35. What is the role of each major religion in conducting international business? What do Christianity, Islam, Hinduism, and Buddhism declare in terms of business?

- Christianity. Christianity is the most widely practiced religion in the world, with about 2 billion people identifying themselves as Christians and a vast majority of them living in the Americas and in Europe. importance of hard work and wealth creation and frugality, and this was the underlying value system that facilitated the development of capitalism. The combination of hard work by the Protestants and the accumulation of wealth for further expansion and investments prepared the way for the development of capitalism in Europe and eventuallyin the United States.

- Islam. Islam is the second largest religion in the world and it has its roots in both Judaism and Christianity. Muslims believe that every human endeavor is within the framework of faith, because they believe that the only purpose of any activity is to do “inshallah,” God’s will. In economic and .nancial terms, Islam allows people to make a pro.t, as long as that pro.t is earned justly and is not based on the exploitation of others. The pro.ts should also be used for charitable activities and for helping the poor. One economic principle in Islam prohibits the payment or receiving of interest, which is considered usury. For a Muslim the acceptance of interest payments is considered a sin. A characteristic feature of Islamic .nance is pro.t and loss that are based on Zakat, which derives from a social provision.11 Furthermore, these traditional concepts have created some contemporary institutions. The .rst Islamic Bank in the region was the Dubai Islamic Bank. When an Islamic bank lends money to a business, rather than charging that business interest on the loan, it takes a share in the pro.ts that are derived from the investment. Similarly, when a business deposits money at an Islamic bank in a savings account, the deposit is treated as an equity investment in whatever activity the bank uses the capital for. Consequently, the depositor receives a share in the pro.t from the bank’s investment.

- Hinduism. Many Hindus believe that the way to achieve nirvana is to lead a severe ascetic lifestyle of material and physical self-denial, devoting life to a spiritual rather than material quest.

Max Weber also argued that the ascetic principles found in Hinduism do not encourage the kind of entrepreneurial activity needed in the pursuit of wealth that is found in Protestantism. According to Weber, traditional Hindu values emphasize that individuals should not be judged by their material achievements, but by their spiritual achievements. Overall, we must be very careful not to read too much into Weber’s position, simply because there are millions of hardworking Hindu businessmen and -women in India who form the backbone of this country’s emerging economy.

- Buddhism. A Buddhist teaching is that if people have no desires, they will not suffer. This is important to marketers and production managers because if Buddhists and Hindus have no desires, they have little motive for achievement and for the acquisition of material goods. Today, Buddhism has approximately 360 million followers, mostly in nations such as China, Tibet, Korea, Vietnam, Thailand, and Japan.