PRINCIPLE MARKETING (MKTG 3010)

ISLAMIC PERSPECTIVES

PERSPECTIVES OF BUSINESS PRACTICES IN ISLAM

Introduction
-Islam encourages the pursuit of business activities.
It is not crime if you seek the Bounty of your Lord (During Hajj ! ("l#Ba$arah %&'()

 The Goals of Business

" *uslim businessman should conduct all business transactions (muamalat in a manner prescribed in the +ur,an and avoid creating harm to the society and the surrounding environment in -hich it operates.

Forms of Business
#.orms of business activities that are allo-ed from the Islamic perspectives. i Best Investment#seeking the pleasure of "llah.
If the debtor is in difficulty/ grant him time till it is easy for him to repay. But if you remit it by -ay of charity/ that is best for you if you only kne-! "l#Ba$arah %&%)0

ii 1ound 2udgement#resulting in real and durable gains iii 3ight 4onduct

Good Trade Relationship

Customer Trading Partners Stakeholders Employee

O you who elie!e" Eat not up your property among yoursel!es in !anities# ut let there e amongst you tra$$i% and trade y mutual good-will# nor kill &or destroy' yoursel!es# $or !erily (llah has een to you )ost )er%i$ul*- &(n-+isa 4#2,' -

Islamic Marketing
The Ethical Principles of Islamic Marketing
' % 9 ; 5H365H.6L7811 53615 1I7483I5: B3<5H83H<<D 5he believers are but a single

brotherhood.!( "l#Hujurat ;(&'0

property among yourselves unjustly eCcept it be a trade amongst you/ by mutual consent. "nd do not kill yourselves (nor kill one another . 1urely/ "llah is *ost *erciful to you.!
.

= 14I8748 "7D >7<?L8D@8 A 2615I48 <h you -ho believeB 8at not up your

Product in Islam

/alal and Toyyi ah in e!ery aspe%ts o$ produ%ing0 110e0g 2rom 2arm to 2ork3 2arm to 2ridge

Pricing in Islam
Islam prohibit pricing practices that contains the follo-ing elements& #*aisir #5atfif #3iba 5hat -hich ye give in usury in order that it may

increase on (other people,s property hath no increase -ith "llah.! ("r#3um 90D9)#9( #Ikhtikar (hoarding "nd those -ho hoard up gold and silver and spent them not in the -ay of "llah/ announce unto them a painful torment.! ("t#5aubah (&9;
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Pricing in Islam (Cont)

Pri%e o$ an arti%le to e sold must not pre6udi%e proprietor or urden uyer Prohi ition o$ )onopoly and 7pri%es8 resulting $rom it 9nreasona le pri%ing- pri%es should not e set to de%ei!e uyer Pri%e :is%rimination- etween argainers &mumakis' ; non- argainers &mustarsil' y selling the same mer%handise to them at di$$erent pri%es0 Predatory pri%ing &dumping'
,

Promotion in Islam
<esponsi ility to dis%lose all de$e%ts Sales Promotion -without rea%hing =slami% in6un%tions100e0g8>ait (d!ertising80 (d!ertising should not %ontain any prohi ited elements in =slami%0
Oh you who elie!e" >e a$raid o$ (llah ; e with those who are true in words ; deeds0* &(t-Tau a ,#??,'

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Promotion in Islam (Cont)

En%ourage Aood :eeds- EBample %ommuni%ation style 2ul$illing the promise Sales 2or%e )anagement

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Place/Distribution Decisions in Islam

:istri ution %hannel should not %reate urden to the $inal %ustomer in terms o$ higher pri%es and delays0 Prohi ition o$ transportation and storage o$ $or idden goods0 Prohi ition o$ storage resulting in monopoly and hoarding0 =nterrupting goods e$ore they rea%h the market pla%e &Prophet P>9/ deplored this pra%ti%e'
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Place/Distribution Decisions in Islam (Cont)

=$ marketers su%%eed in maneu!ering to get a%%ess to market in$o0 C sellers should also ha!e an option to repudiate this0 9se o$ pa%kaging design and material that %an harm the %onsumer0 =slami% $ramework generally supports healthy %ompetition amongst traders and a %orruption $ree distri ution %hannel0
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