Upholding ethical values in business has several positive effects on both the business itself and the broader society. These effects are highlighted in the documents I have retrieved.
- Maintaining a good relationship with customers: One of the effects of upholding ethical values in business is that it enables a business to maintain a good relationship with its customers. By being honest and transparent in their dealings, businesses can build trust and loyalty with their customers, leading to repeat business and positive word-of-mouth recommendations.
- Enabling lawful profit: Upholding ethical values in business enables Muslim business owners to make lawful profits. By adhering to Islamic teachings and principles, such as honesty and fairness, businesses can ensure that their profits are earned through legitimate means and are free from any form of exploitation or deceit.
- Enhancing truthfulness in trading activities: Ethical values promote truthfulness in all trading activities. By upholding honesty and integrity, businesses can avoid engaging in vices like price hiking or providing false information to customers. This fosters a transparent and fair trading environment.
- Blessings from Allah: According to Islamic teachings, businesses that are conducted with honesty are blessed by Allah. This belief serves as a motivation for business owners to uphold ethical values, as they seek both material success in this world and spiritual rewards in the hereafter.
- Goodwill and legitimate earnings: Businesses that conduct their operations honestly and ethically are more likely to gain goodwill and earn legitimate earnings. This means that they are seen as trustworthy and reliable by customers, suppliers, and other stakeholders. Additionally, they are more likely to attract partnerships and collaborations with other businesses that share the same ethical values.
- Punishment for bad business practices: Conversely, businesses that engage in unethical practices and disregard ethical values are likely to accumulate illegitimate earnings and face punishment in the hereafter. Islamic teachings emphasize that individuals will be held accountable for their actions, including their business activities, on the Day of Judgment.
In summary, upholding ethical values in business has various effects, including maintaining good customer relationships, enabling lawful profit, enhancing truthfulness in trading activities, attracting blessings from Allah, gaining goodwill and legitimate earnings, and avoiding punishment for unethical practices. By adhering to these values, businesses can contribute to a more ethical and sustainable business environment.
