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Value crisis in corporate world around the globe significantly increased the need to find new management paradigm to deal with existing ethical dilemma. This study investigates inherent flaws of the contemporary corporate management in general and value based corporate management in particular. Study identifies that weaknesses of current corporate management stem form two main factors first lack of values and ethics and second loss of leadership integrity. Findings suggest that management by example is a better management paradigm to curb many ethical ailments of modern enterprise. Furthermore, results indicate that Islamic leadership tries to take the organization towards total value based management through ensuring welfare and protection for all stakeholders of organization including shareholders, employees, customers and society at large.