He condemned hoarding with a view to creating artificial scarcity. Among the set of values the Qur'an and the Prophet's sayings emphasise are the concepts of justice and benevolence. When organising a meeting in Morocco, unlike in other Arab countries, you should try to organise it as far in advance as possible, and then confirm it a few days beforehand. Published by the Institute of Islamic Banking and Insurance, London, UK 2003]. Worldwide, religion is one of the key factors in workplace cultural diversity . In the UK, when a party is elected to office after being in the opposition, its leader takes over as prime minister seamlessly. Many Muslims are unaware that Aristotle too condemned usury. Islam began in the 7th century in Arabia, making it the youngest of the three. The latter would claim their alliance and friendliness simply share their prosperity and progress. At the heart of capitalism there appears to be an immoral core, where CEOs get ever-larger pay rises and bonuses while the asset values of their companies slump. Apart from the role of these international organisations, private efforts are also under way to touch upon this situation. Men are encouraged to pray in the mosques instead of at home to strengthen community bonds, while women are granted a special concession if they wish to pray at home due to their family responsibilities. A major part of the world falls outside the range of these well-sounding compacts, which reflect the capitalist philosophy and hedonistic individualism of the market, money and exchange. The most important discerning features are their sources and nature. Yet this prosperity is very much qualified. Worldwide, religion is one of the key factors in workplace cultural diversity . It implies a more liberal treatment than justice demands. US Business Practices 4 When it comes to Islamic concept of economy, it’s totally completely different from capitalism and socialism. Islam reason for being is to form an “oneness” with God. Muslims have a huge advantage in being able to turn to their religious teaching for guidance in their business dealings. Dr S M Hasanuzzaman, published by the Institute of Islamic Banking and Insurance 2003]. Islam and Christianity are thought of as two monolithic religions. It is this firm belief that induces man to act upon the injunctions regarding physical and financial sacrifice and turns him from undesirable consumption and forbidden earnings. Maimonides (12th century Spain/North Africa), the great Jewish legalist and philosopher, begins his exposition of the laws of courts and civil administration with an explanation of the verse in Deuteronomy (16:18), “You shall appoint magistrates and officials….” Although Muslims are all around the world, Islam is the driving religious force in the Middle East, Africa, and the Indonesian islands. And happiness is also wealth.”. More subtly, even the practices in common have fundamental differences, some of which go to the very foundational differences between the faiths. In Christianity, it is part of the Holy Trinity. Alperton Lane, Greenford UB6 8AA The official organisation that was entrusted with the task of enjoining good and forbidding evil was the hisba (lit, accountability) headed by a muhtasib (monitor or ombudsman). This objection fails to realise that the existing state of affairs is longstanding. Islam and Christianity: Explore Further. No civilisation could progress and no social, economic, political, scientific or technological development would be possible without people adhering to the values of patience, perseverance, determination, tolerance, strength of resolution, self-control, cool temperament and mutual consideration. The buyer also enjoys the option of inspection, after which he has a right to annul the purchase. regarding ethical practices in wealth creation? International Differences in the Business Practices and Productivity of Firms offers a much-needed model for measuring the productivity and performance of international firms in a fast-paced global economy. This lesson introduced you to the origins of and differences between Christianity and Islam, two of the world's largest religions. As Muslims, we have to adhere to ethical standards, not only in business but also in all aspects of life. The religious/ceremonial aspect of Taoism has many ritualistic similarities with Christian rituals. Applying this to employees, one can imagine the standard of the working environment and employment benefits that Islam entails. Islam and Christianity: Explore Further. Judaism vs. Christianity vs. Islam. As the literal word of God, the Qur’an makes known the will of God, to which humans must surrender (lending the name Islam… CT Business Travel has put together a useful infographic for a quick reference of cultural differences in business etiquette globally.. For instance, the formality of address is a big consideration when dealing with … The stipulated period aspect of Taoism has many ritualistic similarities with Christian rituals turn to their religious teaching guidance! Social interests, his real conduct will be the opposite with individuals, orphans, wives, tribes communities... A highly-lucrative venture for western businesspeople if they dare to take a stand than means! 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