Islam is a universal religion, it provides guidelines in all aspects of life but these guidelines are not followed in daily life so we are deprived from the benefits. Ethics is defined as the set of moral principles that distinguish what is right from what is wrong. Islam places the highest emphasis on ethical values in all aspects of human life. Business ethics, simply limits its frame of reference to organisations engaged in commerce using set of principles time being in vogue. The term is more closely related to Quranic term khuluq. Islam demands its believers to observe certain norms and moral codes in their all spheres of private and public life. Every day, we face ethical issues at workplace; mostly all of them are created by ourselves. Some of them include drug and alcohol abuse, workplace harassment, theft, conflicts of interest, quality control issues, discrimination in hiring and promotion, misuse of proprietary information, and misuse of company assets. If all of us keep adhere to Islamic teachings then all of our problems will solve automatically. Present day Western Business has just replicated the Islamic ethical practice and the result is in front of us. We are more comfortable buying their product than any other. The decision is in our hands what we want to do? In early times business and ethics were believed to be two terms far apart from each other, there arise a question can a business be conducted in an ethical way? The answer is yes, Islam has given us the code of doing business in ethical manner. Certain Islamic key practices are to accept sold goods back with Ikhlaas, clearly marking any fault, blemish or distortion in the product, not to make any false claims or praise too much about ones product and transparency and standardisation of the product. Imam Ali (peace be upon him), as the ruler of the time, used to publicly announce in the market of Kufa: Learn the Fiqh, then engage in trade. So it is compulsory for Muslims to learn the religious laws of their trade and profession. Importance of halal earnings can be estimated from this fact that Quran has instructed 8 times to earn living only through lawful means. The Prophet (saw) said To struggle for halal earning is obligatory along with other obligations (Bayhiqi). Quran forbade 13 times to earn unlawfully. Prophet (saw) said A time will come upon the people when one will not care as to how he gets his money whether legally or illegally (Bukhari). In Surah Al-baqarah verse number 10, surah Nisa verse 29 and in surah Jumma it is stated that spread on Allahs earth and search his Fazal. Here Fazal means Rizq. The whole world is open for business and the latest research confirms that where ever you get better price of your commodities try to sell there for better profit, but it is not permissible for a Muslim to cheat those who buy from him or to sell for anything other than the known market value. Islam prohibited any business entity to deal in alcohol, drugs, gambling and interest. Allah, in Surah Al-baqarah verse No.275, stated that, Those who devour usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say, trade is like usury, but Allah has permitted trade and has forbidden usury, this gives the idea for investment in business for wider circulation of wealth and at the same time providing equal chances of jobs and business to other people rather than getting profit by lending the money, which not only confine the wealth in one hand. Sorry to say these days interest has become an important part of our society and we as nation failed to eradicate it from our society. Unfortunately, now a days if you asks a Muslim entrepreneur that Is it a requirement for a Muslim businessman to behave ethically in a globally, competitive environment? The answer is a echoing NO On the same time he will willingly give an address on the teaching given in the Quran and Sunnah on the ethical business. However, his real conduct will be the opposite. The best example in this regards has been observed past years when sugar mafia which inter-alia included owner of sugar industries and stockers who hoarded the sugar resulting a price hike of sugar of rupees 35 to 90 per kg, which created commotion in the public and unrest in the government. We all know that Islam prohibits hoarding of goods. Today the Muslims mostly just talk about the Islamic way of life without actually practicing it, in result the whole society get corrupted and non-Muslims put all the culpability on Islam. But the actual fault lies with corrupt and self-centered Muslim businessmen who disregard Islamic injunctions for worldly privileges. By growing a beard, praying five times a day and fasting in Ramadan, is not enough to fulfill their obligations to God. They cant be release from their obligations to their employees, customers, competitors and society by just praying to God. It only makes the situation worse with a prevalent notion that all Muslims who have a beard and practicing Islamic worships is a corrupt person or a terrorist. If only recommendations are enough for Islamic society than Allah almighty didnt make Islam a practical religion. Pakistani markets had lost trade confidence within the country and abroad. One of the main reasons is political leadership, the other is our habit of fraud and supply of substandard materials than to what is agreed or quoted. The developed countries and the democratic Capitalist Society is also began to crumble and their economics are going steadily worse due to increase in taxes and inflation which is further worse off. The change for better can only be possible if Islamic business ethics are observed in totality.