Islam and Christianity: Explore Further. Muslim Australians: THEIR BELIEFS, PRACTICES AND INSTITUTIONS. Islam shapes the values and rules concerning the appropriate way to behave and relate to family, community and business. Many question why the global economy appears so unjust, with huge income and wealth disparities and exploitation all too apparent. Customs in Arab Muslim Cultures. I he significance of the movement lies in the realisation of the evils caused by a value-free system. This value is prescribed in legal, social, moral and economic dealings. Islam discards self-abnegation and monasticism. The cultural differences between a Muslim country and the US will cause business practices to differ dramatically. These virtues are necessary to win over other societies and find a respectable place in them require some additional values, such as justice, honesty and integrity, kindliness, selflessness and sympathy. Islamic ethical values are not a substitute for universal values and virtues, but rather build on these by stressing compassion, tolerance, leniency, benevolence and hospitality. Get permission to reprint part of … No civilisation could progress and no social, economic, political, scientific or technological development would be possible without people adhering to the values of patience, perseverance, determination, tolerance, strength of resolution, self-control, cool temperament and mutual consideration. The Prophet (PBUH), in his farewell sermon, instructed Muslims not only to feed and clothe their slaves just like themselves, but also not to treat them harshly even if they committed a fault. The papers at the Conference were edited and published in 1999. It is determined by locality, standard of intramural decoration, packing, service, environment and other overhead costs. When organising a meeting in Morocco, unlike in other Arab countries, you should try to organise it as far in advance as possible, and then confirm it a few days beforehand. While the Qur'an lays great emphasis on the value of justice, the Prophet has repeatedly persuaded the Muslims to stick to the value of ihsan, which stands for benevolence, generosity, proficiency and magnanimity. Islamic vs. At the heart of capitalism there appears to be an immoral core, where CEOs get ever-larger pay rises and bonuses while the asset values of their companies slump. Business Ethics in Islam . Islam and Christianity are very similar. Many of the ethical values laid down in Islam are not unique to Islamic society. Does this mean that Islam makes hypocrites or that the provisions given in the Quran and Sunnah are no more practical? Islam, in both theory and practice, is “exceptional” in how it relates to politics. Mehedi Hasan The concept of business ethics is as old as business itself. Dec. 30, 2020. Muslim ethics include avoidance of people’s exploitation through lending them money at interest and prohibitions against false advertising . Initially, different cultures and regions had different ethics of business. Muslims are required to pray five times a day. Consequently, Muslims must abide by these instructions not only for the betterment of society, but also to secure their afterlife. Business Ethics in Islam . Muslims believe Islam is the continuation and culmination of Judaism and Christianity. These relate to each department of life, trade being one of them. Changes in modes of production and trade, development in information technology, globalization of the market, the role of international financing agencies, and the role and impact of multinational corporations, have given rise to new challenges, problems and dilemmas. Table of Contents. There are only minor differences of opinion between members of the major religious traditions on this question. Etiquette. The official organisation that was entrusted with the task of enjoining good and forbidding evil was the hisba (lit, accountability) headed by a muhtasib (monitor or ombudsman). What the Islamic system of values ensures is that supply should not be artificially suppressed or withheld, nor should demand be artificially created. Islam seeks to control and discipline these instincts by instilling in man a firm belief in a One and Only Omnipresent, Omnipotent and Omniscient God and all His Attributes, in man's resurrection and accountability for his actions and in reward and punishment in the Hereafter. These values are observed with the object of seeking God's pleasure and earning regards in the next world, rather than pleasing any group with which one is identified or from whom one seeks to obtain some benefit. The secularist intellectual orientation in the West had pushed ethical values to a secondary position and divorced economic activity from its fold. It imposes limits on ownership, possession and consumption. They are thus vulnerable to blackmail by MNCs and their home governments if they dare to take a stand. No wonder, in a report recently published in Financial Times, some Islamic financial experts openly criticised Islamic financial institutions for resorting to “juristic engineering” to bypass Islamic restrictions in order to maximise profits. The Compacts, the Declaration and the Principles all have many good points and need to be supported. Islam began in the 7th century in Arabia, making it the youngest of the three. This lesson introduced you to the origins of and differences between Christianity and Islam, two of the world's largest religions. Good salesmanship does not necessarily involve falsity and deceit. Among these values, justice and benevolence (ihsan) are the most important. Maimonides (12th century Spain/North Africa), the great Jewish legalist and philosopher, begins his exposition of the laws of courts and civil administration with an explanation of the verse in Deuteronomy (16:18), “You shall appoint magistrates and officials….” Whether you are meeting at a Muslim friend’s home or doing business in a Muslim country, there are certain social graces, customs and behavior which, when understood, can help avoid unnecessary complications or hurts. [Extract from Preface of Islam and Business Ethics by Dr S M Hasanuzzaman, The issue of insider trading is also considered, a practice that is illegal in most jurisdictions, but which too often goes undetected to the detriment of shareholder and other stakeholder interests. This change can be brought about by intellectuals, academics and theorists, all of whom have always been the precursors of change by preparing an active team of their followers, convincing the business community and mobilising public opinion. These business values, which have become firmly imbedded in businessmen's minds, cannot be replaced by mere legislation. This also means that even if there is no supervisory authority, a Muslim is still bound to comply with the norms of fair business practices. Etiquette. This is apparently a paradoxical situation. Still, if we compare Islamic business ethics with present-day western business ethics, we find numerous similarities. Can we say that Christianity makes thieves just because there are thieves who happen to be Christian? Both business and ethics are interrelated. Banks, insurance companies, transport, education and health are also among the most thriving businesses. Tackling religious extremism will remain a low priority for the state. By Dr. Muzammil Siddiqi. A look at the guidelines laid down by these organisations leads to the impression that they are focussed on serving highly developed and well-managed countries. The Islamic perspective is that we, as human beings, are composed of both body and soul or matter and spirit. Its function was to encourage and help people to observe Islamic tenets and rituals, and, in particular, to ensure and facilitate a healthy environment in public places, mainly shopping centres. Many Muslims are unaware that Aristotle too condemned usury. Following are the major difference between Islam and other economic systems. The duties and responsibilities of employees are as caliph of Allah. 