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ISLAMIC BUSINESS ETHICS
y LECTURE 9-10
yAKHTER ABBAS
y PROGRAM MANAGER
y DEPARTMENT OF COMMERCE
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The Holy Quran says:"Wealth and sons are allurements
of the life of this world; But thethings that endure, good deeds,are the best in the sight of yourLord, as rewards, and best as thefoundation for hopes."
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The Holy Prophet (P.B.U.H) said:The seller or the buyer have theright to keep or return goods as longas they have not parted; and if boththe parties spoke the truth anddescribed the defects and qualitiesof the goods, then they would beblessed in their transaction, and if
they told lies or hide something,then the blessings of theirtransaction would be lost.
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Fifteen Axioms(sayings)
those govern Islamic Ethics Muslims are
gratified to follow the given Islamic code of ethics.y 1.Fair& transparent (related to the
concept of God regarding businessdealings).
y 2. Honesty (Honesty at any cost)/Integrity (related to the concept of'adl or justice. No compromise onintegrity).
y 3.Halal/Haram (to obey & follow allIslamic guide lines regardingharam/forbidden things
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Principles of Islamic Business Style
y 4.Responsibility (accountability for one'sactions in business).
y 5.kindness.Kind & soft in all dealings &transactions
y 6.Truthfullness (No concept of a Muslim
business man without truthfulness )
y 7.Good HR practices (regarding internaldealing in time payments, charity&unexpected bounces& perks)
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Principles of Islamic Business Style
8- harity Loving God more than trade &spending on his creatures.(CSR) /Pay Zakat
9- Once sold is returnable10- Suitable prophet
11-Written agreements Using mutualconsultation in business affairs to avoid
misunderstanding certain degree,12- Full weight & measure (Not dealing in
fraud, no comprise on less weight)
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Principles of Islamic Business Style13-No Gambling
14- No bribery
15- Interest free Business dealings
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Managing Ethics1. Developing a Code of Ethics to guide the
organization's ethical principles in all itsinteractions.
2. Ensuring observance by appointing keyorganization actors to an ethics review panel.
3. Appointment of an ethics advocate toprobe management's decisions regularly.
4. Selection and training incorporating anemployee's ethical responsibilities to help setcommon expectations and understandingwithin the organization.
5. Adjusting the award system to rewardethical behavior and encourage repetition.
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Islamic Business principles
Muslims are gratified to follow thegiven Islamic code of ethics.
1. Individual responsibilities
2. Honesty
3. Truthfulness4. Keeping your word
5. Loving God more than trade
6. Supporting intra-Muslim trade
7. Being humble
8. Using mutual consultation in business affairs9. Not dealing in fraud
10.No bribery
11.Dealing justly
12.Written agreements
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The Holy Prophet (P.B.U.H) said:The merchants will be raised
on the day of resurrection asevil-doers, except those who
fear God, are honest, and speak
the truth.(Termzi)
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In Islam, businessislike
everything;it isanact ofworship. Ifyou treat customers
fairly,youveengagedinanact
of worship(Abadat)
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Business; An act of worship
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The Holy Prophet (P.B.U.H) said:yGive full measure when you
measure, and weigh with a balancethat is straight; that is the mostfitting and the most advantageousin the final determination.
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The Holy Prophet (P.B.U.H) said:yO you who believe! Why you say thatwhich you do not?Grievouslyodious is it in the sight of Allah thatyou say that which you do not.
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