Alhassanain(p) Network for Heritage and Islamic Thought

3.0 ISLAMIC WORLDVIEW

On a very breezy evening, an old man walking from the north passed by a group of children who were sitting on a wooden bench. The children who were busy talking to themselves did not notice the poor old man. Suddenly, the old man approached them and asked a very simple question, while pointing his forefinger to a big tree: “What do you see?” The first child answered: “It is a tree”. The old man nodded his head. Then, the second child answered: “It is a tree which will die after some times”. The old man smile and nodded his head again to agree with him. Then the last child, after thinking for a while, he opened his mouth and said: “It is a tree. It has been created by the Almighty. The rest of its life has been spent to worship its Creator until one day when the time has come, it will die, leaving this world. Likewise the tree, the same goes to human like us. The only different is that there will be a life after our death where all our actions and deeds in this world will be counted”. The old man was very surprised and tapped the child’s shoulder and said: “Yes, you are true!”

What makes the children gave different answers to the old man? Is it because the third child is more mature than the others? Maybe, but let assume that their level of maturity are the same since they are just children of a same age. One reason for that is what Chapra (1992) called worldview. Worldview is “a set of implicit and explicit assumptions about the origin of the universe and the nature of human life” (p. 1). In other words, worldview is “the way in which a person sees and explains the world and his place in it” (Hamid, 1999, p. 1). As a building with its foundation, worldview serves as an essential base for man since the way he thinks, acts, behaves and his reflections towards everything are directly influenced by his worldview (Hamid, 1999; Chapra, 1992). The different answers provided by the 3 children previously might also as a result of different worldview.

Meanwhile, the sources of worldview might vary. Some acquires it from religions (Hamid, 1999; Baydoun, Mamman and Mohmand, 1999), while others perhaps inherited from their ethnics which they belong to or maybe they just blindly follow others. As compared to the “materialist fundamental secularism” (Shahul, 2001, p. 19) of the Western worldview, Islam sees this world from dual perspectives. In essence, “Islamic ontology presents a dual worldview, this world (universe) and the hereafter” (Shahul, 2001, p. 9). Therefore, how by just looking the world from dual perspectives can contribute to the effective corporate governance? This can be illustrated from the diagram 1.

Shahul (2001) claims that different worldview leads to different values and norms. But before we could derive into various distinguished values, we have to understand that such values are actually originated from different concepts. Based on literatures (Chapra, 1992; Haneef, 1997; Hamid, 1999; Abdalati, 1998), we have identified one fundamental principle,tawheed , and three other core concepts, namely man, universe and religion, which are underlying the Islamic worldview.

Diagram 1: The function of worldview in shaping corporate governance

From the fundamental principle and the core concepts, there are several essential sub-concepts, which areamanah (trust),khalifah (vicegerent),ikhtisab (accountability) and‘ibadah (worship). It is from these core-concepts we derive five significant values which might give far reaching impacts on the corporate governance. The values identified aresiddiq (truthfulness),ikhlas (sincerity),‘adalah (justice),ukhuwwah (brotherhood) andmujahadah (determination). If a Muslim has in himself all these values, we do believe that he could become an individual who is really abide by the Islamic teachings and here, we regard him asinsan muttaqun (pious individual). At the same time, since a major element of any system including corporate governance is people, thus we can conclude that pious individuals can be one of the factors that contribute to the effective corporate governance. A detailed discussion on this, refer section 3.4 of this report.

Now, let us focus on the diagram since the following paragraphs would deal in depth with the fundamental principle, core concepts, sub-concepts and values.

3.1 Tawheed (Unity of God)

Tawheed literally means “unification or asserting oneness” (Cowan, 1976 in Bilal, 1994, p. 1). However, here it refers to the realization and maintenance of the Unity and Oneness of Allah in every one’s actions either directly or indirectly. Because of this,tawheed or unity of God is not only an important concept but also a fundamental principle for the Islamic faith and it permeates all aspects of life (Haneef, 1997; Alhabshi, 1987). Faith, according to Chapra (1992) is the most important element for human well-being. Apart from putting human relations on a proper foundation, it ensures the realization of other essential values such as equality, brotherhood, social justice, truthful and honesty (Alhabshi, 1987).

The importance of faith in life has been described by Al-Ghazzali as quoted in Chapra (1992). According to him:

“The very objective of the Shari’ah is to promote the welfare of the people, which lies in safeguarding their faith, their life, their intellect, their posterity and their wealth. Whatever ensures the safeguarding of these five serves public interest and is desirable” (p. 1).

