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Gillian Rice
TABLE I Examples of ethical principles in Islam relating to business practices

Ethical principle Unity No Arab has superiority over any non-Arab and no nonArab has any superiority over an Arab; no dark person has superiority over a white person and no white person has any superiority over a dark person. The criterion of honor in the sight of God is righteousness and honest living. Saying of Muhammad (Sallam and Hanafy, 1988). O mankind! We created from you from a single (pair) of a male and a female, and made you into nations and tribes, that you may know each other . . . (Quran 49:13). . . . man can have nothing but what he strives for . . . (Quran 53:39). God likes that when someone does anything, it must be done perfectly well. Saying of Muhammad (Sallam and Hanafy, 1988). . . . say, O my Lord! increase me in knowledge. (Quran 20:114). The acquisition of knowledge is a duty incumbent on every Muslim, male and female. Saying of Muhammad (Sallam and Hanafy, 1988). Trusteeship God does command you to render back your trusts to those to whom they are due . . . (Quran 4:58) . . . wear your beautiful apparel at every time and place of prayer: eat and drink: but waste not by excess . . . (Quran 7:31). . . . to God belongs all that is in the heavens and on earth . . . (Quran 3:129). Justice . . . God loves not the arrogant, the vainglorious (nor) those who are niggardly, enjoin niggardliness on others . . . (Quran 4:367). . . . and spend of your substance in the cause of God, and make not your own hands contribute to your destruction; but do good . . . (Quran 2:195).

Relevant business practice(s)

Equal opportunity and non-discriminatory behavior in hiring, buying and selling.

Teamwork. International business.

Rewards should be received only after expending efforts. Excellence and quality of work.

Importance of knowledge-seeking, research and development, scientific activity, training programs, executive training, technology transfer.

Fulfilling obligations and trust in business relationships and the workplace. It is acceptable to have wealth and to consume but not to waste resources. Care for the environment. There is no unlimited right to private property.

Prohibition of hoarding. Encouragement of spending, investment in business enterprise and circulation of wealth. Condemnation of ostentatious consumption.

Islamic Ethics
Table I (continued) Ethical principle Justice continued. . . . . . . wealth and children are allurements of the life of this world . . . (Quran 18:46). Relevant business practice(s)

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Acquisition of wealth is given reduced consideration in the scale of human values.

. . . He has raised you in ranks, some above others: that He Income inequality is permitted. may try you in the gifts that He has given you (Quran 6:165). . . . it is We (God) who portion out between them their livelihood in the life of this world: and We raise some of them in ranks so that some may command work of others. But the Mercy of your Lord is better than the (wealth) which they amass. (Quran 43:32). . . . of their wealth take alms, so that you might purify and sanctify . . . (Quran 9:103). God permits trade but forbids usurious gain*. (Quran 2:275). . . . give just measure and weight, nor withhold from the people the things that are their due . . . (Quran 11:85). He who cheats is not one of us. Saying of Muhammad (Keller, 1994). . . . dont outbid one another in order to raise the price, . . . dont enter into a transaction when others have already entered into that transaction and be as brothers one to another. Saying of Muhammad (Hanafy and Sallam, 1988). . . . make your utterance straightforward . . . (Quran 33:70). On the day of judgment, the honest Muslim merchant will stand side by side with the martyrs. Saying of Muhammad (Ali, 1992). . . . stand out firmly for justice, as witnesses to God, even against yourselves, or your parents, or your kin, and whether it be (against) rich and poor. Non-discriminatory workplace practices. Protection for whistle-blowers. No special privileges for those with wealth or status. Importance of individual responsibility. Distinction between managers, workers, professionals, etc. is acceptable.

Income redistribution: wealth should be shared with those less fortunate. Unlawfulness of loans by which lender obtains benefit. Give full measure and weight.

Whoever knows of a defect in something is obliged to disclose it. Fairness in contract negotiation.

Truthfulness and directness in negotiation.

. . . nor shall We (God) deprive them (of the fruit) of aught of their works: (yet) is each individual in pledge for his deeds. (Quran 52:21).

* In the Quran, the Arabic word used is riba which lexically means increment (Keller, 1994).