The business scene in the Islamic world may be as complex as its 1.3 billion people, but one rule is nevertheless quite straightforward for Westerners who want to do deals. 4, No. Islamic business ethics is essential for SME industry. Hameed (2009, p.44) defines Maysir as gambling, also, any form of business activity where monetary gains are derived from mere chance, speculation or conjecture. It is backed by the IBF Net: the Islamic business and finance network, the maiden online community in the field created in 1999 and owned by IBF Net (L) Limited – a Labuan International Company with registered office in the Federal Territory of Labuan, Malaysia. It prescribes certain specific guidelines governing business ethics, which are dictated primarily by the notion of halal (lawful or permitted) and haram (unlawful or prohibited) as per Islamic jurisprudence ( fiqh ). The islamicbook is a website that facilitates access to islamic books that are freely readable over the Internet. In an Islamic … Journal of Islamic Accounting and Business Research available volumes and issues ... pdf (198 KB) Knowledge and attitudes towards Islamic banking in the Philippines Sahraman D. Hadji Latif. Maysir refers to the easy acquisition of wealth by chance, whether or not it deprives the other’s right. Rice, G. (1999) ‘Islamic ethics and implications for business’, Journal of Business Ethics, Vol. Far from being anti-business, ethics actually provides essential support for maximizing long-term business value. 2, pp.345–358. Islam has also categorically prohibited all forms of gambling. ISLAM Its Foundation And Concepts. The concept can also refer to the investments that are permissible under Sharia. lnvitation to … Islamic history has given us undeniable proof on the contributions of the Muslims to the business, governed by the Qur’an and Sunnah. Islamic finance is a type of financing activities that must comply with Sharia (Islamic Law). Islam and Management Principles: Evidence from Literature Gohar , Fahad & Maimoona Journal of Managerial Sciences Volume VII Number 2 211 shura among them.” (Chapter-42, Verse-38).All matters of life including socio-economic and political etc should be decided by consultation. Today, the situation has shifted, and the practical scene of the Muslims’business has inevitably changed. Islam also has its own distinctive value-based ethical system for business dealings. The International Institute of Islamic Business and Finance (IIIBF) is a research-based institution focused on the halal ecosystem. The challenge of Islamic business ethics is to make that inevitable ethical decision making explicit to make it better. Journal of Islamic Accounting and Business Research - Volume 1 Issue 1 to Volume 12 Issue 1. It also aims to encourage the development of such online books, for the benefit and edification of all. 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