Curriculum 2: Enhancing Support for Muslim Immigrant Entrepreneurs in Norway

This curriculum is for governmental and non-governmental Norwegian organizations that provide support, training, and financing to Muslim immigrant entrepreneurs about the religious ideas and practices that may impede Muslim participation. The curricula will contain ideas for overcoming deficits and promoting entrepreneurial activity that is pragmatic as well as both Islamically-sound and socio-economically productive.

MODULE OVERVIEW:

Moving beyond general discussions of integration, the curriculum offers a nuanced, interdisciplinary approach to understanding how Islamic beliefs intersect with Norwegian business and financial environments. Through the following modules, participants gain insights into the moral and institutional logics that shape economic behavior among Muslim communities, both immigrant and non, and both entrepreneurial and non. This curriculum enables stakeholders to foster more inclusive economic participation, enhance intercultural competence, and design support systems that are both effective and culturally informed.

Understanding Islamic Finance and Islamic-Compliant Financial Resources

Contents:

• Financial Barriers for Muslim Immigrant Entrepreneurs 
• Understanding Islamic Finance Principles
• Islamic Finance in Practice
• Community-Based Finance, Social Capital, and Entrepreneurship
• Gendered and Place-Based Challenges for Entrepreneurs
• Policy Recommendations and Future Trends

Learning Outcomes

Upon successful completion of this course, participants will be able to:

• Understand religious and socioeconomic barriers to finance.
• Explain key principles of Islamic finance.
• Analyze global case studies for Norwegian application.
• Evaluate community-driven financial alternatives.
• Identify gendered and regional entrepreneurial inequalities.
• Formulate policy recommendations for inclusive finance.
• Promote best practices in mentoring and support networks.
• Foster cross-sector collaborations to advance entrepreneurship.

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Part 1: Financial Barriers for Muslim Immigrant Entrepreneurs

Focus: Structural and religious barriers to accessing capital

• Lack of collateral, credit history, and discrimination
• Islamic prohibition on riba (interest) and its implications for business financing 
• Trust in financial institutions and financial exclusion among Muslim communities 

📖 Readings:

• Vinogradov (2008). Immigrant entrepreneurship in Norway. PhD Thesis.
• Vinogradov, E., & Jørgensen, E.J.B. (2017). Differences in international opportunity identification between native and immigrant entrepreneurs.
  J Int Entrep 15, 207-228.

• Brekke, T., & Larsen, M. C. (2020). Allah, villa, Volvo: Muslim professionals in the Nordic countries and their financial attitudes and practices.

• Brekke, T. (2018). Halal Money: Financial inclusion and demand for Islamic banking in Norway. Research & Politics, 5(1), 2053168018757624.

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Part 2: Understanding Islamic Finance Principles

Focus: Islamic perspectives on money, trade, and investment

• Foundations of Islamic economic ethics 
• Core Islamic finance principles: Mudarabah (profit-sharing), Musharakah (joint-venture), Murabaha (cost-plus financing)
• Difference between conventional finance and Shariah-compliant models

📖 Readings:

• Chapra, M. U. (2008). The Islamic Vision of Development in the Light of Maqasid al-Shariah. Islamic Research and Training Institute. 
• Uddin, Md Akther (2015): Principles of Islamic Finance: Prohibition of Riba, Gharar and Maysir.
• Visser, H. (2009). Islamic Finance: Principles and Practice. Edward Elgar. 
• Khan, M. A. (1994). An Introduction to Islamic Economics. International Institute of Islamic Thought and Institute of Policy Studies.
• Yasin and Khan (2016). Fundamentals of Islamic Economics and Finance. Islamic Research and Training Institute.
• Alshater, Muneer & Khan, Ashraf & Hassan, M. Kabir & Paltrinieri, Andrea. (2022). Islamic Banking: Past, Present and Future. Journal of College of Sharia & Islamic Studies.
• Beck, T., Demirgüç-Kunt, A., and O. Merrouche (2010). Islamic vs. Conventional Banking: Business Model, Efficiency and Stability. The World Bank Development Research Group - Finance and Private Sector Development Team. 
• Caporale, Guglielmo Maria & Çatık, Abdurrahman & Helmi, Mohamad Husam & Menla Ali, Faek & Tajik, Mohammad. (2016). The Bank Lending Channel in a Dual Banking System: Evidence from Malaysia. SSRN Electronic Journal. 
• Iqbal, M., & Molyneux, P. (2005). Thirty Years of Islamic Banking: History, Performance and Prospects. Palgrave Macmillan. 
• al-Sadr, M. B (1982). Iqtisaduna: Out Economics. Wofis.
  • Volume 1 Part 1
  • Volume 1 Part 2
  • Volume 2 Part 1
  • Volume 2 Part 2

