Published Papers by Omar Javaid
The paper attempts to build a case for the moral agency of individuals
operating within organic ... more The paper attempts to build a case for the moral agency of individuals
operating within organic social networks – in contrast to the impersonal nature of financial institutions – as a necessary medium for practicing Islamic economic principles, to achieve socioeconomic justice in society. Through comparative analysis, the paper argues that the modern institutional framework due to its impersonal nature, capitalist orientation, agency cost, and socially disintegrative nature is not a suitable medium for advancing the agenda of Islamic economics. A market environment where individuals exercise their moral agency to the fullest is perhaps necessary. To make this argument, the paper looks at the history of Muslim bazaars and the norms in Muslim business communities in the contemporary world to explore the significance of the personal agency of morally conscious and pious individuals. The individual traders or investors would operate within their organic social networks while exercising socioeconomic justice among their stakeholders. To achieve the desired socioeconomic goals sought through the implementation of Islamic economic principles, a culture of trust and mutual support needs to be cultivated (or preserved where it already exists) between individual traders and investors in any market. This is possible only when the traders or investors can fully exercise their moral agency, have concern for each other and voluntarily demonstrate trustworthiness. In absence of such a culture, the paper argues, it would be difficult to come close to the satisfactory implementation of the principles of Islamic economics in marketplaces, let alone the achievement of the desired socioeconomic goals
Journal of Business Management, 2024
Purpose: The paper explores the nature of modern institutions to see if Islamization movement suf... more Purpose: The paper explores the nature of modern institutions to see if Islamization movement sufficiently attempts to remove the obstacles which the structural design of modern institutions brings in the path to achieve the moral goals of Islamization movement. Methodology: The paper being theoretical in nature uses a conceptual and critical interpretative approach based on the analysis of extant literature from institutional history, philosophy, institutionalism, and more. Hollingsworth's framework of institutional analysis is used to integrate the literature and guide the theoretical analysis. Findings: The paper argues that an institutional design that constrains moral agency of individuals is incompatible with the goals of the Islamization movement. This is so because the goals are primarily moral in nature, therefore they necessitate exercising of moral-agency in full capacity. This is unlikely within the constraining nature of modern-institutional design. Originality/Value: There is negligible literature that attempts to evaluate the structural nature of modern-institutions from the perspective of their capacity to facilitate the Islamization-movement. The concerned Muslim intelligentsia is therefore invited to further explore how the modern-institutional-structure may be obstructing their goals to achieve socioeconomic justice in society.
Is the current understanding of the concept of product with respect to its nature adequate enough... more Is the current understanding of the concept of product with respect to its nature adequate enough to produce the right kind of products? One of the reasons out of several reasons for the lack of survival or growth of several products in the market is because of how the nature of product is understood. The conventional understanding of the nature of the product lacks substance to be able to provide manufactures to think and build an optimum level (and variety) of products for the consumers. The casual use of the term product in normal routine life has increased so much that the essence of the concept and the seriousness required to produce and continue the right kind of attributes has been lost. Despite sufficient research on the product and its aspects, there has been lack of attention to the underlying nature of the product. The study goes back to the idea of the product as a concentrated entity based on certain dimensions pertaining to the reality and knowledge structure of the reality of the nature of product that can help provide a clear direction in how the product should be approached. The study will examine the essence of product and will derive a contemporary understanding of the product nature with theoretical and applied implications for understanding and managing products with respect to right kind of attributes for the consumers
Journal of Islamic Business and Management, 2021
Purpose: The first part of this paper, titled "‘Creation of the Islamic Self
for Sustainability"’... more Purpose: The first part of this paper, titled "‘Creation of the Islamic Self
for Sustainability"’ was published in the Journal of Islamic Business and
Management Vol. 10, Issue 2. In the first part, the authors attempted to
establish the relationship between Self-Image, Worth and Esteem (SIWE)
and sustainable consumption habits, within the conceptual framework and
praxis of the Islamic tradition. In the second part of the paper, the authors,
now attempt, to trace the causes of a weak SIWE and what role Parents,
Education and Muslim Entrepreneurs can play in (a) strengthening the
SIWE of the next generation of Muslims, (b) Inspire them to become
environmentally conscious consumers and producers.
