Islam and Conscious Capitalism

Abstract

AbstractIslam unites believers around fundamental principles rooted in the very foundations that characterize the fundamental values of humanity. Freedom of initiative, business development, and optimizing growth are objectives that are both legitimate and encouraged as long as they are deployed in a unifying economic context that combines wealth creation with equity and justice, positive social impact and favorable influence on stakeholders. In Islam, consciousness is first and foremost an imperative requirement in the behavior of every believer. It therefore constitutes a foundation in the conduct of relations with individuals and organizations. Ethical principles are thus anchored values that must frame any action or transaction. The search for profit is transcended by the “Zakat”, as a contribution to social balance, the commitment to all stakeholders prevails over commitment to shareholders, the leadership of the leader is strongly oriented towards the satisfaction and inclusive approach of other parties. The same applies to integrity, probity, and loyalty. The modern framework for Islamic finance is today the most edifying example in terms of moralization of the act of investing, saving, undertaking, or forming partnerships. This contribution aims to show the convergence between the values and precepts of Islam and the foundations of conscious capitalism and proposes an oriented and critical reading to explain this convergence, while emphasizing the rules and practices that guide the behavior of the individual as well as his activities, relationships, and transactions.KeywordsIslamConscious capitalismStakeholdersEthical principlesProfit