Evaluation of a Business Code of Ethics Research Paper - 4

Evaluation of a Business Code of Ethics - Research Paper Example The bank is engaged in commercial banking and related services, as defined in the Banking companies’ ordinance 1962, operating through various branches in Pakistan, Bahrain, Bangladesh & Afghanistan, with the registered office at B.A Building, I.I. Chundrigar, Karachi. â€Å"To develop & deliver the most innovative products, manage customer experience, deliver quality services that contributes to brand strength, establishes a competitive advantage and enhances profitability, thus providing value to the stakeholders of the bank†. There are various opinions on ethics because it is not a constricted subject and thus there are various theories. Although none of these can be regarded as incorrect but each one has its merits and demerits (Collins, 2009, 120). Below are examples of commonly used ethical systems: Relative Value Theory: accepts the need for evolution of moral codes. This theory gives room for different cultures, races, religions and sects by realizing that any particular act can be regarded as ethical in one society whereas the same act can be considered as immoral in another. Absolute Value Theory: in contrast believes in one set of moral rules that stay consistent in every situation. Since this concept is very rigid thus is mostly applied on international truths e.g. murder by one person of another stays unacceptable irrespective of any society, religion or sect. Deontological Approach (non-consequentialist): suggests that any action will be judged as â€Å"right or wrong† on the basis of the moral behind the action. Thus the outcome or consequence of the action bears little importance. Teleological Approach (consequentialist): pays heed on the results of the actions rather than the motivation for the action. Thus two different opinions can be formed that whether the action is good for oneself (egoist) or if it is good for the society (utilitarian). If we look at the code of ethics of Bank Alfalah Limited it is visible that they are based on