The Malaysian Business Code of Ethics is based on the religions, philosophical and cultural values of Malaysian. It was undertaken by national Consumer’s Protection Consultative Council and Ministry of Domestic Trade and Consumer Affairs to develop self regulation among traders in Malaysia. Objective
The Malaysian Business Code of Ethics was formulated with the objective of: - * PreparingÂ the main principles to be applied by Malaysian trader for the benefit of themselves and their customers. * Would help archive high ethical standards among traders so that the interests of all parties are safeguard which in turn would bolster national economic growth. * Concoction of the universal aesthetical values gleaned from the doctrines and beliefs of the various religions, philosophies and cultures found within Malaysia. Principles of the Malaysian Code of Business Ethics
There are six Rukuniaga principles governing business practice: - 1. Sincerity in Business Dealing
The traders sincerity must be reflected in every aspects of his business, including sale intent andÂ Â agreement as well as in his thought, action and speech. For instance he should not try to camouflage the defect found in his product for the sake of making a profit. Similarly he should not manipulate supplies with undue profit as the motive. 2. Conscious of Responsibility Towards Customers, Society and Environment The trader’s every deed and thought must reflect his sense of responsibility not only toward his customers but also towards society as the whole and the environment. For instance Offering goods at fair prices, making sure services offered is commensurate with the quality of service. It is important that good or services sold/offered must not be socially or environmentally detrimental. 3. Geniality Towards Fellow Humans
Business should be conducted in an atmosphere of mutual love and respect coupled with kindness. Any action or decision taken must be for the common good of all and not solely to serve business interests.Â For instance: in the case of a customer who mistakenly buys a wrong product and wants to exchange it with another product or wants a refund of money, the trader should accommodate the customer’s request so that he may well acquit his responsibility towards society as a whole. 4. Moderation In Business Dealing
The trader should be humble, sober-minded, modest, moderate and frugal in all areas of life. For instance :A businessperson who has made it to the top should not forget the roots but should be kind and considerate towards all those needing him. 5. Fair Treatment of Customers
The trader should conduct himself in an impartial manner and his actions should not benefit any one party at the expense of the others. He should give equal treatment to all irrespective of race, class or status. For instance : He should not discriminate between a VIP and an ordinary person as the value of the money paid by either is the same. 6. Zeal in Business-Building
A trader should be hardworking, diligent, patient, persistent, have the courage to take on risks and be armed with tenacity. For instance: When starting a new business, the trader should not resent the other traders in the market; instead he should let their success motivate him to climb the ladder of success. http://www.kpdnkk.gov.my/index.php?option=com_content&task=view&id=220&Itemid=250&lang=english There are a million ethical issues in today's businesses and unfortunately there is no perfect decision measurement for all these ethical issues in business. The ethical issues in international businesses are much more complicated and much more delicate, along with being tenfold in numbers. This article deals with the current ethical issues in businesses and attempts to look for ways in which one can tackle them.
Economics suggests that business and...