Are Ethics Important in Business?

Today setting up and managing a business, any business, is no longer a simple and easy task. Given the complexities of consumer needs and technological advancements, ensuring a competitive advantage, developing and retaining customers and satisfying the stakeholders is a huge task, in itself.

If all of that wasn’t enough we have the “Brand” to develop, implement and deliver consistently, in the hope that it creates trust in order to have the loyalty of its stakeholders.

Where the global Muslim consumer is concerned there’s an added twist in this scenario as basic consumer segmentation simply doesn’t suffice whilst approaching them. This segment has a value system underpinning its purchasing decisions and brand selections, that needs to be understood and factored into the business plan

Historically, businesses have been set up using the knowledge and experience of  the past decades. But the world has changed in many ways. In the Muslim consumer segment, the bulk of the consumers are youth and they are disconnected from the communications of the mainstream brands. Yet they are aware and opinionated, thanks to social media.

Simultaneously there’s been a sharp decline in corporate trust and perceived lack of transparency (by stakeholders including employees).

So the question is how does one develop loyalty and preference for a corporate entity whose business activity is solely targeted to the global Muslim community?

Perhaps the starting point is at Islamic ethics. To see how these ethics can be the framework for organisational culture to have a strong and sustainable business.

Coming up next—6 principles of Islamic ethics (you can learn about them by subscribing to this blog by clicking the Sign Up button on the right).