The Impact of

Belief System in
BUSINESS ETHICS AND
SOCIAL RESPONSIBILITY:
Business Practices
LESSON 5
 Learning Objectives

define belief system in business; enumerate examples of belief give examples of how belief
systems that affect business system affects business practices
practices; and
Christianity
• In Christianity, human dignity and concern for people are crucial. This
religion also emphasizes a sense of justice in business such as strict
adherence to contracts, compliance with regulations, and working for
the benefit of the common good.
• Christians ought to focus on how business impacts individuals, the
workers in particular. They should be well-paid and they should find
their work meaningful and inspiring.
• A trading Christian does not try to win another's products or services for
less than it is worth.
• One should not want to get a decent deal for his own wares by using
extortion.
• If a person buys from a poor seller, that buyer must exercise charity and justice.
• He/she must pay the full price that the goods are worth.
• If friends and relatives are not interested in what a Christian vendor sells, the latter
should not break off connection with them when they decided to choose
differently.
• Christians should be transparent and honest with their dealings, products, and
services.
• They should not push people to buy goods or services because it does not reflect
the heart of the Father, but that of mammon’s (according to Webster Dictionary,
mammon means material wealth or possessions especially as having a debasing
influence)
Judaism
• Judaism, which for its written law relies
on the Torah, has greatly influenced
marketing and business ideology.
• Jewish culture, values and ideas, including the modern
market, have penetrated many aspects of modern life.
• Some important points include market honesty, fair
pricing, and business relationships
Judaism
• Honesty on the market. It is illegal for traders to falsify the weight and
measurement of the goods or products.
• Fair pricing. There should be good value for money. You shall not cheat each
other when you sell something to your neighbor or buy something from him
or her. The Talmud (comprehensive written version of oral laws of the Jews)
cares much about price control
• Business relations. Employers are obligated to pay workers on schedule.
One of the guiding principles for business ethics highlighted in the Jewish
tradition is the legitimacy of business activity and profit, conducted within a
framework of religious and ethical norms.
Islam • For Islam, the source of rules is the Qur'an.
• Islamic teachings place great emphasis on
respect for ethical and moral codes in human
behavior.
• Islamic principles prevent abusing people
through putting restrictions on misleading
advertisements.
• Under Islamic law, if a seller sells an item by
making false statements, the buyer shall have
the right to cancel the transactions.
 According to Hayes (1998), the following
principles are expected among Muslim
businessmen:
• a. Contracts must be fair to both or all parties.
• b. Speculation, such as gambling, is not
Islam allowed. If the money comes from the gambling
industry, one will not be allowed to invest in
the Islamic Mutual Fund.
• c. Interest is prohibited. That is probably the
most common thing that is identified with
Islamic finance. One moral practice is that one
is not allowed to charge or take interest.
 d. When a business is in trouble, compassion is
required. In every country that has Islamic
traditions in its legal system, when anyone is in
bankruptcy or is suffering financial reversals, one
should not put pressure on them. Because when
Islam someone is down, it is not the right thing to do.
e. Muslims also believe that business should be
conducted in accordance with the rules of nature
which God governs.
Buddhism
• Founded on the teachings of Siddhartha
Gautama, who is called “Buddha” or “the
enlightened one”, is Buddhism.
• The basis of Buddhist practice was
meditation and the observance of moral
precepts.
• The five fundamental moral precepts
practiced by members of the monastic orders
and the laity are: refraining from taking
property, behaving unchastely, speaking
wrongly, stealing, and drinking intoxicants.
Buddhism
The goals should be defined.
• The clearer the goal is, the easier it is to be defined. Is it about gain? Is it giving
satisfaction to your customers.
The principle of cause and effect should be followed.
• Use intuition in the case of a business proposal to work out the factors that would take
us to our ultimate aim.
• The process resembles reverse engineering. We begin to trace back the logical sequence
of acts which would contribute to a given goal. This framework helps identify the steps
needed to accomplish the aim and provides a clear basis for a project roadmap
Buddhism
Empathy and compassion for the customers have to be developed.
• It is crucial to understand the challenge that our potential customers may
encounter, and to have an empathic approach towards it.
• Compassion is the basis for a customer-first or a user-centered approach in
business.
Be flexible, innovative, and mindful of impermanence.
• Buddhist theory puts into practice another useful insight: everything is
constantly changing—we ourselves, the world, and all the people around us.
Buddhism

Your team, yourself and the consumer have to be respected.

• The Buddhist ethics is based on the non-violence principle.
• They know everyone deserves to be happy and does not want to
struggle. If we base our actions on that understanding and try not
to harm others, we gain their respect and confidence.
• It brings trust and understanding in the team if we respect our
colleagues. We try to stop doing something offensive behind or in
front of people and make ourselves transparent
Buddhism
• The Buddhist business code and professional ethics are also closely
tied to being environment-friendly.
• Buddhists pursue the "right livelihood" and are usually against
businesses that do not really care for the environment or harm
animals.
• Essentially, according to Buddhist teachings, the principles of
ethics and morals are governed by examining a certain action that
must avoid any harm
 • Hindus believe in one true, formless, boundless,
all-inclusive and eternal God called Brahman. He
is not an abstract concept but a real entity that
everything in the universe (seen and unseen)
encompasses.
• Hinduism is not an organized religion, and its
Hinduism value system has no single, systematic approach
to teaching nor do Hindus have a simple set of
rules, like the Ten Commandments to follow.
Whatever practices (local, regional, caste and
community-driven)—throughout the Hindu
world influence the interpretation and practice of
beliefs
Hinduism
• Hindus have a positive attitude towards business and
wealth creation, yet wealth is not the ultimate goal.
What is more important are ethics (dharma), and
salvation (moksha).
• For business, prices and profits should be fair. Tax
system should give reasonable rates, should be
economical in its implementation, and should not have
adverse impact on economic growth. There must be
high taxes on luxury goods. Workers should receive
fair and just wages, depending on their ability and
productivity.
It is worth noting, overall, that every faith has its own biases.
Nevertheless, each of them has the core concept that faith would
give rise to a commitment to maintain a desirable work climate. This
is why our society cannot remove the effect of religion on modern
business. We should be mindful of disparities in beliefs among
various cultures and accept them. While there are global ethical
standards, we must also show respect for each community's
different value