradley, S. (2019). Entrepreneurship and well-being: Past, present, and future. Journal of Business Venturing, 34(4), 579–588.
Wiklund, J., Nikolaev, B., Shir, N., Foo, M.-D., & Bradley, S. (2019). Entrepreneurship and well-being: Past, present, and future. Journal of Business Venturing, 34(4), 579–588. doi:10.1016/j.jbusvent.2019.01.002
Wilkinson, M. L. (2013). Introducing Islamic critical realism: A philosophy for underlabouring contemporary Islam. Journal of Critical Realism, 12(4), 419-442.
Yaakub, M. B. H., & Othman, K. (2017). The Foundation of Islamic Knowledge Management Practices. In Entrepreneurship and Management in an Islamic Context (pp. 91-117). Springer, Cham.
Zapalska, A., Stodder, J., & Wingrove-Haugland, E. (2017). Female Micro- Entrepreneurship: The Key to Economic Growth and Development in Islamic Economies. In Entrepreneurship and Management in an Islamic Context (pp. 179- 206). Springer, Cham.
Published
2026-08-23
How to Cite
Hidayat, S., & Rohman, R. (2026). Well-being in Islamic Entrepreneurship: A Shift in Perspective. International Journal of Economics, Business and Innovation Research, 5(05), 1960-1973. https://doi.org/10.63922/ijebir.v5i05.6098
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