Business Ethics Across Cultures Article Review
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Business Ethics Across Cultures Article Review
The first article I reviewed was titled Islamic finance: Notion of stewardship imbues business ethics. The author discussed the global economic crisis of 2008 in Islam. He reviewed how the lack of training of Islamic employees in ethics contributed to the economic crisis. Several of the ethical lapses that occurred during the ethical crisis were caused by risk also known as gharar and gambling. Both gharar and gambling are banned by Islamic law (Smith, 2012). The author argues that religious beliefs not limited to Islam can influence more responsibility within a business’s leadership. Omneya Abdelsalam, the director of the El Shaarani Research Centre for Islamic Business believes the belief of god and his power brings an acute level of accountability and responsibility (Smith, 2012). The suggestion of Dr Abdelsalam is that the belief of religion has a direct power of the way individuals conduct business.
Islamic businesses primary ethical perspectives are to fulfill social responsibility of the business to the best of its capabilities, have fair treatment for employees, care for the environment and customers, and fulfilling the obligation toward shareholders and other stakeholders (Smith, 2012). Challenges faced by Islamic businesses are the views of tangible assets and some principles. Cedomir Nestorovic, a professor of Islamic business and management states that Islamism’s should not be teaching business techniques alone. They must include religious and ethical issues to explain the rational of industries (Smith, 2012).
To increase Islam’s span of international business Islamic businesses need to embrace the spirit of Sharia instead of finding ways around it. Sharia law is the moral code and religious law of Islam (The American Heritage®