Towards an Understanding of Islam and Muslim Entrepreneurship in the Middle East

Entrepreneurship has become a defining business trend around the world, especially in economies transitioning towards free market systems. The Middle East, specifically the Gulf Region is a growing, lucrative marketplace that has captured the interest of the world for political, economic and cultural reasons. Religion is a driving force exerting great influence on economic development and business performance. Islam is often perceived as an impediment to business development and entrepreneurship, yet most Islamic economists view markets as the normal vehicle for conducting transactions. Today there is a new found respect for family businesses in the Middle East. Family businesses are a deeply rooted tradition in the region and although they were largely overshadowed by the discovery of oil the on-going call for the development of the private sector is encouraging the revival of entrepreneurial led family and closely held businesses. ne availability of large pools of capital in combination with the need for business growth and regional development are encouraging new venture creation, business continuity and succession strategies, and the development of more professional managerial practices.