Question

Do you think that business practices in an Islamic country are likely to differ from business practices in the United States? If so how?

I am writing a 1 page paper on this topic... i need some easy points or setences that i can use. Please help, 2-5 sentences, Thank you.

Answer 1

Yes, there are many business practices in the US which are different from an Islamic country like Saudi Arabia. They are:

• Islamic banking: An Islamic banking is a system where interest is not paid to the people who deposit their money in the bank because Interest is considered as Unislamic. On the other hand, US banking system is flush with interest payments.
• Economic freedom in production and selling of goods: In an Islamic country economic freedom is very less as compared to the US. In the US you can buy and sell anything which you want but in Islamic countries, you have to follow religious codes. For example, you cant sell bacon or anything which is considered as unIslamic The list of prohibited goods include liquor, Pork and other items.
• Kafala System of labor: This point is controversial but important, It is a system of contract labor which often leads to huge labor human rights abuse, modern-day slavery, and lack of any minimum wage for people working. This system will be unimaginable in a free country like the US.
• Export and import market: Most of the Islamic countries are commodity exporter i.e. they depend heavily on exports of their oil and other mineral resources. Us economy is mainly a consumer economy which depends on imports and not exports.
• Role of the Human resource is very high in the growth of US economy, innovation, knowledge economy are the terms which we can use for describing Us economy But human resources are almost absent in Islamic countries like Saudi Arabia, Iran, Irag, Jordan etc.