Islam & Business

by Nik Mohamed Affandi Bin Nik Yusoff

Islam offers alternative business practices and perspectives many of which are universal in nature and quite similar to conventional ones. However, there are some which are different and for example, the principle of partnership and sharing of both profit and loss in Islamic lending. Islam requires a proper balance between commercialism and humanitarianism, and between profit and social responsibility. This balanced approach therefore offers a ready solution to serious current problems of profiteering, consumer exploitation, irresponsible corporate governance and environmental degradation. Islamic business practices maximise all the positive aspects of examples include honest business conduct, reasonable profit, fair competition, high standard of service culture, endearing business partnership and cooperation, etc. Islamic business ensures a proper balance between monetary and spiritual profit. It also strengthens economic justice and enhances business harmony. It is fascinating that a number of important business principles were introduced by Islam more than 14 centuries examples include the principle of minimum wage for employees, basic consumerism principles such as the right of buyers to return purchased goods, the principle of venture capital, etc. These are some of the highlights of Islamic business practices and perspectives discussed in this book, besides discussions on many other interesting and practical features of Islamic business. ISLAM AND BUSINESS is the author's second book. His first book, ISLAM AND WEALTH, was published in 2001.

279 pages, Paperback

First published December 1, 2002