DOES ETHICS MATTER IN CORPORATE BUSINESS MANAGEMENT FROM VIEW POINT OF ISLAM?

Abstract

Purpose - There is impunity in corporate business management under the current economic system of capitalism and neo-liberalism. This has plunged the global economy into total pandemonium as seen in the recent occupation of the Wall Street under “we are 99%” campaign; financial crisis in the Euro-zone especially in Greece and recent cases in Italy and many other cases on going. All this emanates from ethical problems in managing businesses that form the global economy. So, the question is: Does Ethics Matter in Corporate Business Management? The purpose of this paper is to answer this question from view point of Islam.
Design/methodology/approach – This is qualitative conceptual paper. It has been written from literature review on business ethics from both conventional and Islamic sources. Findings – Corporate decisions are made on selfish manner; the current economic system has offered too much unchecked freedom in business operation; businesses run on the Darwinian principle of profit making and survival for the fittest. This leaves the world in total disarray. The world is seeking for a new economic system that is more harmonious, restrictive and robust. Islamic business ethics system seems to be offering a viable alternative. Research limitations/implications – There is limited literate on practices of corporate business management from Islamic ethical point of view. Future research should examine practices of Business Ethics in practical quantitative manner. Originality/value – This paper provides Islamic ethical practices that if faithfully practiced may keep the human society in harmony world over.