Islamic Business Ethics

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An Islamic Approach to Business Ethics|
Dr Sabahuddin Azmi[1]
   
 
What is Ethics? * Ethics may be defined as the set of moral principles that distinguish what is right from what is wrong. * Ethics has a twofold objective: it evaluates human practices by calling upon moral standards; also it may give advice on how to act morally in a given situation. * Ethics, aims to study both moral and immoral behaviour in order to make well-founded judgments and to arrive at adequate recommendations. * Business ethics can also be defined as business morality. Business Ethics * Business Ethics is the branch of ethics that examines ethical rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons engaged in commerce. * It makes specific judgments about what is right or wrong, which is to say, it makes claims about what ought to be done or what ought not to be done. * Generally speaking, business ethics is concerned with the study of what is good and bad, right and wrong, and just and unjust in business. Ethics in Islam * Islam places the highest emphasis on ethical values in all aspects of human life. In Islam, ethics governs all aspects of life * . Islamic teachings strongly stress the observance of ethical and moral code in human behaviour. Moral principles and codes of ethics are repeatedly stressed throughout the Holy Qur’an. ‘You are the best nation that has been raised up for mankind; You enjoin right conduct, forbid evil and believe in Allah’. (3:110) The Prophet (sws) also says: I have been sent for the purpose of perfecting good morals. (Ibn Hambal[1], No: 8595)  * In the Islamic scheme of things, adherence to moral code and ethical behaviour is a part of I% man (faith) itself. * According to the Islamic teachings, Muslims have to jealously guard their behaviour, deeds, words, thoughts, feelings...
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