The Measurement of Hisbah Principles in the Islamic Marketing Context

Abstract

The Measurement of Hisbah Principles in the Islamic Marketing Context IntroductionIslamic marketing plays a vital role in safeguarding the needs of all parties, such as buyers, sellers, business partners and the community, and this can be obtained by ensuring that all aspects of marketing activities are in accordance with the regulations stipulated in the Quran and the Sunnah (Abdullah & Ahmad, 2010). The importance of Muslim consumers as an attractive market segment was highlighted by the growth of the Muslim population, as well as the Islamic economy which provide the basis for Halal marketing (Shah, Azhar, & Bhutto, 2019). Halal means 'permissible' and refers to a set of rules that defines permissible and forbidden activities. More specifically, halal products should not be harmful, exploit the environment or labour, neither contain haram (prohibited) ingredients (Floren, Tareq, & Gani, 2019). Records of immoral and abominable acts that consist of injustice, sale of counterfeit and rotten commodities, hoarding, misleading marketing, inexact weight, cheating, indecency and market instability became visible in many markets especially in the developing countries (Attahiru, Al-Aidaros, & Yusof, 2018). According to Diaw (2015), the faulty risk management practices at the institutional, organisational and product level of the world markets are the main causes of the global business crises. Likewise, Iannuzzi and Berardi (2010) expressed that deviation from efficient market logics due to operator's irrational behaviour is the cause of financial crises in the world business. Also, the weakness of previous financial system structure contributed to the failures of high number of financial institution around the globe. Jonck and Swanepoel (2016) affirmed that developing countries are more vulnerable to corruption because of widespread poverty, inability of institutions to enforce the business code of conduct with specific reference to public officials and absence of watchdog agencies. In addition, Ahmed (2010) stressed that nonconformity to the Islamic ethics of marketing and engagement in the non-shariah compliant businesses that include creating money for money (riba), short selling, absence of risk-sharing, selling debts-subprime lending, speculative activities and gambling are the key factors leading to the present financial crises all over the world. Though, ethical reflections particularly those driven by religion play an important role in shaping the business conduct in the world (Ali, Al-Aali, & Al-Owaihan, 2013).However, since the possibility of deceit and fraudulent act in business conduct is inevitable, it is binding for the government to make sure that Muslim traders transact their businesses in proper, just and decent way (Saleh, 2010). To this effect, the government has a vital role of preserving justice in businesses and avoid all possible dishonesty and frauds made in the marketplaces. This necessitates the establishment of an institution that will be responsible for applying and enforcing the Islamic pri...

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