Business ethics in Islam and its Contemporary Practices in Pakistan

Abstract

The economy is one of the most important parts of human life because of its multi-dimensional effects on various aspects of our lives. Our Prophet, may God bless him and grant him peace, He introduced detailed ethical principles to promote fare and business. These principles led to the expansion of trade to the international level and the spread of Islam around the world. Unfortunately, the Muslim merchants and businessmen forgot the golden prophetic principle and fell into various wrong practices including hypocrisy, Fraud, fraud, embezzlement, dishonesty, breach of promise, etc. This exercise of wrong practices results in adverse effects in terms of customer dissatisfaction as well increased risk in trade. Moreover, imported products are popular in Market while domestic products are losing ground due to its quality and other related issue like low packing material, lower grade stuff and so on and so forth. One of the elementary and major causes of this troubling situation is the lack of professionalism and less know how of Islamic ethics. It must be restored by following the letter and spirit of the prophetic principles. Under the said context, Muslim traders, Entrepreneurs and service providers are evenly facing this serious economic problem related to the issue of Ethics. It would be very early to pass on any conclusive remark but ourا moral values are less embraced in our actions. We need to include these economic values So that we can achieve success in this world and hereafter.