Islamic Country Business Practice Are Differ from Us

Although Saudi Arabia and America are allies, they differentiate with their own set of unique customs and traditions. In the American culture, the media is a free press that sometimes issues ‘uncontrolled’ information to the public, often resulting in debates. The Arab media, however, is monitored by the authorities, and sometimes with the command of the Islamic clergymen. The media in Saudi Arabia is often manipulated and censored. Another difference is teach country’s religious beliefs. In the United States, Americans have their own individualistic view on faith where each person is entitled to decide what religion they wish to worship. Americans can even decide if they want to practice a religion or not. However in Saudi Arabia, the retention of the

Main competitive pitch of Islamic banking is in Sharia compliant and interest free. But the real business of Islamic banking is producing profit.

In a time of global commerce, new business ventures can take on many forms. What used to be local or even national companies have become world-wide. International growth of a business can be extremely beneficial but is not without its challenges. Different countries have different peoples and different cultures - different ways of doing business altogether. If a venture is to be successful, these differences must be well understood.

There are many cultural differences, however, in my opinion those that have the most importance attached while doing business, are the way they determine authority, the fact that negotiations are something they believe should be a hard fought battle, trust being something very important because reputation sells your products not how good a product you produce, and personal relationships are of major importance. When deciding who to put someone in charge you need to know

Every country differs in culture which has been there for centuries. The international market is growing rapidly, with more and more multinational organisations entering new markets each day. In this assignment I will evaluate how the difference in cultures affects the performance of international businesses.

Islam is more than a religion, it’s a culture, and as such has an effect on political, social, and economic aspects of life—this is especially true outside of the Western world. Followers of Islam believe in full submission to God and this submission is practiced in the secular realm (Taha, 114). Of the five pillars of Islam, one (the zakat) has a direct affect on economic policy and ethics. The culture of Islam has shaped economic and business guidelines In the Islamic World and continues to do so. Cultural ideals attributed to the Qur’an or the Prophet Muhammad, have been a vital source for economic and business practices that have helped to shape the history of many Islamic nations, and are guiding the creation of policies

Global markets vary about their level of development. Also, the kind of products sold in each of these markets will differ depending on the degree of development. Language and cultural affinity are vital in global markets. Culture comprises everything from the way of thinking and doing business to the consumption arrangements of the people. Therefore, understanding the culture is essential as it accords clues on how to do business in such nations. In some countries, there exists a natural hostility to foreigners as well as foreign business. Also, culture commands the approach to dealing. For instance, in the United States as well as Western nations, they are approaching in communicating their lack of ability to accept the products, whereas, in the eastern nations, they are more circumspect (Havaldar, 2014). Aspects including punctuality, the procedures as well as civilities in carrying out business, the negotiation course, and even dressing differ from culture to culture, and these aspects should be understood to succeed in such a setting. One different between the western and eastern nations is that the countries of the east tend to be punctual an aspect that can be

Understand cultural differences. Sometimes it can be very hard for an individual to adapt to the cultural practices of the host country. Markedly, the business that an individual is willing to start might not be complying with the cultural practices of that nation. For example, if you wish to start a pork business in a foreign nation, then Islamic countries should not be a choice because eating pork is against their cultural practices. It is important to conduct a thorough research regarding the product or service that you want to sell and the reaction of the inhabitants toward it. Other cultural obstacles that might also affect your business include language barriers which might make the communication between you and your customers difficult. It is therefore advisable to venture into a country that you already know their language, or it can take you a brief time to understand their

Muslims are prohibited from being involved in businesses which deal in pork, alcohol, or idolatry. (Visit Kuwait, n.d.). Sharia law obviously prohibits dealing in stolen property. Sharia law prohibits ribah, or charged interest on money, although banks in Kuwait lend money with interest. The religious ban on charging interest has led to the development of Islamic banking. (Visit Kuwait, n.d.). Business agreements transacted in Kuwait that comply with local laws, are fair to both parties and consented to willingly are considered lawful. Ambiguity in the agreement, however, is subject to judicial review (Visit Kuwait,

The interaction between Shari’a and international companies is increasing as Western companies seek to expand business into Muslim controlled countries. Muslims represent a quarter of the world’s population and Muslim countries control ten percent of the world’s economy. An increasing number of corporate contracts in the region require that arbitration be Shari’a compliant, and for contract arbitration to be mediated by religious leaders. Conflict occurs when Shari’a contradicts Western laws and values. Major concerns include differences in business practices,

Once it comes to the International Business, the focus is more widened. The trading parties are concerned with far more issues than they are concerned while operating in local market. Although, Marketing, Finance and Human Resource

Many companies today want to expand their business to the international business, which can bring cost down and profits up. Taking a business internationally means knowing the rules and regulations of the countries you are entering. There can be many issues with going global which include cultural barriers, diversity issues, multicultural issues, political issues, and economical issues. It is very important to know how important expansion is to the company and what implications will come from going global.

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

Sometimes cultural difference between countries can cause a negative impact when conducting free market businesses. According to the textual evidence, economic advancement and globalization may be important factors in society change. The culture of societies may also change as they become richer because economic progress affects a number of other factors, which in turn influence culture.

International business is much more complex than operating within the domestic market because countries are extremely different in many ways. The