Differences in Business Practices in Islamic Countries Compared to the ...

Category: Organization,
Published: 22.11.2019 | Words: 648 | Views: 442
Download now

The objective of this daily news is to provide professionals doing work in Islamic countries a better knowledge of the business program in all those countries. The Islamic universe may be complicated as its 1 ) 3 billion people, although there is a single rule is easy for all Westerners and should never be busted if you want to do business in this area. “One thing you do not bring up is the Palestinian-Israeli situation. ” Advised Samuel D. Hayes III, an expert on Islamic finance and a great emeritus professor of expense banking at Harvard Organization School. (Lagace, 2002) Business owners, particularly Americans who work in this area of the world or do business with a great Islamic entrepreneur, need to be familiar with extent where religion and Islamic legislation are intertwined at all degrees of society, which include commerce, to greater and lesser degrees depending on the country. “This regulation is seen as deriving from direct, divine command. ” Stated Vogel. “This is important to understand. ” (Lagace, 2002) Keywords: Koran, Islamic Law, Islamic World When you are performing business during an Islamic nation you must understand the basic tenets of the Islamic religion mainly because it relates to commerce.

Knowing this you will have an easier time overseas. Contracts must be fair to all parties. A partnership is usually preferred above hierarchical claims. (Lagace, 2002) Any type of conjecture is restricted. There is no wagering. “For instance, if you used an Islamic mutual finance, among these industries which will would be banned from representation as cash would be the betting industry. But gambling also relates to options contracts to currency hedging; therefore it’s an important situation you need to be aware of” (Lagace, 2002) this is also seen in the Qur’an. “O you who believe that!

Need help writing essays?
Free Essays
For only $5.90/page
Order Now

Intoxicants and gambling, compromising to rocks, and necromancy by arrows are an abomination of Satan’s handiwork. Avoid such crime, that you may prosper” (Qur’an your five: 90). Fascination is forbidden. “Those who have devour usury will not stand…. Allah offers permitted control and forbidden usury….

Thor will deny usury coming from all blessing, but will give increase for actions of charity…” (Qur’an 2: 275-6). “O you whom believe! Devour not usury, doubled and multiplied. But fear Thor, that you may actually prosper” (Qur’an 3: 130) this isn’t always used, but it is a theory. Empathy is required when a business is in trouble. “Those who use usury are not able to stand….

That is the fault they say, transact is only just like usury; yet Allah allows trade and forbidden usury…. Allah will not bless usury, and He causes non-profit deeds to prosper, and Allah will not love any ungrateful sinner. Oh you who imagine! Be careful of your duty to Allah and relinquish what remains credited from usury, if you are believers. If the debtor is in difficulty, grant him time until it is easy for him to settle.

But if you remit it by way of charity, that is effectively for you if you only knew. ” Qur’an 2: 275-280 To conclude, there are standard rules once dealing in an Islamic country that must be adopted. Never mention the Palestinian-Israeli situation. Speak English when making deals; this really is a status for them to speak British.

Send a woman to do a man’s job. Prefer the intertwining of faith and Islamic law. Demonstrate compassion for a business in trouble. (Coady, 2013) These basic principles that the Islamic countries comply with are not the bias rules that we within the Claims follow. We are taught to generate a profit and anything a lot less is a failing in the business world. We must figure out to do business to countries, especially Islamic countries where religion and organization go palm and palm we occasionally have to ignore our techniques and be adaptable.

When in Rome, carry out as the Romans.