Welfare in Islamic Ethics

Abstract

Islamic ethics provides alternatives to “shareholder primacy”—the view that managers should maximise shareholder returns subject to the law. Concern for societal welfare has remained under discussion throughout the history of mankind. Theories, philosophies, policies, legislations, and what not formulates time and again to make this world a happier place to live. Still, there is a search for even better models to organise market forces to deliver in terms of welfare of society. In the corporate world, a good deal of scholarship has been devoted to articulating and justifying the responsibilities and the role of business enterprises and their managers in relation to society. This chapter aims to discuss a framework for the welfare of society being extended by key stakeholders at contemporary workplaces ensuring happiness and prosperity for all.