Faith gives us the light by which we can see what needs to be done and how (Shafaat, 2001). It gives the inner strength to persist patiently and make necessary sacrifices. Above all, it brings the help of God and whatever strength we posses is increased. In addition, it gives us moral and spiritual force that can sometimes conquer without the use of physical force.

Meanwhile, the division of tawheed is three (Bilal, 1994), namelyTawheed ar-Ruboobeeyah (Maintaining the Unity of Lordship),Tawheed al-Asmaa was-Sifaat (Maintaining the Unity of Allah’s Names and Attributes) andTawheed al-‘Ebadah (Maintaining the Unity of Worship).Tawheed ar-Ruboobeeyah means that there is only one God which is Allah, Who caused all things to exist and the only Lord of the universe. This type oftawheed is not only accepted by Muslims but also the whole mankind. Meanwhile,Tawheed al-Asmaa was-Sifaat, request the creature to have unconditional belief on the 99 Names of Allah as well as His Attributes. This includes the prohibition of adding or repealing any of His Names and Attributes. The utmost importanttawheed, which distinguishes a Muslim from a non-Muslim, isTawheed al-‘Ebadah. Here, it requires all forms of worship must be directed only to Allah because He alone deserves worship and there is no intermediary or intercessor between man and God unlike in any other religions. Thus, if we put the concept oftawheed into practice, it will free human beings from their dependence on other human beings. Therefore, to fully appreciate the principle oftawheed, one has to accept all the three divisions oftawheed.

The very broad effects of thistawheed are three (Al-Fawzaan, n.d.):

Uniting the word of Muslims. This will result in strengthening the Muslims and assisting them in defeating their enemies, so long that they continue to follow the Islamic teachings.

Prevalence of safety and peace in a unified society. Since the individuals in such society will take care in doing only that which Allah has made halal and abandoning that which Allah has made haram, it will prevent people from enmity, oppression and injustice, while directing them towards co-operation, love and deep brotherhood for the sake of Allah.

Achievement of happiness, attainment of the khilafah (succession of power and authority) in the earth, maintaining purity of the religion and being steadfast against the onslaught of false belief and foreign ideologies.

As a Muslim, it is important to ensure that we believe that Allah is the ultimate cause and the end of everything. This implies that everything happens in this universe are with Allah’s permission. Since He is the only One creator, He deserves all the praise and gratitude. Similarly, every thought and conduct of a Muslim is directed or targeted towards attaining the blessing of Allah S.W.T.Tawheed also dictates the relationship between man and his environment. It will prevent mankind from behaving badly and destroying the world in the process. It requires mankind to follow the Message of Allah, thereby avoiding bad and destructive conducts which are detrimental to all living beings on this planet.

3.2 The Core Concepts

As described in the previous paragraph, there are three core concepts which differentiate Islam from the Western, namely the concepts of man, universe and religion.

3.2.1 Man

From an Islamic point of view, human being is created by God infitrah, a state of free from any sin (Hamid, 1999; Al-Faruqi, 1992; Abdalati, 1998; Chapra, 1992). In another way, all babies born in this world are originally Muslim, submission to the Will and Law of God. Being an innocent creature, man will only be held responsible for his individual actions or inactions in this world. This is because sin is not “hereditary, transferable, or communal in nature” (Abdalati, 1998, p. 58). However, some Westerners (especially Christians) believe in the idea of original sin. This concept implies that the moment a human being comes into this world, he has already inherited in himself the failures and sins of his ancestors (Chapra, 1992).

Unlike any other creatures, men are endowed with‘aql (intellectual) so that they can utilize its capacity to manage this world in accordance to the Divine Will (Haneef, 1997; Hamid, 1999). That is why men have been conferred the title of God’skhalifah (vicegerent). The wordkhalifah is directly mentioned in the Qur’an, the very first time God intended to create human being;

“Behold, thy Lord said to the angels: “I will create a vicegerent on earth”. They said: “Will Thou place therein one who will make mischief therein and shed blood? Whilst we do celebrate Thy praises and glorify Thy holy (name)?” He said: “I know what ye know not”” (2:30)

With the intellectual capabilities, men are given the freedom to choose. According to Shari’ati (1979) as quoted in Triyuwono and Gaffikin (1996);

“It is only man who can rebel against the way different from that in which he was created, who can defy even his spiritual or bodily needs, and act against the dictates of goodness and virtue…He is free to be good or to be evil, to resemble mud or to resemble God”.