Design/Methodology/Approach: The analysis presented in the paper is
based on an interpretive synthesis of a focused literature review.
Findings: The paper explores the role which parenting and education in Muslim communities can play to develop environmentally conscious entrepreneurs equipped with a strong SIWE as well as how the
environmentally-conscious Muslim entrepreneurs can pursue their businesses to transform their communities in an environmentally sustainable
manner.
Originality/Significance: This is perhaps the first paper which explores
the critical relationship between the psychological outcome of Muslim
parenting, education in the form of development of SIWE and environmentally conscious entrepreneurship.
Research Limitations/Implications: The framework presented in the
paper will require further substantiation when practically applied within
Muslim families, educational institutions and market place.
Practical and Social Implications: The paper can provide insights
to parents, policy makers in the education system, and concerned entrepreneurs.
Journal of Islamic Thought and Civilization (JITC), 2022
The model of circular economy, inspired from the circular nature of the ecosystem, has emerged as... more The model of circular economy, inspired from the circular nature of the ecosystem, has emerged as an environmentally sustainable alternative against the contemporary environmentally destructive model of organizing the economy. However practical progress toward a circular economy is perhaps obstructed by the ideals and values of capitalism which encourage accumulation and competition for self-interest. So in contrast to the values and ideals of capitalism, this research paper takes the position that Islamic beliefs and valueswhere the Muslims are expected to view themselves as stewards toward nature, where wastage is a sin, where sharing and cooperating are highly encouragedmay act as facilitators in transition toward circularization and subsequent conservation of the natural environment. Keeping in view the criticality of the environmental crisis, it is perhaps urgently necessary to highlight the shortcomings of the capitalist values and ideals in contrast with the advantages of Islamic beliefs and values for the purpose of bringing the sociocultural and economic transformation necessary to avert the collapse of the ecosystem. Policy makers concerned with the preservation of the ecosystem can therefore engage the religious scholarship to convince the business community and the general public to consider economic circularization as a religious responsibility in the light of the analysis and recommendations put forward in this paper.
A culture of fear, control, and meaninglessness can effectively kill the entrepreneurial spirit w... more A culture of fear, control, and meaninglessness can effectively kill the entrepreneurial spirit within an organization. This chapter will explore why such a culture typically takes root and how it is deadly for the organization's entrepreneurial orientation. The chapter is based on an interdisciplinary reflective analysis done by exploring disciplines including depth psychology, neuroscience, positive psychology, and organizational behavior. The chapter argues from the perspectives of these disciplines that it is perhaps the factor of safety, risk-taking, collaboration, and meaningfulness if present in organizational culture that will eventually cultivate the spirit of entrepreneurship in an organization. While discussing these factors, the chapter also explains how seemingly irrational forces of the unconscious mind keep the leadership from adopting a behavior which is fundamentally important in fostering a culture where entrepreneurial behavior takes root. The chapter also explains how these psychic forces can be turned around to cultivate an entrepreneurial culture in an organization.
The globalized system of production and consumption has successfully created a highly unsustainab... more The globalized system of production and consumption has successfully created a highly unsustainable lifestyle for the global elite. Despite the red flags raised by environmentalists for many decades, the system has not been able to prevent the climate crisis. This chapter attempts to explore the root cause behind this inability using the Hollingsworth framework of institutional analysis. In this chapter, to find the root cause, the Hollingsworth framework was used to excavate the system to reach its axiomatic foundations in at least 6 steps. The path taken to discover the root cause is then reversed by creating an alternative set of axioms where environmental sustainability is a prime ingredient. The alternative set of axioms which are inspired by the core message of Islam is then used to construct an alternative-environmentally sustainable-system of production and consumption. The chapter argues that reconstructing our society on the template provided by Islamic-environmentally friendly-principles and paradigm is fundamentally necessary to prevent worsening of the climate crisis or perhaps even prevent it altogether depending on how quickly the alternative is adopted by a significant number of world's population.
