Islamic Stewardship Theory
ORIGIN The concept of stakeholder theory issue is not foreign to Islamic organisations. Early Muslim scholars had discussed the behaviour of firm and management and their responsibilities towards society and community (Tahir et.al.1997). The Islamic system of governance works on the principle of no-injury or principle of maslahah (Bashir, 1997). The early works of jurists are also based on these two principles. Islamic organisations must observe and fulfil all obligations prescribed by Islamic Law of Syari’ah including their responsibilities towards society and community. Worldly goods are for the advantage of all and no one has the right to use these goods to cause a loss to the other members of society. The main objective of a firm is based on reasonable profit, just price, just wage and the welfare of society for the benefit of society (Choudhury, et. al. 2006; Azid et. al. 2008). However, the organization of firms in the past was not as complex as it is in the present age. This requires extensive …show more content…
Shuratic decision-making process with consultation and consensus-seeking responds to legal concept of the firm by answering the ‘decision-making by whom’ question. The fundamental question of decision-making for whom, which is an economic concept of the firm, is fulfilled by the Islamic regulatory environment such as hisbah and the role of muhtasib. The fundamental question about to whom accountability is due, namely the accounting concept of the firm, the institutions of Shari’ah supervision and religious audit provides the operational framework. Thus, Islamic firm is expected to develop and operate within such a corporate governance framework to fulfil its organisational objectives and its duties to its stakeholders and larger environment in which it
Islam DBQ
136 Words | 1 PagesHow did Islam spread so quickly? Islam a muslim community that forever changed the middle east In this paper I will explain how it spread through The message,trade,and conquest. Trade was one major thing that spread Muhammad 's word. Mecca being a trading hub in the Middle East helped the word spread.
Islamic World DBQ
940 Words | 4 PagesDuring the Islamic Golden Age, science, economic development, and cultural works flourished in the Islamic world. As they spread to civilizations, such as Greece, Rome, and India, Muslims assimilated, advanced, and applied those cultures’ scholarships. They read books and built their knowledge to the point where they could make their own discoveries. They built a strong trading empire by using scientific instruments and the night sky to guide them, and they had access to plenty of resources and goods. These advancements affected numerous fields in their own society and, eventually, in European society.
Case Study Dynacorp
1336 Words | 6 PagesIntroduction A company’s success is measured by how well it is structured and organized in order to adapt to the changes in environment as well as the changes within itself such as the company’s scale, employees, product scope, etc. Having a suitable, well-structured organizational frame will not only increase the chance of being success but also prolong the company’s lifespan compared to an un-structured one. It is important to note that an organization’s structure needs to fit in with the current situation and does not necessarily required remain unchanged over time. Taking Dynacorp as an example, even though its functional structure contributed to the vast growth of the company at the start, its limitation in dealing with the changes within
Islam Dbq Analysis
476 Words | 2 PagesThe leader that everyone referred to as Mohammad had various things to offer his followers.(1) ~insert an opinion on this topic~ According to documents 1 and 2 he offered things to his followers and the leaders of Christian Arab tribes.(2) Document 1 states that , “Believe or else pay tribute [money]… obey the Lord and His Apostle [Mohammad], and he will defend you. ”(3) This shows that you are only offered something if you believe what he believes or believe in him.(4) In document 2 it is to be said that if you are a Muslim and you follow him you will be brought into the garden of paradise unfortunately if you do not you will be punished.(5)
Richard Graeter's Stakeholders
259 Words | 2 PagesA Stakeholder is any individual who has a vested interest in a business and is affected by the organisations decisions and strategies (Pride, Hughes & Kapoor 2015, p. 10). Therefore, the people most affected by Graeter’s decisions to take a long term view of the business rather than aim for short term profits are the family members who have a stake in the business. At the present, Richard Graeter II (CEO), Robert Graeter (vice president of operations) and Chip Graeter (vice president of retail operations) manage the business and are responsible for all the decisions regarding its operations. Graeter’s management team have chosen to forgo the opportunity for short term profits by adhering to the traditional manufacturing process used by Louis
Stakeholder Salience Theory Case Study
1043 Words | 5 PagesThe Stakeholder Salience Theory, created by Mitchell, Agle and Wood, are based upon the combination of the three relationship attributes to generate general types of stakeholders. These attributes include: Power; Legitimacy; Urgency. “Stakeholder salience” is defined as the degree to which managers give priority to competing stakeholder claims. Therefore if a stakeholder consist of all three attributes, he/she/it will be of most importance and will have more rights and privileges than a stakeholder that consists of only one of the three attributes. As seen in the picture on the right, you can differentiate between the different types of stakeholders, according to where they get placed given the attributes they consist of.
