Family First or Business First? Balancing Family and Business Interests in an Islamic Economic Perspective
DOI:
https://doi.org/10.55062/al-hijrah.v2i2.669Keywords:
Business; Family; Balance; Islamic Economics.Abstract
This article aims to prove that Islamic economics can provide holistic solutions that can be applied to achieve a harmonious balance between family and business interests without sacrificing either of them. This study uses a library research method with an integrative and comprehensive literature analysis to develop a solid and applicable theoretical framework. The results state that the balance between family and business in a family business is not just an effort to divide time and roles but a strategic integration that demands a harmonized vision, high professionalism, and strong values of togetherness. Family businesses can develop professionally without sacrificing family ties by building a vision based on Islamic principles, implementing good corporate governance, maintaining open communication, and enforcing strict role boundaries. This strategy makes the family business a space that creates profit and realizes blessings and long-term prosperity. Only with a thorough commitment to these values can a family business become an example of true strength rooted in togetherness and integrity amidst increasingly fierce competition.
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References
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Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001). Capital structure decision making: A model for family business. Journal of Business Venturing, 16(3), 285–310. https://doi.org/10.1016/S0883-9026(99)00053-1
Sarbah, A., & Xiao, W. (2015). Good Corporate Governance Structures: A Must for Family Businesses. Open Journal of Business and Management, 03(01), 40–57. https://doi.org/10.4236/ojbm.2015.31005
Sharma, P., Chrisman, J. J., & Chua, J. H. (1997). Strategic management of the family business: Past research and future challenges. Family Business Review, 10(1), 1–35. https://doi.org/10.1111/j.1741-6248.1997.00001.x
Tarmizi, T., Mitrohardjono, M., Ramadhan, A. I., Maryati, Fajri, A., & Faizuddin, A. (2023). The Roles of Family Strenghthening Children’s Religious Characters. Journal of Humanity and Social Justice, 5(2), 110–123. https://doi.org/10.38026/jhsj.v5i2.21
Tlaiss, H. A. (2015). How Islamic business ethics impact women entrepreneurs: Insights from four Arab Middle Eastern countries. Journal of Business Ethics, 129, 859–877. https://doi.org/10.1007/s10551-014-2138-3
Zolkefley, M. K. I., Che Mohd Nassir, C. M. N., & Jaffer, U. (2023). Work-Life Balance in Managing Stress, Job Satisfaction and Performance: The Wasatiyyah Concept and Neuroscience Perspective. Global Journal Al-Thaqafah, 13(2), 27–39. https://doi.org/10.7187/GJAT122023-3
Bammens, Y., Voordeckers, W., & Van Gils, A. (2011). Boards of directors in family businesses: A literature review and research agenda. International Journal of Management Reviews, 13(2), 134–152. https://doi.org/10.1111/j.1468-2370.2010.00289.x
Diekmann, K., Böckelmann, I., Karlsen, H. R., Lux, A., & Thielmann, B. (2020). Effort-reward imbalance, mental health and burnout in occupational groups that face mental stress. Journal of Occupational and Environmental Medicine, 62(10), 847–852. https://doi.org/10.1097/JOM.0000000000001978
Firfiray, S., Cruz, C., Neacsu, I., & Gomez-Mejia, L. R. (2018). Is nepotism so bad for family firms? A socioemotional wealth approach. Human Resource Management Review, 28(1), 83–97. https://doi.org/10.1016/j.hrmr.2017.05.008
Gatrell, C. J., Burnett, S. B., Cooper, C. L., & Sparrow, P. (2013). Work–life balance and parenthood: A comparative review of definitions, equity and enrichment. International Journal of Management Reviews, 15(3), 300–316. https://doi.org/10.1111/j.1468-2370.2012.00341.x