Hence, we could understand here that the choice of whether to follow the Divine Will or not is made by men. As a consequence, in Islam we have the concept of responsible agent whereby men will be personally responsible for his deeds (Abdalati, 1998). It contradicts with the belief of the Westerners which fall on either of two extremes. The first extreme is called “determinism” or “pawn and tabula rasa” (Chapra, 1992, p. 204). According to this belief, men are “passive agents who is unable to create his social world” (Triyuwono and Gaffikin, 1996). It seems that they are static objects which only respond to the external forces. These external forces have the absolute power and control over the objects. On another extreme which is termed as “Sartre’s existentialism”, it assumes that there is no God and therefore no limit in the freedom enjoy by men. “Every aspect of man’s mental life is intentional, chosen and his responsibility” (Chapra, 1992, p. 205). As this belief only result in the concept of absolute freedom propagated by the capitalist, in Islam, even though men are given freedom, such freedom is not absolute. They are still bound to the Islamic tenets in order to achievefalah (success in this life and the hereafter). If men still believe that they are independent and self-sufficient, it will lead them to become extremely proud, ungrateful, and arrogant and as a consequence, they have the tendency to forget or reject the truth of the existence of God (Hamid, 1999). Therefore, the only lifestyle suit with thekhalifah is humble, down to earth and grateful.

Apart from that, even though men have been regarded askhalifah, they actually own nothing of the resources. Only Allah is the ultimate owner of the resources. Men are only trustee of all resources (Al-Faruqi, 1972; Alam, 1998; Baydoun et. al, 1999). This is where the concept ofamanah (trust) sets in. As a trustee, men have to make sure that they keep the trust according to what has been instructed to them by God. They also have to utilize the resources in an efficient and equitable manner for the benefit ofummah (community). Allah has mentioned in the Qur’an;

“O ye who believe! Betray not the trust of God and Apostles, nor misappropriate knowingly things entrusted to you” (8:27)

Thus, the concepts ofkhalifah andamanah absolutely have implications in everyday lives of a human. If men really understand both concepts, they will be no corruption in this world. The same things will be for corporate governance. The concept ofkhalifah entails that one has to manage this world according to the Divine Will. Meanwhile, realizing the resources owned by a company are actually entrusted by other people i.e. shareholders, depositors etc. this will require those who manage the company to beamanah .

3.2.2 Universe

Westerners who are claimed by Shahul (2001, p. 19) uphold the “materialist fundamental secularism” most of them disbelieve in the existence of life after death. Such a belief renders them to devote their life totally to the achievement in this world. Due to that, the most successful man according to them is the one with the most material achievement.

On the other hand, in Islam besides this world we believe in the existence of the eternal life after death. Happiness in that life depends on our deeds in this world. If we fill our life in this world with good deeds, instead of the bad ones, it will at least grant us with the happiness in the eternal life. This temporary world is full of tests and trials (Chapra, 1992) which determine whether one deserves to be in the Heaven or otherwise to be dumped in the Hell fire. Even though our aim is to achieve happiness in the hereafter, Islam never requires us to abandon everything that relates to this world;

“But seek, with the (wealth) which God has bestowed on thee, the Home of the Hereafter, nor forget thy portion in this world; but do thou good, as God has been good to thee, and seek not (occasions for) mischief in the land: for God loves not those who do mischief” (28:77).

Believing in the existence of theghai’bat (invisible world) such as Heaven, Hell, Evil, etc is another way of perceiving this world which some of the Westerners refused to accept it. The existence of two angels with every human being who records their every act and this record of reward and sin should force us to behave according to the Divine Will.

By having faith in the rewards and punishments (Shahul, 2001), the concept of accountability plays a major role. As a Muslim, we should believe that we will be held accountable to whatever we did during our life. Not only our actions will be taken into consideration, but rather more importantly is our intention. Therefore, we have to be really sure that we do not deviate from the Islamic values and norms.

3.2.3 Religion

Religion from a Western viewpoint is:

“a way of spending an hour or so on Sundays in practices…It has little or nothing to do with commerce or economics or politics or industrial relationship” (Haneef, 1997, p. 40).

From this statement, we clearly understand that Western separates the religion from their worldly activities. It means that religion is only a private matter. Even worse than that, some of them may only turn to religion especially in times of distress (Hamid, 1999).

