Islam places the highest emphasis on ethical values and morality in all aspects of life, including business dealings. The Quran and teachings of Prophet Muhammad establish comprehensive ethical norms. Some key business ethics principles in Islam include: conducting trade with mutual consent; prohibiting interest and uncertainty; requiring honesty, trustworthiness and fairness; avoiding exploitation of workers; and not dealing in prohibited or stolen goods. Overall, Islam aims to establish a just economic system where people can earn lawful livelihoods through legitimate business.
Prohibited Business Transactions In IslamSehree Mumtaz
In this report we have discussed the Islamic Aspect of Business. We study about those business transactions which are permitted in Islam and also those which are prohibited in Islam. The Quranic and Hadiths references are also given.
Prohibited Business Transactions In IslamSehree Mumtaz
In this report we have discussed the Islamic Aspect of Business. We study about those business transactions which are permitted in Islam and also those which are prohibited in Islam. The Quranic and Hadiths references are also given.
AlHuda-Centre of Islamic Banking and Economics (CIBE) is a well known name in Islamic Banking and Finance sector which focuses on training, awareness, advisory and publications on Islamic Banking & Finance in order to promote the industry. AlHuda CIBE has organized a successful Conference "3rd Global Islamic Microfinance Forum" held on 6th & 7th October, 2013 in Dubai. AlHuda CIBE is very much pleased to share the topics and presentations being held in the Forum.
Presentation for Chapter 1 of "The Principle of Islamic Marketing" by Baker Ahmad Alserhan. Follow this link to get the material, https://wp.me/pbJOsi-6w
AlHuda-Centre of Islamic Banking and Economics (CIBE) is a well known name in Islamic Banking and Finance sector which focuses on training, awareness, advisory and publications on Islamic Banking & Finance in order to promote the industry. AlHuda CIBE has organized a successful Conference "3rd Global Islamic Microfinance Forum" held on 6th & 7th October, 2013 in Dubai. AlHuda CIBE is very much pleased to share the topics and presentations being held in the Forum.
Presentation for Chapter 1 of "The Principle of Islamic Marketing" by Baker Ahmad Alserhan. Follow this link to get the material, https://wp.me/pbJOsi-6w
Developing-Halal-Business-the-360-Degree-Approach
seminar paper at International Conference on Islamic Banking and Finance in Mauritius
April 05th - 06th, 2011
HANUMAN STORIES: TIMELESS TEACHINGS FOR TODAY’S WORLDLearnyoga
Hanuman Stories: Timeless Teachings for Today’s World" delves into the inspiring tales of Hanuman, highlighting lessons of devotion, strength, and selfless service that resonate in modern life. These stories illustrate how Hanuman's unwavering faith and courage can guide us through challenges and foster resilience. Through these timeless narratives, readers can find profound wisdom to apply in their daily lives.
Lesson 9 - Resisting Temptation Along the Way.pptxCelso Napoleon
Lesson 9 - Resisting Temptation Along the Way
SBs – Sunday Bible School
Adult Bible Lessons 2nd quarter 2024 CPAD
MAGAZINE: THE CAREER THAT IS PROPOSED TO US: The Path of Salvation, Holiness and Perseverance to Reach Heaven
Commentator: Pastor Osiel Gomes
Presentation: Missionary Celso Napoleon
Renewed in Grace
The Chakra System in our body - A Portal to Interdimensional Consciousness.pptxBharat Technology
each chakra is studied in greater detail, several steps have been included to
strengthen your personal intention to open each chakra more fully. These are designed
to draw forth the highest benefit for your spiritual growth.
In Jude 17-23 Jude shifts from piling up examples of false teachers from the Old Testament to a series of practical exhortations that flow from apostolic instruction. He preserves for us what may well have been part of the apostolic catechism for the first generation of Christ-followers. In these instructions Jude exhorts the believer to deal with 3 different groups of people: scoffers who are "devoid of the Spirit", believers who have come under the influence of scoffers and believers who are so entrenched in false teaching that they need rescue and pose some real spiritual risk for the rescuer. In all of this Jude emphasizes Jesus' call to rescue straying sheep, leaving the 99 safely behind and pursuing the 1.
The Good News, newsletter for June 2024 is hereNoHo FUMC
Our monthly newsletter is available to read online. We hope you will join us each Sunday in person for our worship service. Make sure to subscribe and follow us on YouTube and social media.
The PBHP DYC ~ Reflections on The Dhamma (English).pptxOH TEIK BIN
A PowerPoint Presentation based on the Dhamma Reflections for the PBHP DYC for the years 1993 – 2012. To motivate and inspire DYC members to keep on practicing the Dhamma and to do the meritorious deed of Dhammaduta work.