Purpose-The purpose of this paper is to highlight the Islamic character of entrepreneurial activi... more Purpose-The purpose of this paper is to highlight the Islamic character of entrepreneurial activity along with its systemic, ideological and ethical particularities in contrast to the tech-based entrepreneurial model of Silicon Valley. Design/methodology/approach-Hollingsworth's framework of institutional analysis is used to analyze and compare the institutional design of tech-based entrepreneurship originated in Silicon Valley with the Islamic alternative. Findings-An ideal Muslim entrepreneur will have a service-oriented-collectivist mindset, as opposed to an individualistic-self-centric mindset, where solving problems for all stakeholders is a priority instead of profit maximization at the expense of other stakeholders. A Muslim entrepreneur while ensuring the financial sustainability of the firm would avoid complexity on a systemic level, thus would adopt a personalizedfamily-like atmosphere. A Muslim entrepreneur will also constructively engage local stakeholders and will not possess a disintegrating tendency toward the local social structures. Practical implications-The paper can help Muslim entrepreneurs to critically evaluate their entrepreneurial activities and firm design in contrast to the contemporary tech-based model. Originality/value-A number of papers already have discussed the features of an Islamic model of entrepreneurship, however, none has done so while sequentially comparing the Islamic alternative with the contemporary model using Hollingsworth's framework of institutional analysis. In this paper, the resulting model of Islamic entrepreneurship can be clearly evaluated and contrasted, feature by feature, with its techbased counterpart.
The self-esteem, self-image, and subsequently self-worth of
young consumers all around the globe,... more The self-esteem, self-image, and subsequently self-worth of
young consumers all around the globe, are determined by unsustainable
consumption habits. This is equally true for Muslim youth who are as
vulnerable to the pressure of building their self-image as consumers.
This has led to adverse e ects on the ecosystem and therefore, goes
against the United Nation’s sustainable development goals (Goal no.
6,7,11-15). This paper argues that by changing the criterion to gauge
and establish their self-image, self-esteem, and self-worth, we can
influence the degree of sustainability of the consumption patterns of
young Muslim individuals. This would subsequently undo the undue
pressure on the ecosystem and reduce the damage. This paper explores
how the prevalent criteria of determining self-esteem and self-worth are
rooted in unsustainable consumerism, trapping the planet’s ecosystem in
an ever-expanding vicious cycle of production, consumption, and waste.
The paper recommends the Islamic alternative of determining one’s
self-worth, which then buttresses one’s self-confidence and self-esteem.
The Islamic concept of self, unlike its modern counterpart, is not
dependent on extrinsic factors, such as products and services acquired
and consumed by an individual, but on intrinsic factors lying within
each individual. Taqw`a (God-consciousness and mindfulness leading to
virtuosity), qan¯a‘at (contentment with what you already have), tawakkul
(trust in the grace of Allah), tashakkur (gratitude), and zuhd (frugality)
are key concepts and behavioral tools to bring the required transformation
to the consumption patterns of Muslims, especially youth. The paper
proposes ways to promote the cultivation of an Islamically informed self
that derives its worth from virtuosity. This alternative Islamic self-image
is to be propagated through education (both at the religious institutions
and conventional universities) and Islamic entrepreneurship.
This paper argues that the project of the Islamization of Knowledge (IoK) has overlooked the role... more This paper argues that the project of the Islamization of Knowledge (IoK) has overlooked the role of a neoliberal politico-economic order in the knowledge production along with the relation between knowledge and market established by economic liberalization. The resulting discourse, therefore, inadequately explains the incapacity of contemporary application of Islamic economics and finance to provide a viable alternative to western economic systems, let alone solve socioeconomic problems in Muslim countries. This paper will attempt to cover this gap by explaining the relation between mind, knowledge and market as theorized by Hayek, along with Foucault's perspective power-knowledge nexus. This relation between state, market, mind and knowledge creates an interesting challenge for IoK because it is not only the issue of reconciliation of the spheres of knowledge rather free unhampered flow of market is also presumably necessary for the growth of human mind and consequently human knowledge. The neoliberal-state allows this free unhampered flow of the market, subsequently creating knowledge in pursuit of continuous capital accumulation. Production of knowledge, therefore, becomes a mechanism to maintain the hegemony of the neoliberal-state and market, while establishing authority of capital on ontological position of man and society. In this context any intervention in the process of IoK under religious obligation is not just an epistemological rather a moral impossibility within capitalist discourse. The relationship between the neoliberal-state, market and production of knowledge will enable the scholars of Islamic economics and finance to reassess their strategies pertaining to IoK. This will allow them to work around the barriers posed by the modern politico-economic context to effectively pursue the colossal task of curing the socioeconomic ills faced by Muslim community around the world.
