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This paper argues that the various contemporary crises are both the cause and effect of contemporary consumer culture, which tends to create artificial needs by marketing unneeded products and services as elements of identity and self-image. Thus, Muslim intellectuals and entrepreneurs need to join hands towards a holistic appraisal and design of an Islamic business ethics. However, the way Muslim entrepreneurs learn and teach business currently, does not encourage a sense of responsibility towards finding solutions. Many Muslim entrepreneurs are unaware either of the extent, nature and magnitude of the crises resulting from overconsumption, or of the Islamic religio-ethicospiritual perspective and guidance. Thus presently, Muslim-run businesses constitute part of the problem rather than solutions. To act as agents for reform, Muslim entrepreneurs a deeper understanding of the rich repository of Islamic beliefs, concepts and practices that need to be revived within the societies through their business models and practices.