CULTURAL BUSINESS ETHICS FROM ISLAMIC BUSINESS MODEL AND CURRENT TRADING CHALLENGES
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Abstract
There can be no rule of law, societal reform, common interest, or economic growth without the practice of ethical business practices. Muslims in today's fast-paced business world face difficult choices and could benefit from a more refined understanding of the Islamic business model. The global financial crisis may have been avoided if business ethics were more prominent and practiced. For Islamic finance to live up to its claims of providing worldwide financial security and high standards of ethics, it must be reflected in all parts of behavior. This will lead to a more moral and spiritual society as a whole, and when this is combined with the creation of goods and services, it will further the Islamic way of life. From its beginning, Islam—a major religion in the world—prescribed necessary norms and principles for all aspects of life, including economic and business dealings. The goal of this study is to examine Islamic business ethics as a lens through which to examine cultural business practices. Current trading difficulties are also examined in this article. This article also delves into Islamic ideas on business, as well as the guiding principles and legal frameworks of Islam. The data used to explain the Islamic business model and ethics to help traders and businessmen succeed in the current challenging economic situations come from the Qur'an, Hadith, jurisprudence, biography of the Holy Prophet (PBUH), Islamic history, and quips of the companions of the Hazrat Muhammad (PBUH).
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Sunan Ibn-e-Majah, Vol. 1, No. 234