Although the Holy Quran and Hadith contain no exact description about what is Islamic Management, a guidance on what and how is management according to Islam exists. The words such as justice, guide, direction, control, have been written in the Holy Quran. Islamic management means the aptitude to be effectively and efficiently use the material sources and human resources to meet welfare; materially and socially according to the principles in the Holy Quran and Hadith.
According to Rice (1999), A growing realisation occurs that economics is not value-free, but instead it is a value-loaded. Every business must have moral elements. How to embed it into the company is something that managers should address (Al-Khatib et al., cited in Rice, 1999).
Muslims acquire their moral principles from the lessons of the Quran and the Sunnah. The goals of Islam are not simply a money-oriented, but instead the socio-economic justice, which demands a just fulfilment of both the tangible and inner needs of all human beings (Chapra, cited in Rice, 1999).
To implant ethical values in business, Islamic Management as a newly advanced discipline has 10 main principles which derive from the Holy Quran and the Sunnah as the
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Taking part in discussions and making suggestions are key leadership values in Islam. The right way to make the best decision on worldly matters, in the absence of a prescribed text, is consultation or Shura. It is stated in the holy Quran , addressing the believers, that “their matters are shura among them” (42:38). This principle of Shura teaches Muslim managers to treat their subordinates as their equals and to be humble in their dealings with other people (Abuznaid, 2006). Pride and arrogance are not the behaviour of a good Muslim. In organisations, managers are expected to seek advice and to consult with their subordinates before making decisions (Branine and Pollard,
The moral economy functions by enveloping individuals into systems of reciprocity that operate as a key to their daily survival. Bourgois and Schonberg document how these individuals constantly seek one another
For a company to be successful ethically, it must go beyond the notion of simple legal compliance and adopt a values-based organizational culture. A corporate code of ethics can be a very valuable and integral part of a company’s culture but I believe that it is not strong enough to stand alone. Thought and care must go into constructing the code of ethics and the implementation of it. Companies need to infuse ethics and integrity throughout their corporate culture as well as into their definition of success. To be successfully ethical, companies must go beyond the notion of simple legal compliance and adopt a values-based organizational culture.
...ints this can be accomplished by applying the remedies discussed by Rion. Applying these principles will be helpful in building relationships with customers, employees, and stakeholders. Associates who know how to handle ethical concerns are also more productive, they possess strong core values that reinforce their sense of purpose. Rion’s concepts are ethically sound, relevant, and can be supported by biblical verses like Col. 4:1, 1 Jn. 5:4, and Ro.3:31. “If you build that foundation, both the moral and the ethical foundation, as well as the business foundation, and the experience foundation, then the building won't crumble” as cited by Henry Kravis N.D.
Management is the basis of how any given organization operates and how each activity preformed is organized that makes each day possible and profitable for the overall good of the company. Power and responsibility levels are ranked amongst each individuals own skill set, education, and experience level in an organization. Management has many levels depending on each individual company and its size. This can consist of several people answering to one main head of operations, or thousands upon thousands answering to several different tiers of management (Bauer & Erdogan, 2012).
Islamic teachings that are followed by Muslims around the globe do not have same context and applicability like other religions of the world. Islam not only tells about the way of worshiping the Lord and behaving like a good human being but it also give a complete code of life. It includes political, military, social, financial, legal and governance systems. Non-Muslims normally con...
Ethics in business is a highly important concept, as it can affect a company’s profits, salaries paid to employees and CEOs, and public opinion, among many other aspects of a business. Ethics can be enforced by company policies and guidelines, set a precedent when a company is faced with an important decision, and are also evolving thanks to new technology and situations that arise due to technology usage. Businesses have a duty to maintain their ethical responsibilities and also to help their employees enforce these responsibilities in and out of the workplace. However, ethics and the foundation for them are not always black and white. There are many different ethical theories, however Utilitarianism, Kant’s Deontological ethics, and Virtue ethics are three of the most well known theories in existence. Each theory is distinct in that it has a different quality used to determine ethicality and allows for a person to choose which system of ethics works best with both the situation and his or her personal ethical preferences.
which he who has them revealed to him will discover the sweetness of faith: that he cherishes God and His messenger {the Prophet Muhammad} over everything other than them” (Gordon 140). These principles creates a central governance system for the Islamic community as members were able to have a set guideline for living. It also provided Muslims with how to deal with different situations and all aspects that they encounter with in life. “I will also heal the blind and the leper, and bring to life the dead… I will inform you too of what things you eat, and what you...
