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

Abstract

The aim of this paper is to explore why, how and when a business organisation may choose to go beyond good business practices and standards. In writing this article, the researcher sought to engage with modern secular insights about sustainable business practices for corporate organisations and to be in critical dialogue with those insights. The 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? It proposes to incorporate Islamic ethical principles such as ikhlāṣ (sincerity), ‘ilm (knowledge), ḥikmah (wisdom), hilm (forbearance) and rifq (gentleness), sabr (patience), tawaadu’ (humility), qudwah (good example), husnul-Istimaa’ (good listening), shajaa’ah (courage), karam (generosity) into corporate business practices. This study 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 “Corporate governance is one of the most important failures behind the present financial crisis.” de Larosiere Group (2009).