19/07/2020
🌜Islamic Marketing🌛
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🌼 In today's society, business often relies on free market economy where firms experience the pressure of competition and seek profit maximization. This may lead to Islamic ethics being overlooked, which makes the application of ihsan impossible.
🌼 Islamic marketing ethics aims at maximizing equity and justice for the welfare of the society.
🌼 Islamic marketing can be defined as a process of value creation. Value creation happens at three levels: transactions, multi-level exchanges, marketing-systems. Such value creation must be in accord with the principles of Islamic transaction (e.g. harm minimization).
🌼 There are five principles of Islamic transaction:
🌺 P1. Harm minimization and benefit maximization
🌺 P2. Riba is a non-transaction.
🌺 P3. Value is to be created through tangible effort.
🌺 P4. Mutual consent is the main condition of trade.
🌺 P5. Marketing activity must minimize the likelihood of post-transaction dispute.
🌼 Islamic Marketing follows certain sets of rules.
💮 Production and sales that are considered unclean is forbidden. Examples include activities that are related to marketing of alcohol, gambling etc.
💮 Adulteration with something concealed in the sale and purchase is forbidden. This means it is forbidden to omit and fabricate the quality and quantity of products.
💮 Sales and marketing of all the instruments meant for prohibited acts are forbidden, for example instruments meant for entertainment like lyre, flutes, harps etc., as well as gambling instruments like backgammon.
💮 Sales and marketing of weapons to the enemies of Islamic faith, or any faith, are forbidden when used for war against Muslims.
💮 Drawing pictures in stone, wood, metal, or any other concrete forms, of living beings from among human beings and animals is forbidden.
Performance of magic, as well as learning and teaching it is forbidden.
🌼 Islamic macromarketing focuses on the question: “how well are marketing practices and thoughts serving societal purposes?”.
https://en.m.wikipedia.org/wiki/Islamic_marketing