20 [Special Issue – October 2012] 118 2. endstream endobj 1354 0 obj <>/Outlines 272 0 R/Metadata 374 0 R/PieceInfo<>>>/Pages 365 0 R/PageLayout/OneColumn/OCProperties<>/OCGs[1355 0 R]>>/StructTreeRoot 376 0 R/Type/Catalog/LastModified(D:20090729122943)/PageLabels 363 0 R>> endobj 1355 0 obj <. LITERATURE REVIEW There is an extensive literature in every major faith – Christianity, Islam and Judaism- on the values, legal codes of conduct on the managing of business, the workplace and … business growth, which also are commended by the Islamic imperative. 0000003390 00000 n The challenge of Islamic business ethics is to make that inevitable ethical These rules and regulations for business conduct have been detailed and played out over the centuries by our ancestors and by our brethren in Islam who have followed them unwaveringly. xref Generally speaking, business ethics is concerned with the study of what is good and bad, right and wrong, and just and unjust in business. In large companies, corporate lawyers define the business ethicsof a company with specific interest in staying within the bounds of the law. The freedom given to human is used without limit, so, there are deviations happened in this life. doing business in Muslim cultures deal with cultural differences. In Islam, ethics governs all aspects of life. 0000004217 00000 n lson (2006) also . First is a description of the Islamic ethical system. Identified entrepreneurship as a catalyst and the largest contributor to the economic development of a country. 4, No. the. Both business and ethics are interrelated. As global business operations expand, managers need more knowledge of foreign cultures, in particular, information on the ethics of doing business across borders. 0000002361 00000 n 0000006128 00000 n ..n2�fL|޻~�e��6��y��������] 6,:S`��2�,pC,�B�$,�����q7˝�-�g�i(|�߸t��͙�uv�-��:O���k3Y�Ƽ����+;��t�Cd�(�-jv�=T����[��%�i�P�Bo;[��#6Ŧ�5��G��~�`�b�?05�R�z�Mc���:��A�Ǖ=0���aM�V�QVm�R��h]�V�l���)��"&�|6�'�{v��iS��CI�l��:�s��0˂��e��&^�l���2:��� ��ϰ�\�lk*[����ejۢ�x��h�X��J�s|��~���s!fS(��S{OH/���n�����˷����������R�d�@�Wg���l����,���w`0V�αX,��oJ*(�����"u��v�}ʴ��n�$PP䬽�0�LA�r���׻ The Concept Business Ethics in Islam Islamic ethic may be argued to refer to the general Islamic principles, akhlaq and moralities. 0000002821 00000 n International Journal of Business and Social Science Vol. Islam appreciated the fair business and Allah says in Qur’an “Stand out firmly for justice, as witnesses to God, even though it is against yourselves, or your parents, or your kin, are the rich or poor.” (Qur’an 4:135).The banking sector is a rising sector which adjust A lot can be demonstrated on this term. The Holy 0000002551 00000 n To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to upgrade your browser. International Journal of Trade, Economics and Finance, Vol. Islamplaces the highestemphasis on ethical values in all aspects of human life. There is a reference to this point in the Qur’an: For you in the Messenger of Allah is … Due to the current dynamic business environment, Muslims find themw selves confronted with serious dilemmas and need guidance from a clearly developed Islamic business ethics. Wi. Islam, Commerce, and Business Ethics Imad-ad-Dean Ahmad Minaret of Freedom Institute Plenary address at the Loyola Institute for Ethics and Spirituality in Business International Ecumenical Conference (June 10-12, 2004) INTRODUCTION Islam is the only major world religion founded by a businessman, although, in a sense, Schilder, Dassen and Wallage (1999) define ethics as a set of moral principles, rules of conduct or values and ethics is relevant when a person has to make a decision from different choices concerning ethical principles. 0000000612 00000 n The paper is organized as follows. B. Accordingly, Islamic ethics or ‘ilm al-akhlaq is a science which deals with the ways to maintain virtues at their optimum level, i.e, to avoid wrongdoing and to do what is right and desirable [4]. It is a set of Islamic moral values which have been prescribed fundamentally in the Quran and implemented by prophet Muhammad during his life (Wan Hamat et al, 2013). Practices. 3 No. of Christianity, Islam and Judaism on business ethics related issues. From an Islamic point of view, ethics is related to several Arabic terms. There is no inherent con-flict between Islam and capitalism; indeed, it is possible to identify the emergence of a distinctive Islamic type where capital accumulation is based on noninterest forms of 8V�����h���J!��۲%d�n�8���!��rk)�� s�Q"z#� ���-n1���LD���8f� Ethical norms and moral codes discernible from the verses of the Qur’an and the Hadith are numerous, far reaching and comprehensive. 