Islamic Terms  Term                                          Meaning Ad-Deen       A holistic life where one looks after w...
Responsibility of Muslims                  Quote                            Source                   Comments  Because All...
Quote                           Source                    Comments                Economic Principals order that i...
Islamic Principals from the Hadith
Quote                              Source                      Comments             Economic PrincipalsAllah is the one wh...
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Islamic terms & quotes in business


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Islamic terms & quotes in business

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Islamic terms & quotes in business

  1. 1. Islamic Terms Term Meaning Ad-Deen A holistic life where one looks after worldly comforts and also prepare for the hereafter. Adab Recognition of the right and proper place and station, condition in life and to self discipline in positive and willing participation in enacting one’s role in accordance with that recognition and acknowledgement. Its occurrence in one and society as a whole reflects the condition of justice. Amal Work and deeds, pious practice, orientated to Allah, turning away from all weakness and evil. Amal is based and guided by Iman and Ilmu. Amanah Trust by God in man in the all encompassing concept of nature (tabi’ah) Syari’ah The path shown by Allah (SWT). The divine law. Fard ‘ain An individual’s obligation to perform one’s religious duties.Fard kifayah A collective responsibility for both social and spiritual development. Fasad Inclination towards destruction Fitrah Ihsan Completeness of ibadah from the aspect of intentions and methods of execution, with awareness that everything has the attention of Allah. Hadith Reports as to the sayings and doings of the Prophet. Halal Permitted by Allah in the Al-Qur’an Haram Prohibited by Allah in the Al-Qur’an Iman Faith in one God and a commitment in the teachings revealed by God and His Messengers. Iman affects our world view and daily practices. Ilmu Knowledge. Three sources based on Iman, a) intellect (‘aql), experiences and revelations (wahy). Guided by Iman. Ibadat Worship. Relates man to Allah through spiritual acts. The manifestation of Amal salih (pious actions). Toyyibat Substances and deeds that are good, healthy, pure, clean and lawful.Mu’amalat Relationship between persons on this earth. Al-ta’awin; reciprocal assistance and cooperation among members of a society for a good cause. Al-iktinaz; keeping one’s funds idle and not in circulation for the general benefit of society. Riba Interest; increase, addition, expansion or growth. Riba al-Nasiah: Loan based interest and Riba al-Buyu: sale based interest. Both are prohibited. Shura Mutual consentMusharakah A business partnership; a) Shirkah: where two or more individuals pool financial resources and share profit and loss on an agreed ratio and held liable to the extent of their capital, b) Syari’ah: each partner is able to operate other businesses, independent of the principal business c) Mudarabah:Partnership where one manages the partnership and another supplies the financial resources. Taqwa Piety Tawhid A relationship with Allah which excludes a relationship with anyone else. The focus of all man’s reverence and gratitude, the only source of value, where what Allah desires for man becomes value to him. Man who commits his will to Allah, recognises no other authority other than His. Comprises Iman, Ilmu and Amal. Al-Falah The concept of Al-Falah requires Muslims to win and be successful in both this world and the hereafter. Ummah Islamic community
  2. 2. Responsibility of Muslims Quote Source Comments Because Allah will never change the grace Al-Anfal Need of conviction of their beliefs and change which He Hath bestowed on a people until 8:53 can take place from that moment on.they change what is in their( own) souls: and verify Allah is He who hearth and knoweth (all things).See you the seed that you sow in the ground? Al-Waqi’ah Allah’s help will only come from Man’s Is it you that cause it to grow, or are We the 56:63-64 efforts. cause? It is Allah who has created the heavens and Ibrahim Allah has provided opportunities for one’s earth and sends down rain from the skies, 14:32-34 rezeki, but it is up to man to use them, and it is and with it brings out fruits wherewith to strongly mentioned that man has a feed you; is it He Who has made the ships responsibility to do so. Failure to do so issubject to you, that they may sail through the ingratitude. sea by His Command; and the rivers (also) has He made subject to you. And He has made subject to you the sun and the moon, both diligently pursuing their courses; and the Night and the Day has He (also) madesubject to you. And He gives you all that you ask for. But if you count the favours of Allah, never will you be able to number them. Verily, man is given up to injustice and ingratitude. Be involved in business as nine out of ten Ihya sources of income lie in business Islamic Principals from Al-Qur’an
