Islamic business ethics and its impact on strategic business decision making processof muslims

Abstract

The purpose of this essay is to explore the impact of Islamic ethical values on cognitive thinking of a devout Muslim in the strategic business decision-making process and practical implications of those values in a business context. The topic is built on my personal experience with an emerged conflict between a Secular world of contemporary business principles that I have been taught and Islamic ethical values to which I have surrendered. I identified three main axioms – unity, equilibrium and responsibility – based on their emphasis on the Qur’an and Hadith which are the primary sources of Islamic ethical philosophy, and their relevant implications for business. In order to explore the impact of Islamic ethical values on cognitive thinking of devout Muslims, I utilized the cognitive theory of strategy, the sense making theory of strategy and Kierkegaard’s moral reasoning model. These models are discussed within Crossan et. al.’s (2005) Diamond-E Framework . Having built on a personal case, the essay is aimed to provide valuable insights into Islamic business practices that may be of a critical importance in an international business context.