On the other hand, the Unity of God implies that there is no separation between religion and material life. The Islamic religion regulates every aspect of life of its followers, including politics, economics, social and so on. Therefore, the separation between religion and the management of the affairs of organization is not accepted in Islam (Baydoun et. al, 1999). This also means that there is no separation between economic responsibility and ethical responsibility from Islamic standpoint.

In addition, Islam is not merely a religion but it is a complete way of life (Alam, 1998; Alhabshi, 1987). The term “way of life” is actually extracted from the Arabic worddin. According to Muratta and Chittick (1996), literallydin means “to obey, to be submissive and to serve” (p. xxviii). From a different context, it also refers todayn, which means debt. As an analogy, if you have a debt, definitely you have to pay to the lender. Same goes to the relationship between man and God. God has given everything to be enjoyed by man. As a result, man becomes indebted to God and therefore need to pay back as a sign of gratitude. Since God gives us life, thus everything we do in this life (totally) must please God.

Apart from being regarded askhalifah, men have to realize that they are also‘abd (servant) to Allah. Allah has stated in the Qur’an,

“I have created Jinns and men, that they may serve Me” (51:50)

From thisQur’anic verse, we understand that the purpose of our existence in this world is to worship Allah. Since, Islam is the way of life, the concept of‘ibadah is very relevant here. It also reflects the requirement oftawheed al-‘ibadah as described previously where an‘abd must make sure that he only worship the One and only, Allah. However, before an action can be considered as an‘ibadah, one needs to have good intention and that action must not contradict with the Islamic tenets.

Since westerners believe that religion is a private matter and relates to Church, therefore they only act and behave morally in Church. When they leave Church, their life has been freed from any religious constraints. However, in Islam, be it is in the mosque, in the public places or even in the toilet, Muslims must submit themselves to God and behave accordingly to the Islamic teachings. They must make sure that everything they do are regarded as‘ibadah by Allah so that they can increase their chances of gettingjannah (heaven).

In order for men to discharge their responsibilities as an‘abd , Allah has provided them with the HolyQur’an. Holy Qur’an provides the answer to that all important questions by imparting sure and complete guidance in all different problems of human life, including ethics (Ansari, 2001). Apart from that, Allah has sent us the Prophet in which all the good examples can be found;

“Ye have indeed in the Apostle of God a beautiful pattern (of conduct) for any one whose hope is in God and the Final Day, and who engages much in the praise of God” (33:21)

It this verse, as a Muslim, we should make the Prophet as our role model in our daily lives. Unfortunately, Muslims nowadays have been corrupted by the Western ideologies to the extent that their role models are celebrities, sportsmen, politician etc which have lifestyle most of the time deviates from theshari’ah guidelines. Thus, to success in this life and the hereafter, we should follow the guidelines of theQur’an and the Prophets in each and every part of our life and not merely in the case of getting married of more than one wife!

3.3 Important Values

From the concepts we derive five important values, namelysiddiq, ikhlas, ‘adalah, ukhuwwah and mujahadah .

3.3.1 Siddiq (Truthfulness)

Truthfulness is a basic ethical value of Islam. It has been stated in the Qur’an;

“O ye who believe! Fear God, and (always) say a word directed to the Right” (33:70)

The truthful people are those who do not lie in their sayings or their promises. In fact, our Prophet, Muhammad (pbuh) is the most truthful person and regarded asas-Sadiq . However, the concept of truthfulness is actually wider than just in sayings. One also needs to be truthful in action and more importantly in faith. Truthfulness in faith can only be achieved when there is congruence between intentions, words and actions.

Maududi (1992) as quoted in Raba (2001) defined the meaning ofsiddiq :

“The one who is upright and just, who is always actuated by truth and righteousness; who is fair and equitable in all his dealings; who always sides with truth and justice from the core of his heart; who opposes tooth and nail all that is unfair; without showing the least weakness; who is pure and so unselfish that both friends and foes expect nothing but impartially from him” (p. 179).

