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ISLAMIC BUSINESS ETHICS

By
Rafia Ayub
You are the best of peoples
evolved for mankind, enjoining
what is right, forbidding what
is wrong, & believing in ALLAH.
(Qur’an
3:110)
ALLAH describes people who attain success are;

“inviting to all that is good (Khyr),


Khyr
enjoining what is right (mar’uf)
mar’uf &
forbidding what is wrong (munkar)
munkar
(Qur’an
3:104)
Ethics defined as
The set of moral principles that
distinguishes what is right from what is
wrong.

Business ethics referred to as


management ethics or organizational
ethics, simply limits its framework to
organization
• Islamic Business Ethics, identifies the
practical elements of managing ethics
within an organization that business
leaders can use, offering the framework of
an overall Islamic ethics model for an
organization to adopt.
Islamic ethical system emphasized on;
• Khuluq --- Good nature
• Khayr --- Goodness
• Birr --- Righteousness
• Qist --- Equity
• Adl --- Equilibrium & justice
AXIOMS OF ISLAMIC ETHICAL PHILOSOPHY

AXIOM DEFINITION
Unity Related to the concept of Tawhid. Since everything belongs to
ALLAH, there is nothing on which a man can discriminate or
feel superior over others.
Equilibrium Concept of ‘al-tawazun’. A sense of balance among various
aspects of man's life through conscious purpose, in order to
produce the best social order.

Free will Man's ability to act without external coercion within the
parameters of ALLAH's creation & as ALLAH's trustee on earth.

Responsibility Man's need to be accountable for his action.

Benevolence Ihsan or an action that benefits persons other than those from
whom the action proceeds without any obligation.
Unity
• Makes a person’s vision wider, & any
thought of racism or caste system
becomes inconsistent with his thinking
• Muslim becomes fearless, modest &
humble.
• Avoid what is forbidden & engage in what
is good.
Application of Unity Axiom to Business
Ethics

• No discrimination.
“O mankind, We have created you from a male and
a female, and made you into races and tribes, so
that you may identify one another.”
Qur’an 49:13
• No involvement in unethical practices.

• Do not seek to accumulate wealth.


“Wealth and children are the embellishment of the
worldly life, and the everlasting virtues are better
with your Lord, both in rewards and in creating
good hopes “
Qur’an 18:46
Equilibrium
• The law & order in universe reflects a delicate balance.

• This provides a path to success

• Balance and moderation are key to heaven. ALLAH has


described those as “who will be rewarded with
highest place in heaven”

• ALLAH advises to be moderate

and those who, when they spend, are neither


extravagant nor miserly, and it (i.e. their
spending) is moderate in between (the two
extremes,) (25:67)
Application of Equilibrium Axiom to
Business Ethics
“He raised the sky high, and has
placed the scale, so that you should
not be wrongful in weighing” (55:7-8)

“And give full measure when you


measure, and weigh with a straight
balance. That is fair, and better at
the end” (17:35)
Free will
(I swear) by the Time, man is in a state
of loss indeed, except those who
believed and did righteous deeds,
and exhorted each other to follow
truth, and exhorted each other to
observe patience. (103:3)
“O you who believe, fulfill the contracts” (5:1)

• Here contract means;

E. Divine obligations
F. Social obligations
G. Political obligations
H. Business obligations
Responsibility
“This is not (a matter of) your fancies
or the fancies of the People of the
Book. Whoever does evil shall be
requited for it, and he shall find
neither a friend for himself, besides
Allah, nor a helper. Whoever, male or
female, does good deeds and is a
believer, then such people shall enter
Paradise, and they shall not be
wronged in the least” (4:123-124)
Islam lays down the principle of mutual
responsibility in all its various shapes
& forms. In it we find the
responsibilities which exist between
a man & his soul, between a man &
his immediate family, between the
individual & society, between
community & other communities.
Benevolence
The inmates of Paradise are of three
types: one who wields authority & is
just and fair; one who is truthful &
has been endowed to power to do
good deeds; & the person who is
merciful and kind hearted towards
his relatives & to every pious Muslim,
& who does not stretch out his hand
in spite of having a large family to
support.
Halal & Haram
Business Areas
Halal Earnings
ALLAH’s Messenger (peace be upon
him) was asked, “what type of
earning is best?”,
& replied “ a man’s work with his hand
& every business transaction which is
approved”
Halal Business Areas
Work in

• Agriculture
• Industry & professional areas
Haram Business Areas
• Trading in Alcohol
• Drug dealing & trading
• Sculptors & artists
• Production & sale of Haram goods
• Al-gharar
• Riba based transactions

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