Purpose: There are many entrepreneurial communities in the Asian subcontinent which are known for... more Purpose: There are many entrepreneurial communities in the Asian subcontinent which are known for their economic resilience and religious orientation but have received limited attention in extant literature. These communities include, Memon, Delhiwala, Chinioti, Ismaili, and Bohri, which have been persistent in keeping their members economically stable since many centuries, while also retaining their religio-sociocultural identity. This paper attempts to add to the body of literature by documenting the possible factors which contribute toward advancing socioeconomic justice for the members of respective communities.
Research Method: This study uses Eisenhardth research strategy within a social constructivist paradigm to process data from in-depth interviews, memos, and documentary sources to explore the internal dynamics of three most prominent of these communities (Memon, Delhiwala and Chinioti) in Pakistan.
Findings: The findings suggest that the secret to their resilience is perhaps rooted in their religio-sociocultural communal norms which may not just ensure effective wealth redistribution among the deserving segments of the society, but may also enable its deserving members to achieve self-reliance through community-supported-entrepreneurial-activity. This study proposes that a culture of community-based-family-entrepreneurship coupled with the spirit of cooperation, sacrifice and reciprocity may be an effective strategy to counter socioeconomic injustice.
Implications: The religious entrepreneurial communities may be seen as an alternative to free market or state driven methods to impart socioeconomic justice where needed. The voluntary inclination of entrepreneurs in such communities to facilitate those in need may perhaps reduce or even eliminate the need to involve state intervention to redistribute wealth through taxation, which may also eliminate the cost of state bureaucracy which are employed for the collection and redistribution of taxes.
Originality/Value: The findings add to the body of literature which could help similar communities to improve their socioeconomic stability in a just manner for all its members. Policy makers can also take notice of the religio-sociocultural norms as a possible cause for socioeconomic justice within the respective communities to formulate policies conducive of sustaining such norms where necessary.
Historical and Ideological Peculiarity of the Monetary Institutions: Islamic and Austrian School’s Perspectives, 2019
Study of history suggests that every civilization create monetary institutions based on its polit... more Study of history suggests that every civilization create monetary institutions based on its political and economic objectives which are grounded in the meta-normative position of the civilization. History also tells that importing political, economic and social institutions from one civilization to another leads to undesirable results. In this context, the chapter reviews the perspectives of Austrian School of economics on the subject, which reveals that capitalist monetary system - bred over past few centuries in the modern western civilization to accomplish capitalist objectives - cannot achieve the objectives of Islamic economics, as it is not designed to do so. The deductive analysis in this paper infers that the objectives of equitable distribution of wealth, security of purchasing power or value of money, price stability, facilitation of the lower segments of the society, prevention of flight of capital, and preservation of a collectivist spirit of the Islamic society are not meant to be achieved by the monetary system designed in the capitalist society. Capitalist monetary system is rather meant to facilitate the accumulation of capital often leading to undesirable externalities, as per Austrian school's perspective, which Islam also cannot approve. The paper finally evaluates the alternative concepts of community currency, local exchange and trading system and sound money in context of their ability to create a monetary system as per the requirements of Islam.
The work done during last three decades by Islamic economists have been more focused on Islamizat... more The work done during last three decades by Islamic economists have been more focused on Islamization of financial institutions developed in the modern western part of the world. Their contribution misses out the raison d'être of the effort that was needed to align the economic system to the ideals of Islam. They also seem to ignore in general the metaphysical significance of the western institutions; it assumed that changing some processes within the financial institutions, Islamization of the economy at large would be possible. In this context, this paper attempts to take a step forward in describing the functionality of an Islamic economic system as required by the metaphysical position of Islam. In this context, this paper uses the framework presented by E. F. Schumacher, in his seminal work 'Small is Beautiful', to explain how the system of production and consumption of an Islamic economic system would function in real life scenario. This is a key aspect of the Islamic economic system yet at an ignored one. The example will guide the future researchers to meaningfully sketch the other aspects of the Islamic economic system and its boundaries. Possible venues to advance toward the practical application of production and consumption system of an Islamic economic system in real life are also explained in the end.
