JOURNAL: THE PRINCIPLES OF ISLAMIC MARKETING

BY BAKER AHMAD ALSERHAN

This journal has been told about the Islamic law, the three categories
of Muslims practices and acts, the four sources of the Islamic ethical system,
the principles governing Islamic ethics, Islamic values in business and
implications for business. Islam provides a religious law called Sharia, which
aims to control the life of Muslims in order to live in harmony. Most Muslims
supposing this rule as the embodiment of God's will. This law is absolutely
essential to meet the needs of the Muslim community and a form of
punishment usually more on teaching and not on violence or persecution.
Severe penalties will be imposed if it meets the conditions set and would be
problematic to people if they do not implement it. The purpose of this law is
also to maintain their rights and uphold justice in case of any problem.

In general, all practices and actions of Muslims are classified into three
categories, namely, Halal, Mushtabeh and Haram. Halal also can be divided
into three categories which is Compulsory, Mandoob and Makruh. Then, The
Muslim ethical system has four sources which are the Quran, the sayings and
behavior of Prophet Mohammad, the example set by his companions, and the
interpretations of Muslim scholars of these sources. Further on, Islamic ethics
are governed by the following principles, each of which has significant
business implications which are unity, Iman (faith), Khalifah (trusteeship),
balance, justice or Adl, and free will.

Islam covers the entire way of life, and guidance extends to all areas of
life. It has provided detailed principles to guide and control the various
aspects of the economy in society. Islam seeks to enlighten people that the
wealth, income and raw materials belong to the absolute God, and man is
the trustee. These principles, which aim at establishing a just society wherein
everyone will behave responsibly and honestly, include the following which
are prohibition of bribery or rashwa, prohibition of fraud and cheating,
prohibition of discrimination, prohibition of interest, prohibition of certain
earnings, prohibition of hoarding and prohibition of extravagance. Islamic
business practices and perspectives represent an alternative to the way
business is conducted today. Islam requires that traders, both organizations
and individuals, achieve a balance between commercialism and
humanitarianism, and between profit and social responsibility. Not only does
this approach to business conduct provide a solution to the problems of
profiteering, customer exploitation, irresponsible corporate governance and
environment destruction, it seeks to promote positive aspects of business
such as honest conduct, reasonable profit, fair competition, high standard of
service culture, business partnership, cooperation, minimum wage for
employees and basic consumerism principles such as the right of buyers to
return purchased goods (Yusoff 2002).