Table of Contents

Handbook of Research on Islamic Business Ethics

Handbook of Research on Islamic Business Ethics

Research Handbooks in Business and Management series

Edited by Abbas J. Ali

The complex relationship between society and business is vividly captured by ethical standards and obligations. This is especially pertinent in the Islamic world, where religion plays a key role in both social and commercial interactions. Many people see the presence or absence of ethical commitments as an indicator of whether business actors uphold their social responsibilities, and there is an increasing recognition of the significance of ethical value for business. This Handbook explores the interweaving relationship between Islamic business ethics and the market, and examines the critical role that ethics can play in ensuring that business thrives. By offering theoretical perspectives on research it goes beyond the conventional treatment of Islamic ethics, and asks what is important for the various market and social actors in the business world to behave in a morally responsible manner.

Chapter 5: The nature of business social ethics in mainstream and Islamic worldview

Masudul Alam Choudhury

Subjects: business and management, international business

Extract

The theme of business ethics is distinct from that of social ethics when applied to business, economics and finance as interrelated yet separate academic disciplines. Business ethics, studied by itself, is a partitioned field of behavioral finance that marks the study of microeconomic business ethics independently of social ethics. Business ethics relates to corporate social responsibility and good corporate governance as company practices. On the other hand, the understanding of social ethics, especially in business and finance, invokes a study of ethics that is integrated with behavioral aspects of business, financial and economic decisions. Business ethics inclusive of social ethics are not independent: the two are socially embedded as an endogenous social force. Endogenous relations (hence, endogeneity) means systemic, as in to be invoked by consciousness. Contrarily, an exogenous aspect of ethics is its presence and application outside a system of relations, as by policy imposition. The intellection around endogenous integration of ethics and the imminent ethical theory in behavioral economic and financial decision making and social choices is of a recent genre. Such a study finds its roots in the area of ethics and economics in the first place (Sen, 2002). Its subsequent derivation in the field of endogenous ethics and finance and business has not yet entered substantive research activity. Thus, in the literature on business ethics, the field of social ethics is not substantially developed. Therefore, the social embedding of business and finance in the venue of social ethicality has not been understood as an intellectual investigation.

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