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

The purpose of this newsprint is to prove professionals working in Moslem countries a better pinch of the line of reasoning system in those countries. The Muslim world may be complex as its 1.3 billion people, but there is one harness is straightforward for all Westerners and should never be broken if you want to do business in this bea.One thing you do non require up is the Palestinian-Israeli internet site. Advised Samuel L. Hayes III, an expert on Moslem finance and an emeritus professor of investment banking at Harvard Business School. (Lagace, 2002)Business people, in particular 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 important to grasp. (Lagace, 2002)Keyw ords Koran, Islamic Law, Islamic WorldWhen doing business within an Islamic country you essential understand the basic tenets of the Islamic religion as it relates to commerce. Knowing this you testament have an easier time abroad. Contracts should be fair to all parties. A partnership is preferred over hierarchical claims. (Lagace, 2002)Any type of speculation is prohibited. on that point is no gambling. For instance, if you invested in an Islamic mutual fund, among those industries which would be barred from image as funds would be the gambling industry. But gambling alike 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 chokeiwork. Eschew such abomination, that you may change state (Quran 590).Interest is prohibited. Those who have rake-off will not stand.Allah has permitted trade and forbidden usury. Allah will deprive usury of all blessing, but will give increase for deeds of charity (Quran 2275-6). O you who believe ruin 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 just now 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 whatsoever 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 booming 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 count ry that must be followed. Never mention the Palestinian-Israeli situation. Speak side when making deals this is a status for them to speak English. Send a charwoman 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 misery in the business world. We must understand to do business with different 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.