Like all immigrant communities in the West, the economic development of Muslim immigrants has followed the usual course: in the first stage, the immigrants work as professionals or as skilled or unskilled laborers; later, some open community-oriented businesses (e.g., specialty food stores); finally, they set up other small businesses leading into big business.
In North America, Muslim immigration started around the 1960s. Today, Muslim communities, particularly in the bigger cities, are entering the third stage. Muslim entrepreneurs have begun establishing small businesses (other than food stores) and going into garment businesses (wholesale or retail), printing presses, computer software shops, web design, etc. One hopes that there will soon be more Muslim companies in the USA, as the small Muslim businesses grow and more entrepreneurs learn to organize bigger businesses.
In order to be able to establish more Muslim companies in the USA, Muslims must learn to build durable partnerships among themselves. Most failures in business partnerships is that the partners often keep inside their hearts what should be discussed openly. Muslim companies in the USA can establish successful and lasting partnerships when the partners discuss beforehand all their individual obligations and the method of sharing profits. This discussion should be done in a spirit of frankness and trust, and the terms of partnership should be committed to writing. For, as interpreted from the Holy Qur’an:
“O you who believe! Whenever you enter into deals with one another involving future obligations for a certain term, write it down.” (2:282)
Prospective investors in Muslim companies in the USA should keep these in mind, especially remembering that the Qur’an passage goes on to state that the writing of the deal should be done before witnesses. In the context of our times, Muslim companies in the USA should have their agreements notarized.
Many Muslims are shy about committing the terms of partnership into writing, feeling that this is not necessary among good friends. While that may sound quaint, this attitude is not good for business or for friendship; far too often, it will destroy both. So, Muslim companies in the USA should take heed of what the Qur’an stresses:
“And do not consider it below your dignity to write [your contract] for a future period, whether it be small or big: this is just in the sight of God, more suitable as evidence, and more convenient to prevent doubts among you.”
Muslim companies in the USA should continue to seek partnerships with other Muslims. Information about failed partnerships should only encourage everyone to become more frank, honest, business-like and professional in the partnerships, and to work hard to establish more dynamic and stable Muslim companies in the USA.
