RSS

Islamic Teachings Related To Economics

29 Jan

As per Islamic teachings, other than the
explicitly
identified impermissible sources of
income, every
other source of income is permissible in
which
the benefits are enjoyed by all the
concerning
parties on just basis.
Allah in Holy Quran says:
“Do not devour one another’s property
wrongfully, nor throw it before the
judges in
order to devour a portion of other’s
property
sinfully and knowingly.” (Al-Baqarah:
188)
“Do not devour another’s property
wrongfully –
unless it be by trade based on mutual
consent.” (Al-Nisa: 29)
Sources of Income Prohibited In Islam
a) Bribery (Al-Baqarah: 188).
b) Usurping others’ property (Al-
Baqarah: 188).
c) Fraud (Al-Imran: 161).
d) Stealing and robbery (Al-Maida: 38).
e) Income from sources of vulgarity (Al-
Noor:
19).
f) Gambling (Al-Maida: 90).
g) Wine and its business (Al-Maida: 90).
h) Interest (Al-Baqarah: 275).
Moral Directives of Islam in Conducting
Business
Moral Conduct in Entrepreneurship
“And measure full when you measure.
And weigh
with an even balance. This is better and
its end
is good.” [Al-Bani-Israel: 35]
“They who hoard up gold and silver and
spend it
not in the way of Allah, unto them give
tidings (O
Muhammad) of a painful doom.” [Al-
Tauba: 34]
“You resort to oaths as instruments of
mutual
deceit, so that a person might take
greater
advantage than another; although, Allah
puts you
to the test through this. Surely, on the
Day of
Resurrection, He will make clear the
truth
concerning the matters over which you
differed.” [Al-Nahl: 92]
“Who so desires the reward of the
world, then
with Allah is the reward both of the
world and of
the Hereafter. And Allah is Hearing,
Seeing.” [Al-
Nisa:134]
“And that the man will not get, but
what he
endeavors. And that his endeavor shall
soon be
seen.” [An-Najm: 39-40]
“O Believers! Whenever you lend
money for a
particular period, write and someone
among you
must write it justly. And the one who
can write
must not refuse.” [Al-Baqara: 282]
Prophet Muhammad (pbuh) said:
“Whosoever
sells a defective product without
disclosing its
defect to the purchaser, shall earn the
permanent anger of Almighty Allah and
the
angels continuously curse such a
person.” [Ibn-e-
Maja]
Prophet Muhammad (pbuh) said: “The
seller and
the buyer have the right to keep or
return the
goods as long as they have not parted
or till they
part; and if both the parties spoke the
truth and
described the defects and qualities [of
the
goods], then they would be blessed in
their
transaction, and if they told lies or hid
something, then the blessings of their
transaction
would be lost.” [Bukhari]
Prophet Muhammad (pbuh) has
exhorted that we
should refrain from taking oaths
unnecessarily;
for although, it helps in the sale of
one’s
products, it reduces the blessings.
[Bukhari &
Muslim]
Prophet Muhammad (pbuh) said: “If
anyone
would like Allah to save him from the
hardships
of the Day of Resurrection, he should
give more
time to his debtor who is short of
money, or
remit his debt altogether.” [Muslim]
Prophet Muhammad (pbuh) said: “May
Allah’s
mercy be on him who is lenient in his
buying,
selling, and in demanding back his
money [or
debts].” [Bukhari & Tirmidhi]
Prophet Muhammad (pbuh) said: “A
time will
come upon the people when one will
not care
how one earns money, i.e. legally or
illegally.” [Bukhari]
Prophet Muhammad (pbuh) said: “The
flesh and
body that is raised on unlawful
sustenance shall
not enter Paradise. Hell is more
deserving to the
flesh that grows on one’s body out of
unlawful
sustenance.” [Ahmad]
Prophet Muhammad (pbuh) said: “The
truthful
and trustworthy businessman will be in
the
company of Prophets, saints and
martyrs on the
Day of Judgment.” [Darimi & Tirmidhi]
Prophet Muhammad (pbuh) said: “And
what is
most likely to send people to Paradise?
Being
conscious of Allah and good
manners.” [Bukhari,
