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Islam and Business Ethics

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Abstract

Of the three monotheistic religions, Islam is not only tolerant of but even laudatory toward businesspeople. Muhammad, himself, had experience as a trader, and there are passages in the Qur’an expressing approval of businesspeople and their practices. Islam, though, proved resistant to taking interest upon loans. Islamic leaders sometimes displayed a willingness to employ Jewish and Christians as administrators and business operators; such outsiders possessed two attractive characteristics: a greater prevalence of literacy and a reputation for honesty and probity.

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Notes

  1. 1.

    Qur’an (1997, 2:282) contained a passage that advised people to keep a written record of their debts.

  2. 2.

    The Jewish scholar Maimonides held somewhat similar views as Shafi’I (Udovitch 1970, 39).

  3. 3.

    Riba and gharar can be loosely translated respectively as interest and uncertainty.

  4. 4.

    Zinbarg presented a similar edict from the Laws of Manu: “if a man is unable to pay a debt and wishes to make a new contract, he may pay the interest that is due and turn around the legal instrument” (Buhler, Laws of Manu 8:154).

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Correspondence to David George Surdam .

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Surdam, D.G. (2020). Islam and Business Ethics. In: Business Ethics from Antiquity to the 19th Century. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-37165-4_8

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  • DOI: https://doi.org/10.1007/978-3-030-37165-4_8

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-37164-7

  • Online ISBN: 978-3-030-37165-4

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