IDEAS home Printed from https://ideas.repec.org/a/ris/isecst/0168.html
   My bibliography  Save this article

Beyond Good Practices and Standards: An Islamic Framework of Sustainable Business Practices for Corporate Organisation

Author

Listed:
  • FAHM, ABDULGAFAR OLAWALE

    () (Department of Religions, University of Ilorin,)

Abstract

The aim of this paper is to explore why, how and when a business organisation may choose to go beyond good business practices and standards. In writing this article, the researcher sought to engage with modern secular insights about sustainable business practices for corporate organisations and to be in critical dialogue with those insights. The study addresses the questions of how can corporations develop into responsible moral agents and what effective framework can be used for sustainable business practices within an Islamic setting? It proposes to incorporate Islamic ethical principles such as ikhlāṣ (sincerity), ‘ilm (knowledge), ḥikmah (wisdom), hilm (forbearance) and rifq (gentleness), sabr (patience), tawaadu’ (humility), qudwah (good example), husnul-Istimaa’ (good listening), shajaa’ah (courage), karam (generosity) into corporate business practices. This study is an effort to bring religion into our economic lives, which invariably means bringing religious ethics into what is supposed to be free of such values “Corporate governance is one of the most important failures behind the present financial crisis.” de Larosière Group (2009)

Suggested Citation

  • Fahm, Abdulgafar Olawale, 2018. "Beyond Good Practices and Standards: An Islamic Framework of Sustainable Business Practices for Corporate Organisation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 25, pages 1-18.
  • Handle: RePEc:ris:isecst:0168
    as

    Download full text from publisher

    File URL: http://www.irti.org/English/Research/Documents/IES/235.pdf
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    as
    1. Ahmed, Habib & Chapra, Mohammad Umar, 2002. "Corporate Governance in Islamic Financial Institution (Occasional Paper)," Occasional Papers 93, The Islamic Research and Teaching Institute (IRTI).
    2. Mohamed Ariff & Munawar Iqbal, 2011. "Introduction to Islamic Financial Institutions," Chapters,in: The Foundations of Islamic Banking, chapter 1 Edward Elgar Publishing.
    3. Grais, Wafik & Pellegrini, Matteo, 2006. "Corporate governance in institutions offering Islamic financial services : issues and options," Policy Research Working Paper Series 4052, The World Bank.
    4. Roland Benabou & Jean Tirole, 2010. "Individual and Corporate Social Responsibility," Economica, London School of Economics and Political Science, vol. 77(305), pages 1-19, January.
    5. Grais, Wafik & Pellegrini, Matteo, 2006. "Corporate governance and Shariah compliance in institutions offering Islamic financial services," Policy Research Working Paper Series 4054, The World Bank.
    6. Grais, Wafik & Pellegrini, Matteo, 2006. "Corporate governance and stakeholders'financial interests in institutions offering Islamic financial services," Policy Research Working Paper Series 4053, The World Bank.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Islamic Economics; Corporate Morals; Ethics;

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:isecst:0168. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (IRTI Staff) or (). General contact details of provider: http://edirc.repec.org/data/irisbsa.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.