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In Islam, business transactions are guided by ethical principles that aim to ensure fairness, transparency, and mutual benefit. Here are key guidelines from Islamic teachings on approaching business:

1. Honesty and Transparency: Islam emphasizes truthfulness and clarity in business. Sellers should fully disclose any flaws or issues with their products, avoiding deception or misleading practices. The Prophet Muhammad (PBUH) said, “He who cheats us is not one of us” (Sahih Muslim).

2. Fairness and Justice: Contracts and transactions should be fair, with both parties treated equitably. Charging excessively high prices, exploiting people in desperate situations, or engaging in unfair practices is discouraged. The Qur’an states, “Give full measure when you measure, and weigh with an even balance” (Qur’an, 17:35).

3. Prohibition of Riba (Interest): Islam strictly prohibits charging or earning interest (riba) on loans, as it is seen as exploitative. Instead, profit-sharing, joint ventures, or other equitable agreements are encouraged for financing needs.

4. Mutual Consent: Transactions should be based on mutual consent and freedom of choice, without any form of coercion or duress. The Qur’an emphasizes, “O you who have believed, do not consume one another’s wealth unjustly or send it [in bribery] to the rulers in order that [they might aid] you [to] consume a portion of the wealth of the people in sin, while you know [it is unlawful]” (Qur’an, 2:188).

5. Prohibition of Gambling (Maisir) and Uncertainty (Gharar): Islam discourages speculative investments that involve high risks or uncertainties, as well as gambling, which is based on luck rather than real economic activity. Contracts should be clear, with terms fully defined to avoid uncertainty and disputes.

6. Social Responsibility: Business in Islam isn’t solely about profit; it also considers social welfare. Muslims are encouraged to conduct business in ways that benefit society, provide fair wages, and ensure employees are treated with dignity and respect.

7. Charity and Zakat: Muslims are encouraged to give back by paying zakat (a form of charity) on their earnings and business profits, which helps redistribute wealth and support those in need.

By following these principles, Muslims aim to create a business environment based on trust, fairness, and a sense of accountability t

o both society and God.

M Abualaas Answered question October 31, 2024
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