Purpose – In the Middle East and North Africa (MENA) region several factors contribute to corruption with a consequence of savings being squandered away and funds withheld from productive investments. This paper aims to argue that Muslim countries have a competitive advantage over the industrialized world in that the Islamic faith is important to the populace, which the west lacks and is trying to replace it with substitutes like for instance moral education in schools. Design/methodology/approach – The paper examines corruption in the light of the Qur'an and Hadith . It looks at related issues and corrupt practices in the industrialised world based on secondary sources and a few primary data. Findings – Moral renovation in Muslim societies appears to be easier to realize than in western societies once its underlying cause, notably poverty, is tackled. Self‐restraint is an absolute prerequisite for a successful fight against corruption. Organizational instruments against corruption can only succeed to eliminate corruption only through political leaders committed to weeding out corruption. Originality/value – The paper informs educationalists, policy makers, entrepreneurs in the MENA region that Islamic ethics must be the guiding force behind all good economic attitudes.
International Journal of Islamic and Middle Eastern Finance and Management – Emerald Publishing
Published: Apr 4, 2008
Keywords: Middle East; North Africa; Islam; Corruption; Ethics