Summary: Islam emphasizes the importance of mutual influence in business activities, making trade and commerce a recommended field for its followers. The discussion of business ethics emerges as a means to reduce dishonesty and fraudulent practices. However, applying Islamic business ethics in real-world transactions, particularly in buying and selling, can be challenging. At La Tansa Koppontren, religious leaders and advisors play a crucial role in guiding and overseeing the implementation of ethical business practices. To ensure these principles are fully integrated, there is a need to strengthen the supervision process. This can be achieved by increasing the number of advisors assigned to monitor each business unit, ensuring a balanced approach between guidance and oversight.
Business Ethics Axiom
The debate on business ethics emerged in the 1960s as discussions on ethical philosophy expanded into practical applications. This led to the development of applied ethics, including business ethics, which gained recognition in the 1970s in the U.S. and later spread to Europe in the 1980s. By the 1990s, business ethics became a global issue. Initially, moral concerns in business were primarily discussed by religious figures, but philosophers later joined the conversation.
Business ethics became significant after the rise of the "amoral business myth," which viewed business as profit-driven and separate from morality. Business was often compared to gambling, where competition and personal gain were prioritized. However, long-term business success required ethical practices, as communities naturally formed regulations to maintain fairness. Ethical businesses tended to survive by fostering trust and maintaining loyal customers.
Various scholars have outlined principles of business ethics. Some emphasize autonomy, honesty, justice, mutual benefit, and moral integrity, while others focus on faith-based principles such as responsibility, fairness, and benevolence. A merged theoretical framework integrates these ideas, highlighting principles such as worship, responsibility, honesty, justice, cooperation, and integrity. These principles reinforce the idea that ethical business practices contribute to…
