Ethics of Business in Islam

Browse By

The term ‘business ethics denotes the conduct that a business object is supposed to follow to in its communication with the social order, dealings with customers and internal businesses. The idea of business ethics is as ancient as business.

Originally, different philosophies and regions had different morals of business. Though, with growing globalization, various circles of business ethics are unceasingly acquiring common values and procedures. As islam has given controlling philosophies for all human activities, it also recommends and clarifies the ethics of business. Though, the quran is not the only mystical text that lays down such commands. The bible, for example, also has many ideas that can be and have been applied to marketable doings.

Likewise, muslims were not the first to consider the impression of business morals. Plato debated justice in the republic and aristotle openly discoursed economic relatives, trade and trade in his politics. Many muslims are ignorant that aristotle too destined usury. Also, he gave the classic meaning of justice as giving each his due, giving equals similarly and interchange equals for equals.

These subjects were also analyzed by christian philosophers. For example, thomas aquinas deliberated business in the context of fairness and honesty, and convicted usury. Luther, john wesley and calvin among other characters of the improvement, deliberated trade and business, and led the way in the growth of the protestant work ethos. Though, in the contemporary west, economic action has been separated from religion just as governments has been detached from belief.

If we associate islamic business beliefs with present-day western business morals, we find many resemblances between them. For example, workplace nuisance, discernment in hiring and preferment, employment welfares, layoffs, battles of interest, quality control, misappropriation of business possessions, environmental contamination etc. Are substances on which islamic and western methods are more or less alike.

Actually, regarding such substances of common approach, islam frequently lays down more kind provisions and puts more pressure on their adherence. For instance, in the setting of the employee-employer association, islam very clearly states that both enjoy the same self-respect, socially and lawfully. As a over-all rule, muslims are taught to choose for their fellowmen what they select for themselves.

Exactly talking, the prophet (peace be upon him), in his farewell address, taught muslims not only to feed and clothe their slaves in the same ways that they did themselves, nonetheless also not to deal the slaves severely even if they were at culpability. Applying this to workers, one can visualize the standard of working surroundings and employment welfares that islam describes. But there are some other facets

hitherto, just as there are alterations between other features of islamic and western performs, islamic and western business moralities too have certain alterations. The most significant discerning features are their bases and nature. Though western business morals are nonspiritual, Islamic business morals create from the holy Quran and the sunnah of holy prophet (peace be upon him).

In other arguments, Islamic business ethics are detected by the supporters in Muslim and non-Muslim authorities similar. Therefore, a Muslim would never neglect well-being of the staffs, presentation of business agreements, quality values, environment, social errands of the initiative etc.