PRINCIPLES OF BUSINESS ETHICS IN ISLAM by Maria Fernanda Gamarra Navarro

PRINCIPLES OF BUSINESS ETHICS IN ISLAM

20214158_2 — 2024-04-03 15:13:37 UTC

1) Freedom of enterprise

20214158_2 — 2024-04-03 15:28:37 UTC

Business freedom is rooted in Islamic principles of justice, equity, and respect for individual and property rights, and entrepreneurs are expected to operate within this ethical framework while trying to achieve economic success.

2) Fair treatment with workers

202110683 — 2024-04-03 15:30:12 UTC

The Islamic faith emphasizes fair treatment for workers as a fundamental principle of its social and economic ethics. This is reflected in practices such as the timely and equitable payment of wages. Employers are responsible for fairly compensating employees for their work, demonstrating Islam's commitment to equity and justice in labor relations.

3) Truthfulness in business transactions

20214158_2 — 2024-04-03 15:31:53 UTC

Islam stresses the importance of honesty and sincerity in all interactions, including business. Truth is seen as a key pillar for building relationships based on trust and mutual respect. Additionally, in Islam, fair and transparent business transactions are considered to align with the moral and ethical values of the religion.

5) swearing

milagrosandreauriarte1 — 2024-04-03 15:33:12 UTC

Swearing is a common tactic used by the traders to highlight the high quality of their products. They make claims about features in the product that are untrue. They use Allah's name in an attempt to convince the buyers to buy their product. Islam forbids swearing for such reasons.

4) Not to deal in prohibited items

20214158_2 — 2024-04-03 15:33:50 UTC

Not trading in prohibited items in business transactions is important in accordance with Islamic ethics because it protects moral integrity, contributes to the common welfare, preserves business reputation, and demonstrates a commitment to justice and social responsibility

6) Giving short measures

milagrosandreauriarte1 — 2024-04-03 15:35:05 UTC

Manipulating weights and measures is another way to be dishonest. It describes the practice of receiving full measures from somebody and returning the favor by giving them partial measures.