Family First or Business First? Balancing Family and Business Interests in an Islamic Economic Perspective

This article aims to prove that Islamic economics can provide holistic solutions that can be applied to achieve a harmonious balance between family and business interests without sacrificing either of them. This study uses a library research method with an integrative and comprehensive literature analysis to develop a solid and applicable theoretical framework. The results state that the balance between family and business in a family business is not just an effort to divide time and roles but a strategic integration that demands a harmonized vision, high professionalism, and strong values of togetherness. Family businesses can develop professionally without sacrificing family ties by building a vision based on Islamic principles, implementing good corporate governance, maintaining open communication, and enforcing strict role boundaries. This strategy makes the family business a space that creates profit and realizes blessings and long-term prosperity. Only with a thorough commitment to these values can a family business become an example of true strength rooted in togetherness and integrity amidst increasingly fierce competition.

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Publication Details

Journal
Al-Hijrah Journal of Islamic Economics And Banking
Published
2024-12-30
DOI
https://doi.org/10.55062/al-hijrah.v2i2.669
Citations
1
Primary Topic
Islamic Finance and Banking Studies
Type
article
Field-Weighted Citation Impact
0.95
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article

Family First or Business First? Balancing Family and Business Interests in an Islamic Economic Perspective

Suud Sarim Karimullah
1 citations
Al-Hijrah Journal of Islamic Economics And Banking
Islamic Finance and Banking Studies
0.95
article

Family First or Business First? Balancing Family and Business Interests in an Islamic Economic Perspective

Suud Sarim Karimullah
article en
1 citations

Abstract

This article aims to prove that Islamic economics can provide holistic solutions that can be applied to achieve a harmonious balance between family and business interests without sacrificing either of them. This study uses a library research method with an integrative and comprehensive literature analysis to develop a solid and applicable theoretical framework. The results state that the balance between family and business in a family business is not just an effort to divide time and roles but a strategic integration that demands a harmonized vision, high professionalism, and strong values of togetherness. Family businesses can develop professionally without sacrificing family ties by building a vision based on Islamic principles, implementing good corporate governance, maintaining open communication, and enforcing strict role boundaries. This strategy makes the family business a space that creates profit and realizes blessings and long-term prosperity. Only with a thorough commitment to these values can a family business become an example of true strength rooted in togetherness and integrity amidst increasingly fierce competition.

Al-Hijrah Journal of Islamic Economics And BankingVol. 2(2)
Universitas Patria Artha (ID)
Openalex Percentile: Top 16%
Islamic Finance and Banking Studies
0.95
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