Milton Friedman's Views On Social Responsibility Of Business
1245 Words | 5 PagesHe mentioned that just individuals have responsibility and a corporation is an artificial person and so it has artificial responsibilities, however the similar situation cannot be obtained for whole business. He says that, firstly, we should ask what it refers for whom to examine the doctrine of social responsibility of business. He believes that a corporate executive is an employee of the business in a private property sys¬tem and his employers are his re¬sponsibility and says “That responsi¬bility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while con¬forming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.” The primary responsibility of corporate executive is as an agent for owners of corporation or individuals who constitute charity
Ientaculum: A Changing Lifestyles In Ancient Rome
898 Words | 4 PagesThis organization is rather similar to common modern
Stakeholder Analysis: Lockheed Martin Corporation
1461 Words | 6 PagesIn a competitive world market, businesses must have a thorough understanding of the processes and systems used within the company in order to determine whose interests need to be taken into account when implementing policies and/or programs. This stakeholder analysis is integral to growth and development. For large corporations which have multiple divisions and companies within their corporate structure it is essential to look at all aspects of the business model to identify stakeholders. Establishing the given responsibilities of the various divisions and the direct role they play in the economic success of the firm must also be considered. Many of the largest and most lucrative corporations in the world are those related to supporting military
Two Types Of Stakeholder Analysis Of Mcdonalds
755 Words | 4 PagesStakeholder analysis Stakeholder are entity that will affect the organization actions, objectives and policies. There are two types of stakeholder which is internal stakeholder and external stakeholder. The McDonald’s stakeholders are customers, suppliers, employees, managers, government, local communities and pressure groups. Customers Customers are the external stakeholders of the company, no customer mean zero profit.
Tesco External Factors
3270 Words | 14 PagesEvery stake holders has its own needs and demands from the organization. Every stakeholder which are directly attached to the company requires the information as it required and his role. These are the persons, groups or other company which have legitimate interest in the company and its functions. These persons or the group directly or indirectly communicate with the company. Stake holder analysis is done below to understand the needs and demands of the stakeholders.
Ritz Carlton Organizational Structure
2427 Words | 10 PagesThe different type of structures (1) Functional – each portion of the organisation is grouped according to its purpose. (2) Matrix - ‘’ creates project teams that cut across traditional functional departments, instead of highlighting the role or status of individuals, it gathers together a team of specialists with the objective of completing a task or a project successfully ‘’ . (3) Divisional – It is the grouping of workers on the basis of products being produced, followed by the functional structure. There are two types of divisional structure , (a) Product structure (b) Process structure (4) Geographical – It is the grouping of workers on the basis of regions, followed by the functional structure and , (5) Hierarchical structure which has been adopted by Ritz Carlton. It shows the different levels of hierarchy, span of control and chain of command.
The Paradox Of Embeddedness Analysis
1151 Words | 5 PagesIn this regard, Granovetter's (1985) embeddedness argument has emerged as a potential theory for joining economic and sociological approaches to organization theory. As presently developed, however, Granovetter's argument lacks its own concrete account of how social relations affect economic exchange. Thus, although embeddedness purports to explain some forms of economic action better than do pure economic accounts, its implications are indeterminate because of the imbalance between the relatively specific propositions of economic theories and the broad statements about how social ties shape economic and collective
Ethical Issues In Child Labor
2393 Words | 10 PagesHere you look on the difference between benefits and harms for the society and if the benefits are greater than the decision or an action is considered as ethical, if lower – unethical. Here it is important to identify the stakeholders and an effects on them from actions or decisions of a company. “You can think of a stakeholder as a person or organization that can affect or be affected by your organization. Stakeholders can come from inside or outside of the organization. Examples of stakeholders of a business include customers, employees, stockholders, suppliers, non-profit community organizations, government, and the local community among many others.”
Role Of Corporate Governance In Nestle
1346 Words | 6 PagesAs stated in Principle 1, The Board of Directors directs the Group’s risk assessment, strategic planning, succession planning and financial and operational management to ensure that obligations to shareholders and other stakeholders are understood and met. The board of directors has a collective responsibility for the management of the group to make sure the group is on the way to approach to their objectives while the non-Executive Directors are responsible for bringing independent judgment and scrutiny to decisions taken by the Board of Directors and providing objective challenges to management. Besides, the board of directors also function as formalising and adopting a set of Code of Ethics through the Code of Conduct as Recommendation 1.3 as stated in the Malaysian Code on Corporate Governance 2012 to make sure its compliance, establishing an appropriate set of corporate disclosure policies and procedures and ensuring a whistleblowing mechanism is in place. The Board of Directors recognizes the importance of independence and objectivity in its decision making process. The Directors are professionals of high calibre and integrity and possess in-depth knowledge and experience of the business to enable them to discharge their duties effectively.
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