What Islam Says about Business

The first goal of a Muslim company should not be to make money in a Muslim market. He should please Allah and establish halal as a way of life. The pursuit of profit is not a bad goal, but it should be secondary. By targeting Allah and implementing the Islamic rules of honesty, truthfulness and good conduct towards customers, Insha Allah, every Muslim business is obliged to prosper. These corporate values, which are firmly anchored in the minds of business people, cannot be replaced by mere legislation. This will require a change in the inner self of traders, shareholders and executives. This change can be brought about by intellectuals, academics and theorists, all of whom have always been the forerunners of change, by preparing an active team of their followers, convincing the business world and mobilizing public opinion. This paves the way for the initiation of reforms, according to which only legislation can become effective. Muslims have a great advantage if they can turn to their religious teachings in their business relationships for advice. Faith in God provides not only motivation, but also the imperative to adhere to Sharia law, which must be applied in all areas of life. For Muslims, moral behavior in their daily lives is part of their devotion. Revealed doctrine provides moral certainty and a set of norms to which the entire community of believers can adhere.

A retailer`s success depends on their sales skills to get a quick turnover on what they have in stock. Good selling art does not necessarily involve lying and deception. However, this usually involves exaggeration, the use of puns, pomposity, and digression. Another sales skill technique is to haggle, which also implies the partial or conditional acceptance of the company by the customer. Along with such sales tactics, claims are often made about goods that are far from the truth and are made with the aim of deceiving the customer. The Prophet not only condemned such practices, but also emphasized good manners, tolerance and courtesy. Choose what you want, but Zabiha clearly has more benefits than non-Zabiha meat, which is available in supermarkets. Here are some MAIN REASONS for this: With the requirement of strict adherence to the sophisticated value system that Islam prescribes, and with its negation of full freedom, the question arises as to whether there is still a possibility of a market economy in an Islamic system.

How are the benefits of the functioning of the free market in the domestic sector achieved? The market mechanism requires the unfettered interaction of supply and demand forces to determine the price of a product. The price reacts to surpluses and bottlenecks. What the Islamic value system guarantees is that supply is not artificially suppressed or restricted, and that demand should not be artificially created. The Prophet refused to interfere in the free functioning of real market forces. He condemned the deportation of a new entrant. It also prohibited the anticipation of the right market price. He condemned hoarding with the aim of creating artificial scarcity. Similarly, it has discouraged the action of the forces that artificially create a demand market. He regulated demand by rejecting the dictates of arbitrary pricing by monopolistic buyers, imposing moral restrictions on product advertising, and emphasizing the simple life. By regulating the activities of intermediaries and brokers, it has discouraged price manipulation. 5. Start small, big develop: A secret to business success is diversification and profit reinvestment.

A good example can be drawn from the life of AbdurRahman bin Auf (RA). When he emigrated to Medina, his brother Ansari gave him half of his fortune. In return, Ibn Auf (RA) said to him: “May Allah bless your wealth and your family. Just show me the way to the market. He undertook to sell dried buttermilk with only two dirhams. Later, he switched to selling horses and made more profit by adding the saddles to his inventory. When Allah blessed him further, he extended to agricultural trade and export trade. He was incredibly wealthy and made generous donations to charity.

The Covenants, the Declaration and the Principles all have many positive points and must be supported. But all these considerations place all forms of legal trade in the same category. We believe that a distinction should be made between essential and non-essential goods. As we move toward the formation of a global community, governments and businessmen must show feelings of mutual consideration and sympathy for the members of a human community who are the children of Adam and Eve, the family of God. Since the Middle Ages, Muslims have been known as pioneers in business, science and other aspects of civilization. The principles of Islamic financial transactions date back to the 14th century. Early Muslims, who were involved in trade and goods, created opportunities through the Mesopotamian colonies to West Africa. This has exponentially improved the financial strength of the Muslim community.

Among the values emphasized by the Qur`an and the prophet`s statements are the concepts of justice and benevolence. The concept of justice (`adl) occupies a central place in the economic system of Islam. This value is prescribed in legal, social, moral and economic relations. It must be practiced with individuals, orphans, wives, tribes, communities and nations, and even with peaceful enemies. It applies to speaking, testifying, acting as a guardian, drafting an agreement, arbitration between the parties, dealing with others, adjudicating in court, and conducting business transactions. The concept of justice in the economic context includes equity, equality, balance and balance, symmetry and impartiality. Charity in this sense means not only paying money to the needy and poor, but charity also engages in climate change, trying to minimize waste and adopting a zero waste management model. Charity also includes taking charge of the ocean and the blue economy, taking charge of the green economy and, ultimately, operating a business model that contributes to the achievement of the Sustainable Development Goals (SDGs).

Another argument against the movement, which has a lot of weight and logic behind it, is the incongruity of the movement with the philosophy of life that Western thought has so far maintained. Unless we make a fundamental change in our attitude and idea of life, we cannot expect a meaningful and effective change from the different areas of life. A change that comes from the inner self is more reliable and lasting than fragmentary changes. The importance of movement lies in the recognition of the evils caused by a worthless system. The unfortunate situation is that most developing countries desperately need foreign capital and technology to overcome their backwardness. They are therefore vulnerable to blackmail by multinationals and their national governments if they dare to take a stand. Policies do not protect them from this situation. In addition to the role of these international organizations, private efforts are also under way to improve this situation. People involved in modern economic or business theory or practice have also risen to the challenge and seem determined to bring about a change in the existing situation. The appreciation of the other party and the preservation of its integrity is a key principle of Islamic affairs. Deception and fraudulent behavior are completely prohibited.

This principle ensures that we are not only honorable in our transactions, but also that we value and respect the people we trade with. 3. Build trust through sincerity: A good example can be cited of the life of the Messenger of Allah (peace be upon him). .