The importance of truthfulness is described here to the extent that it covers all other values such as righteousness, trustworthiness, justice, fairness and brotherhood. That is why in a different verse in the Qur’an, Allah did rank truthful individuals in the second group after the Prophets;

“All who obey God and the apostle are in the company of those on whom is the Grace of God, - of the prophets (who teach), the sincere (lovers of Truth), the witnesses (who testify), and the Righteous (who do good): Ah! What a beautiful fellowship!” (4:69)

Thus, in the context of corporate governance, a business has to be honest, truthful and straightforward in all of his business dealing (Elati, n. d.). Later on, we will look that an important element of corporate governance in Islamic institutions is theShari’ah Supervisory Board (SSB) which is responsible to ensure that all activities have been carried out in accordance toShari’ah. People will rely on the report issued by the SSB in the annual report to evaluate the conformance with theShari’ah. Without this truthfulness, definitely the objective of the report can be achieved.

3.3.2Ikhlas (Sincerity)

Another important value in Islam isikhlas (sincerity). This value is actually determining whether one’s deeds can be considered as‘ibadah. The importance ofikhlas is obviously described in Islam to the extent that thehadith (Prophet’s sayings) regarding ofniyyah (intention) is placed first in the collection ofhadiths by Imam Nawawi;

“Actions are to be judged only by intentions”

Al-Ghazzali interprets this by saying that;

“Intention, without action is superior to action without intention, since action without intention is not worship, though intention without action is worship” (Umaruddin, 2003, p. 261).

According to the concept of‘ibadah previously discussed, we have understood that the sole purpose of man creation is to worship God. Therefore, to ensure that everything we do is considered by‘ibadah, our intention must be solely directed to get Allah’s pleasure. Nevertheless, most of us misunderstood the relationship between intention and action. Both our intention and action must be good in order to consider‘ibadah . It is totally different from the ends-means ethic practiced by the Westerners.

In the context of corporate governance, managing a company, be it a small or big company, as long as the management is based on the Islamic teachings, therefore it can constitute an‘ibadah . If one is sincere, he surely will try his best to manage the company in a way that it can benefit not only the shareholders or owners of the company, but the fruits are also enjoyed by the wholeummah (community). Especially in the case of Islamic institutions whereby they are required to payzakah, they pay in sincere, without any attempt to plan thezakah payment or other intentions such as to reduce tax payment.

3.3.3 ‘Adalah (Justice)

Establishment of justice is very essential in Islam and became the primary mission of all God’s Messengers:

“We sent aforetime our apostles with clear Signs and sent down with them the Book and the Balance (of Right and Wrong), then men may stand forth in justice;” (57:25).

Justice means that “everything should be placed in its proper place” (Umaruddin, 2003, p. 204). Al-Ghazzali even regards justice as one of the four cardinal virtues together with wisdom, courage and temperance. In addition, it is also one of the principal aims of Shari’ah (Alhabshi, 1987; Chapra, 1992)

However, the establishment of justice is not possible unless if it is based ontawheed (Alhabshi, 1987). This is becausetawheed implies that it is either one between two: the Creator and created. Since there is only one Creator which is Allah, therefore all others are creatures. In the case of human being, all men are equal and thus there is no such thing as one is superior than others to the extent that he must be worshipped.

In the case of business, justice plays a very important role to prevent discriminations and excessive monopolies while at the same time ensure fair treatment and equitable distribution of wealth (Elati, n.d.). Equitable distribution here means that every individual will have its own right to income and wealth depending on the person’s intelligence, ability, aptitude, expertise and wisdom. Fair treatment implies that a company might have different types of stakeholders, from the shareholders to the community at large, where each has its own needs and rights. In order to practice social justice, management of the company has to take into consideration the needs of these various stakeholders and try their best in fulfilling it. Failure to do so will result in numbers of problems such as fraud, insider trading, strike and other social and environmental consequences.

3.3.4 Ukhuwwah (Brotherhood)

Similar to the concept of justice,ukhuwwah (brotherhood) is actually a bond that ties one man to another. This concept of one brotherhood keeps all individual at the same level regardless of race, colors, language etc. It is the fundamental principle in understanding the sense of community (ummah ), fraternity and associativeness (Bashir, 1998). Since all men are equal, therefore one should not have negative perception and intention towards other people. They should sincerely take care and love of others since the Prophet (pbuh) is said to have mentioned:

“Abu Hamzah Anas bin Malik r.a. who was servant of the Messenger of Allah (pbuh) reported that the Prophet (pbuh), said:

None of you truly believes (in Allah and in His religion) until he loves for his brother what he loves for himself (Al-Bukhari & Muslims)”.[3]

Al-Ghazzali in Umaruddin (2003) claims that the highest form of friendship in Islam is when the needs of a brother is preferred or prioritized over one’s own needs. Even though this type of friendship is easier said than done especially in today’s world where material becomes the aim, if it can be practiced, nobody will feel depressed, unfairly treated and consequently the spirit of cooperation can be collectively flourished.

