What is the definition of Islamic management?

Answer 1

Islamic management is "the integrated activities of thinking, planning, organizing, leading and controlling, interconnected with decisions, involving the use of resources - human, financial, time, information, and physical, with the objectives of attaining the goals of Maqasid al-Shariah, by means of effective and efficient methods" Shayaa Othman (2010). Refer to links below.

Management by Islam (MBI) offers an Islam-centric management approach for God conscious professionals. It is a governance model that provides a positive spiritual dimension to existing management principles for restoring the balance in everyday management decision-making processes; enjoining that which is good and forbidding that which is evil.

The MBI framework is a framework designed to bring together the material and the spiritual aspects of organizational management offering God-centric management efficiencies and operational risks mitigation strategies. Implementing MBI thus requires a God-conscious mindset. The MBI framework is depicted as a pyramid split into two halves; the Intellectual and the Physical.

The two halves are not mutually exclusive. One feeds the other. The base of the framework is the willingness (individual or organizational) to acquire the right level of education coupled with measurable actions. Education followed my measurable action creates behavioral knowledge. Behavioral knowledge induces skillful understanding. This skillful understanding then fuels intellectual contemplation followed by mastery of our skill set. The mastery of skills and the ability to contemplate enables the level of God consciousness where our persona becomes worthy of exemplification.

Refer to related links below.

Answer 2

I know that it is against Islamic law to charge interest, which is a large part of traditional accounting.

While that is probably not the answer you are looking for, it is a good place to start in researching your question.