Faith-Based Entrepreneurship as Ultra-Religious Entrepreneurship in Africa: Definition, Essence, Strands, Theoretical Underpinning, and Theological Foundation

Faith-based entrepreneurship has recently emerged as an ultra-religious alternative to conventional entrepreneurship. It is the fusion of two powerful forces: faithFaith and entrepreneurshipEntrepreneurship, with the intent to create value, transform lives, provide goods and services, and create jobs for people, thereby promoting prosperity for communities and nations. Faith-based entrepreneurship is not limited to a particular faith or religion; however, this chapter focuses primarily on entrepreneurship based on the Islamic faith, which is both advanced and often misunderstood. This chapter aims to expand knowledge by discussing faith-based entrepreneurship including its definition, nature, strands, theoretical underpinnings, and theological foundation. To achieve this, we conducted a critical literature review (CLR) of academic articles and texts on faith-based entrepreneurship to answer three general research questions. Through our analysis of the selected academic papers, we provide valuable insights into the definition of faith-based entrepreneurshipFaith-based entrepreneurship and its three areas: Islamic entrepreneurshipIslamic entrepreneurship, Halal entrepreneurship, and the Islamic digital economy. In addition, we explore the essence of this ultra-religious concept, its strands, theoretical foundations, and theological foundations. Additionally, we address several misconceptions (mainstream and theological) that both Muslims and non-Muslims have about the two strands of faith-based entrepreneurship. Finally, the chapter concludes with far-reaching suggestions on how to counteract these misconceptions about faith-based entrepreneurship on a global scale, including in the African context.