Islam guides us in every prospect of life while underlying immense benefits and values. There are also Islamic principles for business embedded with an entire framework to operate our business in fair and ethical ways. These principles are not only for Muslims but for everyone who wants to perform business operations with all moral values. Here we are listing 5 Islamic principles for business that will make all trading smooth and successful.
1. Perform selling of lawful items
Whenever you are going to start a business, keep in mind to sell items that are lawful in Islam. Items such as alcohol, tobacco, pork, indecent material, and services, as well as interest-based debts should not be traded. Islam always teaches us to be honest and straight in all affairs so that all trading could be done without any hurdles.
2. Do business with honesty
Not just Islam guides us what to sell or not but it emphasizes upholding integrity and being honest in life matters along with all the business affairs. Business stakes are higher, and it is our responsibility to work openly so that trust could make the vendor buyer relationship stronger.
The Prophet, peace, and blessings be upon him, said,
“The honest and trustworthy merchant will be with the prophets, the truthful, and the martyrs.”
[Source: Sunan al-Tirmidhi]
3. Good treatment towards staff
Gentle treatment to all the employees makes you distinguish and creates a strong bond between the firm and employees. A basic Islamic principle of business is to handle all employees with good treatment and make timely payments to employees.
The Prophet (peace be upon him said) said:
“Give the worker his wage before his sweat dries.” [Ibn Majah] In another statement, the Prophet said: “Whoever employs someone to work for him, he must specify for him his wage in advance.”
[Musannaf ‘Abdur-Razzaq]
Almighty God states: “O you who have believed, fulfill your contractual obligations.”
[Quran 5:1]
The above verse is highlighting the significance of fulfilling the commitments at every stage of business or life.
On one occasion, the Prophet reports that God said: “
I will be the opponent to three types of people on the Day of Judgment:…and one who hires staff takes full work from them and does not pay them their wages.”
[Sahih al-Bukhari]
4. No deception or fraud
Islamic principles clearly highlight to not get involved in any deception or fraudulent behavior. It is stated in the Holy Quran to value the counterparty and make sure to uphold their integrity. This principle reflects how should be honest with our transactions and value and respect people whom we trade with.
Almighty Allah says:
“O you who have believed, do not consume one another’s wealth unjustly but only [in lawful] business by mutual consent.” [Quran 4:29]
Hadiths
The Prophetic narration states:
“Whoever cheats us, is not one of us.”
[Sahih Muslim]
Another Hadith states,
The Prophet (peace be upon him) passed by a pile of food in the market. He put his hand inside it and felt dampness, although the surface was dry. He said: “O owner of the food, what is this?’ The man said, ‘It was damaged by rain, O Messenger of God.’ He said, ‘Why did you not put the rain-damaged food on top so that people could see it! Whoever cheats us is not one of us.”
[Sahih Muslim]
5. Do charity regularly
Our Prophet Muhammad (SAW) emphasized charity and advised traders to give charity.
He said: “O Businessmen, transactions carry lies and false oaths, so add charitable giving to your businesses [to mitigate wrongdoing].”
[al-Nasa’i]
Charity can be done in different forms. It is not just about monetary payments to the needy ones but one has to make sure to commit towards better climate change as well as minimizing the wastage. It is meant to adopt a zero-waste economic model. In short, it is highlighted to get towards a business model that will work towards the Sustainable Development Goals (SDGs).
These were the Islamic principles for business one has to opt for the smooth running of the business. Indeed, we are so blessed to have all guidance with us whether it’s in form of the Holy Quran or the Hadiths. We have to ensure now to follow all these principles and become a reason to please Almighty Allah.
We at MuslimKits welcome your thoughts and opinions. So if you have more info to share then drop us a comment and we will reach out to you. May Allah accept all our good deeds. Aameen!
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