The Western capitalist system often prioritizes profit maximization, sometimes at the expense of long-term sustainability and social impact. Ethical standards in businesses may be upheld as part of the company's value or dictated by market forces to attract and retain customers.

In contrast, Islamic finance and business ethics are founded on principles of justice, fairness, mutual trust, ethical conduct, and social responsibility. These principles, derived from the Quran and the Sunnah of Prophet Muhammad, peace be upon him, emphasize fair treatment of employees, wise and sustainable use of resources, and consideration for future generations. Islamic business ethics range from voluntary good deeds to obligatory acts and serve as the foundation for any business conduct. Key principles include:

1. Fairness and Justice:

• Treat others as you would like to be treated. This includes fair business conduct, prohibiting fraud or deceit, ensuring strictness in weights and measures, and avoiding excessive oaths in sales. The Quran states, "O you who have believed, be persistently standing firm in justice, witnesses for Allah, even if it be against yourselves or parents and relatives" (4:135).
• The Prophet said, “When a sale is held, say, ‘There’s no cheating’” (Al-Bukhari).
• The Prophet said, “Be careful of excessive oaths in a sale. Though it finds markets, it reduces abundance” (Muslim).
• The Prophet said, “When people cheat in weight and measures, their provision is cut off from them” (Al-Muwatta).

2. Responsibility and Accountability:

• Be responsible and accountable for your actions, including in business. The Quran states, "Every soul will taste death. And We test you with evil and with good as a trial, and to Us, you will be returned" (21:35).

3. Respect and Fairness to Employees:

• Avoid exploitation and ensure fair wages and working conditions. The Quran states, "Worship Allah and associate nothing with Him, and to parents do good, and to relatives, orphans, the needy, the near neighbor, the neighbor farther away, the companion at your side, the traveler, and those whom your right hands possess. Indeed, Allah does not like those who are self-deluding and boastful" (4:36). The Prophet Muhammad said: “The wages of a laborer must be paid to them before the sweat dries upon their body” (Ibn Majah, 2434).

4. Trade through Mutual Consent:

• Ensure all trade is mutually consensual without harm. The Quran states, “O you who believe! Eat not up your property among yourselves unjustly except it be a trade amongst you, by mutual consent. And do not kill yourselves (nor kill one another). Surely, Allah is Most Merciful to you” (4:29).

5. Honoring and Fulfilling Business Obligations:

• Fulfill promises and contracts with truthfulness, honesty, integrity, and trust. The Quran emphasizes, “O you who believe! Fulfill your obligations” (5:1). The Prophet Muhammad said, “Do not sell what you do not have” (Tirmidhi, 1232) and “A truthful businessman will be under the shade of the throne of Allah Ta’ala on the Day of Resurrection” (Al-Isbihani).

Additional Ethical Business Practices in Islam:

• Prohibition of Monopolies: The Prophet said, “Whoever monopolizes is a sinner” (Abu Dawud).
• Prohibition of Hoarding: Hoarding merchandise to increase prices is forbidden.
• Prohibition of Prohibited Transactions: Transactions involving riba (interest), alcohol, pork, gambling, and other prohibited items are not allowed.
• Promotion of Free Enterprise: Prices should not be fixed unless in a crisis or extreme necessity.
• No Reward without Risk (al ghormi bil ghonm): Profit comes with responsibility (al kharaj bil dhaman).

Islamic society is based on honesty, justice, and fraternity, and is intolerant of dishonesty. Islam condemns every kind of injustice and exploitation, encouraging its followers to conduct business with justice and human kindness. While it encourages earning profits and self-reliance, it also emphasizes the need for honesty and ethical conduct in business. The Prophet Muhammad, peace be upon him, emphasized honesty in business, stating, “An honest and trustworthy businessman will be with the martyrs on the Day of Resurrection.”