The founding group was aware of the widening gap between Islamic values and actual practices among Muslim Entrepreneurs. 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 cooperation among members 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) in September 2000. The feedback from the attending Muslim businessmen was overwhelmingly positive. This encouraged the founders to move quickly and transform an adhoc association into an entity.

A Board of Directors for the organization were 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 were 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 MBO Board of Directors to establish new chapters.

Milestones

Feb 2012: MBO (Los Angeles) chapter formed 

2011: MBO celebrated its 10th Anniversary

2010: MBO Started various CSR Initiatives & community services

July 2008: Kansas City chapter inauguration

May 2007: Silicon Valley conducts its 25th Forum

2006: Signed a MOU with Jeddah Chamber of Commerce & Industry

2004: Jeddah members meet with Malaysian prime minister Dr. Mahatir Mohammed

2004: MBO Members had a retreat in South Africa to author MBO Bylaws
Dec 2003: Silicon Valley members conduct their first retreat at Seascape Resort 

2003: Jeddah members meet with Turkish leader Mr. Recep Tayyip Erdogan

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

June 2001: Inauguration of Silicon Valley Chapter

Jan 2001: The Jeddah Chapter conducts its first event

Fall 2000: Muslim business community endorses MBO mission

Fall 2000: Overview of the vision is presented in a Conference for Muslim 

Fall 2000: Board of Directors are chosen for the Association.

Fall 2000: The Jeddah Chapter Board of Directors is formed

Spring 1997: The first meeting of the founders of MBO