Muhammad Ali Hashim: Champion Of Business Jihad And Corporate Waqaf

Author: Rokiah Talib
Publisher: UKM Press
ISBN: 9789672516675
Weight: 1.35 kg
Pages: 349pp
Year: 2022
Price: RM120

This book highlights the journey of Muhammad Ali Hashim (Tan Sri) as the CEO of Johor State Corporation (Corp) which he inherited from Basir Ismail (Tan Sri). Ali was the CEO of Corp for 28 years, doing business the Islamic way instead of the purely Western capitalist business model, which he discovered through his observations and reading, mainly benefitted the top bracket of the economic pyramid. His worst fear came true during the Asian Economic Meltdown in late 90s when JCorp lost billions. Post the regional economic disaster, Ali not only instituted more Islamic measures in the operation of Corp but began his rallying cry of Business lihad- not the senseless killing of people - instead by giving your all in doing business. It is in this context that he made the shift in business paradigm. 

By that, Ali means business to "help the ummah and nation" and not for self-glorification. Therefore, his mission in ICorp and its activities was always about the people, their well-being and their welfare, not only here on earth, but also hereafter. Later, he turned to waqf, a form of Islamic business entity with the launching: of Waqaf AnNur Corporation in year 2000. While most GLCs create wealthy individuals, Corp under Ali created wealthy Malay/Muslim businessmen but not among his officers. Neither was there a provision of MBO by the top officers: While the country is beleaguered by corrupt practices, there was not a case of corruption within ICorp during his tenure. 

Business at ICorp during his tenure as the CEO had a higher cause, to help the Malays/Muslims in Malaysia especially, to improve their lives through business. Ali did not just pontificate about "doing business the Islamic way He actually brought in some well-known Islamic scholars to give lectures that in Islam, your income has to be halalan toiyiban. When he stepped down in July 2010, he left behind a state corporation with 280 companies spread across Asia as well as Europe Corp made its trademark in all ASEAN countries as well as Solomon Islands and Papua New Guinea