ISLAMIC BUSINESS ETHICS by Dr. Rafik Issa Beekun University of Nevada and Islamic Training Foundation November 01‚ 1996 Copyright © 1996‚ International Institute of Islamic Thought PO Box 669‚ Herndon‚ VA 20170 (703) 471-1133 Please do not reproduce or translate in any manner without the written permission of the International Institute of Islamic Thought Islamic Business Ethics Table of Contents DEFINING ETHICS FACTORS INFLUENCING ETHICAL BEHAVIOR IN ISLAM LEGAL INTERPRETATIONS
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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
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Ethics has always been a part of business. The article of Islamic Business Ethics & Finance: An Exploratory Study of Islamic Banks in Malaysia written by Muhammad Adli Musa studied about how Islamic finance which claims to offer global financial stability and high ethical standards should reflect Islamic values in all facets of behaviour to bring about collective morality and spirituality‚ which when integrated with the production of goods and services advance the Islamic way of life. This paper
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Ebin Thomas sunny Student ID: 717537 MANA6320-01 A Kantian Approach to Business Ethics The writer here talks about a man named Kant who lived in the 18th Century and is best known for defending a version of the “respect for persons” principle which implies that any business practice that puts money on a par with people is immoral or unethical. Kant argued that the highest good was the goodwill. To act from a good will is to act from duty. Thus it is the intention behind an action rather than its
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Concept of business ethics base on Islamic perspective Can be explained through several sources information: 1. Quran and Hadith Based on the Quran‚ in the surah Al-Baqarah‚ verse:275‚ “…. Allah has permitted bay’(trading) and forbidden riba(usury)…” Regarding on this verse‚ it is obviously‚ explained the concept of business ethics from Islamic perspective; which in Islam‚ the usury totally prohibited. As we know‚ the conventional business ethics are allowing usury in the market system
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In his article‚ “An Aristotelean Approach to Business Ethics‚” Robert Solomon argues that business should be viewed from the Aristotle way. He discusses that this view is not something very new but something that originated back to the ancient times. “What the Aristotelean approach promises is not something novel and scientific but an approach that is very staid and established and above all very human.” This approach differs from other philosophies that we have learned in class because it incorporates
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May 2‚ 2013 1/ What is ethics? What are some common ethical types? Why do business people need it? Can ethics be taught to people? Ethics is a study of morality‚ stems from the ancient Greek “ethos” meaning custom or habit. It is a study of theories concerning what is good and evil in human conduct. There is no particular set of laws defining what is ethical and what is not‚ because there is no right or wrong answer. The second sense of ethics speak of “codes of ethics”‚ which are a set of rules
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and laissez faire in which the management stays‚ for the majority‚ out of its employees business. These approaches are ever changing due to developments in modern day society. (Khilawala‚ 2002). The classical approach to management is typically known as the scientific or autocratic approach. I intend to investigate three of the original classical management theorists; Taylor‚ Weber and Fayol‚ and discuss their principles coming to my own conclusion as to whether their views are still relevant
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and unchanging values of right and wrong. In the world of business‚ priorities are constantly changing: there is no set purpose for businesses that underpins their existence. As a result of this‚ it can be claimed that natural moral law cannot be applied to issues of business ethics. On a different note‚ natural moral law is very much concerned with good‚ evil and the role of human reason in distinguishing between the two. Business ethics does not often involve clear cut decisions between right and
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What is Ethics? A few years ago‚ sociologist Raymond Baumhart asked business people‚ “What does ethics mean to you?” Among the replies were the following: “Ethics has to do with what my feelings tell me is right or wrong.” “Ethics has to do with my religious beliefs.” “Being ethical is doing what the law requires.” “Ethics consists of the standards of behavior our society accepts.” These replies might be typical of your own. The meaning of “ethics” is hard to pin down and views of many
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