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Understanding the framework of business in Islam in an era of globalization: a review

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Abstract:

Despite the fact that Islam is one of the major religions, the frameworks of this faith are yet to be fully understood. As a consequence, it is being confused with activities contrary to its teachings. Islam has an elaborate treatment for almost every aspect of life including the affairs of business. Business is an acceptable and dignified occupation, which has to be conducted within the given frameworks. Islam encourages the creation, acquisition and consumption of wealth, and the fulfilling of certain conditions in so doing. Wealth is held in trust as a gift from God. The terms of reference of this trust are to be complied with. Ethical principles do play a major role in shaping the behavior of a Muslim, in or out of business. In an era of globalization, the need for a better understanding of the premises of Islamic faith cannot be overemphasized.

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/1467-8608.00302

Affiliations: University of Ballarat Sydney Campus, Australia

Publication date: January 1, 2003

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