9-10 islamic business ethics

8/9/2019 9-10 Islamic Business Ethics

1/14


2/14

ISLAMIC BUSINESS ETHICS

y LECTURE 9-10

yAKHTER ABBAS

y PROGRAM MANAGER

y DEPARTMENT OF COMMERCE

Prepared by Akhter Abbas HR Consultant 2


3/14

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."



4/14

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.



5/14

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



6/14

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)



7/14

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)



8/14

Principles of Islamic Business Style13-No Gambling

14- No bribery

15- Interest free Business dealings



9/14

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.



10/14

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



11/14

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)



12/14

In Islam, businessislike

everything;it isanact ofworship. Ifyou treat customers

fairly,youveengagedinanact

of worship(Abadat)


Business; An act of worship


13/14

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.



14/14

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.


9-10 islamic business ethics

Documents