Application of Principles and Moral Values of Islamic Economics in Islamic Business

Abstract

Everyday life is comprised of numerous essential components, including moral values, ethics, and Islamic ethics (akhlak). It is a pattern of behavior that determines how an individual conducts their business. To secure halal company profits and to be blessed by Allah, Muslim businesspeople are required to adhere to moral values, Islamic economic ethics, and ethical standards in general in order to fulfill the requirements of the religion. On the other hand, the demand for this item appears to be decreasing in the views of Muslim business leaders. In addition, the development of current technology in the business sector, which traders can use for good or bad depending on their wisdom and ethical beliefs, is dependent on the growth of those technologies. Therefore, the purpose of this study is to examine the practical application of Islamic economics ideas as well as the moral standards that every Muslim who is involved in business should uphold. During the course of this investigation, a qualitative in addition to a systematic review of the relevant pieces of literature was carried out. According to the findings of the study, Islamic transactions should adhere to a set of eight core values and principles of Islamic ethics. It is anticipated that the findings of this study will direct Muslim businesspeople to practice moral values, ethics, and Islamic ethics (akhlak) in financial transactions, particularly business activities.