The Muslim ethic
One possible critique (among many others) of Weber relates to his assertion that Islam is inherently hostile to capitalism. Weber claims that while Protestantism, both rational and active, captured the essence of capitalism and thus was best suited for the emergence of its ethic, Islam, active but irrational, could not have brought about such a development.
Many have taken issue with this statement, highlighting the success of Muslims in commerce historically, prior to the industrial revolution and the rise of capitalism as we know it today.
While critiques of Weber should not limit themselves to finding ‘spirits of capitalism’ in other religions, as this would also raise important objections, it is interesting to think in light of this conversation when considering the phenomenon of Islamic social entrepreneurship.
While social enterprise in itself is interesting as an object of analysis, Islamic social enterprise allows us to ask even more questions regarding the relation between religion, commerce, and development
This debate brings together the opinion of a few such entrepreneurs; it raises interesting points about the ways in which entrepreneurs both draw on Islamic doctrine and reshape it in commerce, and how customers and beneficiaries are implicated in this relationship.
https://www.theguardian.com/social-enterprise-network/2013/mar/13/best-bits-islamic-finance-ethical-capitalism
Contributed by YaraTarabulsi on 28/01/2018
