The Urgency of Implementing Islamic Business Ethics and Islamic Business Management Post-Pandemic on MSMEs

Abstract

The covid-19 pandemic has reprimanded man with various complex phenomena that have never happened before, both in the fields of health, social, cultural, and economical. In the field of economics, especially the micro, small, and medium sector business actors are mostly paralyzed and on the verge of bankruptcy. This study considers it necessary to examine several aspects of business management, especially MSMEs’ ways of maintaining their business during and after the pandemic. This study aims to examine and analyze the urgency of implementing Islamic business management which can be used as an illustration and guide for business actors. This study uses a descriptive-qualitative approach. The data used is secondary data, referred to as a literature study. The data analysis technique in this study uses three paths, reduction, presentation, and drawing conclusions. The results show that Islamic Business Ethics and Islamic business management are mandatory for business actors so that businesses can run even in the midst of difficult situations. The principles in Islamic business ethics are balance (fairness), free will, responsibility, and truth, while Islamic business management is marketing management, human resource management, and financial management. The results of the study imply that businesses that are run based on Islamic business management principles have the ability to survive and can maintain business continuity. The implementation of ethics and business management within the Islamic framework is very important to be realized by MSMEs actors through their business activities or operations.

Islamic Ethics in Business and Finance: Implication for Corporate Governance and Responsibility

“…These principles, deeply rooted in Islamic teachings, are crucial for ensuring accountability, trustworthiness, fairness, and transparency in business operations. Islamic business ethics emphasize values such as honesty, fairness, responsibility, and transparency (Jumardi et al, 2022). These principles prohibit unethical practices like usury and investing in activities deemed undesirable, such as gambling (Kazmi, 2020).…”

Islamic Business Ethics in The Process of Termination of Employment Amid the Covid-19 Pandemic

“…Employees who can be relied on to accomplish their jobs honestly and to the letter of the law, who will not engage in dishonest or fraudulent practices, and who can provide evidence of strong performance are considered trustworthy (Jumardi et al, 2022). CONCLUSION Victims of layoffs and employers give perceptions from different points of view.…”

Islamic finance principles and performance of micro, small and medium enterprises (MSMEs) in Makindye Division Kampala District Central Uganda

“…This could be accomplished by abiding with Islamic teachings, consistently fulfilling and respecting commitments made to clients, vendors, employees and other stakeholders, and, of course, by keeping promises made to Allah by obeying all his mandates and refraining from all his prohibitions. This demonstrates why Islamic business ethics are essential if businesses are to succeed in trying circumstances (Jumardi et al. , 2022; Kaukab et al.…”

“…This could be accomplished by abiding with Islamic teachings, consistently fulfilling and respecting commitments made to clients, vendors, employees and other stakeholders, and, of course, by keeping promises made to Allah by obeying all his mandates and refraining from all his prohibitions. This demonstrates why Islamic business ethics are essential if businesses are to succeed in trying circumstances (Jumardi et al, 2022;Kaukab et al, 2020). As academics highlight the significance of ethics from an Islamic perspective, Islamic work ethics boost a project's likelihood of success, according to research conducted in Pakistan by Khan and Rasheed (2015) and Rana and Malik (2017).…”