The interaction between religion and business has been prevalent for a long time and cannot be possibly overlooked. Numerous religions ranging from Christianity to Judaism have been explicitly involved in formulation and regulation of business environments. I would opine that there is a validity of using religious arguments while formulating business laws to a significant extent.
First, the scope of lending and interest rates form a ground for virulent debate on the validity of religious arguments in the making of laws regarding the loans and interest rates. It is worth mentioning that charging high-interest rates for loans may be prohibited in most religious practices. For example, in Islam, the strict business regulations prohibiting the charging of interest forms the foundation of the Islamic banks and the regulations of the financial services sector. Even though the business world is dynamic, the practices that are deemed as unethical will not change to become ethical due to the evolving times. As such, it would be essential to use religious arguments that support business ethics while formulating business laws.
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In the instance that a non-religious approach is taken, I would strongly support an ethical approach to formulating business regulations. It should be noted that even though there is a strong link between religion and ethics, it should not be concluded that the population that does not subscribe to any religion are not immoral. Subsequently, applying an ethical approach to such issues would satisfy both the religious and non-religious business communities. For example, creating laws prohibiting charging excessive interests, deception, and use of incorrect weights and measures can be viewed from an ethical perspective.