The purpose of this paper is to explain the Eisenhardt case based method of theory development us... more The purpose of this paper is to explain the Eisenhardt case based method of theory development using an example of a study on ethnic entrepreneurial communities in Karachi. The paper servers' two purposes: (a) It serves as a guide, for the future researchers studying the entrepreneurial activity in Pakistani context, to establish the internal validity of the methodology which can be challenging particularly when the data is in the form of subjective responses of participants with a traditional sociocultural background. (b) To ensure the reliability of a case based study the detailed articulation of the research methodology is necessary, so that the future researchers can conveniently replicate the process. For these reasons the paper goes in detail to explain the intricacies and challenges faced during the nine stage process of data collection, processing, triangulation and analysis, while ensuring the internal validity of the analysis. Discussion on the outcome of the research is not included as it will require a separate paper.
This paper explains how entrepreneurs belonging to Memon, Delhiwala and Chinioti communities crea... more This paper explains how entrepreneurs belonging to Memon, Delhiwala and Chinioti communities create new ventures using family and community resources. Using multiple sources of data including in-depth interviews, community literature, and direct observation, the paper creates a consolidated picture of the process employed and recommended by the entrepreneurs of three communities. A case study approach was used to process and analyze the data. The findings suggest that religious orientation, family culture, family resources, family and community networks play a pivotal role in shaping the process of venture creation. The finding can be helpful for new entrepreneurs planning to start a business in a Pakistani context.
This paper employs Wittgenstein language-games to analyze strategy language used by leaders of Is... more This paper employs Wittgenstein language-games to analyze strategy language used by leaders of Islamic finance industry to envision its future. The analysis infers that the explicit market orientation of strategy language and modern knowledge of finance has redefined various concepts related of Islamic finance at the cost of its original spirit. This may also have adverse effects on developing ethical and spiritual orientation of Islamic banks. The concerned academia and scholarship therefore need to review such trends and work to prevent the subsequent degradation in the public image of IFIs to avoid disappointments of religiously inspired customers.
Islamic financial institutions (IFIs) have adopted an organizational design forged under the ideo... more Islamic financial institutions (IFIs) have adopted an organizational design forged under the ideological and sociocultural forces in Europe which significantly differs with those of Islam. Modern discourse on Islamic banking and finance accepts such a design without sufficient analysis on its efficacy towards achieving the ideals of Islamic economics and finance. The paper develops a theoretical argument that the said design is not value neutral; rather influences all of its internal & external stakeholders by its metaphysical orientation. The available literature suggests that the bureaucratic system of management rewards psychopathic behaviour; distorts the morality of its subjects; colonizes non-market spheres; Instrumentalizes religious-cultural values for capitalist objectives, and disintegrates traditional-socially inclusive-collectivities. It is argued that such characteristics of the bureaucratic system render it incapable to accomplish the ideals of Islamic economics to produce a just and inclusive socioeconomic order. It, therefore can create significant hindrance for IFIs to accomplish their vision. The paper also highlights the original design of market institutions from Islamic historical experience, which was naturally oriented towards the goal of socioeconomic inclusion and justice. Some real life examples of contemporary alternatives are also discussed in the end.
The purpose of this paper is to compare global financial capital with traditional concept of weal... more The purpose of this paper is to compare global financial capital with traditional concept of wealth in theory of Islamic economics & finance as perceived in Islamic discourse, so as to analyze the dominance of former over the latter in the light of ethos of Islamic thought. To do this we have evaluated and have found substantial differences between the ideological, historical, institutional and political specifications of the two. Islamic jurisprudential knowledge on trade & finance focuses on fair exchange of existing stock of real wealth while preserving the religio-socio-cultural order; on the other hand modern financial knowledge prioritize unprecedented capital growth irrespective of its disintegrating impact on any traditional and/or non-market entity. Therefore, practicing Islamic finance under the dominance of global capital raises important questions regarding the possibility of disintegration of Muslim communities by subjecting their physical & natural resources to the forces of global financial capital under the pretext of Islamic finance.
