Implementation of An Islamic Perspective of Corporate Risk Management Practices
Keywords:
perception of risk, risk prevention practices, Qur’anic management, silaturahim/net working, employee involvementAbstract
Daily basis, both individuals and businesses face risks. This study investigates and examines the perception of situations that underlie the emergence of risk and risk prevention practices. Muslim Entrepreneurs of Paham Qur'an (PQ) Indonesia Group served as the setting for this investigation. The data was analyzed by using phenomenology. The result showed that informants perceive risk along a continuum that tends to perceive positive aspects of self-grooming. Thus, it manages the risks that arise by exerting maximum effort to resolve problems and devoting the outcomes to Allah. The situations that can lead to the emergence of risks can be categorized into three categories: (1) spiritual and moral considerations, (2) product and service quality considerations, and (3) resource utilization considerations. In these conditions, Muslim Entrepreneurs of PQ Indonesia Group used three keys of a risk prevention practices: (1) implementing Qur'anic management, (2) building a silaturahim/networking, and (3) effectively and efficiently utilizing resources through employee involvement.
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