Tirmidhi & Ahmed]
Islamic Teachings and Unethical Trade
Practices
“Allah will deprive usury of all blessing,
but will
give increase for deeds of charity.” [Al-
Baqara:
276]
“Woe to those that deal in fraud. Those
who,
when they have to receive by measure
from
men, exact full measure. But, when
they have to
give by measure or weight to men, give
less than
due. Do they not think that they will be
called to
account?” [Al-Mutaffifin:1-4]
Keeping the commodities of general use
in
possession and not supplying them in
the market
for the sake of increasing the price is
prohibited.
[Ahmed-Bin-Hanbal]
Prophet Muhammad (pbuh) said: “No
one hoards
but the traitors (i.e. the sinners).” [Abu
Da’ud]
Prophet Muhammad (pbuh) said: “The
importer
[of an essential commodity] into the
town will be
fed [by Allah], and the hoarder will have
[Allah’s]
curse upon him.” [Ibn Majah]
Prophet Muhammad (pbuh) said:
“Allah’s
Messenger cursed the one who accepts
interest
and the one who pays, and the one who
records
it, and the two witnesses; and he said:
They are
all equal.” [Muslim]
The Apostle of Allah (pbuh) cursed the
one who
pays bribes and the one who takes
bribes. [Abu
Da’ud]
Prophet Muhammad (pbuh) said: “Do
not harbor
envy against one another; do not outbid
one
another [with a view to raising the
price]; do not
bear aversion against one another; do
not bear
enmity against one another; one of you
should
not enter into a transaction when the
other has
already entered into it; and be fellow
brothers
and true servants of Allah.” [Muslim]
Trying to buy commodities before they
reach
market is prohibited because market
will decide
the price. [Muslim]
Futures and Forward Trading: Islamic
View
Prophet Muhammad (pbuh) said: “He
who buys
food grain should not sell it until he has
taken
possession of it.” [Muslim]
Analogical Deduction in Matters: Islamic
View
Prophet Muhammad (pbuh) said: “What
is lawful
is evident and what is unlawful is
evident, and in
between them are the doubtful things
which
many people do not know. So he who
guards
against doubtful things keeps his religion
and
honor blameless, and he who indulges
in doubtful
things indulges in fact in unlawful things,
just as
a shepherd who pastures his animals
round a
preserve will soon pasture them in it.
Beware,
every king has a preserve, and the
things Allah
has declared unlawful are His preserves.
Beware,
in the body there is a piece of flesh; if it
is
sound, the whole body is sound and if it
is
corrupt, the whole body is
corrupt.” [Bukhari &
Muslim]
Benefits of Honest Conduct in
Partnership
Prophet Muhammad (pbuh) has said
that
Almighty Allah proclaims: “I am a one
third
partner of a two man partnership until
one of
them acts dishonestly to his partner,
and, in such
an event, I then leave them.” [Abu
Da’ud]
The importance of Paying One’s Liability
Prophet Muhammad (pbuh) said: “After
the
major sins which must be avoided, the
greatest
sin is that someone dies in a state of
debt and
leaves behind no asset to pay it
off.” [Darimi]
Job Responsibility of Employee: Islamic
View
Prophet Muhammad (pbuh) said: “The
honest
treasurer who gives willingly what he is
ordered
to give, is one of the two charitable
persons,
(the second being the
owner).” [Mishka’at]
Responsibility of Employer: Islamic View
Prophet Muhammad (pbuh) said: “Give
the labor
his wage before his sweat dries.” [Ibn-
e-Majah]
Prophet Muhammad (pbuh) said: “Those
are
your brothers [workers under you] who
are
around you; Allah has placed them
under you. So,
if anyone of you has someone under
him, he
should feed him out of what he himself
eats,
give him clothes like what he himself
puts on,
and do not put so much burden on him
that he is
not able to bear, [and if that be the
case], then
lend your help to him.” [Bukhari]
Prophet Muhammad (pbuh) said: “I will
be foe to
three persons on the Last Day: one of
them
being the one who does not give dues