The texts are in English.
For the Video with audio narration, comments and texts in English, please check out the Link:
https://www.youtube.com/watch?v=zF2g_43NEa0
What Should be the Christian View of Anime?Joe Muraguri
We will learn what Anime is and see what a Christian should consider before watching anime movies? We will also learn a little bit of Shintoism religion and hentai (the craze of internet pornography today).
The Book of Joshua is the sixth book in the Hebrew Bible and the Old Testament, and is the first book of the Deuteronomistic history, the story of Israel from the conquest of Canaan to the Babylonian exile.
Exploring the Mindfulness Understanding Its Benefits.pptxMartaLoveguard
Slide 1: Title: Exploring the Mindfulness: Understanding Its Benefits
Slide 2: Introduction to Mindfulness
Mindfulness, defined as the conscious, non-judgmental observation of the present moment, has deep roots in Buddhist meditation practice but has gained significant popularity in the Western world in recent years. In today's society, filled with distractions and constant stimuli, mindfulness offers a valuable tool for regaining inner peace and reconnecting with our true selves. By cultivating mindfulness, we can develop a heightened awareness of our thoughts, feelings, and surroundings, leading to a greater sense of clarity and presence in our daily lives.
Slide 3: Benefits of Mindfulness for Mental Well-being
Practicing mindfulness can help reduce stress and anxiety levels, improving overall quality of life.
Mindfulness increases awareness of our emotions and teaches us to manage them better, leading to improved mood.
Regular mindfulness practice can improve our ability to concentrate and focus our attention on the present moment.
Slide 4: Benefits of Mindfulness for Physical Health
Research has shown that practicing mindfulness can contribute to lowering blood pressure, which is beneficial for heart health.
Regular meditation and mindfulness practice can strengthen the immune system, aiding the body in fighting infections.
Mindfulness may help reduce the risk of chronic diseases such as type 2 diabetes and obesity by reducing stress and improving overall lifestyle habits.
Slide 5: Impact of Mindfulness on Relationships
Mindfulness can help us better understand others and improve communication, leading to healthier relationships.
By focusing on the present moment and being fully attentive, mindfulness helps build stronger and more authentic connections with others.
Mindfulness teaches us how to be present for others in difficult times, leading to increased compassion and understanding.
Slide 6: Mindfulness Techniques and Practices
Focusing on the breath and mindful breathing can be a simple way to enter a state of mindfulness.
Body scan meditation involves focusing on different parts of the body, paying attention to any sensations and feelings.
Practicing mindful walking and eating involves consciously focusing on each step or bite, with full attention to sensory experiences.
Slide 7: Incorporating Mindfulness into Daily Life
You can practice mindfulness in everyday activities such as washing dishes or taking a walk in the park.
Adding mindfulness practice to daily routines can help increase awareness and presence.
Mindfulness helps us become more aware of our needs and better manage our time, leading to balance and harmony in life.
Slide 8: Summary: Embracing Mindfulness for Full Living
Mindfulness can bring numerous benefits for physical and mental health.
Regular mindfulness practice can help achieve a fuller and more satisfying life.
Mindfulness has the power to change our perspective and way of perceiving the world, leading to deeper se
2. Ethics in Islam
• Islam places the highest emphasis on ethical
values in all aspects of human life.
• In Islam, ethics governs all aspects of life.
• Ethical norms and moral codes visible from
the verses of the Holy Qur’an and the teachings
of the Prophet (PBUH) are numerous, far
reaching and comprehensive.
3. Ethics in Islam
The Holy Qur’an Says:
You are the best nation that has been raised up for
mankind; You enjoin right conduct, forbid evil and believe in
Allah. (3:110)
The Prophet (P.B.U.H) also says:
I have been sent for the purpose of perfecting good morals.
(Ibn Hambal, No: 8595)
4. Ethics in Islam
• He (PBUH) presented in front of us how to
be a successful Muslim trader. He had a
remarkable reputation in dealing.
• Many people in Makkah even the enemies
were used to praise his sincerity, honesty,
hard work, truthfulness etc.
5. Ethics in Islam
• Our beloved Prophet (SAW) always
emphasized on fair dealings in business with
the customers. He said:
“God shows mercy to a person who is kindly when he
sells, when he buys and when he makes a claim.”
6. Ethics in Islam
• Islam asks its believers to observe certain
norms and moral codes in their family affairs;
in dealings with relatives, with neighbours
and friends; in their business transactions; in
their social affairs, and in all spheres of
private and public life.
