Islamic Perspective:

Trade and commerce have always been a part of Islam. From pre-Islamic days, the Holy City of Mecca has been the center of commercial activities. It was indeed the annual trading center of Mecca that provided Prophet Mohammad the forum for preaching Islam. The early Muslims were not only engaged in trade but they went to distant lands in connection with business. Islam in fact reached East and West Africa, East Asia through the business people. Islam encourages work in general, and trade and commerce in particular, Prophet Mohammad was himself engaged in this profession before he became a prophet. He was a successful businessman. Known for integrity, he bore the honorific title, the Trustworthy, The Quran states: "God has made business lawful for you" In addition, the Qur'an includes rules not only for manners and hygiene, marriage and divorce, but it also lays down detailed rules for commerce and politics, interest and debts, contracts and wills, and industry and finance. Islam has permitted and in fact encouraged business. Islam lays out the basic principles of our economic behavior as consumers, producers and owners of wealth. The Islamic principle in business is based on individual enterprise and correspondingly individuals reward. It is basically based on benefiting the humanity while maintaining Gods orders. In business relationships Islam strictly forbids any discrimination between people based on their religion, sex, or gender. There is no basic conflict between good business practice and profit making in Islam. Islam looks at profit as secondary way to measure efficiency. Business Ethics in Islam 1. Trust: Trust of God's creation and all that is in it. God has created and perfected the whole universe then Man is set over it all with delegated. So as Muslims we realize that we are just trustee for Gods universe and we truly do not owe anything in this life. That kind of belief along with your knowledge that God sees all what you do, will make you work under constant surveillance, and keeps your performance at its best while following Gods defined conduct. (Quran 45-13): And He has subjected to you, as from Him, all that is in the heavens and on earth: behold, in that are Signs indeed for those who reflect. (Quran 6:164): It is He who hath made you (His) agents, inheritors of the earth: He hath raised you in ranks, some above others: that He may try you in the gifts He hath given you: for thy Lord is quick in punishment: yet He is indeed Oft-Forgiving, Most Merciful. 2. Justice and Honesty: Justice can be defined as just conduct, fairness exercise of authority in maintenance of right and fair dealing between each other regardless of faith is strictly laid down in Islam. Honesty incorporates the concepts of truthfulness and reliability and covers all aspects of relationships in human life thought, word and action. It is more than just accuracy; it is an

attitude with integrity. (Quran 4:135): O ye who believe! Stand out firmly for justice, as witnesses to Allah, even as against yourselves, or your parents, or your kin, and whether it be (against) rich or poor: for Allah can best protect both. Follow not the lusts (of your hearts), lest ye swerve, and if ye distort (justice) or decline to do justice, verily Allah is well-acquainted with all that ye do. (Quran 6:115): Perfected is the Word of thy Lord in truth and justice. There is naught that can change His words. He is the Hearer, the Knower. (Quran 11:85): O my people! Give full measure and full weight in justice, and wrong not people in respect of their goods O you who have attained to faith! Do not devour one anothers possessions wrongfully not even by way of trade based on mutual agreement and do not destroy one another: for behold, God is indeed a dispenser of grace unto thee! Oh ye who believe! Eat not up each other's property by unfair and dishonest means." (4:29) 3. Mutual Respect: The third principle is mutual respect and consideration for others is also inherent in the moral teachings of Islam. The application of this has come to mean that self interest only has a place in the community in as much as it takes into account the interests of others. So a person or organization can not under self benefit measures takes an action or start a business that will harm the community or environment more than providing good to it. The prophet (PBUH) said: "You will not attain righteousness, unless you give of that which you love. And said "God loves kindness when you deal with any matter" And also said: "You will not enter Paradise until you have faith and you will not have faith until you love one another". What is forbidden in business in Islam?
1. Islam has not permitted producing, selling and purchasing of goods, which are prohibited in Islamic law. Alcohol, Drugs.. The Prophet of Islam has said: "When God prohibits a thing He prohibits (giving and receiving) the price of it as well." 2. Islam has also prohibited any kind of transaction involving uncertainty, as this could lead to quarrel or litigation. The Prophet of Islam has forbidden transaction involving unspecified quantity, acceptance of money for fish in the river or bird in the air as there is element of uncertainty. Similarly the Prophet of Islam has prohibited sale of fruit till they are ripened. However; if the element of uncertainty is very small, the transactions are permissible. 3. Islam condemns hoarding to make high profit at the cost of public interest (when it is needed or so it will become needed). Islam, however; allows normal trade - buying and selling of goods again and again at a reasonable profit. 4. Islam prohibits fraud in business dealings. The Prophet has said: "Sell the good and bad separately. He who deceives is not of us" The sin of fraud is greater if the seller supports it by swearing falsely. The Prophet has said, "Swearing produces ready sale but blots out blessing". 5. Islam prohibits buying or selling whats legal if we know that it will be used for illegal use: weapons, abortion drugs, drugs for meth making, and so on. 6. INTEREST: Muslims are not allowed to pay or receive interest. This is a shared value in all religions. The Quran is explicit about it and says, "God- has permitted for you trade and prohibited interest" (2 : 275). The Bible says: and lend, never

