In an era when there is an increased and renewed emphasis on teaching and learning business ethics, the highly pertinent question being raised is the role of faith and religious beliefs on business practices. Islam possesses a religious law called Shariah which governs the life of Muslims and which Muslims consider to be the embodiment of the will of God. This law, which caters to the needs of Islamic society, is essentially preventative and is not based on harsh punishment except as a last measure. The Muslim ethical system has four sources: the Quran, the sayings and behaviour of Prophet Mohammad, the example set by his companions, and the interpretations of Muslim scholars of these sources. These provide an entire socioeconomic system that guides the behaviour of Muslims. Islam is an entire way of life, and its guidance extends into all areas of life. It has given detailed principles to guide and control the various economic aspects in the society.