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This paper provides a comprehensive ideological framework for ethics in finance and business according to the Islamic aspects of life. That is the reason why all malevolent and interest-based activities both in the public and the private sectors should not be allowed. The method employed in this study is the review of secondary data of related concept and perspectives drawn from written literatures. By virtue of its scope the study considered comprehensive document written in the contemporary Muslim world by experts who possessed both practical experience in the field as well as had deep insight into the theoretical aspects of the Islamic law towards ethical practice in finance and business in the contemporary societies. This study believed that the extent to which business decisions reflect ethical values and principles is the key to long term success.

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