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Part 3: Islamic Finance in Practice: Lessons for Norway

Focus: Islamic finance experiences in global and European contexts

• Case studies: UK Islamic finance sector; Sukuk bonds and Islamic banking
• Implications for regulatory adaptations in Norway 
• Shariah-compliant financial products and entrepreneurship

📖 Readings:

• Addleshaw Goddard (2017). Islamic Finance Guide. 
• Al-Jarhi, M. A., Abusaid, A., and A. Oweida. (2001).  Handbook of Islamic Finance. ASBÜ Yayınları.
• Hanif, M. (2011-20) Fundamentals of Islamic Finance. KDP.
• Usmani, M. T. (1998). An Introduction to Islamic Finance. Idaratul Ma’arif. 
• Kusuma, K. A., and A. C. Silva. (2015). Sukuk Markets: A Proposed Approach for Development. World Bank. 
• International Islamic Financial Market (IIFM). (2021). Sukuk Report: A Comprehensive Study of the Global Sukuk Market. Eiger Trading Advisors.
• Uddin, Imam; Sabri, Rabia; Bhatti, M. Ishaq; Rafique, Muhammad Omer; AsadUllah, Muhammad. (2022). Islamic Capital Markets: The Structure, Formation and Management of Sukuk. Routledge.
• Hassan, M. Kabir & Mahlknecht, Michael. (2011). Islamic Capital Markets: Products and Strategies. Wiley.
• Krichene, Noureddine. (2012). Islamic Capital Markets: Theory and Practice. Wiley.
• Latham&Watkins. (2015). The Sukuk Handbook: A Guide to Structuring Sukuk. Latham&Watkins.

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Part 4: Community-Based Finance, Social Capital, and Entrepreneurship

Focus: Informal and community-driven financial alternatives

• Immigrant Entrepreneurship
• Role of mosques, Islamic centers, and peer networks in financing businesses 
• Non-bank finance models: crowdfunding, rotating savings, and cooperative models
• Trust-building within Muslim immigrant communities

📖 Readings:

• Dabic, M., Vlacic, B., Paul, J., Dana, L. P., Sahasranamam, S., & Flinka, B. (2020). Immigrant entrepreneurship: A review and research agenda. Journal of Busniess   Research, 113, 25-38.

• Smith, J., Smith, R. L., Smith, R., & Bliss, R. (2011). Entrepreneurial finance: strategy, valuation, and deal structure. Stanford University Press.

• Karim, Nimrah (2011). Islamic Microfinance: An Emerging Market Niche. CGAP Focus Note.
• OECD (2023). The Missing Entrepreneurs 2023: Policies for Inclusive Entrepreneurship.
• CGAP (2008). Islamic Microfinance: An Emerging Market Niche.
• UNHCR (2018). Policy Guide on Entrepreneurship for Migrants and Refugees.
• IFAD (2017). Empowering through Collective Action.
• OECD (2007). Informal Institutions: How Social Norms Help or Hinder Development.

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Part 5: Gendered and Place-Based Challenges for Entrepreneurs

Focus: Special barriers faced by Muslim immigrant women and rural entrepreneurs

• Gender-specific constraints: family expectations, work-life balance 
• Regional gaps in access to finance: urban vs rural entrepreneurship
• Strategies for supporting inclusive entrepreneurship ecosystems

📖 Readings:

