Ethical business principles in Islamic business transactions

Abstract

For a Muslim, all resources are God-given, and ownership of wealth belongs to God - the absolute and eternal owner of everything on earth and in the heavens. Mankind has been appointed His vice-regents on earth and entrusted with the stewardship of God's possessions. Because of this position of trust, every act of believers must conform to the Divine law of Islam - the shari'a - and observe ethical standards derived from Islamic principles. These ethical principles define what is true, fair and just, the nature of individual and corporate responsibilities, and the priorities to society. Islam is holistic and prescribes a regulatory framework that encompasses not only the spiritual but also social, political and economic aspects of life. Believers are encouraged to be involved in trade and make property grow through legal (halal) means, so long as there is justice in exchange.