Islam and Business: Beliefs, Values, and Norms

Farooq, Mohammad Omar; Hadi, Fareed

Islam and Business: Beliefs, Values, and Norms

in Minwir al-Shammari, Mohammad Omar Farooq and Hatem Masri (eds). Islamic Business Administration: Concepts and Strategies, Macmillan, pp. 3-17

35 Pages Posted: 7 Oct 2020

See all articles by Mohammad Omar Farooq

Mohammad Omar Farooq

United International University - Department of Economics

Fareed Hadi

affiliation not provided to SSRN

Date Written: May 1, 2020

Abstract

This chapter lays out the core principles, norms and values underlying Islamic business administration. It explains the role of business and resources used for it; describes the business environment, key stakeholders, and major types of decision making; elucidates the core beliefs and values of Islam pertaining to business and commerce; highlights the relevance of the Qur'an and the life of Prophet Muhammad to trade and prosperity in human-centered, sustainable development; and explains the role trade has played in the history of Islamic civilization and the contemporary aspirations and initiatives to bring Islamic values to business and the economy

Keywords: Islamic Business; Islamic ethics; Islamic management; Islamic business administration; Islamic economy; Islamic economics; Islamic finance

JEL Classification: M1, M2, M3

Suggested Citation: Suggested Citation

Farooq, Mohammad Omar and Hadi, Fareed, Islam and Business: Beliefs, Values, and Norms (May 1, 2020). in Minwir al-Shammari, Mohammad Omar Farooq and Hatem Masri (eds). Islamic Business Administration: Concepts and Strategies, Macmillan, pp. 3-17, Available at SSRN: https://ssrn.com/abstract=3591065