Ethics

Importance of Ethics in global economy- Holistic Approach




Quran 2:188

And do not eat up your property among yourselves for vanities, nor use it as bait for the judges, with intent that ye may eat up wrongfully and knowingly a little of (other) people's property.



Tafsir Ibn Kathir

And eat up not one another's property unjustly (in any illegal way, e.g., stealing, robbing, deceiving), nor give bribery to the rulers (judges before presenting your cases) that you may knowingly eat up a part of the property of others sinfully.) Tafsir Ibn Kathir



`Ali bin Abu Talhah reported that Ibn `Abbas said, "This (Ayah 2:188) is about the indebted person when there is no evidence of the loan. So he denies taking the loan and the case goes to the authorities, even though he knows that it is not his money and that he is a sinner, consuming what is not allowed for him.'' This opinion was also reported from Mujahid, Sa`id bin Jubayr, `Ikrimah, Al-Hasan, Qatadah, As-Suddi, Muqatil bin Hayan and `Abdur-Rahman bin Zayd bin Aslam. They all stated, "Do not dispute when you know that you are being unjust.''



It is reported in the Two Sahihs that Umm Salamah narrated that Allah's Messenger said:



(I am only human! You people present your cases to me, and as some of you may be more eloquent and persuasive in presenting his argument, I might issue a judgment in his benefit. So, if I give a Muslim's right to another, I am really giving him a piece of fire; so he should not take it.)



Tafsir Ibn Kathir

Quran 4:29. O you who believe! Eat not up your property among yourselves unjustly except it be a trade amongst you, by mutual consent. And do not kill yourselves (nor kill one another). Surely, Allah is Most Merciful to you.) Prohibiting Unlawfully Earned Money





Goals of the Firm from Islamic Perspective

Keenness to Earn Legitimate (Halal) Earnings

Trade through Mutual Consent

Truthfulness in Business Transactions

Trustworthiness in Business Transactions

Generosity and Leniency in Business Transactions

Honouring and fulfilling Business Obligations

Fair Treatment of Workers

Prohibited Matters in Business Transactions

Dealing in Prohibited (Haram) Items

Sale of Al-Gharar (Uncertainty, Risks, Speculation)

Arbitrarily Fixing the Prices

Hoarding of Foodstuff

Exploitation of one’s Ignorance of Market Conditions

Al-Najsh (Trickery)

Cheating and Fraud in Business Transactions

Swearing

Giving Short Measures

Dealing in Stolen Goods