Business Inspiration Story: Tan Sri Dato’ Muhammad Ali Hashim – Champion of Business Jihad and Corporate Waqf

In the landscape of Malaysian corporate leadership, few names shine as brightly as Tan Sri Dato’ Muhammad Ali Hashim. Known for pioneering the “Business Jihad” philosophy and introducing Malaysia’s first corporate waqf model, his story is one of vision, ethics, and social impact. From his humble beginnings in Johor to his transformative leadership at Johor Corporation (JCorp), Tan Sri Muhammad Ali left a legacy that blends entrepreneurship with nation-building and Islamic values.

Our First Feature on Business Titans Who Inspire

We are excited to launch our new series, Business Titans Who Inspire, where we highlight remarkable leaders whose journeys offer valuable lessons for entrepreneurs, business owners, and future leaders. In this very first article of the series, we proudly feature Tan Sri Dato’ Muhammad Ali Hashim — a visionary figure who has left an indelible mark on the business landscape of Malaysia.

Through his leadership, values-driven approach, and commitment to nation-building, Tan Sri Dato’ Muhammad Ali Hashim has inspired countless individuals to pursue business success not just for profit, but also for a greater purpose. His story sets the perfect tone for this series as we explore what it truly means to be a business titan who inspires others.

Stay tuned as we bring you many more stories of Business Titans Who Inspire, from celebrated local icons to globally renowned entrepreneurs.

🌱 Humble Beginnings and Rise to Leadership

Born on April 19, 1947, in Mersing, Johor, Tan Sri Muhammad Ali graduated from the University of Malaya in 1969 with a degree in Economics. He later attended the Stanford University Senior Executive Programme in 1985, equipping him with global business acumen.

In 1982, he became CEO of JCorp, then a modest state development corporation. Over the next 28 years, he would turn JCorp into a powerhouse conglomerate comprising over 280 companies, employing more than 65,000 people across Asia and Europe.

💡 Pioneering “Business Jihad”: A Vision Beyond Profits

Tan Sri Muhammad Ali championed “Business Jihad” — the idea that business should not only generate profit but also uplift the ummah (community) and serve the nation. He positioned Islamic business values—such as transparency, integrity, and social justice—as the cornerstone of sustainable entrepreneurship.

During the Asian Financial Crisis in the late 1990s, when many were slashing costs, he doubled down on Islamic principles to weather the storm and rebuild stronger. This was not just survival—it was value-driven resilience.

🕋 Building the First Corporate Waqf: Waqaf An-Nur Corporation

In 2000, he established Waqaf An-Nur Corporation Berhad (WANCorp), Malaysia’s first corporate waqf institution. It redefined endowment practices by integrating waqf with corporate business models.

WANCorp used business-generated wealth to fund clinics, mosques, education, and other social projects. Under his stewardship, WANCorp’s assets grew from RM250 million in 2000 to RM575.9 million by 2012, showing that social responsibility could coexist with financial success.

📚 Thought Leadership and Advocacy

Beyond boardrooms, Tan Sri Muhammad Ali was an author, policy influencer, and president of the Malaysian Islamic Chamber of Commerce. His influential books like:

• Bisnes Satu Cabang Jihad

• Khalifah Ganti Superman

…explore how Muslims can reclaim economic power through ethical and visionary business practices. These books continue to inspire budding entrepreneurs across Southeast Asia.

🏆 Recognition and Legacy

His efforts earned him national recognition and deep respect across communities. He also founded Awqaf Holdings Malaysia Berhad, the country’s first community-driven corporate waqf.  This became an icon in promoting Islamic social enterprise models.

Tan Sri Muhammad Ali passed away on October 31, 2017, at age 70. But his ideas live on—in every corporate waqf initiative, in every ethical business leader inspired by his writings, and in every institution that dares to reimagine capitalism with compassion.

🎓 Lessons for Entrepreneurs: What We Can Learn

Tan Sri Muhammad Ali Hashim’s legacy offers powerful lessons for today’s entrepreneurs and corporate leaders:

1. Profit with Purpose
   Business success should go beyond financial gain. Align your business model with ethical principles and community needs to build sustainable impact.

2. Islamic Values in Modern Business
   Integrating spiritual values—honesty, trustworthiness, and social accountability—can be a competitive advantage, not a constraint.

3. Innovate for the Ummah
   His creation of a corporate waqf showed how business models can be redesigned to address social needs. Entrepreneurs should look at how to institutionalize philanthropy in their ventures.

4. Think Long-Term, Act with Integrity
   During crises, he stayed true to his values rather than seeking shortcuts. Integrity breeds resilience and long-term stakeholder trust.

5. Empower Through Knowledge
   Write, speak, and mentor. Like Tan Sri Muhammad Ali, share your principles with the next generation and build ecosystems of ethical leadership.

6. Institutionalize Legacy
   Don’t just build companies—build institutions. Whether through waqf, foundations, or strategic partnerships, institutionalize your vision for greater impact.

7. Leadership as Amanah (Trust)
   He viewed leadership as a responsibility to serve. Entrepreneurs should lead with humility and recognize their broader duty to society and future generations.

✨ Final Thoughts

Tan Sri Dato’ Muhammad Ali Hashim wasn’t just a businessman. He was a visionary reformer, a servant-leader, and a pioneer of value-based capitalism. His story proves that profit and purpose are not opposites—but partners. His life remains a guiding light for those who believe that businesses can indeed change the world for the better.

May Allah grant him Jannah for his good deeds and lifelong service to the ummah and the nation. Ameen.