Succession Planning on Muslim Family Enterprises

Abstract

In Islamic faith and ideology, tremendous emphasis is paid to leadership as an essential instrument for realizing an ideal society which is built on fairness and compassion. Muslims practice the Islamic faith, which Islamic law regulates the faithful's way of life, from moral issues to etiquette and business conduct. Established laws governing the Muslim's behaviour and activities are included in Sharia decisions, and many Islamic teachings deal with business activities. The business etiquettes and rules of succession are contained in Sharia laws. Sharia law offers guidelines on integrity, fairness, risk, fraud, bribery, and kindness in business activities. The family business culture is influenced by the business element of the enterprises, which offers principles, mutual goals, commitment towards a prosperous future, and complimentary relationships between enterprises. The family enterprises are considered in a socio-cultural and religious environment in which the business is operated to gain a greater awareness of leaders' succession and successor development.