Application of principles and moral values of Islamic economics in Islamic Business

Abstract

Moral values, ethics, and Islamic ethics (akhlak) are fundamental elements in daily life. It is a behaviour that controls an individual’s business activities. For the Muslim business people, the demand for applying moral values, ethics, and Islamic economic ethics is a must to ensure halal business profits and be blessed by Allah. However, this demand seems to be eroding in the minds of Muslim business people. In addition, the development of current technologies in the business world that the traders can utilise for good or bad depends on their wisdom and ethical values. Therefore, this study will review the application of Islamic economics principles and moral values that every Muslim business person should practice. A qualitative via a systematic review of the relevant pieces of literature has been done during this study. The study found eight values and Islamic ethics that should be applied in Islamic business. This study’s finding is expected to guide Muslim business people to practice moral values, ethics, and good manners in economic activities, especially business activities.