Ethical Business Practices in Islam

Mohammad Ali Bait Ali Sulaiman; Mohammed Wamique Hisam; Shouvik Sanyal

Mohammad Ali Bait Ali Sulaiman Assistant Professor, Salalah College of Technology, Salalah, Oman
Mohammed Wamique Hisam Lecturer, Dhofar University, Salalah, Oman
Shouvik Sanyal Assistant Professor, Dhofar University, Salalah, Oman

Keywords: Ethical Business, Islamic teachings

Abstract

There are two primary sources of normative Islamic teachings. The first and most important source is the Qur'an [commonly misspelled Koran]. Muslims accept (believe is the suitable word here) the Qur'an as the verbatim word of Allah, revealed to Prophet Muhammad [PUBH] over a period of 23 years [610-632 C.E.] and dictated word-for-word by Archangel Gabriel. The second primary source is called “Sunnah” or “Hadeeth”, which means the words, actions and approvals of Prophet Muhammad (PUBH). This study focuses mainly on widely accepted principles and norms relating to business ethics as stipulated in the two primary sources of Islam.