Beyond Good Practices and Standards: An Islamic Framework of Sustainable Business Practices for Corporate Organisation
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Date
2018-01
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Publisher
Islamic Research Training Institute (IRTI)
Abstract
The aim of this paper is to explore why, how and when a business organisation
may choose to go beyond good business practices and standards. In writing
this article, the researcher sought to engage with modern secular insights
about sustainable business practices for corporate organisations and to be in
critical dialogue with those insights. The study addresses the questions of how
can corporations develop into responsible moral agents and what effective
framework can be used for sustainable business practices within an Islamic
setting? It proposes to incorporate Islamic ethical principles such as ikhlāṣ
(sincerity), ‘ilm (knowledge), ḥikmah (wisdom), hilm (forbearance) and rifq
(gentleness), sabr (patience), tawaadu’ (humility), qudwah (good example),
husnul-Istimaa’ (good listening), shajaa’ah (courage), karam (generosity)
into corporate business practices. This study is an effort to bring religion into
our economic lives, which invariably means bringing religious ethics into
what is supposed to be free of such values.
Description
Keywords
Islamic Economics, Corporate Morals, Ethics
Citation
Fahm, A. O. (2018). Beyond Good Practices and Standards: An Islamic Framework of Sustainable Business Practices for Corporate Organisation , Islamic Economic Studies, Vol. 25, No. 3, January, 2018 (1-18)