Muslims are to recognize that wealth, earnings, and material goods are the property of God and that we are merely His trustees. Mecca was a centre of commerce and caravans from Asia to Africa passed through on a regular basis. Issue 722: It is obligatory upon every Muslim to learn the rules of business transactions to the extent of his need. In some cases, you may still be able to trade and remain halal. Most Scholars are in agreement that if the company only deals in a fraction of un-Islamic goods and services then you may still invest. Small Percentage. Many Sahaba were extremely rich. Doing business/trade is highly encouraged and praiseworthy in Islam. The Islamic Empire was great for farmers. You cannot trade the same currency for different values (e.g. The Hindus and Jews were (and still, are) worshippers of the Mammon. It will not be an exaggeration to say that absolute honesty in business and commerce is really an Islamic concept. Honesty & integrity goes a long way, not only do you benefit for the hereafter but read any business book, or ask any consultant. The trade/exchange must take place in the same sitting in which the business contract is formulated. 1 dollar for 3 dollars) because that falls in the domain of riba. 2. The Prophets (alayhimussalaam) were involved in trade, and so were their companions and followers. It is obligatory upon the scholars ('Ulamaa’) to teach these rules to the people. And the money from trade also helped farmers get through a … They’ll tell you the same. He was joined by a specialist in Islamic law, Harvard Law School professor Frank E. Vogel, for the series' discussion on doing business in the Islamic world. Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Vogel and Hayes are also co-authors of the book Islamic Law and Finance: Religion, Risk and Return (Kluwer Law International, 1998). The Prophet (sallallhu ‘alayhi wasallam) said: Historically analyzing the early Three hundred (300) years of Islam, we find out that Islam reached in Arab through trade and business activities. As a result, there are many teachings within the Qur’an and Sunnah relating to business transactions, trade and ethics. Money is not a dirty word. Islamic and Business Ethics-Overview [Extract from Foreword by Prof. Rodney Wilson on Islam and Business Ethics by Dr S M Hasanuzzaman, published by the Institute of Islamic Banking and Insurance 2003] Many question why the global economy appears so unjust, with huge income and wealth disparities and exploitation all too apparent. Islam and business have inspirational relation: The Prophet Muhammad’s (peace be upon him) first Profession was Trade. Trade and commerce played a crucial role in the spread of Islam. It is suggested that you simply give away the percentage of the profits that are created by the haram section of the business. 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