[Extract from Preface of Islam and Business Ethics by Dr S M Hasanuzzaman,
published by the Institute of Islamic Banking and Insurance, London, UK 2003]

Among the set of values the Qur'an and the Prophet's sayings emphasise are the concepts of justice and benevolence. The concept of justice (‘adl) occupies a central place in the economic system of Islam. This value is prescribed in legal, social, moral and economic dealings. It is to be practised with individuals, orphans, wives, tribes, communities and nations and even with peaceful enemies. It is applicable to speaking, giving witness, acting as a guardian, writing an agreement, arbitrating between parties, dealing with other people, judging in a court of law and making business transactions. The concept of justice in an economic context encompasses fairness, equity, balance and equilibrium, symmetry and impartiality.

The Qur'anic verses address individuals not only in their personal capacity but also in their capacity of being rulers, administrators, directors, employers, and all who deal with others. Justice, like truth, is a Divine virtue. Islam does not compromise on this value as it does not compromise on truth. While the Qur'an lays great emphasis on the value of justice, the Prophet has repeatedly persuaded the Muslims to stick to the value of ihsan, which stands for benevolence, generosity, proficiency and magnanimity. The absence of ‘ad! inflicts harm and disturbs peace and harmony, but the absence of ihsan does not harm anybody. It implies a more liberal treatment than justice demands. It begins where the limits of justice end.

Absolute justice is a legal requirement and, therefore, essential, but the Prophet, in line with the Qur'anic requirement, has persuaded his followers to behave magnanimously in claiming their rights and be generous in discharging their duty. ‘While ‘adl eliminates injustice and exploitation and strikes a real balance between rights and responsibilities in society, ihsan decorates the society with generosity, kindness, mercy, forgiveness, self sacrifice, mutual co¬operation and affection. ‘Adl is the primary condition for setting up an Islamic government, while ihsan plays a vital role in building up a truly Islamic society; the former is a legal phenomenon while the latter is moral and religious.


Source : islamic-banking.com