Business in Islam

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e-Takaful seeks to provide information and direction on our "road to Financial Freedom and Independence" the "Ad Deen" Way. We represent manufacturers, works with Islamic Banking, Financing, Insurance and Investment providers. And creating Opportunities for Traders, entrepreneurs and businessmen Insya Allah.

Business is an integral part of an Islamic economic system since Islam is Ad-Deen. Thus, Islam greatly encourages business as an activity for three main reasons:

·         It directly contributes to improving the standard of living and provides worldly comforts to mankind;

·         It is the most important activity to create wealth for an individual, community or Country;

·         It is an activity where even the most uneducated can participate since Islam requires that every Muslim man to earn his own income.

A business, any business creates entrepreneurs out of a Muslim and helps the same to achieve Al Falah , the success of this world and the hereafter.

The Qur’an devotes significant attention to business since Makkah, Where Muhammad saw was born and raised and where the Qur’an was first revealed, was at that time a major center of trade. In Islam, business is an honorable, blessed and wealth generating activity requiring courage, initiative, resourcefulness, patience, knowledge and good interpersonal relationship. These are qualities very much required in Islam. Islam requires that business be conducted in an open and competitive environment.  

Business In Islam, Allah would bless only business conducted in an honest and truthful manner. Therefore, most Quranic revelations and the Prophet Muhammad’s (saw) teachings concerning business relate to honest, mutually beneficial and non-exploitative conduct of business. In fact, adherence to Islamic business concepts and principles do not prevent but helps Muslim businessmen to become wealthy and successful. Honest business conduct combined with resourcefulness, the relevant knowledge and good interpersonal capability can assure greater and more enduring success and wealth to the Muslim businessmen, entreprenuer and industrialist.

The principle against non- disclosure of material facts or "utmost good faith" is laid down by the Holy Prophet (saw) as follows : "...If both parties speak the truth and describe defects and qualities (of the subject matter of the transaction - transparency) they would be blessed in their transaction, but if they tell lies or conceal anything, then the blessing on their transaction will be blotted out.

 

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