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The Quran, Islam’s Holy Book, contains the records of Allah’s revelations
to Muhammad
“He was an ordinary human being who listened carefully to – and then
orally transmitted – the divine message.”
Islamic Ethics – mainly based on Shariah, the Sacred Law or the Islamic
legal/social system whose main purpose is the advancement of goodness
for humankind and the protection from evil.
SHARIAH – CONSIST OF TWO MAJOR WRITTEN TEXT
“Islam therefore lives not for itself but for humanity and lays out a clear
guideline for Muslims to be righteous and, thus, socially responsible
throughout their actions in life.”
THE FIVE PILLARS OF ISLAM
Zakat – (Islamic Tax) Every Muslim must give a minimum of 2.5% of his
or her income for the charity and for the mosque. It is also called
“Purification Tax”
FIVE PILLARS OF ISLAM
It does not just uphold the value of business and trade, but it even
encourages the Muslims to participate in business activities that are not
against Islamic laws.
1. Muhammad himself was a tradesman and his wife Khadijah was a merchant
2. There is no inherent conflict between fair business and Islam
3. Islam declares that the search for one’s livelihood through fair business is like the
pursuit of the blessing of Allah
ISLAM ON CONDUCT OF BUSINESS
The concept of halal and haram are very important considerations for the
businesspersons
1. Halal – means “lawful”
2. Haram – means “unlawful”
3. The lawfulness and unlawfulness derive from the clear guidelines and principles
found in the Shariah
BUSINESS PRACTICES AND CONDUCT THAT ARE
CONSIDERED HALAL
1. Legitimate earnings
2. Trade contact with mutual consent
3. Truthfulness in business dealings
4. Trustworthiness in business matters
5. Generosity and leniency in business transactions
6. Honoring business obligations
7. Fair treatment of workers
BUSINESS PRACTICES AND CONDUCTS THAT ARE
CONSIDERED HARAM: IN ALL FORMS OF INTEREST (RIBA)