Key to Success: 5 Basics Business Muslims Practices Business Leaders Should Follow

Business practices in Islam and business ethics are related as they both provide ethical rules, moral conducts and guidelines in business dealings to the leaders who want to bring good to mankind and the ecosystem. These business practices are useful to those who want to maintain high ethical standards, be responsible for the social welfare of employees, customers and the community for the company’s image, broaden the community and promote long-term sustainability.

To maintain high ethical business conduct and put it into practice, these are five examples of Muslim business practices:

Unity

Islam applies the concept of monotheism, which has been determined by Allah S.W.T., which gives importance to each individual without having any of their rights compromised. The main purpose of unity is to bring together all kinds of life aspects, which are economic, political and social. Other aspects of life that can be included are environmental, cultural, technological, spiritual, educational, health, legal and justice, relationships and personal growth.

It was mentioned in Surah Ali’ Imran from the Qur’an :

And hold firmly to the rope of Allah all together and do not become divided. And remember the favor of Allah upon you—when you were enemies and He brought your hearts together and you became, by His favor, brothers. [Qur’an 3:103]

When unity is applied, this will strengthen the bonds and business networks within the community.

Balance or Justice

In business, Islam provides balance to all individuals without any discrimination, no matter their race, religion, gender or language. One must treat the other equally.

One of the leaders who practice justice said that:

“The principles of justice and equality in Islam extend to the business world, guiding us to treat employees, customers, and partners with respect and dignity.” Nasser Al-Khelaifi, Chairman and CEO of beIN Media Group

In practicing justice, business leaders can either do it with reasons, by free will or by the practice of judgements and responsibilities. When balance or justice is practiced in businesses, this will greatly reduce and also avoid corruption, exploitation, social unrest, damaging reputations, economic instability and breaking trust within organizations.

Free Will

With every decision that will be made, leaders have the free will to make ethical choices in business. Freedom in decision-making in business is needed in order to give space for creativity and innovations. This will drive impactful results in business growth and an increase in business efficiency from making the right choices. As an example, founders and the development team, who have the freedom to explore new innovative features, user interfaces and other functions without many limitations, are able to give up with different ideas to improve product and services based on market demands and client feedback.

However, the decision-making that is impacted by external factors must be carefully made to avoid unwanted conflicts, whether from the situation or the people themselves. While business leaders have the ability to make decisions, every single one of them must be held accountable.

In Islam, Muslims are encouraged to make du’a’, have trust in Allah S.W.T., and seek knowledge before making informed decisions to ease worries and processes. They must accept that whatever outcomes happen are based on Allah’s will.

Responsibility

As mentioned earlier, business leaders and working individuals are held accountable for every decision that they make. Islam encourages and places large importance on individuals being responsible and held accountable for their actions. While one must have accountability, this is different from being responsible. However, they are still closely linked.

An individual can be accountable but not responsible. Accountability must be made after one has taken action, while being responsible is something that each individual should perform until it is complete. As an example, a project manager in an agency must be responsible for ensuring the team completes all of the given tasks within the given timeframe. Then, the owner of the agency should be accountable for the successful delivery of the product and their client satisfaction with the product.

Benevolence

Kindness and doing good deeds, which are virtues, are part of Islam itself, which encompasses almost half of its importance. This attitude fosters and maintains harmonious relationships among the business partners. Examples of kindness in business practices can be seen, such as giving fair treatment to employees and being sincere in handling business matters.

Benevolence in Islam is to treat and do things to others as you want them to do with you. This is well said by one of the sayings of Prophet Muhammad, which says, “None of you truly believes until he loves for his brother” or “for his neighbor, what he loves for himself.”

When carrying out transactions between two business parties, it is important to keep in mind that while business is done for profit purposes, it should emphasize creating a harmonious relationship and showing respect to the other parties. With benevolence, it is easier for businesses to gain trust, loyalty, a positive brand image, gain collaborations and better business relationships.