Islamic Business Ethics:

“You are the awesome or best of people groups or peoples, evolved for mankind, enjoying what is right, forbidden what is wrong and believing in Allah.”

Everyday individuals face ethical issues at work and rarely know how to deal with them. In a recent review of articles published in walls street journal during only one week in 1991 uncovered a whole array of issues being faced by employees;

Stealing, fraud, lying and deceit etc.

Surveys both in USA and Internationally reveal rampant unethical behavior in businesses. For instance, a recent survi of 2000 major corporations of US revealed that following ethical problems (arrange in oder to importance) concerned managers:

Drug and Alcohol abuse
Employee theft
Conflict of interest
Quality control issues
Discrimination in hiring and promotion
Misuse of proprietary information
Abuse of company expenses accounts
Plant closing and lay-offs
Misuse of company assets
Environment Pollution

Internationally, the ethical values of business are also deficient. In a survey 300 Companies across the world, over 85 percent of senior executives indicate that the following issues were among their top ethical concerns:

Employee conflict of interest

Arise conflict of interest when there is a difference between the employees work and organization demand.

• Inappropriate gifts
• S£xu@l Harrasm£πt
• unauthorized payments

Definition of Islamic Ethics:

Ethics may be defined as the moral principles that distinguish what is right from what is wrong. There is no gray area either it is totally right or it is totally wrong.
It is a normative field because it endorses what one should do or swear off doing.. Business Ethics, Sometimes reffered to as management ethics or organization ethics simply limits its frame of reference to organizations.

With in Islamic Context, the term most closely related to ethics in Quran is Khuluq. The Quran also uses a whole exhibit of terms to portray the idea of goodness.

Khayr ; goodness
Birr ; righteousness
Qist ; equity
Adal ; equilibrium and justice
Haqq ; Truth and right
Ma'ruf ; known and Approved
Taqwa ; piety
Salihat ; pious actions
Sayyiat ; impious actions

Factor Influencing Ethical Behavior In Islam

Individual ethics:

• Legal Interpretation
• Organizational Factors
• Individual Factors

Individual Factors:

• Stage of moral development
• Personal values and personalities
• Family influence
• Life experiences
• Situational factors

Legal Interpretation:

In secular, legal Interpretations are based upon contemporary and often transient values and standards; In an Islamic society, these values and standards are guided by the Shariah and the collection of previous fight judgements. The result of these divergent approaches is amazing at one time it was lawful and moral in the united States to discriminate against women and minorities in recruiting; presently affirmative action laws make it legal to descriminate against these groups. By contrast, Islam has given women permanent and inalienable rights, and has never discriminated against minorities on any basis.
Similarly the Islamic ethical system does not endorse the caveat emptor concept that many western courts have considered valid in several shadows cases.
The Haiafis interpretation of Islamic law reinforces this emphasis on equity and fairness:
If the vendor sells property as passessing a certain desirable quality and such property proves to be devoid of such quality. The purchases has the option of either concelling the sale or of accepting the thing sold for the whole of the fixed price. This is called option for misdescription.

What is Islamic Business Ethics?