This paper examines and explores the original sociocultural & economic order prevalent in bazaars... more This paper examines and explores the original sociocultural & economic order prevalent in bazaars in Islamic history where musharakah & mudarabah, or shirkat, was widely practiced until the emergence of a free-market in the Muslim world. The idealists in Islamic banking and academia however dream of practicing these contracts in modern corporatized banking environment, while the practitioners argue that these modes are too risky due to possibility of foul play and misrepresentation of profits henceforth their use in agriculture & SME sector and particularly microfinance is considered unfeasible. The original sociocultural order of traditional Islamic bazaar therefore is reviewed to understand how such risks and the information asymmetry were managed; these observations are then compared with that of the contemporary market scenario. The findings suggest that the agents in pre-colonial Islamic bazaars were predominantly related to each other on three planes: mentor/ apprentice; family relative; and as a follower of the same sufi order. Such a multidimensional relationship created trust and also attached huge social costs to betrayal; the court system nevertheless existed to curb any violators. Such a sociocultural & economic order facilitated the practice of shirkat contracts. On the other hand, the impersonal environment of the modern corporatized banking system lacks the necessary socioeconomic order to revive the original legacy of shirkat contracts. However business communities in the Muslim world possessing the necessary sociocultural and economic order still exist today where we may expect shirkat-ul-aqd contract to revive again with its original spirit.
Epistemological and metaphysical foundation of Islam is distinct from that of capitalism. Secular... more Epistemological and metaphysical foundation of Islam is distinct from that of capitalism. Secular and liberal discourse defines the basis of capitalism rather. Due to this the conception of economic justice in the two discourses is expected to differ substantially. A significant amount of literature on Islamic economics, finance and banking doesn’t seem to explicitly highlight this difference. Due to this perhaps the Islamic financial industry is measuring its performance as per the standards of its mainstream financial industry. This study would emphasize and elaborate these differences so that the concerned can appropriately evaluate the outcome of their decisions and practices in the domain of Islamic economics and finance. The paper will compare the theory of justice and economic justice in the two respective discourses. A conceptual analysis which follows provides basis for policy recommendations. The ideals of justice of both ideologies are two poles apart, and no overlap exists between the two at least at conceptual levels due to their contradicting epistemological and metaphysical positions. The study is exclusively normative and discussion from pragmatic perspective is beyond its scope. Such a comparison doesn’t exist in literature as per the limited knowledge of author. This study would have implications for policy makers and practitioners while adapting structures, institutions, policies, frameworks, etc. from the western world as they would have to be altered to an extent to make them compatible to advance Islamic conception of justice in Muslim societies, if that by any means is possible.
Uploads
Published Papers by Omar Javaid
operating within organic social networks – in contrast to the impersonal nature of financial institutions – as a necessary medium for practicing Islamic economic principles, to achieve socioeconomic justice in society. Through comparative analysis, the paper argues that the modern institutional framework due to its impersonal nature, capitalist orientation, agency cost, and socially disintegrative nature is not a suitable medium for advancing the agenda of Islamic economics. A market environment where individuals exercise their moral agency to the fullest is perhaps necessary. To make this argument, the paper looks at the history of Muslim bazaars and the norms in Muslim business communities in the contemporary world to explore the significance of the personal agency of morally conscious and pious individuals. The individual traders or investors would operate within their organic social networks while exercising socioeconomic justice among their stakeholders. To achieve the desired socioeconomic goals sought through the implementation of Islamic economic principles, a culture of trust and mutual support needs to be cultivated (or preserved where it already exists) between individual traders and investors in any market. This is possible only when the traders or investors can fully exercise their moral agency, have concern for each other and voluntarily demonstrate trustworthiness. In absence of such a culture, the paper argues, it would be difficult to come close to the satisfactory implementation of the principles of Islamic economics in marketplaces, let alone the achievement of the desired socioeconomic goals
for Sustainability"’ was published in the Journal of Islamic Business and
Management Vol. 10, Issue 2. In the first part, the authors attempted to
establish the relationship between Self-Image, Worth and Esteem (SIWE)
and sustainable consumption habits, within the conceptual framework and
praxis of the Islamic tradition. In the second part of the paper, the authors,
now attempt, to trace the causes of a weak SIWE and what role Parents,
Education and Muslim Entrepreneurs can play in (a) strengthening the
SIWE of the next generation of Muslims, (b) Inspire them to become
environmentally conscious consumers and producers.
