The Morality of Profit

Unitarian-Universalism and Islamic Finance

Posted in General by on Jun 5, 2010. 0 Comments

When I enumerate the similarities between my Unitarian faith and Islamic finance, it sometimes seems like a lightbulb goes off in the mind of my listener.  The specific rules laid out for Muslims relating to financial ethics and the permissibility of trade and prohibition of interest are different, however the underlying similarities are clear.

— “Ok, so you see your Unitarian beliefs overlapping with the goals of Islamic finance, but do you think that other non-Muslims share your perspective?”

Apart from those who believe in asceticism, most people will agree that profits are necessary to provide an incentive towards work that enables the capitalist economy to function.  Some believe that morality has little, if any, place in the discussion of business and profits.  However, with the growth of socially-responsible and sustainable investing and Islamic finance, there is a growing number of people who believe that morality and profits are intimately intertwined.

Many people, including myself, believe that it is perfectly acceptable to make a profit in business—both in financial and non-financial ventures—but that profit must be made through equitable and just methods that avoid exploitation to be moral.  Differing personal or religious standards of what is equitable and just may appear to severely limit our ability to create a consensus on the morality of profits.  However, there are often more similarities than differences, and these similarities should be the starting point for discussing the morality of profits and there should be significant sharing of experience that will enrich everyone.

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