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Key Virtues of Business Ethics in Islam

In: Ethical Dimensions of Islamic Finance

Author

Listed:
  • Zamir Iqbal

    (Islamic Development Bank)

  • Abbas Mirakhor

    (INCEIF)

Abstract

A framework of business ethics in Islam can be developed by identifying key virtues that are the preferred character traits of a human being. This chapter discusses select virtues that have direct implications on any economic, social, business, or financial activity such that a decision taken in light of such virtues would be ethical. By embracing and living the virtues and avoiding vices, an ethical economic and financial system could emerge that is just as well as efficient. Key virtues such as recognition of the unity of creation, striving for justice, preservation of rights, sanctity of contracts, truthfulness, and trustworthiness form the foundation of theory of ethics in Islam. The emphasis is on the internalization of these virtues such that the resultant economic and financial system optimizes the social and economic welfare of the society.

Suggested Citation

  • Zamir Iqbal & Abbas Mirakhor, 2017. "Key Virtues of Business Ethics in Islam," Palgrave Studies in Islamic Banking, Finance and Economics, in: Ethical Dimensions of Islamic Finance, chapter 0, pages 61-80, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-319-66390-6_3
    DOI: 10.1007/978-3-319-66390-6_3
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