Design/Methodology/Approach: The analysis presented in the paper is
based on an interpretive synthesis of a focused literature review.
Findings: The paper explores the role which parenting and education in Muslim communities can play to develop environmentally conscious entrepreneurs equipped with a strong SIWE as well as how the
environmentally-conscious Muslim entrepreneurs can pursue their businesses to transform their communities in an environmentally sustainable
manner.
Originality/Significance: This is perhaps the first paper which explores
the critical relationship between the psychological outcome of Muslim
parenting, education in the form of development of SIWE and environmentally conscious entrepreneurship.
Research Limitations/Implications: The framework presented in the
paper will require further substantiation when practically applied within
Muslim families, educational institutions and market place.
Practical and Social Implications: The paper can provide insights
to parents, policy makers in the education system, and concerned entrepreneurs.
young consumers all around the globe, are determined by unsustainable
consumption habits. This is equally true for Muslim youth who are as
vulnerable to the pressure of building their self-image as consumers.
This has led to adverse e ects on the ecosystem and therefore, goes
against the United Nation’s sustainable development goals (Goal no.
6,7,11-15). This paper argues that by changing the criterion to gauge
and establish their self-image, self-esteem, and self-worth, we can
influence the degree of sustainability of the consumption patterns of
young Muslim individuals. This would subsequently undo the undue
pressure on the ecosystem and reduce the damage. This paper explores
how the prevalent criteria of determining self-esteem and self-worth are
rooted in unsustainable consumerism, trapping the planet’s ecosystem in
an ever-expanding vicious cycle of production, consumption, and waste.
The paper recommends the Islamic alternative of determining one’s
self-worth, which then buttresses one’s self-confidence and self-esteem.
The Islamic concept of self, unlike its modern counterpart, is not
dependent on extrinsic factors, such as products and services acquired
and consumed by an individual, but on intrinsic factors lying within
each individual. Taqw`a (God-consciousness and mindfulness leading to
virtuosity), qan¯a‘at (contentment with what you already have), tawakkul
(trust in the grace of Allah), tashakkur (gratitude), and zuhd (frugality)
are key concepts and behavioral tools to bring the required transformation
to the consumption patterns of Muslims, especially youth. The paper
proposes ways to promote the cultivation of an Islamically informed self
that derives its worth from virtuosity. This alternative Islamic self-image
is to be propagated through education (both at the religious institutions
and conventional universities) and Islamic entrepreneurship.
Research Method: This study uses Eisenhardth research strategy within a social constructivist paradigm to process data from in-depth interviews, memos, and documentary sources to explore the internal dynamics of three most prominent of these communities (Memon, Delhiwala and Chinioti) in Pakistan.
Findings: The findings suggest that the secret to their resilience is perhaps rooted in their religio-sociocultural communal norms which may not just ensure effective wealth redistribution among the deserving segments of the society, but may also enable its deserving members to achieve self-reliance through community-supported-entrepreneurial-activity. This study proposes that a culture of community-based-family-entrepreneurship coupled with the spirit of cooperation, sacrifice and reciprocity may be an effective strategy to counter socioeconomic injustice.
Implications: The religious entrepreneurial communities may be seen as an alternative to free market or state driven methods to impart socioeconomic justice where needed. The voluntary inclination of entrepreneurs in such communities to facilitate those in need may perhaps reduce or even eliminate the need to involve state intervention to redistribute wealth through taxation, which may also eliminate the cost of state bureaucracy which are employed for the collection and redistribution of taxes.
Originality/Value: The findings add to the body of literature which could help similar communities to improve their socioeconomic stability in a just manner for all its members. Policy makers can also take notice of the religio-sociocultural norms as a possible cause for socioeconomic justice within the respective communities to formulate policies conducive of sustaining such norms where necessary.