The under developed nations are currently in quest for formulas that could help their economic development and social progress. This has given much limelight to the area of practice and management of institutions which have been the key contributor to a state. Efficient management, sound economic institution coupled with great strategies is essential to erode the root of backwardness (Ali, 1988). The conventional view management as a process towards organisational goal by engaging in four major transactions of planning, organising, leading and controlling (Bartol & Martion, 1994). Another sub category of management that has gained popularity over the years is the Islamic management which refers to an approach to deal with production, consumption
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Islamic management promotes the idea of ‘al adl wa’l-ihsan (justice, equilibirium and beneficience). It means doing things in a proportionate manner, avoiding extremes, at a more metaphysical level, equilibrium, or embracing harmony in the universe (Beekun & Badwi, 2005). In Islamic management worldview, there is no prohibition by Allah on the accumulation of wealth and in fact He promises to reward person whom work hard in changing his faith. However, wealth must be accumulated in a noble manner in accordance with the tawhid and khilafah concept to generate more capital and later help the society. Every wealth accumulated by permissible way (halal) will be rewarded more (barakah) as it is based on taqwa and tawakkal (trust in Allah). Further, one shall note that homoislamicus idea on maximization of utility in Islam is always subject to islah (struggle for excellent). This means that even Islam aims at falah, it does not disregard the worldly matter as it requires its followers to work hard and struggle for excellence. Efforts made can be one of the way and mechanism for individuals to attain falah. Hence, Islamic worldview aims at achieving balance between the wealth accumulations and the …show more content…
Among example of good behaviours and moral values stemming from Islamic management are steadfastness, trustworthy, truthful, sincere, cooperation, transparency and others (Branine & Pollard, 2010). There is also sense of humanity through personal discretions among those who are in the Islamic managerial positions (Branine & Pollard, 2010). Subordinates are treated fairly regardless of their ranks and positions in the company. Consultation or shura, being the key leadership values in Islam had been the basis in all decision making. The suggestions and ideas of others shall be taken into considerations prior to decision making. In contrast, the conventional management may have less degree of humanity in the organisations. Strong adherence to the rules and regulations are the key to good management. Discretions are rarely practice on its workers which showed lack of humanity in the management practice. Works are primarily important and personal excuses are not accepted. Thus, such practice has led to divorce standing between ethics and economy in the neo-classical realm which resulted to insensitivity to moral issues (Naqvi, 2003). Unethical work practice like bribery, corruption, breach of trust, misappropriation of funds, immoral trading, fraudulent transactions, bribery, interest, coercion, and greed can emerged in conventional management (Maududi,
Islamic management promotes the idea of ‘al adl wa’l-ihsan (justice, equilibirium and beneficience). It means doing things in a proportionate manner, avoiding extremes, at a more metaphysical level, equilibrium, or embracing harmony in the universe (Beekun & Badwi, 2005). In Islamic management worldview, there is no prohibition by Allah on the accumulation of wealth and in fact He promises to reward person whom work hard in changing his faith. However, wealth must be accumulated in a noble manner in accordance with the tawhid and khilafah concept to generate more capital and later help the society. Every wealth accumulated by permissible way (halal) will be rewarded more (barakah) as it is based on taqwa and tawakkal (trust in Allah). Further, one shall note that homoislamicus idea on maximization of utility in Islam is always subject to islah (struggle for excellent). This means that even Islam aims at falah, it does not disregard the worldly matter as it requires its followers to work hard and struggle for excellence. Efforts made can be one of the way and mechanism for individuals to attain falah. Hence, Islamic worldview aims at achieving balance between the wealth accumulations and the …show more content…
Among example of good behaviours and moral values stemming from Islamic management are steadfastness, trustworthy, truthful, sincere, cooperation, transparency and others (Branine & Pollard, 2010). There is also sense of humanity through personal discretions among those who are in the Islamic managerial positions (Branine & Pollard, 2010). Subordinates are treated fairly regardless of their ranks and positions in the company. Consultation or shura, being the key leadership values in Islam had been the basis in all decision making. The suggestions and ideas of others shall be taken into considerations prior to decision making. In contrast, the conventional management may have less degree of humanity in the organisations. Strong adherence to the rules and regulations are the key to good management. Discretions are rarely practice on its workers which showed lack of humanity in the management practice. Works are primarily important and personal excuses are not accepted. Thus, such practice has led to divorce standing between ethics and economy in the neo-classical realm which resulted to insensitivity to moral issues (Naqvi, 2003). Unethical work practice like bribery, corruption, breach of trust, misappropriation of funds, immoral trading, fraudulent transactions, bribery, interest, coercion, and greed can emerged in conventional management (Maududi,