  3. 3. Quote Source Comments Economic Principals order that it may not (merely) make a Al-Hashr Fair distribution of income. circuit between the wealthy among you… 59:7 O you who believe! If you will aid (the cause Muhammad Cooperation between Allah and man in of) Allah, He will aid you, and plant your feet 47:7 developing himself both spiritually and firmly. economically. He hath subjected to you all that there is in Al-Jathiyah Ownership of all is Allah’s and man uses the heavens and all that there is in the earth: 45:12 them in trust, with Allah’s cooperation. All is from Him. Verily, herein are signs for those who reflect. O ye who believe! Make not unlawful the Al-Ma’idahgood things which Allah hath made lawful for 5:87 you but commit no excess:… Financial Principals..fear Allah, and give up what remains of your Al-Baqarah Forbiddance of interest demand for usury, if ye are indeed believers. 2:278-9 If ye do it not, take notice of war from Allah and His Messenger;… That they took usury, though they were Al-Nisaa’ forbidden; and that they devoured men’s 4:161 substance wrongfully- That which you lay out for increase through Al-Rum the property of (other) people, will have no 30:39 increase with Allah;… O ye who believe! Devour not usury, doubled Al-Imran and multiplied but fear Allah that ye may 3:130 really prosper.Those who devour usury will not stand except Al-Baqarah as stands one whom the evil one by his touch 2:275 hath driven to madness… …But if one is forced by necessity, without Al-Baqarah wilful disobedience, nor transgressing due 2:173 limits – then is he guiltless… Importance of Business ..;and thou seest the ships therin that plough Fatir Importance of economic activities the waves, that ye may seek (thus) of the the 35:12 Bounty of Allah… And thus have we willed you to a community Al-Baqarah of the middle way, so that (with your lives) 2:143 you might bear witness to the truth before all mankind...and We sent down iron in which is (material Al-Hadid Resources provided by Allah (SWT) for for) mighty war, as well as many benefits for 57:25 utilisation of humankind. mankind,…Behold! In the creation of the heavens and of Al-Baqarah Inspiration to undertake business for the earth; in the alternation of the night and 2:164 development and improvement of society. day; in the sailing of the ships through the ocean for the profit of mankind;… But seek, with the (wealth) which Allah has Al-Qasas Responsibility to both the present world and bestowed on thee, the Home of the Hereafter, 28:77 the Hereafter. nor forget thy portion in this world;…. …but Allah hath permitted trade and Al-Baqarah forbidden usury… 2:275 It is no crime if you seek the bounty of your Al-Baqarah Lord (during pilgrimage)… 2:198 …others travelling through the land, seeking Al- of Allah’s bounty; yet others fighting in Muzzammil Allah’s cause…. 73:20 Who can be better in religion than one who Al-Nisaa’ submits his whole self to Allah, does good,… 4:125 ..Say: ‘Short is the enjoyment of this world; Al-Nisaa’the Hereafter is best for those who do right;… 4:77 ..He has chosen you, and has imposed no Al-Hajj difficulties on you in religion:… 22:78 ..and adore your Lord; and be good; that ye Al-Hajj may prosper. 22:77 And when the prayer is finished, then may ye Al-Jumu’ah disperse through the land, and seek of the 62:10 bounty of Allah;…that ye may prsper.
  4. 4. Islamic Principals from the Hadith
  5. 5. Quote Source Comments Economic PrincipalsAllah is the one who fixes price, Who Abu Daud, Non intervention in the market.withholds, Who gives lavishly, and Who Al-Tarmiziprovides, and I hope that when I meet him, and Ibnnone of you will have a claim against me for Majahany injustice with regards to blood or property.There is no monopoly except by sinful Muslinpersons.Allah will throw into Hell, head first anyone AL-Hakimwho disrupts the market for Muslims with the and Siddiqiintention of increasing profits. Financial PrincipalsA time will come when people will devour Al-Bukhariusury, calling it trade and Muslim Importance of Business Be involved in business as nine out of ten Ihya Importance of self-sufficiency. sources of income lie in business Do not overdo your religious practices, truly Abu Qasin Allah prefers devotion to him that last and is easy to practice.The best among you are those who do not Al-Khatibignore the Hereafter for the worldly and alsodo not ignore the worldly for the Hereafter.Working with your own hands and all forms Sabiq andof buying and selling which is most legitimate Sayyidand blessed.Truly Allah likes to see his servants striving to Al-Dailami The importance of work to a Muslin.earn an honest incomeThe best among you are those that do not Al-Khatibignore the Hereafter for the worldly life andalso do not ignore the worldly life for theHereafter.The hand that is above is better than the hand Al-Bukharithat is below.Anyone who desires what is permissible from Al-Tabrainithe world, keeping himself away from sins,working for the sake of his family, and takingcare of the neighbours, will meet His Lordwith a face shinning like a full moon.There is nothing wrong in wealth for him who Al-Bukharifears Allah‘Anyone who has an atom of pride in his heart Muslimwill not enter the garden.’ A man then asked,‘What about the one who likes to wear ahandsome robe and good shoes?’ The Prophetreplied, ‘Surely Allah is beautiful and lovesbeauty.’Happiness has four elements; a good wife, a Ibn Hibbanspacious house, a good neighbour, and acomfortable riding beast.Faith is not expectations and not outward Ibn Najjarornamentations, but implanted in the heart andand realised through actions. Dailami General Business PracticesTwo persons who have traded should choose Al-Bukhari To ensure pressure is not placed on eitherwhether to proceed with the sale or not; as and Muslim buyer or seller by the other party.long as they have not left the place of sale.You can have choice for any merchandise that Al-Bukhari Cooling off period after purchase have bought for three days. and MuslimAnyone who wishes to make forward sales, he Ibn Abbas Need of contracts for forward sale.should do so in a specified weight andmeasure and for a specified period. Those who work for you are your brothers. Al-Bukhari Treat workers as fairly as possible. Allah has made them your assistants. and Al- Tarmizi Hope for others what you hope for yourself Al-Tarmizi and you become a Muslim. It is most important for you to provide food Muslim and clothing to your assistants. For your workers there must be satisfaction Muslim