Business Ethics, Principles and Values in Islam
Introduction
Islam has always been exceptional in the matters pertaining to business ethics, business principles, and business values. According to Hashim (98), Islamic businesspersons have their own way of operating their businesses since they follow specific and unique Islamic business ethics. Several modern business value corroborate with the Islamic business laws. The Islamic religion has fostered an understanding of the unique ethical values that the Quran and other religious scriptures have emphasized (Hashim 98).
One of the exceptional businesspersons in the realm of Islamic business ethics is Mohammed Geraldez, who is an entrepreneur and a renowned motivational speaker. Mohammed Geraldez describes ethical behavior as a business behavior that values the concepts of good corporate citizenship, corporate social responsibility, business commitment, charitable work, altruism, and honesty in business operations. This essay concentrates on discussing the aforementioned descriptions of Mohammed Geraldez about ethical business behaviors and the manner in which these Islamic ethical perspectives apply in his daily entrepreneurial activities.
Good Corporate Citizenship
In business management, Mohammed Geraldez believes that companies must focus on ensuring that corporate citizenship remains a critical aspect in their daily business operations. Mohammed claims that good corporate citizenship is an idea where companies consider their absolute impact on the business society and the surrounding environment. According to Wahab (2), maintaining good corporate citizenship often assists companies in eight major areas of business operations.
Maintaining good corporate citizenship helps companies to have a proper reputation management, a solid risk profile, a stable risk management plan, good investor relations, and an easy access to business capital. Good corporate citizenship also helps in proper learning and innovation, high operational efficiency, enhanced competitiveness and good employee recruitment, retention and motivation (Wahab 2). With the concept of good corporate citizenship being a crucial business idea, managers need to understand that this ethical concept improves business performances because it frequently revamps business values that matter most to the operating business.
Corporate Social Responsibility
One of the major business values that Mohammed recognizes in his entrepreneurial activities and motivational business talks is the aspect of corporate social responsibility. According to Hashim (100), Islamic business principles prohibit monopoly in the Islamic businesses and advocates for an equal treatment of competitors, consumers, and the communities that are part of the business. Mohammed Geraldez encourages business owners to work towards ensuring that their businesses have powerful systems that enhance corporate social responsibility. When investors practice social responsibility, their actions are in line with the Islamic Sharia and the teachings of the Holy Quran that emphasize on corporate responsibility and social justice (Hashim 100).
The quality of a rapport that a business organization has with its stakeholders, employees, consumers, suppliers, government officials, and the public, determines success of a business. Islamic business organizations will only deem legitimate when they observe the concept of corporate social responsibility and uphold their business freedom in a manner that is socially permissible.
Business Commitment and Dedication to Work
Business organizations ought to understand that a business may seem unjust when its management and employees fail to remain committed and dedicated to their work (Hashim 109). Mohammed Geraldez argues that the Islamic ethical and moral codes are fundamental because they ensure that companies are responsible and committed towards adhering to the values of trustworthiness, generosity, and truthfulness. An Islamic business organization will often deem illegitimate when it fails to adhere to its business agreements, function as expected, or work with lack of a proper decorum (Wahab 5).
A commitment to business activities and giving priority to the most important functions of an organization are steps that allow companies to offer the best quality products, best performance standards, and best consumer services. The Holy Quran and the teachings of Prophet Mohammed regularly advocate for fair business practices, commitment to business, dedication to the business work, and hard work as business values that symbolize good business ethics in organizations.
Charitable Work and Altruism in Businesses
Businesspersons and their organizations should not concentrate only on strengthening their commercial wellbeing, but should also strive to ensure that they are charitable or altruistic (Wahab 3). Mohammed Geraldez believes that organizations that uphold good moral virtues are those, which understand the association between the societal needs, the business demands, the natural environment, and the involved business imperatives. A charitable or altruistic business is normally a great concept of the Islamic business ethics that presents itself in the Islamic commerce teachings and in the Holy Quran teachings (Hashim 107).
The teachings of the Holy Quran emphasize on generosity and leniency in business operations, since the best possible way to thank the communities involved in a business, is through a charitable or altruistic work. The teachings of Mohammed and the Holy Quran further stress that Islamic businesspersons should never overemphasize on business interest, popularly known as Riba, but should concentrate on hearty giving (Wahab 1). Cheerful or benevolent giving is a blessing to any Islamic business.
Ethics of Honesty and Integrity in Business
A business will prove not to be malicious when the owners of the business and the involved stakeholders uphold the virtue of honesty in their business practices. Entrepreneur Mohammed Geraldez highly emphasizes on practicing honest in business practices as honest practices enhance corporate reputation, business trust, and mutual understanding between the business stakeholders. According to Hashim, leading with integrity, serving the communities with an utmost veracity, and dealing with fellow business cohorts with great trust are undisputable ethics in the Islamic commerce teachings (108).
The Quran and the teachings of Prophet Mohammed emphasize on devotion and fulfillment of business obligations as important values in the Islamic business ethics. Quran teachings state that Muslims should remain bound by their conditions and fulfill their obligations in business and life as predetermined in any agreement (Wahab 2). The principle of honesty is therefore a paramount concept in the Islamic commerce ethics as it supports operating businesses with the desired integrity.
Conclusion
The concepts of business ethics are wide and varied. A self-made entrepreneur and motivational speaker, Mohammed Geraldez, is among the renowned Muslim businesspersons, who have known the essence of understanding the Islamic business ethics and the manner in which they relate with justice in business. Working towards ensuring that companies uphold the moral principles of corporate social responsibility, good corporate citizenship, business honesty and integrity, charitable working, and business commitment should remain indispensible factors in the Islamic business paradigm.
Apart from raising the reputation and rapport of the involved Islamic businesses, upholding the principles that Mohammed Geraldez suggests is a perfect idea that all businesspersons should acknowledge. This is because such business values promote sustainable business growth and mutual understanding between the business owners and the business stakeholders. Islamic firms that uphold the Islamic business ethics, enjoy the benefit of working in accordance with the teachings of Allah in Quran and the teachings of Prophet Mohammed.
Works Cited
Hashim, Muhammad. “Islamic Perception of Business Ethics and the Impact of Secular Thoughts on Islamic Business Ethics.” International Journal of Academic Research in Business and Social Sciences 2.3(2012): 98-120. Print.
Wahab, Ahmed. “Islamic Values and Principles in the Organization: A Review of Literature.” Asian Social Science 10.9(2014): 1-7. Print.