7. Ethics in Islam
• Islam has its own distinctive value-based
ethical system for business dealings. It
prescribes certain specific guidelines for
governing business ethics.
8. Ethics in Islam
(i)It specifies the general ethical rules of
business conduct,
(ii)It identifies ethically desirable forms of
business, and,
(iii)It specifies the undesirable modes of
transactions.
10. Principles of Business Ethics in Islam
1. Freedom of Enterprise
2. Intensity to Earn Legitimate Earnings.
3. Trade through Mutual Consent.
4. Truthfulness in Business Transactions.
5. Trustworthiness in Business Transactions.
6. Generosity and Leniency in Business Transactions.
7. Fair Treatment with Workers.
8. Not to deal in Prohibited Items.
9. Sale of Al-Gharar (Uncertainty, Risks, Speculation).
10. Fixation of Prices on Demand & Supply.
11. Hoarding of Foodstuff.
12. Swearing (Qasam).
13. Giving Short Measures.
14. Dealing in Stolen Goods.
11. Freedom of Enterprise
• Islam gives complete freedom to economic
enterprise. Each individual in an Islamic
society enjoys complete freedom in the
earning of his business/occupation.
• He can start, manage and organize any kind
of business enterprise within the limits set by
the Islamic Shari‘ah.
12. Intensity to Earn Legitimate
(Halal) Earnings
• Islam places great emphasis on the code of
lawful and unlawful in business transactions
Says the Holy Qur’an:
• Do not devour(consume) another’s property
wrongfully – unless it be by trade based on
mutual consent. (4:29)
13. Intensity to Earn Legitimate
(Halal) Earnings
• Asked ‘what form of gain is the best? [the
Prophet] said,
‘A man’s work with his hands, and every legitimate
sale’. (Ahmad, No: 1576)
• A tradition of the Prophet (PBUH) states:
A time will come upon the people when one will not
care as to how he gets his money whether legally or
illegally. (Bukhari, No: 1941)
14. Intensity to Earn Legitimate
(Halal) Earnings
• Foremost among the unacceptable business
practices strongly condemned in Islam is
Riba. Riba (interest),
• The Holy Qur’an says:
Allah has permitted trading and forbidden
Riba (usury). (2:275)
• Devour not Riba doubled and re-doubled.
(3:130)
15. Intensity to Earn Legitimate
(Halal) Earnings
• O you who believe! fear Allah and give up
what remains of your demand for usury if
you are indeed believers. If you do it not, take
notice of war from Allah and his Apostle.
(2:278)
16. Intensity to Earn Legitimate
(Halal) Earnings
• The Sunnah is equally forceful in disapproving
Riba. The Prophet (PBUH) is reported to
have said:
May Allah send down His curse on the one who
devours(eat greedily) Riba and the one who pays it
and on the two witnesses and on the person writing it.
(Ahmad, No: 624)
•
17. Trade through Mutual Consent
• Mutual consent between the parties is a
necessary condition for the validity of a
business transaction.
• Therefore, it follows that a sale under
coercion is not acceptable in Islam.
18. Trade through Mutual Consent
• The Holy Qur’an says:
O you who have believed, do not consume
one another's wealth unjustly but only [in
lawful] business by mutual consent. And do
not kill yourselves [or one another]. Indeed,
Allah is to you ever Merciful.(4:29)
•
19. Trade through Mutual Consent
• The Prophet (PBUH) is reported to
have said:
A sale is a sale only if it is made through mutual
consent. (Ibn Majah, No: 2176)
20. Truthfulness in Business
Transactions
• Islam encourages truthfulness in business
transactions . The Prophet (PBUH) is reported
to have said:
The truthful merchant [is rewarded by being ranked] on
the Day of Judgment with prophets, veracious souls,
martyrs and pious people. (Tirmidhi, No: 1130)
21. Trustworthiness in Business
Transactions
• Trustworthiness is one of the most important
principles of ethical discipline in commercial
transactions.
• A true Muslim trader will not, therefore,
exchange his Akhirat (hereafter) for worldly
gains. He will avoid fraud, deception, and
other doubtful means in selling his
merchandise.
23. Generosity and Leniency in
Business Transactions
• Muslim should be lenient and generous in
bargaining. The Prophet (PBUH) invokes
Allah’s mercy thus:
May Allah’s mercy be on him who is lenient in his
buying, selling, and in demanding back his money [or
debts]. (Bukhari, No: 1934)
24. Fair Treatment with Workers
• Islam puts certain conditions and restrictions to
prevent the chances of bitterness between the
employer and employees.