4, August 2013 192 COMPARATIVE ANALYSIS OF BUSINESS ETHICS IN ISLAMIC AND ECONOMIC PERSPECTIVE * MOHAMMAD IQBAL MALIK† Department of Religious Studies, Punjabi University, Patiala NAZIR UL ISLAM BHAT Centre of Central Asian Studies, University of Kashmir, Srinagar ABSTRACT Economic development of a nation is the result of proliferated business ethical dogmas and disciplines. ownership [11]. Sorry, preview is currently unavailable. x��U}Le��h�R� 0000001818 00000 n Abu Hurairah ra from the Prophet Muhammad said: positive contributions that “trust” can render to . Business Ethics in Islam . Islamic Work Ethics Scholars have endeavored to define work ethics … Islamic business ethics is essential for SME industry. startxref acknowledged the uniqueness of the Islamic code of business . – The purpose of this paper is to examine and discuss business ethics from an Islamic perspective., – Descriptive, analytical, and comparative analyses are used., – The study reveals several factors that affect Muslims' ethical behavior, including legal, organizational, and individual factors. Business Ethics in Islam 1. �} x���1 0ð�Ll\�z���f�����sx��9�_�0 \ The Characteristics of Muslimpreneurs from the view of Muslim Scholars and Academician, ASSESSING THE APPLICATION OF ISLAMIC BUSINESS ETHICS AMONG MALAY MUSLIM ENTREPRENEURS IN MALAYSIA, The Entrepreneurs Characteristic from al-Quran and al-Hadis, Entrepreneurship and Development Institutions in Nigeria pp. As Muslims, we have to adhere to ethical standards, not only in business but also in all aspects of life. 0000003972 00000 n The scope of Islamic ethics is numerous, far reaching and comprehensive because Islamic ethics deals with the relationship between man and Al-Adwa34:25 Business Ethics in Islam (1) Business Ethics in Islam Ishtiaq Ahmad Gondal* Business ethics in Islam is a very enormous and immense term. The ethics exist greater in quantity and powerful. Those who conduct business canhave decidedly different ethics and widely differing definitions of what isright and what is … <<4B1693B96573EE43A7554F9689364DDE>]>> PDF | Business is an important activity in the economic and social life of the people, ... Mohamed Sharif Bashir (2004) Business Ethics in Islam: Principles and . %%EOF [Extract from Preface of Islam and Business Ethics by Dr S M Hasanuzzaman, published by the Institute of Islamic Banking and Insurance, London, UK 2003] According to the Qur'an, it is the duty of all Muslims to enjoin the maintaining of good conduct and to forbid indulgence in misconduct, just as it was the duty of the People of the Book before them. The Holy book Quran and … For this purpose the author offers, first, the essentials of such an ethics: the utmost importance of 0000000016 00000 n 1367 0 obj <>stream 1353 15 ethics and . Islam generally has a positive attitude to entrepreneurship and the rights of . In Islam, ethics governs all aspects of life. 2. What this means varies from one organizationto another. 1353 0 obj <> endobj Islam always encourages its followers to involve in the business from day one. The definition of ethics and Business Hearing the words ethics, in this current era, it seems increasingly fade even started missing. A business activity as a worship will encourage a Muslim to Academia.edu no longer supports Internet Explorer. 0 Businessethics also vary from one person to another. Next is a discussion of the dif-ferences between philosophy and practice in Islamic business ethics. There is more to transactions than simple trade; in Islam, there is a certain and specific “code of business ethics” that must be followed. %PDF-1.4 %���� This paper aims to offer analytical study of Islamic ethics based on the Qur‟an and Sunnnah. omy. Islam has its own distinctive code of business ethics, and the trust this fosters can lower transaction costs and increase management efficiency. 0000006665 00000 n You can download the paper by clicking the button above. 98, Dynamics and traits of entrepreneurship: an Islamic approach. 8L�?q�S������o��V��D�A�WbH֠��e9�F%�:�:�5�b��z6��]�W�iYdɛj�8b&A��۾�t��$J����rI���������j�$�Ԫ/ݏ%��� -�cM�Bg��E���-("�uִ�R��V4-2���UC ��Ye���giq֟��K Therefore, the values and ethics of Islam played an important role in entrepreneurial activities and thus creating entrepreneurs who fear Him. 0000004468 00000 n Islamic ethics is the ethical system formed by the teachings of the Qur‟Én and explained by the Prophet (s.a.w) through action and words. In defining Islamic Marketing ethics, Saeed, Ahmad and Mukhtar, (2001) state that Islamic marketing ethics based on the principles of justice and equity in Islam differs from secular ethics in many ways. trailer They discussed the three characteristics of market ethics from the Islamic perspective. Islam and Management Principles: Evidence from Literature Gohar , Fahad & Maimoona Journal of Managerial Sciences Volume VII Number 2 209 note that the Holy Quran is a source of guidance for the principle of management, work ethics and sayings of Prophet (PBUH). ��i��,1Y@H8$ߍ;�2� U)��U6��*T�@��S#eҪu��xJ�V���J��R�um��D���T�`T9IFԕ�[/�U'�ѻFh��A��wZ�j��A���~Ug���LCƑ%���~>o����1+Z�G�t�E}��XY�w��E͓E�-� �ʶ��)���>�AN��`P~�,�S�)����6��� ��Ȣ��{�or4OY'� 2L��� a��+��(�ہ}y��%��I���?������z�נ���� In business but also in all aspects of life reaching and comprehensive international Journal of Trade Economics! 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