ISLAMIC MANAGEMENT AS SUSTAINABLE MANAGEMENT FOR DEVELOPMENT AND GROWTH OF A COUNTRY’S ECONOMY COMPARED TO CONVENTIONAL MANAGEMENT

Abstract

The research paper offers a detailed examination of Islamic management and advocates it as a nation’s sustainable and ethically correct framework for economic development and growth, thereby drawing a parallel with the traditional management system. The management system that relies on Islamic law or Shari'ah, puts accountability, equity, and ethical practices at the forefront, thereby, gradually leading to economic stability and social welfare in the long term. On the other hand, management in general, while being profit-oriented and hence operating only in interest-based systems, Islamic management deals with the moral values and brings about a holistic process. Consequently, its application is in accord with social justice and sustainability. This paper brings forth the capability of Islamic management to offer solutions to the worldwide economic problems such as inequality, inefficient allocation of resources, and financial crises through the medium of a resource allocation and wealth distribution policy that is balanced. This paper adopts a qualitative research methodology to analyse the opinions of both scholars and judges involved in Islamic and conventional economics. The paper reveals that Islamic management is a powerful, flexible, and culturally universal model which is able to fit into different global scenarios and be strong enough to survive the economic downturns. It is the very idea of balancing earthly and spiritual goals that is manifested in the principle of striving for both material success and the hereafter which is the main theme of Islamic management. By virtue of these values, Islamic management advocates the implementation of policies and practices that are equitable in economic growth, capacity building in human resources, and improving the quality of life in society. The paper asserts that not only is Islamic management based on ethical governance and eco-friendly principles, but it is also a necessity for the solution of the present-day economic issues and consequently of the long-term growth at the level of both, national and international markets.