MASTERS IN ISLAMIC FINANCE PRACTICE (MIFP)

INCEIF
IE5023: Ethics and Governance
Submitted to:
Prof.Dr. Syed Abdul Hamid Syed Ahmad Aljunid
Submitted by:
R.M.A. Hasan Chowdhury
Student ID: 1600061
Assignment # 01
Write on any three ideas out of the six ideas given below Choose
three (3) from the following six ideas:
Good, truth, equality, freedom, justice, cooperation
The minimum pages per idea- 2 pages and maximum pages- 5
pages

Good:

What is good? It is a matter of opinion. What is good to one person may not be
good to another. It depends on our specific objective and target audience. After
we are all human beings.
Good means all the will of ALLAH .
GOOD is the Ethics of Well-Being.
In Islamic prospectus good means doing well and being kind to others. Al-IHSAN
(most beautiful, perfection, excellence).
A code of moral standards of conduct for what is right and what is wrong.
Good means: Morally excellent, honest, virtuous, rightness, pious, auspicious and
perfect.

 As a human being when we did anything and it gives us the satisfaction/ pleasure/
contentment in our heart and soul thats called good.
Good means when we are trying to do anything good and it gives us satisfaction and
when we want to do anything wrong then it gives us protest and the obstacle.
The main concept of good is DO, DID, DONE well for self and with others.
Doing anything not for self-interest do it for the public interest. Example: Teacher
teaches students, it is his/her responsibility as well as income source but in this case
teacher and student both is benefited because teachers teach students by taking a
salary and helps to student for their study.
Every man has one heart and one mind, but both are trying to change and both are
encouraging people for doing good or bad. Both have two choices, one is
encouraging people for doing good another encourages for doing bad.
Good comes inspired by love and guided by proper knowledge.
Every life has two hearts, one heart love to do the right things (Good) and another
prefers to be selfish (evil) and good is always fighting with evil.
Good means promote to do well and obstacle for doing evil.
Good means a lack of self-centredness. It means the ability to empathize with
other people, to feel compassion for them, and to put their needs before your own.
Conclusion: Good influence avoids unenlightened (Selfishness / Bad) and promote for
enlightened. We must be continuing our enlightened (GOOD) behaviour in our entire
life.

Equality:

It means balancing, equilibrium, similarity, equivalence, and communism.

The meaning of equality is specified by the principles of justice which require
that equal basis right be assigned to all persons.
It Emphasis is on equal right and equal freedom, when are essential for
legitimate constitution choice.
Equality means everyone in one line.
Equality works for:
Rights of poor and rich: People from born equal, but situation create
people poor and rich, but equality keep it in balance position. A rich
mans total rights in a nation = (equal) same total rights of poor men.
Equal opportunity: Equality creates proper opportunity for everyone by
equal freedom and justice. Example: Job, Play, any competitions etc.
Equal freedom: Every people have their own choice for their livelihood
and freedom to choose what he/she like to do without disturb to
another. Example: a male freedom equal to a female freedom, both
have their same rights to take equal freedom.
Equal justice: Ensure equal justice for everyone in the world, whatever
he/she is rich > poor, male > female, strong > weak, big > small.
Social equality: Ensure equality in social relationships.
Equality in necessity: Ensure equality in public basic needs.
Corporate equality: Ensure same rights and justice for every employee
or worker or labour in the organization.

 Gender equality: Reduce gender discrimination and ensure same justice

for man and woman, daughter and son.
Economic equality: Equality in recourse distribution.
Professional equality: Ensure same rights and rules for every
professional whatever it is Doctor/ engineer/ Lawyer/ Accountant.
Political equality: Ensure level playing field and equal opportunity.
Religious equality: Ensure similar rights for every religion people
whatever he/she is Muslim or non-Muslim.
Conclusion: Equality is trying to keep balancing in unbalance situations, but it is best with
justice, just like this picture given below:

Freedom:

 Freedom is when we realize that we can do absolutely anything except force

another person.
Freedom means:
No coercion
No compulsion
No Edicts
No Mandates
No Orders
No Dictatorship
Just personal responsibilities, persuasion.
Freedom means having the power, the inherent right, the capability and the
ability to make choices.
Freedom means you are unobstructed in living your life as you choose
anything less is a form of slavery --- (WAYNE DYER).

 Freedom means respecting the moral independence of each person, seeing

each person as the owner of his or her own life, and each free to make the
important decisions about his life.
Leonard Read said, Freedom is the absence of man-concocted restraints
against the release of creative energy. Hayek referred to a state in which
each can use his knowledge for his purposes.
Freedom gives meaning to our lives; indeed, it allows us to define our own
meaning, to define whats important to us.
Freedom is the foundation of our ability to construct our lives as we see fit.
Freedom leads to social harmony.
Economic freedom means that people are free to produce and to exchange
with others. Freely negotiated and agreed-upon prices carry information
throughout the economy about what people want and what can be done more
efficiently.
Political freedom system gives us the opportunity to use our talents and to
cooperate with others to create and produce, with the help of a few simple
institutions that protect our rights.
Freedom ensure to:
Freedom of believe: Every people have their own believe or trust, it is
his/her self-interest. Whatever which is not fever any other. Every single
person has their own right to choose anything and believe anything.
Example: Some people have believed in god some people are not.

 Religious freedom: People have their own freedom to choose any

religion, which one have their trust and faith, thats why some people
are Muslim, some are Hindu, some are Kristian, some are Bodh, some
are Yehudi, and some are etc.
Freedom of justice: Every person in a country has equal freedom for
justice, whatever he/she is poor > rich, male > female, strong > weak,
big > small.
Freedom of thinking: Thinking freedom means, own opinion, comments,
and idea. But be careful about it, because you have no rights to hurt
another.
Freedom of comments/ vilification: Every person has their own opinion
to apply.
Freedom for nationality: By born every person has their own freedom in
a nationality.
Political freedom: Every person has the same rights to represent or lead
his/her country.
Economic freedom: Ensure economic freedom for every person in a
country.
Communication freedom: It ensures every person communication right
without any barriers.
Citizenship freedom: Every person has the freedom to enjoy his/her
citizenship rights in a nation.
Self-defence freedom: Every person has self-defence rights to saving
his/her life.
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 Woking freedom: Working rights of people in a nation.

Freedom for livelihood: Every person has rights to bear happy and
peaceful life.
Freedom of speech: it is fundamental natural rights belonging to each
individual on an equal basis.
Conclusion: Islamic Prospectus freedom is not doing whatever you want to do; freedom is
doing the right thing (according to Al-Quran and Sunnah) without fearing other people.