Differences in Business Practices in Islamic Countries Compared to the United States Essay

The purpose of this paper is to give professionals working in Islamic countries a reveal understanding of the concern system in those countries. The Islamic world may be complex as its 1.3 billion people, but in that location is one rule is straightforward for all Westerners and should never be downhearted if you want to do communication channel in this argona.One thing you do not bring up is the Palestinian-Israeli fleck. Advised Samuel L. Hayes III, an expert on Islamic finance and an emeritus professor of investment banking at Harvard Business School. (Lagace, 2002)Business people, particularly Westerners who work in this region of the world or do business with an Islamic business person, need to understand the extent to which religion and Islamic law are intertwined at all levels of society, including commerce, to greater and lesser degrees depending on the country. This law is seen as deriving from direct, divine command. Said Vogel. This is significant to grasp. (Lagace , 2002)Keywords Koran, Islamic Law, Islamic WorldWhen doing business within an Islamic country you must understand the rudimentary tenets of the Islamic religion as it relates to commerce. Knowing this you will have an easier season abroad. Contracts should be fair to all parties. A partnership is preferred over hierarchical claims. (Lagace, 2002)Any type of speculation is prohibited. There is no swordplay. For instance, if you invested in an Islamic mutual fund, among those industries which would be barred from representation as funds would be the gambling industry. But gambling also relates to futures to currency hedging so its a major situation that you have to be aware of (Lagace, 2002) this is also found in the Quran. O you who believe Intoxicants and gambling, sacrificing to stones, and divination by arrows are an abomination of Satans playscriptiwork. Eschew such abomination, that you may prosper (Quran 590). matter to is prohibited. Those who devour vigorish will not s tand.Allah has permitted trade and forbidden usury. Allah will disrobe usury of all blessing, but will give increase for deeds of charity (Quran 2275-6). O you who believe Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper (Quran 3130) this isnt always practiced, but it is the theory.Compassion is required when a business is in trouble. Those who devour usury cannot stand. That is because they say, trade is only like usury yet Allah has allowed trade and forbidden usury. Allah does not bless usury, and He causes charitable deeds to prosper, and Allah does not love any ungrateful sinner. Oh you who believe Be careful of your duty to Allah and relinquish what remains due from usury, if you are believers. If the debtor is in difficulty, grant him time until it is easy for him to repay. But if you remit it by way of charity, that is best for you if you only knew. Quran 2275-280In conclusion, there are basic rules when dealing in an Islamic country tha t must be followed. Never denotation the Palestinian-Israeli situation. Speak English when making deals this is a status for them to speak English. Send a woman to do a mans job. Appreciate the intertwining of religion and Islamic law. Show compassion for a business in trouble. (Coady, 2013)These basic principles that the Islamic countries follow are not the bias principles that we here in the States follow. We are taught to make a profit and anything much less is a failure in the business world. We must understand to do business with other countries, especially Islamic countries where religion and business go hand and hand we sometimes have to forget our ways and be flexible. When in Rome, do as the Romans.