despairing; and your reward shall be great, and ye shall be sons of the Most High Luke 6:35.

Depositors in an Islamic bank would be treated like shareholders, would receive dividends when the bank makes a profit, and would lose capital when it suffers a loss. The prohibition or fixed interest flows from Islam's concern for social justice Interest is said to reinforce a tendency for wealth to accumulate in a few hands So how would you by buy a house for example? A new trend has recently started that work as follows: An Islamic financing company buys the house. The house then is leased back to you for a fixed period of time. You pay the finance group the rent value plus an additional amount for the house purchase. The value or the lease home will be reassessed every year, and the rent will be adjusted accordingly. In Closing To close let me reassure that it is the responsibility of every Muslim to be ethical in their daily business practices and to act responsibly toward the community in which it serves. To review its business practices and remove from its organization any unlawful activities and devote themselves to productive and lawful activities that benefit mankind. It is everyones responsibility to take a long and serious look at their organization and implement policies and procedures that are conducive. As a general guide to Muslims in business we should adopt the following overriding principals: Love God and his commands more than your trade or business Be honest and truthful Keep ones word Be humble in how you conduct your life Do not deal in fraud Do not bribe Deal justly

Christianity Perspective:
Seventy-five-year-old Ken Crowell strolls along his massive, machinery-strewn assembly lines, chatting with blue-smocked, smiling workers who hail from Israel's Tiberias region. More than 300 Arabs, Jews, and Christians work tidily together to produce antennas for wireless technology used by Motorola and Samsung. Some employees have been with Crowell's company, Galtronics Inc., for more than 20 years. They find substantial incomes and benefits, subsidized all-you-can-eat buffet lunches, and often, salvation through Christ. With more than one billion antennas sold and a 400-member church started by his company, Crowell has now opened plants in China (400 workers) and South Korea (40 engineers) that are "trying to duplicate" the Israel model. "They are managed by believers who know the vision of the company," says Crowell. "The future is very good because everything is headed toward wireless."

The company's vision statement is displayed over its factory entrance: "COMMIT THY WAYS TO THE LORD, TRUST ALSO IN HIM, AND HE SHALL BRING IT TO PASS" (Psalm 37:5). By the 1990s, Galtronics had become the largest employer in northern Israel. Crowell describes his vision when he started the company in 1978: "The calling was first to go to an area where there was little or no Christian witness, to give employment to believers and nonbelievers in a safe working environment, and to support the building of a local church." Today, gospel-oriented, free-market businesses like Galtronics are exploding worldwide as part of a growing movement to generate both temporal and eternal riches. When Crowell pioneered his work, he thought he was simply following God down a sometimes foggy but hopeful path of combining commerce with Christian witness. Now, some say Business as Mission (BAM) is the next great wave of evangelization.