TheQur’anic model code is based on the emphasis on ‘duty’ in contrast to the emphasis on ‘right’ (Ansari, 2001). Right is against someone, whereas duty is a duty towards someone. The emphasis on duties creates harmony in social life, because if everyone were to concentrate on his or her duty, the emphasis on grumbling for rights naturally vanish. On the contrary, the emphasis on rights creates strife because if everyone were to think about his rights on others, he would hardly have the mind to think of his duties towards others. This is actually the essence of brotherhood in Islam.

Ukhuwwah, apart from can tighten the relationship among people, it also can hinder individualism. Individualists will only think about maximizing their own benefit to the extent that such achievement might be attained at the expense of others. In the context of corporate governance,ukhuwwah among the members of the organization is rather more essential to ensure that day-to-day operation can run smoothly. It is from this spirit, one feels obliged to take care of others. For instance, let say a manager has been found unintentionally taking his work for granted. Realizing that it will harm the whole company as well as other stakeholders, a responsible colleague feels responsible to remind him on his attitude. Without the spirit of brotherhood, perhaps that colleague might just ignore and let the manager to continuously do the mistake. At the same time, he is counting days to report such wrongdoing to a higher level manager so that the manager can be sacked from the organization.

3.3.5 Mujahadah (Determination)

Mujahadah (determination) is very important an act as a complementary value to ensure the fulfillment of other values. According to Al-Ghazzali in Umaruddin (2003),mujahadah “must be resorted to in order to renounce worldly things” (p. 258). One’s strength in overcoming the evil and other negative influences is determined by how deep his faith to Allah. Therefore, even thoughmujahadah against the self is extremely difficult, it is most indispensable means to spiritual progress. Because of the difficulties in struggling against the self, someSufis regard it as greaterjihad than fighting against the enemies (Umaruddin, 2003)

Raba (2001) claims that there are few characteristics of self have been mentioned in the Qur’an, namelyAl-Nafs Al-Ammarah (The Commanding Nafs), Al-Nafs Al-Llawwamah (The Accusatory Nafs), andAl-Nafs Al-Mutmainnah (The Perfected Nafs). Of course, one should strive hard to get theAl-Nafs Al-Mutmainnah . By maintaining such self, it will influence us to do good deeds and at the same time, good values such as truthfulness, sincerity, justice and brotherhood can easily be ingrained in ourselves. On the contrary, if one maintains with theAl-Nafs Al-Ammarah, he is prone to do bad things.

However, one has to really strive very hard to achieve the level ofAl-Nafs Al-Mutmainnah. He not only has to keep his heart “clean” but also needs to constantly performmuhasabah (self-examination). Suchmuhasabah, if it is done sincerely,should be able to help him to be a better individual not only spiritually but also in every spheres of life.

3.4 Insan Muttaqun (Pious Individual)

Allah has stated in theQur’an of those people who occupy the highest level of man;

“O mankind! We created you from a single (pair) of a male and a female, and made you into nations and tribes, that ye may know each other (not that ye may despise each other). Verily the most honored of you in the sight of God is (he who is) the most righteous of you.”(49:13)

As mentioned previously, we have agreed that people is the most essential element in any system. Such contention is agreed by Abod (2002) whereby he claims that:

“It is man who is involved in the process of managing the business of the company towards achieving its mainstream goal of maximizing the wealth of its owners (the shareholders). The codes of upholding trust, maintaining integrity, exercising transparency and accountability …would remain as mere noble codes if the issues of man, his values, ethics and moral conduct are not tackled in the first instance” (p. 100)

Man does change his characters and behaviors in different places, time and situations even in a constant economic scenario. The changes are very much influenced by his feelings, moods, prejudices and value system (Alhabshi, 1987). Thus,tawheed is the only consistent and suitable principle that will direct human beings to search for the blessing of Allah S.W.T.

All in all,tawheed is the root of ethics and high morals. Fromtawheed will emerge elements such as truthfulness, sincerity, justice, brotherhood and determination.Tawheed will therefore prevent and eliminate all activities that are forbidden in Islam. Thus, if everyone have such atawheedic worldview, it will at least one factor that can lead to the effective corporate governance.