'Instead of goodbye, how about so long? He is the Creator and Sustainer of the universe. It implies a more liberal treatment than justice demands. For your Malay associates, avoid products made from pigskin and alcohol as these goods contravene the laws of Islam. The Prophet is reported to have condemned the traders who sell their goods with the help of a false oath. The abundance of MNCs is seen to be a stratagem to pave the way for economic imperialism by industrialised nations. Both hold to two basic ideals. A breach of western business ethics never results in the violator incurring a sin. The Qur'an warns the believers that God, the Omniscient, keeps an eye on each one of us and everything we do. He emphasises that Islamic ethics is not simply about justice in the legal sense, but ihsan, benevolence that transcends justice. Beliefs and practices among Christians and Muslims vary greatly across the world and among certain demographics. 25 Jan 2021 13:54 | Editorial Team . The Qur'an and the Hadith both condemn demonstration of one's resourcefulness through luxurious living. However, his real conduct will be the opposite. He condemned the ousting of a new entrant in the market. But all these deliberations place all forms of legal trade in the same category. This objection fails to realise that the existing state of affairs is longstanding. The Prophet refused to interfere in the free operation of real market forces. In the West, however, a meaningful change is taking place. The Bible, for instance, also has many notions that can be and have been applied to commercial activities. Unfortunately, present-day Muslims mostly just talk about the Islamic way of life without actually practising it. Persons involved in the modern theory or practice of economics or business have also picked up the gauntlet and seem to be determined to bring about a change in the existing situation. Is it possible to deceive God? 15. Many world organisations have diverted their attention to the role of multinational organisations (MNCs) in the host countries and laid down some broad operational guidelines for them. A third kind of option the buyer enjoys arises as a result of a defect in the goods which the seller has knowingly concealed. It will not be out of place to point out here that the US Department of Commerce has also released Model Business Principles, thereby encouraging corporations to develop their own codes of conduct. Thanks so much for having put this data on the internet in fact it has nnabled me to learn more about business in islam. How culture differences impact on international business communication International business in three core areas communication etiquette and organizational hierarchy can help you to avoid misunderstanding with colleague and client from abroad and excel in a globalized business … Introduction. LITERATURE REVIEW There is an extensive literature in every major faith – Christianity, Islam and Judaism- on the values, legal codes of conduct on the managing Seems to be written for a younger audience (teenagers to young adults). The underlying culture shapes business practices in both countries. Hammurabi, in his famous code, addressed various commercial issues. The most important discerning features are their sources and nature. [Extract from Foreword by Prof. Rodney Wilson on Islam and Business Ethics by Most importantly, Muslim finance takes … In Christianity, it is part of the Holy Trinity. They have mixed up myth and reality and attempted to suppress the symptoms rather than to cure the malady. inflicts harm and disturbs peace and harmony, but the absence of ihsan does not harm anybody. Impact of Culture on HRM practices: a Comparative Study between foreign MNCs and South Asian Companies in South Asia Md. Thus both the source of the values and the objective in observing them prevent them being confined to any specific place or time. Just as there are differences between other aspects of Islamic and western practices, Islamic and western business ethics too have certain differences. There is a reference to this point in the Qur’an: For you in the Messenger of Allah is … Does the Quran not say that revelation is valid for all times? Doing Business in Islamic Countries: The Impact of Faith-Based Practices on Markets January 28, 2002 January 23 — With 1.3 billion people, a rich endowment of natural resources, and large pools of capital, Islamic nations are a significant piece of the global economy. Outlines the basics beliefs and practices of Islam without going in depth. The country is governed on the basis of Sharia (Islamic Law) and a great majority of the population are Arabs who adhere to the Wahhabi sect of Islam. As critically as they deserve. In global business, religion is a key factor in how global teams work together, schedule meetings and more. The first is the option on account of false description, where the seller has sold goods as possessed of some good quality. Trade and industry are but a part of the business, but not the whole of it. Justice, like truth, is a Divine virtue. Those who fail to distinguish between business ethics and ethical business do not seem to be clear headed on the issue. The number of citizens who are 60 years and above is rising around the world. Muslims are required to pray five times a day. 5. God has ordained these values to the entire human race for all time. It contains a lot of brief, yet informative articles about different aspects of Islam. These guide Muslim's everyday life, business practices and traditions. As Muslims, we have to adhere to ethical standards, not only in business but also in all aspects of life. The way in which, and the extent to which, business enterprises advertise has seriously jeopardised the concept of the free market. "Ramadhan is the (month) in which was sent down the Qur'an as a guide to mankind, also humanity, also clear (Signs) for guidance and judgment (between right and wrong).”. Institute of Islamic Banking and Insurance By regulating the activities of intermediaries and brokers, he discouraged the manipulation of prices. 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