More than Christian Capitalism

The phenomenon has many labels: "kingdom business," "kingdom companies," "forprofit missions," "marketplace missions," and "Great Commission companies," to name a few. But observers agree the movement is already huge and growing quickly. BAM "is the big trend now, and everyone wants to say they're doing it," says Steve Rundle, associate professor of economics at Biola University. Rundle authored Great Commission Companies (2003) and has an upcoming book, An Overview of Business as Mission, written with fellow BAM scholar Neal Johnson. BAM practitioners use business ventures not only to make a financial profit, but to act as an avenue for the gospel. They administer their companies like any Christian running a business: ethically, honestly, and with concern for the business's neighbors. Yes, they exist to provide jobs and services and to make profits. But BAM companies are more than examples of Christian capitalism. The business itself is a means to spread the gospel and to plant churches. BAM companies increasingly have a global flavor, creating jobs in developing countries (unlike traditional aid or missions work) and making disciples who carry the gospel to the larger, hard-to-reach community. The BAM model affirms that business is a Christian calling; that free-market profit is rooted in the cultural mandate; and that rightly done, "kingdom businesses" offer economic, social, and spiritual help to employees, customers, and nations. Big start-ups are often financed by wealthy Christians who expect financial rewards and ministry results. Small start-ups, called microenterprises, use small loans to achieve more modest ministry and profit goals. Some efforts, like Yeager Kenya Group, Inc., fall somewhere in between. By Father John Flynn, L.C. ROME, JUNE 25, 2007 (Zenit) - Confrontations over globalization no longer make headlines, but many concerns remain over the future of the world economy. In past months the question of growing economic inequality has come under increasing attention. Globalization has delivered many benefits, argued a front-page article published May 24

by the Wall Street Journal. The article did concede, however: "As trade, foreign investment and technology have spread, the gap between economic haves and have-nots has frequently widened, not only in wealthy countries like the United States, but in poorer ones like Mexico, Argentina, India and China as well." The experience of the last few years is showing that those with education and skills benefit from globalization. Others, without these advantages, are not so fortunate. While not forgetting the benefits of globalization for many millions of people, the Wall Street Journal also expressed concern that the growing inequalities could provoke a backlash that would damage trade and investment. Earlier this year, U.S. Federal Reserve Chairman Ben Bernanke also warned of problems stemming from economic inequality. In a speech given Feb. 6 to the Greater Omaha Chamber of Commerce in Nebraska, Bernanke defended the idea that the free market does not guarantee an equality of economic outcomes, allowing as it does tthe possibility for unequal rewards due to differences in effort and skill.

Hinduism Perspective:
India is a nation with roughly 1.1 billion people. Of that 1.1 billion people eighty percent are Hindu; therefore Hinduism has a significant impact on the actions of the people in every aspect of their life, including business endeavors. Lets look at some of the basics of Hinduism and better understand how it can affect the people that believe in it. Hinduism is a polytheistic religigon that believes in the transmigration of the soul. Karma is a major concept in that it explains to people that they are born into a social level because of thjl ;' jlppast good or bad deeds that they did. The idea is that if you do good deeds'iytu79p all your life you will be rewarded by socially moving up in your next life. That social level is the organizational structure jlgjcalled the ck;uklaste system. The caste system basically defines peoples roles, stsadgsadgsftjgkatus and social order (Robinson). Thats the very basic skeleton of Hinduism. Here are some of the affects that Hinduism has on Indias business. Slows growth

The caste system has been to blame for slow growth because it rejects the advancement of people from one social level to another or from a lower place in a company to upper management. People born in lower levels that have the potential to do great things are restricted and great ideas are being lost (Arunoday).

Dampens Ambition

If people cant rise to be rewarded for their hard work then they arent going to be putting in the efforts. Again, the caste system is to blame for this affect since it details how and where a person is to function in society, no matter what their work rate and success.