Großmann, S., & Schlippe, A. Von. (2015). Family businesses: fertile environments for conflict. Journal of Family Business Management, 5(2), 294–314. https://doi.org/10.1108/JFBM-11-2014-0038
Haerunnisa, H., Sugitanata, A., & Karimullah, S. S. (2023). Analisis Strukturalisme Terhadap Peran Katalisator Instrumen Keuangan Syariah dalam Mendorong Pembangunan Berkelanjutan dan Tanggung Jawab Sosial. Al-’Aqdu: Journal of Islamic Economics Law, 3(2), 124–134. https://doi.org/10.30984/ajiel.v3i2.2853
Hall, A., Melin, L., & Nordqvist, M. (2001). Entrepreneurship as radical change in the family business: Exploring the role of cultural patterns. Family Business Review, 14(3), 193–208. https://doi.org/10.1111/j.1741-6248.2001.00193.x
Hanic, A., & Smolo, E. (2023). Islamic approach to corporate social responsibility: an international model for Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 175–191. https://doi.org/10.1108/IMEFM-07-2021-0284
Insani, N., Ibrahim, Z. S., Karimullah, S. S., Gönan, Y., & Sulastri, S. (2024). Empowering Muslim Women: Bridging Islamic Law and Human Rights with Islamic Economics. De Jure: Jurnal Hukum Dan Syar’iah, 16(1), 88–117. https://doi.org/10.18860/j-fsh.v16i1.26159
Karimullah, S. S. (2023). Exploration of Maqasid Al-Shariah Concepts in the Development of Islamic Economic Policies. Mu’amalah: Jurnal Hukum Ekonomi Syariah, 2(2), 153–172. https://doi.org/10.32332/muamalah.v2i2.7747
Karimullah, S. S. (2024). Cinta dalam Bingkai Hukum. Jakarta: Bhuana Ilmu Populer.
Karimullah, S. S., Efendi, B., Sattar, S., & Ningsih, T. W. (2023). The Role of the Family in Instilling Islamic-based Business Ethics in Children. HAKAM: Jurnal Kajian Hukum Islam Dan Hukum Ekonomi Islam, 7(2), 270–287. https://doi.org/10.33650/jhi.v7i2.6972
Karimullah, S. S., & Rozi, R. (2023). Rethinking Halal: Exploring the Complexity of Halal Certification and its Socio-Economic Implications. Al-Bayan: Jurnal Hukum Dan Ekonomi Islam, 3(2), 102–121. Retrieved from https://stainwsamawa.ac.id/jurnal/index.php/al-bayan/article/view/170
Lewis, S., Gambles, R., & Rapoport, R. (2007). The constraints of a ‘work–life balance’approach: An international perspective. The International Journal of Human Resource Management, 18(3), 360–373. https://doi.org/10.1080/09585190601165577
Rahmani, Z., Rozi, R., Fitriyanti, E., Iqbal, M., & Karimullah, S. S. (2023). Implementation of Sharia Economic Principles in the Globalization Era. ASY SYAR’IYYAH: JURNAL ILMU SYARI’AH DAN PERBANKAN ISLAM, 8(2), 185–200. https://doi.org/10.32923/asy.v8i2.3516
Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001). Capital structure decision making: A model for family business. Journal of Business Venturing, 16(3), 285–310. https://doi.org/10.1016/S0883-9026(99)00053-1
Sarbah, A., & Xiao, W. (2015). Good Corporate Governance Structures: A Must for Family Businesses. Open Journal of Business and Management, 03(01), 40–57. https://doi.org/10.4236/ojbm.2015.31005
Sharma, P., Chrisman, J. J., & Chua, J. H. (1997). Strategic management of the family business: Past research and future challenges. Family Business Review, 10(1), 1–35. https://doi.org/10.1111/j.1741-6248.1997.00001.x
Tarmizi, T., Mitrohardjono, M., Ramadhan, A. I., Maryati, Fajri, A., & Faizuddin, A. (2023). The Roles of Family Strenghthening Children’s Religious Characters. Journal of Humanity and Social Justice, 5(2), 110–123. https://doi.org/10.38026/jhsj.v5i2.21
Tlaiss, H. A. (2015). How Islamic business ethics impact women entrepreneurs: Insights from four Arab Middle Eastern countries. Journal of Business Ethics, 129, 859–877. https://doi.org/10.1007/s10551-014-2138-3
Zolkefley, M. K. I., Che Mohd Nassir, C. M. N., & Jaffer, U. (2023). Work-Life Balance in Managing Stress, Job Satisfaction and Performance: The Wasatiyyah Concept and Neuroscience Perspective. Global Journal Al-Thaqafah, 13(2), 27–39. https://doi.org/10.7187/GJAT122023-3
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Published
2024-12-30
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