Importance Of Business Ethics In Islam

Business ethics in Islam is a very huge and vast term. The ethics exist greater in quantity and powerful. A lot can be demonstrated on this term. The Holy book Quran and Sunnah of our beloved prophet Hazrat Muhammad (SAW) provides us the open invitation to make our vision clear about business ethics in Islam. Islam provides us the full fledged ethics of business if once implemented transparently; it can bring the resolution in the field of business & economy. Ethics are considered the moral standards by which people judge behaviour. Ethics are often summed up in what is considered the “golden rules” (1). Business is an economic system in which goods & services are exchanged for one another or money, on the basis of their perceived worth. A

Some business ethics are imposed by law.e.g. The Securities and Exchange Commission governs the way investment bankers and stock brokers do business, and court rules dealing with attorney client privilege dictate some ethical decisions for attorneys. However there are also business decisions that do not fall near the guide lines of the law, in which ethical or moral judgments must b made(3). According to Brainy Quote, Business is any particular occupation or employment engaged in for livelihood or gain, as agriculture, trade, art, or a profession. In general, business ethics is the branch of ethics that examines ethical rules & principals within a commercial contest. The various moral or ethical problems that can arise in a business setting; and any special duties or obligation that applies to persons who are engaged in commerce. Those who are interested in business ethics examine various kinds of business activities and ask, Is, the conduct ethically right or wrong? (4) Significance and importance of business ethics can be enhanced by comparing it with the foundation of a

As no one can imagine a building without foundation and pillars, in the same way no business without ethics along with a touch of honesty and integrity. Every professional who conducts a business always needs a guideline, comprises on rules & principles. These ethics are designed differently keeping in mind the core values and standards of the respective organization. Every member or employee is bound to follow the designed code of ethics with sincerity, honesty, un corrupted virtue and solidarity so that the organization can achieve the required goals /profit in business. Webster Collegiate Dictionary defines ethics in business or business ethics as it is often called, is the application of the discipline, principles, and theories of ethics to the organizational context. Business ethics have been defined as “principles and standards that guide behavior in the world of business.”Business ethics is also a descriptive term for the field of academic study in which many scholars conduct research and in which undergraduate and graduate students are exposed to ethics theory and practice usually through the case methods of analysis. According to Managing values (Business Ethics Approach), ethics is about choice. An ethical approach to a problem will inquire about ends (goals) and means (how we achieve these goals) and the relationship between the two. Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics that examines ethical