Guiding Principles for Islamic Labor Code and Business Ethics

Mohamad Zaharuddin Zakaria, Nisar Mohammad Ahmad, Ahmad Zaki Salleh, Mushaddad Hasbullah and Abdulsoma Thoarlim

International Journal of Academic Research in Business and Social Sciences, 2017, vol. 7, issue 5, 336-346

Abstract: This paper proposes a Guiding Principle for Islamic Labour Code and Business Ethics for business entities such as multinational corporations (MNCs) operating in Muslim countries. This code is proposed to ensure the manners in which they conduct with their business operations, in particular the way they manage their employees in accordance with the Islamic principles. In developing such guiding principle, the authors will take into consideration the elements of human rights and corporate responsibilities as well as the notion of maqasid shari’a. In other words, it means achieving and protecting the benefits and good (masalih) for the sake of human beings. This will cover the issues such as the rights and duties of employees in Islam, discrimination against employees, labour associations, child and forced labours and fair distribution of income and wages. This paper is a conceptual paper thus it uses the librarybased research method by analysing relevant materials such as the Holy Quran, the Hadith, the traditional Islamic books and literatures, journals, academic textual materials as well as internet sources. The outcome of this paper emphasised that, by incorporating Islamic labour code and business ethics based on the principle of maqasid shari’a, business does not only serve as a purely profit-oriented entity but will also be a more socially-responsible entity that will make profit in a responsible and ethical manner by respecting its employees and people within its sphere of influence.

Keywords: Business in Islam; Labour; Corporate Responsibility; Maqasid Shari’a; Islamic law; business ethics (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijarbs:v:7:y:2017:i:5:p:336-346

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