Beyond Good Practices and Standards: An Islamic Framework of Sustainable Business Practices for Corporate Organisation

Abstract

This study is an attempt to critically examine the economic logic of corporate organisation business practices. It is a clarion call to go beyond what is considered in our contemporary time good business practices. In writing this paper, the researcher seeks to engage with modern secular insights about sustainable business practices for corporate organisations and to be in critical dialogue with those insights. This is an effort to bring religion into our economic lives, which invariably means bringing religious ethics into what is supposed to be free of such values. This paper explores why, how, and when a business organisation may choose to go beyond good business practices and standards. This study addresses the questions of how can corporations develop into responsible moral agents, and what effective framework can be used for sustainable business practices within an Islamic setting. This paper concludes by proposing Islamic ethical principles such as ikhlas (sincerity), ‘ilm (knowledge), hikmah (wisdom), hilm (forbearance) and rifq (gentleness), sabr (patience), tawaadu’ (humility), qudwah (good example), husnul-Istimaa’ (good listening), shajaa’ah (courage), and karam (generosity). It also suggests how these ethical principles can be incorporated into business practices in order to have sustainable business practices for a corporate organisation.