to the
servant he employs even after he has
fulfilled his
duty.” [Bukhari]
Justice and Honesty: Islamic View
“O believers! Stand firmly for justice,
giving
witness for Allah, may be therein your
own loss,
or of your parents or of your relations.
Against
whom you be a witness, he be a rich or
be a
poor, in any case Allah has more power
than
anyone over them, therefore follow not
passion
lest you may be far away from justice;
and if you
distort or turn your face, then Allah is
aware of
your doings.” [Al-Nisa: 135]
“O believers! Stand-up firmly by the
Commandments of Allah, bearing
witness with
justice and let not the enmity of any
people
incite you that you should not do
justice. Do
justice that is nearer to piety and fear
Allah,
undoubtedly, Allah is aware of your
doings.” [Al-
Maida: 8]
Gender and Ethnic Discrimination:
Islamic View
“O people! We created you from one
man and
one woman and made you divided in
branches
and tribes so that you may recognize
one
another. Undoubtedly, the most
respected among
you in the sight of Allah is the one who
is more
pious. Verily, Allah is knowing,
Aware.” [Al-
Hujurat: 13]
Directives of Islam to an Earning
Individual
Encouragement for Welfare Spending
“…Remember, the example of those
who spend in
the way of Allah is like that of a grain,
which
sprouts into seven ears, producing a
hundred
grains in each ear. Allah [by His mercy]
increases manifold [the rewards of such
deeds]
for whom He wills. And Indeed, Allah is
extremely bountiful [in rewarding His
servants],
fully aware [of your circumstances and
deeds].” [Al-Baqara: 261]
“Those needy ones who are wholly
wrapped up in
the cause of Allah, and who are
hindered from
moving about the earth in search of
their
livelihood especially deserve help. He
who is
unaware of their circumstances
supposes them
to be wealthy because of their dignified
bearing,
but you will know them by their
countenance,
although they do not go about begging
people
with importunity. And whatever wealth
you will
spend on helping them, Allah will know
of it.” [Al-
Baqara: 273]
“Look, you are being called upon to
expend in
Allah’s Way, yet some of you are being
niggardly,
whereas the one who is niggardly is, in
fact,
being niggardly only to himself. Allah is
Self-
Sufficient. It is you who are the needy.
If you
turn away, Allah will replace you by
another
people, and they will not be like
you.” [Muhammad: 38]
“(O Prophet!) Tell those of My servants
who
believe that they should establish
prayer and
spend out of what We have provided
them with,
both secretly and openly, before there
arrives the
Day when there will be no bargaining,
nor any
mutual befriending.” [Ibrahim: 31]
“Have you seen him who belies the
rewards and
punishments of the Hereafter? He it is,
who
drives away the orphan and does not
urge giving
away the food to the poor.” (Al-Ma’un:
1 – 3)
“Those who blame Muslims who give
charity
willingly and laugh at those who get
nothing but
with their hard labor, Allah will punish
them for
their laughing and for them, is the
painful.” [Al-
Tauba: 79]
Prophet Muhammad (pbuh) said:
“Spend, and do
not count, lest Allah counts against you.
Do not
withhold your money, lest Allah
withholds from
you. Spend what you can.” [Bukhari &
Muslim].
Prophet Muhammad (pbuh) said: “The
Lord’s
commandment for every one of His
slaves is,
‘Spend on others, and I will spend on
you’.” [Bukhari & Muslim]
Attitude of the Giver of Charity
“Those who spend their wealth in the
way of
Allah and do not follow up their
spending by
stressing their benevolence and causing
hurt, will
find their reward secure with their Lord.
They
have no cause for fear and grief. To
speak a kind
word and to forgive people’s faults is
better than
charity followed by hurt. Allah is All-
Sufficient,
All-Forbearing. Believers! Do not nullify
your acts
of charity by stressing your benevolence
and