Nowadays, society is governed by the implications of rules and legal restrictions. All of these rules were created to uphold and maintain the idea of ethical and moral values. Even children growing up were taught by some very important codes of ethics at school. These lessons learned as a youth growing up carry over into adulthood, as an employee or manager. Managers and workers both follow a similar code of ethics within the work place. Today, as a management consultant, I am going to prepare a code of ethics for my clients as they have recently started a restaurant called Knox, it is important to have a code of ethics in every company for their employees and also a circular by explaining the purpose and benefits of a good ethics. And finally, a brief report on the steps of strategic formulation and implementation.
Managers should be able to lead the members of their work groups toward the accomplishment of the organization’s goals. Leading is defined as motivating and directing the members of the organization so that they contribute to the achievement of the goals of the organization. In order for leaders and managers to be effective they must understand the dynamics of individual and group behavior, to be able to motivate their employees, and be effective communicators. It is said that a good ...
Shaw, W. H., & Barry, V. (2011). Moral Issues in Business (Eleventh ed., pp. 230-244).
Management can be simply defined as ¡§getting things accomplished through other people¡¨. Management is then the term describe the work done by the manager, which are planning, organizing, leading and controlling the use of human and other resources, in order to help the organization to achieve a higher organization performance. Planning is to define to goals or targets of the organization and devising action plans to meet organization goals. Organizing is to determine what tasks should be done, arrange jobs to subordinates, controlling the budgeting and divided tasks to individuals or teams. Leading is to motivate staffs to work, maintaining the progress of activities and good relationship and to ensure to work done effective and efficient. Controlling is to measure work performance, assess whether goals have been met, compare the set targets, and make corrections when it is needed
Ideologies creates a sense of community, purpose and order. Similarly, I find that my religion provides me with the conceptual frameworks in which to ground my life. My life revolves around my Islamic commitments, even school and work is set around my Islamic timetable. So to me, Islam is not just about praying, fasting and so on. Yet, it’s also about my moral conduct, the education that I seek and my worldly actions. Growing up in a community that practices an Islamic lifestyle and culture has convinced me that Islam is one of the exceptional religions which stress the development of the positive moral and ethical. I was taught to live peacefully, help each other and also tolerate with other religions. Not only that, Islam also governs all facets of my life such as moral, spiritual, physical, intellectual, social and economic via the Quran and the Hadith. I also learnt the true values of my faith which is Islam is not only for the Muslim world, it is to be practiced wherever I am.
In conclusion, throughout the book "Islam the Straight Path", many understandings come about by looking at the many struggles of any particular community. For the purpose of this book review, I went through the book to grasp an understanding of the title "The Straight Path". For many centuries Muslims around the world have experienced the transformation of their society. The important forces that build Islam and Muslims together are the religious life, faith, beliefs and practices. Today Muslims around the world face many challenges of leaders that build the community whether it is a secular or an
...ethics, and so forth. The crucial piece of information to remember about this religion is that they greatly emphasis unity and have a great amount of diversity. Even though it is a diverse religion, all of the Muslims are monotheistic and solely believe that Allah is the creator of everything, including humans. As a human being they believe that they are in debt to God or simply stated as according to Seyyed Hossein Nasr, “Therefore, all that we are and all that we have belongs to God for which we are indebted to Him and for whose gifts we must give thanks (shukr)” . God is the Absolute and the main point of the Islamic religion is that it is crucial to worship him and follow his commands, and that will lead to peace among everyone. This particular religion has continued to rapidly grow throughout the world and as with most religions, it will continue to grow.
Business nowadays encounter with a lot of moral challenges in today’s global economy. Everyone is thriving to be more successful than their competitors, to make their next profits, to keep their job, to earn a big bonus, or to compete effectively. There exists temptation to bend lines, omit information, and do whatever it takes to get ahead of their competition. Many business employees and executives succumb. Sadly, the theme becomes...