ip, DEPARTMENT OF EDUCATION ob SCHOOLS DIVISION OF NEGROS ORIENTAL REGION VII Kagawasan Ave., Daro, Dumaguete City, Negros Oriental THE INFLUENCE OF BELIEF SYSTEMS IN BUSINESS PRACTICES for Business Ethics and Social Responsibility Senior High School (ABM) Quarter 1 / Week 6Belief System itis a set of principles or tenets which together form the basis of a religion, philosophy, or moral code. Religion and belief systems are important parts of cultures around the world. Religion A set of beliefs and practices that is offen focused on one or more deities, or gods. Monotheistic Believes in one deity Examples are Christianity, Isham and Judaism Polytheistic Believes in many deities Example is Hinduism6 MAJOR RELIGIONS (Anthony 2014) Buddhism Founded by Siddhartha Gautama, the Buddha Basic Belief: People reach enlightenment, or wisdom, by following the Eightfold Path and understanding the Four Noble Truths. Hinduism Basic Belief: Souls continue to be reborn. The cycle of rebirth ends only when the soul achieves enlightenment, or freedom from earthly desires. Christianity Founded by Jesus of Nazareth Basic Belief: There is one God, and Jesus is the only Son of God. Jesus was crucified but was resumrected. Followers reach salvation by following the teachings of Jesus. Islam Founded by the Prophet Muhammad Basic Belief: There is one God. Followers must follow the Five Pillars of Isiam in ‘order to achieve salvation. Judaism Founded by Abraham Basic Belief: There is one God. People serve God by living according to his teachings. God handed down the Ten Commandments to guide human behavior. Sikhism Founded by Guru Nanak Basic Belief: There is one God. Souls are reborn. The goal is to achieve union with God, which a person does by acting seltlessly, meditating and helping others.‘The Impact of Belief System to Business Practices Islamic Business Ethic Htis a set of values about the good, bad, right, wrong, and halal, haram in the business world based on the principles of morality are in accordance with Shariah, 'slamic business ethics are based on Al-qur'an and Hadits. The principles of business ethics according to Al-Qur’an: Prohibits business conducted by the evil (Surah 4:29) The business must not contain elements of usury (Surah 2:275). Business activities also have a social function either through Zakat and alms (Surah 9:34). The right to prohibit the reduction of an item or commodity that is acquired or processed with medium dose or scales because it is a form of tyranny (Surah 11:85). Upholding the values of both economic and social balance, safety and kindness and do not approve of the damage and injustice. Prohibited businesses do wrong (cheating) either for himself or to other businesses (Surah 7:85, QS.2 : 205) Ethics in Business Guide Rasulullah Honesty Awareness about the social significance of business activity. Did not perjury. Weilcoming/triendiy. Should not pretend bid at high prices, so that other people are interested in buying at that price. Shouid not speak ill of other people's business. Business mut not interfere with the activities of worship to God. Paying employee wages before the sweat died, Not monopoly, Should not be doing business in a state danger that can be harmful and ‘damaging individual and social ite, ‘Commodity businesses that sell goods that are holy and lawful Business done voluntarily, without coercion,Continuation Soon be paying off credit obligations. Gives grace period if the debtor has not been able to afford. Christian Business Ethic The Bible is the guidelines of business ethic Work is God's gift to humans as well as being God's call to them (Gen 1:28). The Old Testament contains laws and injunctions about the fair treatment of employees, e.g. Leviticus 19:13; Deuteronomy 25:13-15. Honesty in business. (Prov. 3:32). Business Ethics in Hinduism There are three key reasons why ethics plays a key role in business in Hinduism: It is crucial that ethics have a considerable influence if we want an efficient, smoothly operating economy. Ethics helps the market to its best. The government, laws and lawyers cannot resolve certain key problems of business and protect the society: ethics can. Ethical activity is valuable, for its own sake, because it enhances the quality of lives and the work we do. Business has an ethical responsibility for faimess for humanity. Virtues in the Bhagavad Gita (Paramitha 2014) Krishna mentions qualities in business, which are: To be peaceful Charitable’ Simple Clean Mild-mannered Magnanimous Saintly Equitable Truthful Obedient and merciful “One should surrender the fruits of one’s actions to God and avoid greediness.”Buddhism and Business Ethics Explaining the intersection of Buddhism and business ethics is easy and difficult at the same time. It is easy because there are so many grounds on which this is justified, and hard, because space for explaining and analyzing all these grounds is limited, The justification for adhering to Buddhist psychology in business will therefore be limited to tour perspectives: 1. Accepting personal responsibility for actions. Buddhism strongly emphasizes the concept of cause and effect. It says the what is happening now is just the result of our prior decisions and actions. The Buddhist mindset will discourage mean-spirited and predatory actions. 2. Understanding the importance of healthy detachment Detachment is yet another strong virtue in Buddhist practice. It says that those business practitioners will have less control issues, power hunger, or profit insatiability. Those people will refrain from greedily reach for positions, titles or possessions, to think that these are impermanent, 3. Nurturing the will fo collaborate with others These encourage the Buddhist practitioners to open themselves to others, to have a greater collaboration and less selfishness. It says that the ego is a hindrance toward interconnectivity. At any rate, today’s business environments call for heightened levels of collaboration. 4, Practicing right ivethood Right livelihood is one of the elements of the “Noble Eightfold Path,” in Buddhism also known as the “Fourth Noble Truth.” The four noble truths are foundational in Buddhism and basically entail that suffering exists (Fist Noble Truth), suffering has a cause (second Noble Truth), suffering can be ended (thir Noble Truth), and the way to end suffering is through the Noble Eightfold Path (fourth Noble Truth). The Noble Eightfold Path encompasses the following ractices or insights: Right View: Right Intention: Right Speech: Right Action: Right Livelihood: Right Effort; Right Mindfulness: and Right Concentration. There 's no specific sequence in this set of insights, because they are interrelated (Marques HYPERLINK, br ai eeExample of How Belief Systems Affect Business Practices In first decade of the second millennium, Christian Ethics scholars have fruitfully debated whether capitalism and the market economy deserve grateful Praise because of ifs virtues or calls for abolition for being praiseworthy in taking up the call to make businesses more socially responsible. In the specific case of Catholic faith-in-action, one integrative finding involves the Catholic perspective of human life. A Catholic businessman obliges himself to struggle to succeed in business while serving the community and ‘trying to live the life of a good Catholic in a world of temptations and contradicting realities. They have to be ready to question the status quo, to stand on principles, and to transform their communities: Catholic men and women, leaving the halls of leaming ready to fight good fight - to pay taxes property, to not bribe, to speak against comuption, to create jobs and pay living wages, to provide quality goods and services, to not steal nor cheat. men and women whose hearts and minds are oriented toward the alleviation of poverty and to being good Catholic business people. ground to the demand that religion resonate with the needs and desires of ‘ordinary believers, especially the poor and marginalized (Sison and Paima- Angeles, 1997). Two successful Philippine cases of socially oriented enterprises created by prominent Catholic or Christian businessmen are: (1) Gawad Kaling and (2) Bangko Kabayan, an economy of Communion based bank. (Racelis 2017)