Management: Islamic Perspective

Edited by

Professor Dr Muhammad Loqman

Bangladesh Institute of Islamic Thought International Islamic University Chittagong, Dhaka Campus

Management:Islamic Perspective
Professor Dr Muhammad Loqman (Ed.)
ISBN: 984-70103-0003-1 First Edition July 2008 Srabon 1415

Publisher Bangladesh Institute of Islamic Thought House # 50, Road # 16 (Old 27) Dhanmondi, Dhaka-1209 Bangladesh.
Phone : 9138367, 8122677, Fax : 9114716 Email : biit_org@yahoo.com

Cover Design Nazrul Islam Badal Printed by Chowkash Printers Ltd. 131, DIT Extension Road Fakirapool, Dhaka-1000

Price Tk. 200.00, US$ 20.00

Islamic Management (A compilation of articles) published by Bangladesh Institute of Islamic Thought (BIIT), Dhaka-1209, First Published in August 2007. Phone : 9138367, 8122677, Fax : 9114716, Email : biit_org@yahoo.com Price : 200.00, US$ 20.00

Publishers note
The traditional models of entrepreneurship did not succeed in providing solutions to many business mal-practices and unethical social problems causing sufferings to mankind. In order to get rid of these situations, Islamic model of entrepreneurship has been developed. This model creates entrepreneurial skills among the prospective young people by means of motivation, entrepreneurship training and practical orientation. According to this model, efforts are made to impart Islamic knowledge and ideas to help create welfare-oriented, honest, efficient and morally sound entrepreneurs for the nation. It is hoped that peoples basic need fulfillment and cherished dream to live in a peaceful and prosperous society will be properly ensured through Islamic approach to entrepreneurship. With this objective in view Bangladesh Institute of Islamic Thought (BIIT) decided to publish a book on Islamic Management. This book is a compilation of articles. There are eleven articles in this compilation which was read in a seminar titled Islamic Management and which was first in nature in this country. This book was a long- felt necessity of the academic curricula of our Universities. It is our pleasure that BIIT took the initiative of publishing a book like this which will serve the necessity of our teachers, students and researchers.

M Azizul Huq
Vice-President & Executive Director

Editors Note
Alhamdulillah, All praises be to Allah, Lord of the Universe, Knower of the Unseen and Salam to Prophet Mohammad (Sm), his family members, his companions and those who follow their path.

Bismillah al- Rahman aI-Rahim.

The first National Seminar on "Islamic Management" held on December, 2006 under joint auspices of International Islamic University Chittagong, Dhaka Campus (IIUC-DC) and World Assembly for Muslim Youths (WAMY), Bangladesh Office invited authors from all over the country-Bangladesh to contribute and present papers towards the theme of the Seminar. As such as many as 11(eleven) valuable research Articles on different important aspects of "Islamic Management" were presented by the scholar- contributors which were thought to be very much appropriate and milestone development of "Islamic Management" as an emerging new independent discipline of Management as against the Conventional or Traditional Management. Considering the far-reaching importance of the papers, these were approved by the Seminar Committee for publication by an important organization for the greater benefit of the readers, teachers, intellectuals, professional and policy makers with the ultimate goal of bringing radical changes in the concepts, philosophies, functions, objectives and dimensions of Management of all sorts of organizational- Governmental and non-Governmental, commercial and industrial, social and political, educational and cultural, financial and non financial, defence and non defence etc. We are very. much grateful to Bangladesh Institute of Islamic Thought (BIIT), an important research-based academic organization which has come forward to publish these valuable articles in an independent issue of its regularly published Journal. The enriched issue, it is expected, would add new dimension in the existing stock of Knowledge and information on Management and Management in Islamic Perspective which would definitely help our existing and potential executives to run the management of all sorts of organizations with all-comprehensive and effective manner and style to materialize the objectives and goals of their respective organizations.

Professor Dr Muhammad Loqman Editor

Contents
Towards an Islamic Model of Entrepreneurship Prof. A.J.M. Nuruddin Chowdhury Islamic Management: The Creed of Modern Management : A Theoretical Study Prof Dr Muhammad Loqman, Mr Md. Shawkat Imran Organizational Leadership from Islamic Perspective Prof. Dr. Syed Mohammad Ather FCMA Farid Ahammad Sobhani Need for Managerial Ethics in the Business Sector of Bangladesh Dr. M Ataur Rahman Quality Management and application of Zero-defect policy: an Islamic Response Dr. ABM. Mahbubul Islam Liquidity Management and Fund Management in Islamic Banks M. Fariduddin Ahmed, Md. Golam Rabiul Alam Islamic Management and its present applications in Islamic Organizations 5

19

50

72

93

109

117 137

Dr. Md. Golam Mohiuddin

The functions of Management : an Islamic Perspective

Dr. Md. Golam Mohiuddin

Concepts and Procedures of administrative accountability: an Islamic Approach Dr. Rokhsana Mili A traditional and Islamic styles of Management : A comparative study Dr. Md. Nazrul Islam, Mohammad Mizanur Rahaman Islamic Management of E-Commerce Md. Monirul Islam, Md. Golam Rabiul Alam 152

196 218