Business Ethics in Islam

Published by admin | Filed under Money, Quran Recitation

Islam emphasizes on the importance of the business ethics a lot. Allah says in the Qur’an, “they say that buying is also like interest but Allah has declared buying as permissible and interest as forbidden.” And “When you buy or sell then make someone a witness of it.”

Being Muslims, we have to cling to ethical standards, not only in business but also in all aspects of life. Both business and ethics are interrelated. Prophet Muhammad (PBUH) was chosen by God to be His last prophet and messenger at the age of 40. Before that he was very much involved in business. He and his wife Khadija (RA) were both merchants.

The Holy Qur’an and Prophet Mohammad (PBUH) have made it clear that a Muslim must be honest and upright in his business dealing. A true Muslim should keep his word and fulfill his promises, avoid fraud and avoid deceit and betrayal, impinge not upon the rights of others, nor take part in illegitimate activities.

Through Hadith and Quran Recitation we find the etiquettes of business as:

1. 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.”
2. In Islamic School of thought, monopolies are forbidden. “Whoever monopolizes is a sinner.”
3. The Prophet (P.B.U.H) is reported to have said, “The sale is complete when the two involved depart with mutual consent.”
4. The price of the commodities should not be fixed unless there is a situation of crisis or extreme necessity.
5. Hoarding merchandise in order to increase the prices is forbidden.

Thus traders who deceive by showing to customers a false sample or by concealing from them the defects of the product they’re selling are not true Muslims in the judgment of Allah Prophet (PBUH) and, they are going to end up in hell. So one must follow the teachings of the Holy Prophet (P.B.U.H) in regard to business and all other aspects of life; to become a good Businessman and hence, a better Muslim.