Beekun, Rafik Issa (1997) Islamic Business Ethics (Human Development Series), International Institute of Islamic Thought

This book addresses Muslim business leaders and participants who have to deal with ethical situations on a day-to-day basis. It describes and analyzes key principles of business ethics from an Islamic point of view.

Its goal is to help Muslims engaged in business to act in accordance with the Islamic system of ethics. It also aims at helping non-Muslim employers or companies with expatriates working in Muslim markets better understand the business ethics principles underlying Islam. The author's teaching, research and consulting experience in the field of business ethics as well as his practical experience with Muslim  organizations globally have helped him write this book in a manner that is both practitioner-oriented and anchored in current advances in the field of business ethics and the principles of Islamic business ethics.

Table of Contents:

Islamic Business Ethics
Defining Ethics
Factors Influencing Ethical Behavior in Islam
The Islamic Ethical System
Halal & Haram Business Areas
Developing an Ethical Organizational Climate
An Islamic Perspective of the Social Responsibility of Organizations
Managing Social Responsibility
General Ethical Guidelines for Muslims in Business
Punishment and Repentance for Unethical Behavior
Experiential Exercises and Questions

Here is an exerpt from the book:

“Islamic Business Ethics

You are the best of peoples, evolved for mankind, enjoining what is right, forbidding what is wrong, and believing in Allah. (Qur’an 3:110)

Every day, individuals face ethical issues at work, and rarely know how to deal with them. A recent review of articles published in the Wall Street Journal during only one week in 1991 uncovered a whole array of issues being faced by employees: stealing, lying, fraud and deceit, etc. Surveys both in the USA and internationally reveal rampant unethical behavior in businesses. For instance, a recent survey of 2,000 major US corporations revealed that the following ethical problems (arranged in order of importance) concerned managers: (1) drug and alcohol abuse, (2) employee theft, (3) conflicts of interest, (4) quality control issues, (5) discrimination in hiring and promotion, (6) misuse of proprietary information, (7) abuse of company expense accounts, (8) plant closings and lay-offs, (9) misuse of company assets, and (10) environmental pollution. Internationally, the ethical values of businesses are also deficient. In a survey of 300 companies across the world, over 85% of senior executives indicated that the following issues were among their top ethical concerns: employee conflicts of interest, inappropriate gifts, sexual harassment, and unauthorized payments.

Is it naive for a Muslim businessman to behave ethically in a globally, competitive environment? The answer is a resounding NO! In Islam, ethics governs all aspects of life. The conditions for everlasting success or falah in Islam are the same for all Muslims—whether in conducting their business affairs or in carrying out their daily activities. Without specifying any situational context, Allah describes people who attain success as those who are “inviting to all that is good (khayr), enjoining what is right (ma‘ruf) and forbidding what is wrong (munkar).” Within a business context, however, what specific standards of conduct should a company follow? What is a Muslim businessman’s responsibility to internal and external stakeholders? Although a firm’s top executives may exhibit exemplary ethical behavior, how can middle- and lower-level managers be encouraged to behave in a similarly ethical manner? What are some guidelines that would ensure consistent ethical behavior in a Muslim business?” (From the first chapter of the book, p. 1-2)