"Wealth Study 2010"
Strategic Research Circle Announces Study on American Muslim Wealth
August 9, 2010 | Lee’s Summit, Missouri
American Muslims are highly educated, diverse, and relatively well-to-do segment of the American society. Yet little is known about their professional back ground, entrepreneurial success or financial strength.
History of Muslim entrepreneurs goes back to 7th century when they established their first market in Medina. Medieval economists and thinkers such as Al Ghazali, Ibn Khaldun, Al Dimashqi, and Tusi wrote extensively about types of trade, merchants, crafts, free market, partnership and trade ethics. With the emergence of Western educational and economic institutions, Muslims started migrating to the West for better professional and business opportunities. The study explores condition of American Muslim entrepreneurs, and recommends solutions to improve their ability to generate new wealth in free market
The goals of the study are to:
· Offer insight into Muslim professionals and entrepreneurs
· Study Muslim contributions in social and philanthropy arenas
· Analyze socially responsible and profitable financial and business models
· Identify ways for the entrepreneurs to create new market capital
· Study emerging industrial and market trends
· Educate policymakers, academia, Muslim community and society at large
The study involves a Research Team with proven academic background. It will utilize random and targeted sampling of a master data of over half million Muslim adults and 7,000 American Muslim business owners and executives and professional.
The study includes national survey, focus groups, and in-person interviews in ten large and small USA metropolitan areas
The outcome of the first phase of the study is expected within 18 months. The final report will be distributed to the media, lawmakers and community at large
"There is nothing more central to the US character than entrepreneurship. And entrepreneurship is a vibrant part of Islam and has historically been a means for Muslims to integrate into various communities. Looking at the interlinking of Muslim entrepreneurs in the US should yield useful information regarding the role Muslims play in the US economy and their integration into US society." Dr. Miles K. Davis, Director of the Institute of Entrepreneurship, Shenandoah University.
The study is needed to understand the nature and types of businesses and industries American Muslims are involved in. The research is also designed to identify barriers Muslim businesses face, depriving them a transition from small to mid or large-size businesses or franchises. The study will recommend ways for American Muslims to create new market capital in selected industries
“Among other benefits, the research will help understand why some Muslim businesses are more successful in one metro area than others", says Abid Malik, President Strategic Research Circle.
The study could open doors for industry based conferences and provide better networking opportunities for Muslim business organizations to expand their membership.