Balancing Ethical Responsibility among Multiple Organizational Stakeholders: The Islamic Perspective

Journal of Business Ethics 60 (2):131-145 (2005)
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Abstract

In spite of a renewed interest in the relationship between spirituality and managerial thinking, the literature covering the link between Islam and management has been sparse – especially in the area of ethics. One potential reason may be the cultural diversity of nearly 1.3 billion Muslims globally. Yet, one common element binding Muslim individuals and countries is normative Islam. Using all four sources of this religion’s teachings, we outline the parameters of an Islamic model of normative business ethics. We explain how this ethics model seeks to balance the needs of multiple stakeholders, and discuss its enforcement mechanisms. This Islamic approach to business ethics is centered around criteria that are in common with stakeholder theory such as justice and balance, and includes unique additional criteria such as trust and benevolence

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References found in this work

The Politics of Stakeholder Theory.R. Edward Freeman - 1994 - Business Ethics Quarterly 4 (4):409-421.
Business Ethics and Stakeholder Analysis.Kenneth E. Goodpaster - 1991 - Business Ethics Quarterly 1 (1):53-73.
Islamic ethics and the implications for business.Gillian Rice - 1999 - Journal of Business Ethics 18 (4):345 - 358.
Ethical Theory and Business.T. L. Beauchamp & N. E. Bowie - 1988 - Journal of Business Ethics 7 (11):846-880.
A Fiduciary Argument Against Stakeholder Theory.Alexei M. Marcoux - 2003 - Business Ethics Quarterly 13 (1):1-24.

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