What is the Islamic view on business ethics and finance?

Islamic finance and business ethics are based on the principles of justice, fairness, and mutual cooperation. In Islam, all forms of economic activity should be conducted in accordance with Shariah, or Islamic law, which provides guidance on all aspects of life. This includes business ethics and finance.

One of the key principles of Islamic finance is the prohibition of riba (usury or interest). This is based on the belief that money is simply a means of exchange and should not be used to generate profit without risk or effort. Islamic finance therefore promotes risk-sharing between the lender and borrower, and prohibits speculative practices and investments in industries considered harmful to society.

Another important principle of Islamic finance is zakat, or the obligation to give a certain percentage of one's wealth to those in need. This promotes social justice and helps to redistribute wealth within society.

In terms of business ethics, Islamic principles emphasize honesty, transparency, and fairness in all business dealings. Contracts should be clear and agreed upon by all parties, and dishonesty and deception are strictly prohibited. In addition, businesses are encouraged to operate in a socially responsible manner, taking into account the impact of their activities on the environment and society as a whole.