Promotes Specialization

The doctrine of karmabheda details how each person should do the task assigned to them by the caste system (Arunoday). This creates people that have been doing the same task for their entire lives and are now very specialized in performing it.

Inefficient Implementation

Pride of religion in India has been dampened by 1000 years of oppression from Islamic Moguls and British rulers. So, people have a difficult time with decisiveness and implementation (Elliot). There is often lack of unity among workers and sections of a business because of discriminations from integration of people from different caste systems. The mains focus of workers does not include the overall performance of the organization (Arunoday).

High Power Distance

India has the highest power distance rating according to the Geert Hofstede Cultural Dimensions. High power distance can been seen from the consequences of violating the social order in this ancient Hindu text, anybody from the lower orders who has the temerity to mention the name of a higher caste should have red hot nail thrust into his mouth; if he makes the mistake of telling a Brahmin what to do, he gets hot oil poured into his ears and mouth (Economist). This religious text highly emphasizes the punishment received for trying to step out of your boundaries.

Buddhism Perspective:
"Buddhist principles can help cut inventory and reduce supply chain costs." That advice was recently published in an information-technology trade magazine. And while the Buddha might not have had surplus equipment in mind when he advised his followers to reduce their attachments, it is a sign of just how far Buddhist teachings are reaching into the mainstream--even into the dog-eat-dog world of business. "Right livelihood [not doing work that causes harm to self or others] is a tenet of Buddhist practice, but that doesn't mean we should all be social workers," says Chuck Slotkin, a New York investment banker. "Being a Buddhist is not taking a poverty vow, but it's also not being an avaricious a--h--e and stabbing people in the back."

Mindfulness is the key element of Buddhism that many practitioners say they bring to their business lives. But it isn't always easy. "I hear many business people say, 'If I'm trying to be a compassionate Buddhist, how do I run the human resources department of my company? What is compassion when I have to fire someone?'" reports Andy Ferguson, an investment adviser who is organizing a Buddhism and business conference next year that will be attended by the Dalai Lama. "I find it a daily challenge to incorporate the dharma into the rough and tumble world I work in," observes Austin political consultant Glenn Smith, who has worked with such clients as former Texas Gov. Ann Richards. "I can easily fall into the trap of the competitive world and start beating my chest like the guy across the table."
"I find it a daily challenge to incorporate the dharma into the rough and tumble world I work in," observes Austin political consultant Glenn Smith, who has worked with such clients as former Texas Gov. Ann Richards. "I can easily fall into the trap of the competitive world and start beating my chest like the guy across the table."

"It's not like I'm pure and morally or ethically better than someone at a big Wall Street firm when it comes to money," agrees Slotkin, a volunteer director at the New York Shambhala Center. "All I know is that if I practice regularly, everything is more workable. But does that guarantee my deals are going to close? No, I have to be out in the world."

Many practitioners find that their more-measured, aware approach to business is no longer as alien as it once was. A small army of consultants is quietly incorporating Buddhist practices into American corporate life under a variety of other labels. Lama Surya Das, a well-known American teacher of Tibetan Buddhism and Beliefnet columnist, calls it "stealth Buddhism."

The approach is reflected in Jon Kabat-Zinn's mind-body workshops for corporate executives, the spiritually aware management systems of MIT's Peter Senge, and vipassana teacher Mirabai Bush's work with corporations like bio-tech giant Monsanto.

"Basically, we're teaching insight, mindfulness, and metta [loving-kindness] meditation, but we're not teaching Buddhism," explains Bush, whose Center for Contemplative Mind in Society coordinates programs

on 75 college campuses that incorporate contemplation into professions from architecture to science--and even includes a program at West Point military academy.

"Many people fear that when you teach meditation in a business setting--particularly around a business making controversial products--you're increasing their efficiency," she acknowledges. "Our hope is that by offering an environment of awakening and trust, as people grow in the practice they will see more clearly what they are doing and make wholesome choices."