Business Ethics
Business Ethics is the branch of ethics that examines ethical rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons engaged in commerce. Generally speaking, business ethics is a normative discipline, whereby particular ethical standards are formulated and then applied. It makes specific judgments about what is right or wrong, which is to say, it makes claims about what ought to be done or what ought not to be done. Generally speaking, business ethics is concerned with the study of what is good and bad, right and wrong, and just and unjust in business.
Some specific principles of business ethics in Islam includes freedom of enterprise, earning of legitimate earnings, trade through mutual consent, truthfulness, fulfilling and honouring business obligations etc.
Business Ethics and Islam
The Prophet Muhammad (peace be upon him) and his wife Khadija were both merchants. The Qur’an, the Muslim scripture, is filled with parables using the language of trade. It was merchants, not soldiers, who were mainly responsible for the spread of Islam throughout the world.
During a business transaction, seeking profit is not a bad aim, but it should be secondary. What’s more important are honesty, truthfulness, and good behavior with customers.
(Quran 11:85): O my people! Give full measure and full weight in justice, and wrong not people in respect of their goods.
Ethics may be defined as the set of moral principles that distinguish what is right from what is wrong. Ethics has a twofold objective: it evaluates human practices by calling upon moral standards; also it may give prescriptive advice on how to act morally i ...