Business Ethics in Islam

Business Ethics in Islam

Abbas J. Ali

The book is the most original and comprehensive treatment of business ethics in Islam. It explores the thinking of early Islamic scholars on ethics, whilst encompassing the modern developments in the field. It is aimed at fostering discourse on business ethics by offering a framework for exploring a wide range of ethical issues and dilemmas that arise in the marketplace and raising ethical awareness and sensitivity of various market and non-market players. The book enables researchers to use Islamic ethical principles in advancing research and offers practical solutions to rising ethical problems. Furthermore, the book enables business people and policymakers to acquire the requisite outlook and understanding for the application of business ethics and guides readers to draw useful implications.

Chapter 2: Sources of ethical problems in business

Abbas J. Ali

Subjects: business and management, business leadership, corporate social responsibility

Extract

Though religions are assumed to govern, to a large degree, the moral and ethical behavior of their followers, the violation of ethical standards in the field of business is certainly a common occurrence irrespective of religious teachings. In countries with Muslim majorities (CMMs), this is no exception. From Algeria to Indonesia and from Sudan to Albania, unethical and questionable business behaviors are on the rise. The media has extensively covered, for example, the corruption scandal of the major Algerian oil company Sonatrach, Indonesia’s beef corruption scandal, and the Mehran Bank scandal in Pakistan, to name but a few. Among the ten most corrupt countries listed in the 2012 Corruption Perceptions Index (CPI), six are Muslim countries and none are listed among the least corrupt top 20 countries (see Transparency International, 2012). The World Bank (2013) defines corruption as “Lack of integrity or honesty—especially susceptibility to bribery.”

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