Differences in Business Practices in Islamic Countries Compared to the United States
Timothy D Bell
University of the Incarnate Word
The purpose of this paper is to give professionals working in Islamic countries a better understanding of the business system in those countries. The Islamic world may be complex as its 1.3 billion people, but there is one rule is straightforward for all Westerners and should never be broken if you want to do business in this area.
“One thing you do not bring up is the Palestinian-Israeli situation.” Advised Samuel L. Hayes III, an expert on Islamic finance and an emeritus professor of investment banking at Harvard …show more content…
Interest is prohibited. "Those who devour usury will not stand....Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity..." (Qur'an 2:275-6). "O you who believe! Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper" (Qur'an 3:130) this isn’t always practiced, but it is the theory.
Compassion is required when a business is in trouble. "Those who devour usury cannot stand.... That is because they say, trade is only like usury; yet Allah has allowed trade and forbidden usury.... Allah does not bless usury, and He causes charitable deeds to prosper, and Allah does not love any ungrateful sinner. Oh you who believe! Be careful of your duty to Allah and relinquish what remains due from usury, if you are believers. If the debtor is in difficulty, grant him time until it is easy for him to repay. But if you remit it by way of charity, that is best for you if you only knew." Qur'an 2:275-280
In conclusion, there are basic rules when dealing in an Islamic country that must be followed. Never mention the Palestinian-Israeli situation. Speak English when making deals; this is a status for them to speak English. Send a woman to do a man’s job. Appreciate the intertwining of religion and Islamic law. Show compassion