Faculty of Tarbiyah and Teacher Training – In Islam, business ethics is not solely focused on material profit but also on attaining Allah’s pleasure and benefiting society. This article will discuss the principles of business ethics in Islam and how these principles influence trade practices.
Justice and Equality
The principle of justice is the main foundation in business according to Islam. Every party must be treated fairly and equally, regardless of social status, religion, or ethnicity. This means that every business transaction should be conducted with honesty and without deceit.
Openness and Transparency
Islam encourages openness and transparency in all aspects of business. Accurate and clear information must be conveyed to all parties involved in a transaction. This aims to prevent fraud or manipulation that could harm one of the parties.
Avoiding Usury and Related Practices
Islam explicitly forbids usury, or interest in financial transactions. Business in Islam must be based on lawful and fair profit. Therefore, usurious practices such as loans with interest or the sale of goods with an interest-based payment system are avoided.
Respecting the Rights of Employees and Consumers
Islam teaches the importance of respecting the rights of employees and consumers. Fair wages, a safe and healthy working environment, and quality products are the moral responsibilities of a Muslim entrepreneur.
Sharing Profits and Goodness
The concept of “Sadaqah” or ongoing charity (continuous charity) is part of business practice in Islam. A portion of the profits earned from business is allocated to help those in need or for projects that provide social benefits.
Protecting the Environment and Sustainability
Islam teaches the importance of protecting the environment and sustainability. Business in Islam should be conducted with consideration for its impact on the environment and ensuring that business practices do not harm ecosystems or produce hazardous waste.
The principles of business ethics in Islam not only provide practical guidelines for Muslim entrepreneurs but also emphasize justice, truth, and societal welfare. By adhering to these principles, Muslim entrepreneurs can build sustainable businesses that provide positive benefits for all parties involved. Businesses based on Islamic moral values not only generate material profits but also offer spiritual satisfaction and blessings from Allah SWT.
Source:
- https://cendekiamuslim.or.id/etika-bisnis-dalam-islam-prinsip-prinsip-moral-dalam-berdagang
- https://www.freepik.com/free-photo/eid-concept-with-group-friends_2074416.htm#fromView=search&page=1&position=1&uuid=675728eb-c260-470f-8de7-222d0b379ed4
