The Value of Islamic Guidance for Corporate Governance

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Kurt Lieberman

Abstract

Islamic guidance is a positive influence on humanity in numerous and diverse ways. In addition to its influence on individuals, Islamic guidance for good corporate governance provides a valuable, practical and business-relevant moral compass. For example, when a business incorporates maqasid values into its conduct, a better experience or outcome can usually be expected. Islamic guidance for humanity helps individuals lead a better life. When individuals are part of an organisation, the environment in which they interact needs to be addressed as well. While individuals should strive to be positive and contribute to the improvement of humanity, creating a suitable climate makes the striving easier and more successful. Essentially, governance is the structure, mechanism, and culture that enables good things to happen. When there is good governance, the result can be a virtuous circle where good actions get reinforced and amplified.

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