Rukhsar Ahmed, Mufti Imamuddin and Kamran Siddiqui
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Abstract
This paper attempts to highlight the fundamental principles of corporate governance from an Islamic perspective. Quran-e-Kareem and Hadiths were consulted for basic Islamic principles. However, some renowned Islamic scholars were also contacted. It was found that Islamic principles on corporate governance provide an outline for managers of modern world to run their corporations.
Description
Introduction
“Islam has always encouraged trade and commerce as long as it is conducted within the framework of Holy Quran, and the word of Allah as revealed to his Prophet Muhammad (PBUH)” (Lewis, 2005). Islam strongly encourages all forms of business activities along with positive governance. This requires the basic principles to be followed religiously.
Methodology
The paper is based on desk research and formulates a framework of Islamic principles for corporate governance. Mainly Quran-e-Kareem and Hadiths have been consulted for basic principles. The subject was also discussed with some religious scholars.
