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Business Ethics (Part 3) Concept of right and wrong doing in Islam (Right…
Business Ethics (Part 3)
Concept of right and wrong doing in Islam
Introduction
Prohibition
Man's own benefit
Guide mankind
Humans are weak by nature - ability to fight against lust & worldly temptations
Permissible is vast, forbidden/prohibited is small
Right doing
Contribute actively in upholding a market economy and free trade (appreciate & believes in open &honest competitions)
Producing high quality services and products - benefit and satisfy consumers
Working hard, honesty, sincerity & aiming reasonable returns and profits
Pay zakat, taxes, and tithes honestly and promptly
Regards business as an honorable & blessed profession
Business is administered with high professionalism, responsibility and in a transparent manner
Conduct business that is permissible in Islam
Shares success with others as it is a teamwork effort
Sacrifice some of the wealth and time for charity
Find ample time to do spiritual duties to Allah
Business transactions must be conducted honestly
The capital used to run a business must be lawfully acquired
Wrong doing
Any business transactions which contain any elements of compulsion
Transaction of
haram
or forbidden goods
Application of
Riba
Bribery and corruption
Maisir
or gambling / getting something too easily / getting profit without working
Profit maximisation
Retaining price but reducing quality
increasing price but retaining the quality
Without maximum production
Be at the expense of certain groups
Misleading customers
Sales involving uncertainties
Seller is unsure of being able to deliver the goods
Seller is doubtful whether the quality and quantity can be delivered as requested
Businessmen obtain dishonest advantage over competitors
Price manipulation
Behaving/doing anything that have an adverse impact on free economy and on laws of demand and supply