Islamic law (Sharia) provides guidelines for financial ethics in business transactions, emphasizing fairness, transparency, and justice. Key principles include:

*Prohibited Practices:*

1. Riba (interest/usury)

2. Gharar (uncertainty/deception)

3. Maisir (gambling)

4. Qimar (games of chance)

5. Exploitation (istighlal)

*Permitted Practices:*

1. Mudaraba (profit-sharing partnership)

2. Musharaka (equity participation)

3. Murabaha (mark-up sale)

4. Ijara (leasing)

5. Wakala (agency)

*Financial Ethics:*

1. Honesty (sidq)

2. Trustworthiness (amanah)

3. Transparency (wuduh)

4. Fairness (adl)

5. Justice (qist)

*Business Transaction Guidelines:*

1. Clear contracts (aqd)

2. Mutual consent (ridwan)

3. No harm or exploitation (la darar)

4. No uncertainty or deception (la gharar)

5. Payment of zakat and taxes

*Islamic Financial Instruments:*

1. Sukuk (Islamic bonds)

2. Islamic stocks

3. Islamic mutual funds

4. Islamic insurance (takaful)

*Regulatory Framework:*

1. Sharia boards and councils

2. Islamic financial institutions

3. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

4. Islamic Financial Services Board (IFSB)

*Key Quranic Verses and Hadiths:*

1. Quran 2:275-280 (prohibition of riba)

2. Quran 4:29 (prohibition of exploitation)

3. Hadith: “The Prophet (PBUH) forbade transactions involving uncertainty” (Muslim)

*Notable Scholars and Texts:*

1. Ibn Rushd (Averroes) – “Bidayat al-Mujtahid”

2. Ibn Qudama – “Al-Mughni”

3. Al-Ghazali – “Ihya Ulum al-Din”

4. Islamic Fiqh Academy (IFA) – “Resolutions and Recommendations”

Islamic law provides a comprehensive framework for financial ethics in business transactions, promoting fairness, transparency, and justice.

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