ISLAMIC BUSINESS; A TIMELESSNESS MANAGEMENT

TIMELESSNESS OF ISLAMIC BUSINESS MANAGEMENT

In Islamic Business, the elements of socioeconomic responsibility are built into it

By SHAYA'A OTHMAN

An example of Social Responsibility that brings profit to the Corporation is CAPRICE THERMAL PALACE HOTEL, TURKEY

Caprice Thermal Palace Hotel, Turkey, [the 728 rooms hotel facing the Mediterranean sea] is the first 5 star hotel in the world that provides a Mosque within its main hotel building complex serving to all Muslim communities to form daily and weekly Friday prayers.  No alcohol and all foods are halal in this hotel.

In Dec 6, 2012, during the International Islamic Tourism Standard Conference, which was held in Malaysia, attended by more than 2000 participants from 42 countries, Caprice Thermal Palace was awarded Islamic Quality Standard - 5 Crescent by the Universal Crescent Standard Center [UCSC].  The Caprice Thermal was the first hotel in the world to receive IQS Crescent Standard.

Following the Islamic Business Principles which I called it– “ Timelessness Islamic Business Management”, this hotel is making a history of having full occupation rate throughout the year even in winter, with an advance booking of more than 10 years ahead, while several conventional hotels surrounding the area had to be closed down during this bad world economy.

VIDEO ON CAPRICE THERMAL PALACE HOTEL

 The CAPRICE GOLD GROUP is now constructing the 2nd   similar hotel known as CAPRICE GOLD  in Istanbul, the biggest 7 stars hotel in Europe with 1300 rooms,  an estimated cost of USD300 millions, and schedule to be officially opened in year 2014. Similar several CAPRICE HOTEL providing Ultimate Hospitality in accordance to Islamic principles are in the pipeline.

Recently in Dec 6, 2012, Caprice Gold Istanbul received a prestigious award of IQS-7 Crescent  Standard from UCSC As seen in the photo Mr Fadil AKGUNDUZ, Founder and Chairman of Caprice Gold Group received the award from Right Honorable Tun Dr Mahathir Mohamad  President of Putra Leadership Foundation, Malaysia.

VIDEO ON CAPRICE GOLD ISTANBUL UNDER CONSTRUCTION

Western world is searching the best approach to business, which is friendly to mankind and the environment – the rejection of “Classical View’ resulting in the new approach of “Socioeconomic View”.

Business students or managers managing business institutions need to realize that the institutions should go beyond making profits only, but also to include protecting and improving the societies or communities. This view which is called as SOCIOECONOMIC VIEW is well received by the society today.

But there is a different school of thought; having the view that business institutions should only concern on financial returns only. If there is a social obligation to be made financially, the costs should be passed to the consumers in the form of higher price. Such school of thought may be called as CLASSICAL VIEW.

In Islamic Business, the elements of socioeconomic responsibility are built into it, as they are obligated to all businesses undertaking – for examples, Islamic Banking, Islamic Insurance, Islamic Hotels and Halal Food Industries are good for mankind and environment [which are being stipulated in ‘Syariah law – based on the Holy Book, Quran, and the practices of Prophet Muhammad [peace be upon him].

In conclusion Islamic Business [Muamalat] is the business of yesterday, today and tomorrow, a Timelessness Business Management, which put social responsibility beyond financial profits.

From research finding it shows there is positive relationship between Social Responsibility and Economic Performance. Thus Corporate Social Performance positively associated to financial performance [prior & future] – concluded by many researches.

A Good example is CAPRICE THERMAL PALACE HOTEL, TURKEY  as discussed above – providing a mosque for Muslims community, inside its main building, serves no alcohol and only halal foods, bringing high profitability to the company, yet making positive growth profits.

“THERE IS LITTLE EVIDENCE THAT A COMPANY SOCIALLY RESPONSIBLE ACTIONS SIGNIFICANTLY HURTS ITS LONG-TERMS ECONOMIC PERFORMANCE”

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http://www.youtube.com/watch?v=6mwx7wet2dU&feature=related