causing hurt as does he who spends his
wealth
only to be seen by men and does not
believe in
Allah and the Last Day. The example of
his
spending is that of a rock with a thin
coating of
earth upon it. When a heavy rain smites
it, the
earth is washed away, leaving the rock
bare.
Such people derive no gain from their
acts of
charity. Allah does not set the deniers
of the
Truth on the right way.” [Al-Baqara: 262
– 264]
Islamic View on Unscrupulous
Consumption
“Give to the near of kin his due, and
also to the
needy and the wayfarers. Do not
squander your
wealth wastefully; for those who
squander
wastefully are Satan’s brothers, and
Satan is
ever ungrateful to his Lord.” [Al-Bani-
Israel: 26 –
27]
“Do not keep your hand fastened to
your neck
nor outspread it, altogether widespread,
for you
will be left sitting rebuked,
destitute.” [Al-Bani-
Israel: 29]
“Those people, who when they spend,
are neither
extravagant nor miserly but keep the
golden
mean between the two
(extremes).” [Al-Furqan:
67]
Prophet Muhammad (pbuh) said: “When
you eat,
drink, give charity and wear clothes, let
no
extravagance or pride be mixed up with
what you
do.” [Ibn Maja & Nasai]
Stinginess and Wealth Accumulation:
Islamic
View
“Those who do not spend their wealth
that has
been given to them by Allah must not
think that
it is good for them; indeed it is bad for
them.” (Al-Imran: 180)
“… Allah does not love the arrogant and
the
boastful, who are niggardly and bid
others to be
niggardly and conceal the bounty which
Allah
has bestowed upon them. We have
kept in
readiness a humiliating chastisement for
such
deniers (of Allah’s bounty).” [Al-Nisa:
36-37]
Prophet Muhammad (pbuh) said: “Avoid
doing
injustice to others, for on the Day of
Judgment,
it will turn into manifold darkness, and
safeguard
yourself against miserliness, for it
ruined those
who were before you. It incited them
to murder
and treating the unlawful as
lawful.” [Muslim]
Prophet Muhammad (pbuh) said: “There
are two
habits which are never present together
in a
believer, i.e. miserliness and bad
manners.” [Tirmidhi]
Prophet Muhammad (pbuh) said: “When
someone is made rich but he does not
pay Zakat
for his wealth, then on the Day of
Judgment his
money will be turned into a poisonous
snake with
two black spots on its head. It will coil
around
his neck and bite his cheeks and say: ‘I
am your
wealth, I am your treasure’. Then the
Prophet
recited verse Al Imran: 180.” [Bukhari]
Paying Zakat
“Say your prayers (Namaaz) and pay
Zakat.” [Al-
Muzammil: 20]
“Establish prayer and dispense the
purifying alms
(Zakat) and bow in worship with those
who
bow.” [Al-Baqara: 43]
Entrepreneurship Versus Dependency
Prophet Muhammad (pbuh) said: “The
upper
hand is better than the lower hand (i.e.
he who
gives in charity is better than him who
takes it).
One should start giving first to his
dependents.
And the best object of charity is that
which is
given by a wealthy person (from the
money
which is left after his
expenses).” [Bukhari]
Social Responsibility: Islamic View
Prophet Muhammad (pbuh) said: “If any
Muslim
plants something or sows seed from
which a
man, a bird or an animal eats, it counts
as a
charity for him.” [Bukhari & Muslim]
Communal Development: Islamic View
Prophet Muhammad (pbuh) said: “The
best
charity is that which is practiced by a
wealthy
person. And start giving first to your
dependents.” [Bukhari]
Prophet Muhammad (pbuh) said: “To
give
something to a poor man brings one
reward,
while giving the same to a needy
relation brings
two: one for charity and the other for
respecting
the family ties.” [Ahmad, Ibn Majah,
Nasai &
Tirmidhi]
Utility and Satisfaction: Islamic View
Prophet Muhammad (pbuh) said:
“Wealth is not
in having vast riches, it is in
contentment.” [Bukhari & Muslim]

Advertisements
 
Leave a comment

Posted by on January 29, 2017 in Uncategorized

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: