The UAE is making a push towards increasing knowledge about business ethics within its borders.Ideally, there would be a new institute, built with Islamic values in mind that would promote ethical behaviors. To create this, Abu Dhabi’s Islamic Bank and the Higher Colleges of Technology have agreed to partner together in founding what it has announced will be called the Institute of Islamic Economics and Ethics.
Both partners signed an agreement, for which the HCT chancellor Sheikh Nahayan Mabarak Al Nahayan was a witness.The aim of the institution will be to create knowledge around the issue of business ethics and how to operate an upstanding, ethical business with increased standards of behavior.
Those seeking to have better business ethics will be able to send their employees for training seminars at the Islamic institute. The institute will also do research and publish papers regarding proper conduct.
At the same time in India, during the India Corporate Week 2010, the prime minister gave a talk to the business leaders in India calling for India to have better business ethics. He sited good business ethics as a way to help keep India’s business sustainable and prosperous. He also called for increased transparency within business, something that goes hand in hand with ethics. He noted that corporate responsibility was not a foreign term for India but rather something that has a strong history within the country’s borders.
The prime minister also stated that business ethics should be considered one of the cornerstones of good business.