CSR Guidelines for the Financial Sector - page 84

CSRGUIDELINES FOR THE FINANCIAL SECTOR
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Additionally, we see in Islam that the business dealer who acts in the correct manner, with the highest degree of
honesty has a special placewithinAllah (SWT)’s eyes, and is therefore rewarded for this. As a result, for aMuslim,
business in the correct manner becomes an act of worship and this should provide further incentive for businesses in
theMENA region to act accordingly.
Islam clearly shows us that the business deals of a person should not solely be financially based. There is an equal
importance on themoral behavior of the businessperson. An organization that is deemed to be financially successful
at the expense of good social conduct is unsuccessful. (Mohammed, 2007)
We also learn from the letters of theCaliphate, Ali ibnAbu Talib (R.A) thosewhowere rightly guided to further Islam
after the death of the Prophet Mohammed (PBUH), that organizations should protect themselves from advocating
advertisement of wealth and pursuingmorewealth as greed develops. TheHolyQur’an also states that one should
look to do good deeds rather than chaseworldwealth or family status. This is not to bemistaken as Islam stating
that a business should be solely ethical and that all financial gains should be curtailed. Islam states that a person’s
greed and covetousness should be curbed so that material possession does not consume him.
Islam also states that men should look after thosewho areweak or in destitution as stated Surah-an-Nisaa, 4:75
(HolyQur’an). It is within these deeds that people gain extra credence in the eyes of Allah (SWT).
Alongwith this, we can see that Islamic values gowell beyond the social behavior currently seen in today’s era. Islam
provides the ideal framework for CSR. It provides a basis for social wellbeing, good actions, welfare for those
members of society who are less able and other aspects of high social codes. Islam also provides one further aspect
of social responsibility that organizations today do not usually take into consideration and that is on kindness and
compassion.
Allah (SWT) states in theHolyQur’an that:
“If the debtor is in a difficulty, grant him time till it is easy for him to repay. But if you remit it byway of charity,
that is best for you if you only knew.”
(HolyQur’an, Surah-al-Baqarah, 2:280)
Islam considers issues related to ethical behavior as a significant part of moral order. TheQur’an and the deeds or
Sunnah of the Prophet Mohammed (PBUH) heavily emphasize that Muslim businessmenmust act with high degrees
of lawfulness and that good deeds in the sight of Allah (SWT), remain in the highest standing as noted in theHoly
Qur’an verse of SurahAl- Kahf, 18:46.
It is also possible to further add that the relationship between commercial activity and civil practices in Islam almost
certainly prove that CSR is a natural component of Islam as practiced byMuslims today.
What we see from the above is a clear set of standards developed in the root of Islam on how to not only govern
one’s life but also very clear standards on the governance of businesses, the practices of businessmen and the
aspects of decisionmaking towards people and transactions.
Islam states that business should deal with truthfulness, trading throughmutual consent, a desire to earn in the
correct or Halal manner, Generosity, trust and fair treatment of others. These are just a selection of the business
culture guidelines given by Islam.
Adding in one example from theHadith here, we can see the virtue of truthful business practices:
“The truthful merchant (is rewarded by being ranked) on theDay of Resurrectionwith Prophets, veracious souls,
martyrs and pious people”
(Tirmidhi, Number 1130)
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