The founding group was aware of the widening gap between Islamic values and actual practices among Muslim Businessmen. They agreed to meet periodically to brainstorm on ways to rectify the situation.

A series of meetings were concluded before a plan started to emerge. The original founders used the annual business events to consult and receive feedback which enabled them to formulate an assessment of a global Muslim business community.

The approved plan by the founders envisioned the establishment of a business association. Later the purpose of the association was expanded to include personal and professional development. Education and co-operation were added as equally important objectives.

The founders decided to base the association in the USA because of its prominence as leadership in business, its growing and thriving Muslim business community. The association was incorporated during the summer of 2000 in the State of Delaware

An overview of the proposed association was presented to a gathering of prominent Muslim businessmen during the Hajj of 2000 and also during the International Business and Trade Forum (IBTF 2000) in September 2000. The feedback from the attending Muslim businessmen was overwhelmingly positive. This encouraged the founders to move quickly and turn this association into a reality.

A Board of Directors for the organization was selected during IBTF 2000. The name "Minaret Business Association" was chosen from among the names proposed in the first meeting of the newly formed Board of Directors, which took place in Mecca

Meanwhile, efforts were underway to establish the first chapter in Jeddah where many of the founders are based. This was followed by the first event of the Jeddah Chapter held in January of 2001.

Following the success achieved by the Jeddah Chapter, a series of chapters were established six months later in Karachi, Singapore, the Silicon Valley, Orange County, Chicago, Washington DC, and Dallas.

In the summer of 2001, MBO held its first international event, co-organized with the International Business Trade Forum 2001 Conference and the Islamic Society of North America Annual Convention. Twenty eight MBO members attended the event, forty non-member attendees of the event expressed interest in becoming members, and eleven different interested parties submitted requests to the MBA Board of Directors to establish new chapters.

Milestones

Spring 1997: The first meeting of the founders of MBO.

Fall 2000: Muslim Businessmen from around the world enthusiastically endorse The MBO concept.

September 2000: An overview of the vision is presented in a Conference for Muslim businessmen in Chicago. Board of Directors is chosen for the Association.

Fall 2000: The Jeddah Chapter Board of Directors is formed.

January 2001: The Jeddah Chapter conducts its first event.

August 2001: MBO co-organizes its first international event with IBTF