• Munkejord, M. (2017). Immigrant entrepreneurship contextualised: Becoming a female migrant entrepreneur in rural Norway
• International Finance Corporation (IFC). (2019). Tackling the Challenges of Islamic Finance for Women Entrepreneurs.
• OECD/World Bank - Inclusive Entrepreneurship Reports
• Baycan, T., Masurel, E., & Nijkamp, P. (2003). Diversity in Entrepreneurship: Ethnic and Female Roles in Urban Economic Life. International Journal of Social Economics, 30(11), 1131-1161.
• Brettell, Caroline & Alstatt, Kristoffer. (2007). The Agency of Immigrant Entrepreneurs: Biographies of the Self-Employed in Ethnic and Occupational Niches of the Urban Labor Market. Journal of Anthropological Research. 63. 10.3998/jar.0521004.0063.304. 
• Brush, Candida & de Bruin, Anne & Welter, Friederike. (2009). A Gender-Aware Framework for Women's Entrepreneurship. International Journal of Gender and Entrepreneurship. 1. 8-24. 10.1108/17566260910942318. 
• Petersson, K., and S. Hedin. (2010). Supporting Women’s Entrepreneurship in the Nordic Countries – A Critical Analysis of National polices in a Gender perspective. Conference Paper.
• NORDREGIO. A Policy Model for Supporting Women's Entrepreneurship - with a focus on sparsely populated areas. 
• Sörensson, A., & Dalborg, C. (2017). Female entrepreneurs in nature-based businesses: working conditions, well-being, and everyday life situation. Society, Health & Vulnerability, 8(sup1). https://doi.org/10.1080/20021518.2017.1306905
• Ahl, H., Berglund, K., Pettersson, K., and M. Tillmar. (2024). Women's Contributions to Rural Development: Implications for Entrepreneurship Policy. International Journal of Entrepreneurial Behaviour & Research. 
• Forsberg, G., Stenbacka, S. (2022). Trends and Challenges in Nordic Gender Geography. In: Jakobsen, P., Jönsson, E., Larsen, H.G. (eds) Socio-Spatial Theory in Nordic Geography. Springer, Cham. https://doi.org/10.1007/978-3-031-04234-8_8

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Part 6: Policy Recommendations and Future Trends

Focus: How Norway can foster inclusive financial markets

• Building Islamic microfinance and halal-compliant investment platforms
• Regulatory changes needed to encourage ethical finance inclusion
• Future of Islamic fintech and green sukuk for sustainability

📖 Readings:

• World Bank; Islamic Development Bank Group. 2017. Global Report on Islamic Finance: Islamic Finance - A Catalyst for Shared Prosperity?. © Islamic Development Bank Group. 
• Securities Commission Malaysia & World Bank Group. (2019). Islamic Green Finance: Development, Ecosystem, and Prospects. Securities Commission Malaysia.
• World Bank Resource: Green Sukuk - Financing the Future (watch the video here)
• Ahmed, Ubaid & Maruf, Aminudin & Alam, Shahbaz & Azizah, Lutfiatul. (2024). The Role of Islamic Finance in Sustainable and Green Transition. Suhuf. 36. 10.23917/suhuf.v36i2.6314. 
• UNDP. (2014). Islamic Finance and Impact Investing.

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Practical Tools and Resources

To complement the curriculum’s modules, participants are provided with a curated set of practical tools and open-access resources. These materials are intended to support the real-world application of Islamic finance principles, promote inclusive entrepreneurship, and facilitate the development of culturally informed financial strategies within Norwegian institutions. Participants are encouraged to integrate these tools into their program design, training activities, and advisory services.

• CGAP Islamic Microfinance Toolkit
  Practical guidelines and case studies on implementing Islamic microfinance initiatives.
  Access Toolkit

• Islamic Research and Training Institute (IRTI) Knowledge Resources
  Open-access reports, policy papers, and research on Islamic finance, fintech, and sustainable development.
  Visit IRTI Resources

• Global Islamic Finance Report (GIFR)
  Annual global overviews of the Islamic finance sector, with trends and policy insights.
  Explore GIFR

• INCEIF (The Global University of Islamic Finance) Open Courses
  Educational content, webinars, and publications on Islamic finance and entrepreneurship.
  Access INCEIF Learning

• IFC Guide: Tackling the Challenges of Islamic Finance for Women Entrepreneurs
  Practical insights into advancing women’s access to Islamic finance.
  Download Guide

Together, these tools and resources equip practitioners with the knowledge and instruments necessary to foster an entrepreneurial environment that is not only inclusive and innovative but also respectful of Islamic values and conducive to sustainable economic growth in Norway.

 

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