Islam is not only a religion, it is the code of life. Every teaching of Islam has some moral values and advantages for us. The same case is with business, Islam presents us with the whole structure to conduct our business with some ethics and moral values.These are not only instructions these are the formula to get success in your business, and obviously in the life hereafter. As a Muslim businessman, you can show the actual teachings of Islam with your trade and dealings.
Here I am going to mention the most important principles regarding business.
Economic freedom
You are free to use your resources and capabilities, and you have the freedom to extend your possessions, and businesses. Everyone can choose any kind of business, in which he wants to deal unless it's not haram.
Trade through Mutual consent
Make sure that the trade is effected by the mutual consent of both parties. As it is haram for a Muslim to take the wealth or property of other Muslims forcefully.
The messenger (ﷺ) of Allah said, " Transactions may only be done by mutual consent". (Sunnan e Ibn e Maja: 2185)
"Believers! Do not eat one another's properties wrongfully; but only, let there be trade by mutual consent" (Al-Quran 4:29)
Honesty in business
Islam is a religion of truth. We are guided to speak the truth and be honest in all circ*mstances. So in the important matter of business, we are instructed by our beloved Prophet Saww to be truthful. Honesty, truthfulness, and trustworthiness will lead your business to the heights of success.
Messenger (ﷺ) of Allah said, " The truthful, trustworthy merchant is with the Prophets, the truthful and the martyrs" (Jam e Tirmazi:1209)
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Do not deal in prohibited items
You can do any kind of business that is lawfully according to Islamic shariah. There are some products and things that are haram to consume and eat, so dealing in such products is also haram and prohibited. These products are Pigs, unclean animals, p*rnographic material, alcohol, dealing interest-based debts, etc. So as a Muslim, it is not permissible for you to trade in such kinds of things.
Trade of Gharar
In Islamic terms, Gharar means dealing in a product that is not your possession. Or any kind of sale that involves uncertainty and hazards.
The condition of Shariah to trade with a product is that it must be in the ownership of a seller or in the possession of his agent.
"I said: 'O Messenger (ﷺ) of Allah, a man is asking me to sell him something that I do not possess; Shall I sell it to him?' He said: 'Do not sell what is not with you."' (Dawood:3503)
Hoarding foodstuff
It is not permissible to stock the food items, that are needed in the market, in the expectation of an increase in their rates. Islam does not allow to hoard and later selling of food items at any cost to maximize profit.
"The Prophet (ﷺ) said that whoever hoards food away from the Muslims, Allah will afflict him with leprosy and bankruptcy." (Sunan Ibn Majah, Hadith #2155)
Conclusion:
Business is not only a matter of living, this is the matter that can make or spoil our akhirah. So, we should practice the teachings of Islam in this regard. Today, the negative image of Muslims in front of the world is because of we are far away from our religion. By implementing all these business principles you can not only get success in your business but can also present the actual image of Islam in front of the world.
