ASSIGNMENT 1 (BUSINESS ETHIC)

-WRITEN BY ZULAIKA BINTI ZAINUDIN -

 - ID : 62289212267 -
- GROUP : ME42 -

-BBA (HONS) IN ISLAMIC FINANCE-

THE DEFINITION OF " BUSINESS ETHIC" AND WHY BUSINESS ETHICS IS CONSIDERED
 OF " OXYMORON "

Definition of Business Ethics

“Ethics” can be defined as the critical, structured examination of how we should behave -  in particular, how we should constrain the pursuit of self-interest when our actions affect others.

“Business Ethics” can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular,  it involves examining appropriate constraints on the pursuit of self-interest,  or (for firms) profits, when the actions of individuals or firms affects others.

Definition of Oxymoron

Dictionary said : An oxymoron is a figure of speech in which   incongruous or seemingly contradictory terms appear side by side

Why Business Ethics is considered " Oxymoron"

Some business,they bringing together of two apparently contradictory concept like cheerful pessimist or deafening silence.

An oxymoron: the juxtaposition of contradictory words or concepts. That is what we have with the term "Business Ethics". The very contradiction that is inherent in this latter phrase is an indication of the challenge that individuals who work for organizations face as we all approach the resource limits of this planet.

The global concept of business is fundamentally based on the principle of competition for limited resources. That is the practice of maximizing one's gains at the expense of others. This ultimately has the effect of creating a hierarchy of those who have and those who have not. This is really paramount to "eliminating the enemy" i.e other human beings.

The concept of ethics is based fundamentally on moral principles. That is, principles of right and wrong as dictated by the core human values that we as human beings hold dear in our hearts. These are core values of fairness, love, compassion, integrity, respect, peace, joy, fulfillment, harmony, beauty, etc.

In other words business is about engaging in activities that essentially go against our core human values. Now this may come as a surprise to some because most consider business as normal a human activity as breathing. It is this inherent contradiction that has led to the spate of business executives coming under the ethical spotlight in recent years. In a sense this outcome was inevitable and the trend will continue unless we begin to redefine the principles on which business is carried out.

Definition of Corporate Governance

 Corporate governance is a term that refers broadly to the rules, 

 processes, or laws by which businesses are operated,regulated, 

 and controlled. The term can refer to internal factors defined

 by the officers, stockholders or constitution of a corporation,

 as well as to external forces such as consumer groups, clients,

 and government regulations.

REFERENCES

• http://businessethicsblog.com/2010/03/21/ethics-definition/\
• http://searchfinancialsecurity.techtarget.com/definition/corporate-governance

---

SHARING IS CARING ^-^

---