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ISlamIC FInanCE EVOluTIOn                                                    Business islamica magazine                   ...
ISlamIC FInanCE EVOluTIOn                                                                    Business islamica magazineE  ...
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Ethics competitive advantage bus islamica


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ETHICS: Towards achieving a competitive advantage.

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Ethics competitive advantage bus islamica

  1. 1. ISlamIC FInanCE EVOluTIOn Business islamica magazine By Joy AbdullahStrategically ethicalethiCs: towards aChieVingA CoMPETITIvE AdvAnTAgE.We often hear of businesses resorting to immoral conduct vis-à-vistheir customers on the liability side or the state when organizationslook for loopholes to avert fulfilling their obligations to society. Theseactions may in the short-term translate into companies’ balancesheets being on the plus side, but ultimately, such shenanigans will eatup at the profits and cause great harm to the general public. Properimplementation of Islamic ethics shows it to be not only a strategicweapon benefitting mankind towards a prosperous community as awhole but also an effective way to create affinity and loyalty to thesecompanies’ brands.48 49
  2. 2. ISlamIC FInanCE EVOluTIOn Business islamica magazineE thics set the tone, man- ‘competitive advantage’. By basing manifestation of the organization ner, and the platform upon its work culture on Islamic ethics an and its service). which an organization’s cul- organization is automatically under- ture is developed, resulting taking a particular code. A code that This single minded focus of provid-in the way the establishment does its has a positive tone and manner and ing or highlighting the benefits thebusiness. This in turn shapes the way provides a socially interactive plat- recipient gets is the competitive ad-a company’s employees interact and form in order to deliver value to its vantage for the organization. Thisdeliver the brand promise, internally ecosystem, i.e stakeholders which gets identified much more closelyand externally, resulting ultimately in include consumers and employees. (by the stakeholder) with regards tothe positive brand relationship that all the values the individual upholds;marketers strive for in order to have The basics of Islamic ethics compel the overall brand experience is aincreasing trust and transactions (re- an organization to willingly under- positive and preferred one. In turnpeat business). Islamic ethics is de- take all activities which are moral this results in the organization hav-fined as “good character”. The foun- and good, both at the individual lev- ing a profitable brand.dational source towards the gradualcodification of Islamic ethics was theMuslim understanding and interpre-tations of the Qur’an and practicesof Prophet Muhammad (PBUH). Itsmeaning has always been within thecontext of active submission to God,an act performed by the communityin unison. C MThe fundamental force in Islamic Yethics is the notion that every hu- CMman being is called to “commandthe good and forbid the evil” in all MYspheres of life. Islam, as CYa comprehensive way CMYof life, encompasses Ka complete moralsystem that isan important Joy Abdullahaspect of the is a brand en-way it views abler who has dualthe world. We live in expertise in strategican era where good and evil are business planning and brandoften looked at as relative concepts. marketing. Such synthesis ofIslam, however, holds that moral po- el and at strategic planning enables Joy tositions are not relative, and instead, the group or col- aid brands in having a strong repu-defines a universal standard by lective level. By virtue of tation, clear image, and efficient deliv-which actions may be deemed moral these ethics, the organization is ery. By using ethics, values, governanceor immoral. Islam’s moral system is bound to develop a culture wherein requirements and desired brand objec-striking in that it not only defines mo- employees learn and develop indi- tives in corporate planning, Joy minimiz-rality but also guides the human race vidually and thereby benefit through es potential risks a brand may face, inin the way to achieve it, at both an in- this self-improvement. This creates developing the brand’s experience (to itsdividual as well as a collective level. a strong positive disposition and stakeholders). He has strong knowledge attitude, which is then reflected in of Asian & Indian markets. His articlesWhen we, as an Ummah, carry such the brand advocacy that these em- on the importance of ethical brand mar-ethics into our work sphere or com- ployees deliver. The work culture keting encompassing brand reputationmercial dealings we create an envi- approaches delivering the brand ex- management, employee-brand relation-ronment or an organization whose perience as one of the benefits that ship and CSR. These can be viewed atcorporate culture is future-proof the recipient gets through his/her re- and at http://www.and automatically has a sustainable lationship with the brand (as a