Islamic Ethics and Stakeholder Management

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Copyright: 2021
Pages: 15
Source title: Principles of Islamic Ethics for Contemporary Workplaces
Source Author(s)/Editor(s): Abdus Sattar Abbasi (COMSATS University Islamabad, Lahore Campus, Pakistan)and Razaq Raj (Leeds Beckett University, UK)
DOI: 10.4018/978-1-7998-5295-7.ch002

Keywords: Business Science Reference / Human Aspects of Business / Religious Studies / Social Sciences & Humanities

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Abstract

The company is an important part of society and plays a critical role in developing the economic activities of community based on honest and ethical obligations. Over the last three decades, company structure has been changed due to increased customer demands for goods and services. The chapter highlights that the importance of moral and ethical belief has been evaded due to mass production and greed, which has caused the company to neglect to look after the interests of stakeholders and society. Islamic work ethics encourages the company and individual to own company and make a profit based on Islamic ethos to boost prosperity within the community and show professionalism in increasing economic wealth and avoid oppression. Islamic ethics plays a critical role to address the stakeholder's responsibilities to meet the obligations to society and develop economic transparency to avoid financial crisis.

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