Islam and Business: Strife and Joint effort.


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Religion, morals and business. Religious educating of all divisions, ...
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Cranfield 13 July 2007 David Logan Islam and Business: Conflict and Collaboration

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Presentation structure The Muslim world in the new worldwide social framework Religion, morals and business Islam and business The part of western business Islam and corporate giving

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The Muslim world is a piece of the new worldwide social framework Governments 34% For-benefit 60% Informal area Not-for-benefit 6% Approximate shares of US GDP in 2003

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Religion, morals and business Religious instructing of all sections, gives a premise to moral judgment on financial relations and business Companies are the operators of the business sector They have the decisions about how they act Their conduct is scrutinized at two levels As a feature of the free market framework overall Individual organization hone in connection to its partners Voluntary magnanimous giving is critical in all religions however particularly so in Islam

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Islam and business on a fundamental level, Islam is thoroughly tolerating of business Its part is characterized in the Holy Koran and the Hadiths " … yet Allah hath allowed exchange and illegal usury … " (Al-Baqurah 2:275) The prophet asked " be included in business as 9 out of 10 wellsprings of pay lie in business " (Ihya) Of good work The Prophet said " working with your hands and all types of purchasing and offering which is most authentic and favored " (Sabiq and Sayyid) This is rather than socialism/communism which is emphatically hostile to industrialist

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Islam and business Conditions are determined to business conduct, it must not Be voracious Seek imposing business model or control the business sector Exploit the poor Trade in prohibited merchandise and administrations Alcohol/drugs/tobacco Pornography/betting Deal in pork items Engage in "usury" (riba)

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Islam and philanthropy Charitable giving is one of the five mainstays of Islam It ties the group together "Zakat" assessment is the method for re-conveyance 2.5% of capital resources over a base – payable once per year Usually gathered by governments e.g Saudi Arabia Nowadays left to individual adherent Vast lion\'s share of firms are family firms The part of corporate giving instead of individual giving is vague and necessities definition – 1% of benefits is a base

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The part of Western business Western business can be seen as Agents of \'neo-expansionism\' proceeding with a western custom of colonialism in the Muslim world Purveyors of un-Islamic products and administrations Dominant and monopolistic Occupiers of social space Exploiters – not great subjects

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The part of western business " The Europeans worked indefatigably to empower the tide of this materialistic existence with its tainting characteristics and its dangerous germs, to overpower all the Islamic grounds to which their hands were outstretched … to surge the nations with their capital, their banks, and their organizations; to assume control over the workings of the monetary hardware as they wish; and to corner to the rejection of the occupants, tremendous benefits and gigantic riches. … they imported their half-exposed ladies into these areas, together with their liquours, their theaters, their dancehalls, their diversions, their stories, their daily papers, their books, their impulses, their senseless amusements, and their indecencies … " (Source: Hasan-al-Banna "Amongst Yesterday and Today" as cited by Ruthvan)

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The part of western business Overall the Muslim world has essentially passed up a great opportunity for internal venture and innovation exchange Oil and gas – roughly 85% of medium-term stores are in Muslim nations Consumer merchandise Finance Travel and tourism Muslim nations need Jobs and financial development Technology exchange

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Share of worldwide stores in view of current generation rates % of worldwide stores Source: Institute for the Analysis of Global Security

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The part of western Business is a piece of the "contention" Business is additionally part of the arrangement e.g making development and employments MNCs and Muslim social orders can team up However The \'corporate subject\' is an immature idea Giving is seen as a moral obligation The social base is frail Community inclusion has a crucial part to play It should be maneuvered carefully Oils need to lead – yet don\'t

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The Corporate Citizenship Company Ground Floor South Cottons Center London Bridge City London SE1 2QG www.corporate-citizenship.co.uk

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