Question

Ethics are moral standards that govern human conduct and the relationship among them and is very relevant to marketing activities. Discuss the four (4) interrelated concepts of Islamic ethics that should be observed by marketers who provide Islamic financial products and services to ensure that the activities carried out are in line with Maqasid al- Shariáh. Please support your answer by providing the relevant Quranic verse or Hadith.

Answer 1

Under Islamic marketing, businesses are expected to keep themselves away from doubtful act. It aims to provide maximum equity, justice for the welfare of the society. It observe that there should not be exploitation of the customers, dishonesty in the exercise of contractual agreement terms & conditions, fraud or deceit in business.

The ishan should be applied to strengthen relationship with customers and make firm competitive & increase brand values.

This should form the foundation of the competition & profit maximization.

The four inter-related concepts of Islamic ethics to be observed by marketers providing Islamic financial products & services that comply with Maqasid al-Shariah are as follows:

1) Keep one's promise - (The Quran, sura 17, verse 34) - One should fulfill one's engagement , promise or covenant and that every engagement is questioned on the day of reckoning.

2) Be honest and fair in one's interactions - (The Quran , sura 17, verse 35) - And give full measure when you measure, and weigh with an even balance. That is the best [way] and best in result.

3) Do not be arrogant in one's claims or beliefs - (The Quran, sura 17, verse 36 and 37) - And do not pursue that of which you have no knowledge. Indeed, the hearing, the sight and the heart - all those will be questioned. And do not walk upon the earth exultantly. Indeed, you will never tear the earth [apart], and you will never reach the mountains in height.

4) Be neither miserly nor wasteful in one's expenditure - (The Quran, sura 17, verse 26, 27 and 28) - And give the relative his right, and [also] the poor and the traveler, and do not spend wastefully. Indeed, the spendthrifts are brothers of the devil, and the devil is, to his lord, ungrateful. And if you [must] turn away from the needy awaiting mercy from your Lord which you expect, then speak to them a gentle word. And do not make your hand [as] chained to your neck or extend it to its utmost reach, so that you [thereby] become blamed and insolvent.