Entrepreneurship is an engine of growth in every society. Studies on the relationship between entrepreneurship and ethics are scanty. Thus, this research is designed to investigate ethical values embedied in entrepreneurship with a special focus on Islamic values ideal to entrepreneurship. This research finds ethical values with respect to Islamic entrepreneurship are indispensible factors as they constitute its essential element. Thus, four axioms of economic developed by Naqvi are just supporting evidence for what has deeply rooted in Islamic values and applicable to every aspects of human activities, and specifically to entrepreneurial activities.

Intangible assets are becoming evident in a number of Islamic financial products. Their presence in the Islamic financial market is due to their ability to address and accommodate the pressing need to diversify the asset pool in the industry. Despite their increasing presence in a number of Islamic financial products, their nature and characteristics have not been the subject of the research they deserve. Hence this research is undertaken to examine the definition, concept and legality of this class of asset: intangible assets. This paper aims to achieve the following objectives: i. To explore the definition and concept of intangible assets from Shariah, legal and accounting perspectives; and ii. To examine pertinent Shar??ah issues on intangible assets, particularly with regard to recognition and measurement, financing and trading, and zakah obligation.

Intangible assets are regarded as one of the most important asset classes for financial institutions, and their importance and consideration is rapidly increasing. There are existing, well established conventional standards on intangible assets (IA); however the Shariah standard on IA is discussed rather minimally. Thus, this paper attempts to discuss the vital issues related to intangible assets: recognition and measurement, financing and trading, and zakah, which represents a grey area for the Islamic finance industry. The research employs critical analysis. It aims to provide clarification on the concept of intangible assets from the point of view of the Shariah as well as an analysis of pertinent Shariah issues on IA. This research explores the following: (i) there is an issue of gharar in the identification and determination of IA due to non-existence of any physical substance and due to future benefit being a probabilistic matter; (ii) it is generally permissible to finance and trade IA and (iii) zakah is obligatory on IA if the intention is to trade them either at sale price if they are sold or at market price if they are owned by a trader.