The Role of Islamic Business Ethics in Managers' Financial Decision-Making
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Abstract
Islamic business ethics have become a significant area of study within the field of business and finance, with growing interest in how these principles influence organizational practices. Despite extensive research on Islamic finance and accounting, limited attention has been given to the subjective experiences of financial managers in implementing Islamic ethics in their decision-making processes. A gap exists in understanding how personal beliefs and ethical dilemmas shape decisions in Islamic-based companies. Here, we present a phenomenological study that explores the lived experiences of financial managers in Islamic-based companies, aiming to answer how Islamic business ethics influence financial decision-making at an individual level. Data were collected through in-depth, semi-structured interviews with 12 financial managers from various Islamic-based companies. The interview data were analyzed using phenomenological thematic analysis to identify and interpret recurring patterns of meaning in participants’ experiences. Through in-depth, semi-structured interviews with financial managers, key themes emerged, including the tension between ethical principles and business pressures, as well as the perception of financial decision-making as a religious duty. These findings contribute to a deeper understanding of the personal and moral dimensions that shape financial decisions, providing insights that extend beyond theoretical models and quantitative analyses. The implications of this research offer a more holistic perspective on Islamic business ethics, encouraging further exploration of the intersection between personal ethics and professional decision-making in Islamic finance.
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