Entrepreneurship Development: Opportunity & Threat. The Islamic

SolutionA Presentation to Muslim Community in Lagos By:

Jubril Salaudeen Partner at SecureHuda Limited

2348034700331 www.securehuda.net

Outline

• Entrepreneurship• Opportunities• Threats• Islamic Finance• Islamic funding• Recommendation• End of Presentation

Entrepreneurship

• an entrepreneurial mindset can exist anywhere people are paying attention to problems while working towards solutions.

• successful entrepreneurs are the ones who follow through on their original vision

Islam and Entrepreneurship

• Entrepreneurs has to have objectives and targets but these are subservient to the ultimate objective of acquiring the blessing of Allah s.w.t.

• Halal (lawful livelihood)• qanaah (be pleased with one’s earnings)• taufik (blessings of Allah in proportion to one’s

expectations)• sa’adah (happy) and• jannah (heaven

...cont...

• Entrepreneurship is (fardhu kifayah); unless and until there is an entrepreneur in a community, the entire community is deemed to be sinful!

• Profis are encourage in order to prosper the community through donations, taxes, zakah, sadaqah, etc

Opportunities

• Nigeria is a developing economy• Over 140 million people• 60-65% of the population are within 16-38

years of age• A major oil producing country in the world• No natural disaster• Huge potential for development

Major opportunity Gaps

• Plastic• Re-cycling ( Plastic, steel, lead, iron, electronics etc)• Distribution ( no established distribution platform)• Packaging• Agro-allied• Housing and Real estate• Insurance and Transportation• Farming and Telecommunication

Threat

• Poor infrastructure ( Road, rail and sanitation)• POWER supply• In-consistent govt policy • Access to funding is difficult• Multiple taxation• Skill gap• Cost of funding

Islamic Finance

• Relatively new or none existence to cater for the aspiration of the Muslims

• Some (Private) community initiatives• Central Bank of Nigeria• No trained work force to cater for this

initiative• Encourages profit sharing as against interest

Islamic Funding

• A few Halal outfit in Nigeria• Mudarabah, Musharakah, ijarah, salam and

istisna• More Islamic Banking initiaves should be

expected

• Commercial banks with Islamic windows are also encouraged

Recommendations• As Muslims we have a responsibility to contribute

to National development• We are to create employment for Nigerians• We have to promote social well being• Start entrepreneurial incubation centres• Encourage partnership on the bases of honesty

and fairness• Provide skill development and access to funding

to entrepreneurs• Stop complaining and start acting

End of Presentation

Thank youMa-salam.