Business Ethics In Islam
By considering the economic guidelines of Islamic sources
, Islamic economists have developed plethora of definitions. Derivation of each definition of Islamic economics is based on guidance given in the basic sources of Islamic shariah which are Quran and hadith.
Islamic economic system, a normative economic system, has been built upon certain fundamental Islamic philosophies. According to Quranic teachings real and absolute ownership of the wealth belongs to the creator of the same, Almighty God. Quran says "To Allah belongs to everything in the sky and on the earth" (2:284).Role of the man is considered as trustee who is to manage the trust, i.e. wealth according to the directives of the real owner; God. Quran clearly states "And spend of that where of hath made you trustees" (57:7). So man has been granted conditioned and limited ownership.
A person can earn money by two means; one is agriculture and the other is business. If business is not done according to the ethics then there will always be inflation and shortage of goods. As it can be seen in the case of many commodities like wheat, sugar etc. It is due to the stocking in, speculation and the selfishness of some businessmen. The government has also become a trader itself, while the shariah has stopped the Islamic government from trading.
Islam forbids all unclean and corrupt means of making money, such as, dishonest trading, gambling, and bribery. And the Holy Quran has explained and described such practices in many of its verses. He says, "Woe to those that deal in fraud, - those who, when they have to receive by measure from men, exact full measure, but when they have to give by measure or weight to men, give less than due. Do they not think that they will be asked on a Mighty Day when (all) mankind will stand before the Lord of the lords."
According to Islam, the following things must be avoided to commence fair businesssuch as; no fraud or deceit, the Prophet (P.B.U.H) is reported to have said, "When a sale is held, say, There's no cheating"
Sellers must avoid making too many oaths when selling merchandise. The Prophet (P.B.U.H) is reported to have said, "Be careful of excessive oaths in a sale. Though it finds markets, it reduces abundance."
Mutual consent is necessary. The Prophet (P.B.U.H) is reported to have said, "The sale is complete when the two involved depart with mutual consent."
Be strict in regard to weights and measures. The Prophet (P.B.U.H) said, "When people cheat in weight and measures, their provision is cut off from them." He told the owners of measures and weights, "You have been entrusted with affairs over which some nations before you were destroyed."
The Prophet (P.B.U.H) forbade monopolies. "Whoever monopolizes is a sinner."
Free enterprise, the price of the commodities should not be fixed unless there is a situation of crisis or extreme necessity.
Hoarding merchandise in order to increase the prices is forbidden.
Transaction of forbidden (Haram) items, such as intoxicants, is forbidden.
by: Rana Ardhita
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