Balanced Scorecard and Performance Measurement System Given by Islam; A Comparative Study

Abstract

Balanced Scorecard performance measurement system is getting wide acceptance around the globe. Basically it has four perspectives learning and growth, internal business, customer and financial. This performance measurement system is very popular because of its flexibility; Balanced Scorecard can be modified and altered according to the requirement of organization. This study provides a brief introduction of Balanced Scorecard measurement system. Some modified perspectives of Balanced Scorecard are also given of different industries. The Islamic performance measurement system is discussed comprehensively. This is a qualitative study. The study is based on secondary data. The main source for the Islamic view of business is Quran and Hadith. Comparison between Balanced Scorecard performance measurement system and the Islamic performance measurement system is done that indicates, there is no specific tool or performance measurement system in Islam rather Islam gives a code of conduct and some ethical values for entrepreneurs.