• Islam encourages and promotes the spirit of love
and brotherhood between them.
• It is the religious and moral responsibility of the
employer to take care of the overall welfare and
betterment of his employees. Fair wages, good
working conditions, suitable work and excellent
brotherly treatment should be provided to the
workers
25. Fair Treatment with Workers
• The last Prophet of Allah (PBUH) said:
The wages of the labourers must be paid to him
before the sweat dries upon his body. (Ibn
Majah, No: 2434)
26. Not to deal in Prohibited Items
• Dealing in unlawful items such as carrion
(dead meat), pigs and idols (statue) is strongly
prohibited in Islam. Dead meat would mean
the flesh of any bird or animal dead from
natural causes, without being properly
slaughtered in an Islamic way.
27. Not to deal in Prohibited Items
• A verse of the Holy Qur’an says:
Prohibited to you [for food] are: dead meat,
the blood, the flesh(soft tissues) of swine(pig)
and that on which name of other than Allah
has been mentioned. (5:1)
28. Not to deal in Prohibited Items
• Allah and His Messenger made illegal
the trade of alcoholic liquors, dead
animals, pigs and idols. (Bukhari, No:
2082)
29. Sale of Al-Gharar (Uncertainty,
Risks, Speculation)
In Islamic terminology, this refers to;
• The sale of a commodity or good which is not
present at hand;
• or the sale of an article or good, the
consequences or outcome of which is not yet
known;
• or a sale involving risks or hazards where one
does not know whether at all the commodity
will later come into existence.
30. Sale of Al-Gharar (Uncertainty,
Risks, Speculation)
• Such a sale is strictly prohibited in Islam Nevertheless,
such advance sales would be acceptable if the element
of Gharar does not exist and the quality and the quantity
of the goods are pretty well known and predictable.
• Basic conditions for the validity of a sale in Shariah are
existence, ownership and possession of goods by seller
or his agent.
• However, some exception of it has allowed in shape of
Salam and Istisna transaction.
31. Fixation of Prices on Demand &
Supply
• In Islam, prices should be determined as per
market demand and supply because rise and
fall in the prices are linked to various factors
other than the greediness of the traders and
fixing the prices may endanger both public
and private interests.
32. Fixation of Prices on Demand &
Supply
• However, the role of public authorities comes into
play if it becomes absolutely essential to do so,
especially when a trader adopts unfair means with a
view to doing harm to the smaller traders, public
authorities have the right to intervene in the market.
• They can and should take steps to fix or control the
prices so as to eliminate injustice from the market and
allow the trader to earn reasonable profit and the
buyer to pay a just and equitable price.
33. Hoarding of Foodstuff
• It means storing foodstuffs or withholding
them in expectation of rise in their prices.
• Sometimes, a handful of traders operating in
the market buy the entire quantity of an item,
sugar for example, and store it up with the
object of selling it later at the time of scarcity
to draw maximum profit out of it and to
dictate the prices.
34. Hoarding of Foodstuff
• This is an unjust practice and a clear case of
exploitation and condemned by Islam. The
Prophet (PBUH) is reported to have
condemned the hoarders when he said:
No one hoards but the traitors (i.e. the sinners). (Abu
Da’ud, No. 2990)
35. Swearing (Qasam)
• The traders often take recourse to swearing
to emphasize that their items are of good
quality. They claim qualities in the
merchandise, which don’t exist.
• They try to persuade the buyers to purchase
their commodity by invoking Allah’s name.
Swearing in business for such purposes is
forbidden in Islam.
36. Swearing (Qasam)
• The Prophet (PBUH) is reported to have
said:
Swearing [by the seller] may persuade the customer
to purchase the goods but the deal will be deprived of
Allah’s blessing. (Bukhari, No: 1945)
37. Giving Short Measures
• Another form of dishonesty is to manipulate weights
and measures. It refers to the act of taking full
measures from others and giving them short measures
in your turn. Allah, the Almighty has repeatedly
commanded exactitude in weights and measures. One
of the verses says:
And give full measure when you measure,
and weigh with a just balance. That is good
and better in the end. (17:35)
38. Dealing in Stolen Goods
• Almighty Allah has declared stealing unlawful
and warned of severe punishment , it is not
permissible for a Muslim to knowingly
purchase or sell these items.
• The stolen items are neither to be bought nor
sold by those who know the reality.
39. Dealing in Stolen Goods
• The Prophet (PBUH) made the person
knowingly buying a stolen commodity a partner
to the crime. He said:
The one who knowingly purchases a stolen good,
is a partner to the act of sin and the shame.
(Kanz Al-‘Ammal, No: 9258)