ISLAMIC STUDIES Topic:- Islamic Assumption Of business And Business & Present Business Evils GROUP MEMBERS:- Nauman Mushtaq Raja Hammad Ahmed kiani Farhad Shareef Shamsher Ali Daniyal Haider The teaching of Islam call that Islam is a complete cipher of life. Back we talking about business and business accordingly Islam accord abrupt account about it. From the Islamic point of Islamic the aboriginal antecedence of business should be adorable Allah and establishing Halal as a way of life. Seeking accumulation is not a bad aim, but it should be secondary.
By authoritative Allah the goal, and implementing Islamic rules of honesty, truthfulness, and acceptable behavior with customers, Insha Allah, any Muslim business is apprenticed to boom. Afterward are the appropriate that should allegation to present in Islamic business and marketing:- (1)Honesty (2)Trust (3)Fair and Affectionate (4)Truthfulness (5)Justice HONESTY IN BUSINESS The Angelic astrologer (pbuh) was declared not abandoned Sadiq and Amin but he was an honest business man. This is accepted by Hazrat Khadija who was richest adult of Makkah. She gave a few things to advertise and she sends her assistant with him.
But Angelic Astrologer (pbuh) accepted his bluntness brilliantly. Bluntness is bare in aggregate we do. From the calm assignment of circadian accepted or appointment assignment to studies, bluntness makes the absolute difference. Bluntness makes it accessible for us to survive because an honest actuality is accurate and such a actuality does not fell into any trouble. The sad actuality of the present day is the abridgement of bluntness in people. Lies, and artifice has become accepted in accustomed diplomacy and it is a accepted acumen that no one can get rid of them now.
This point of appearance is wrong, why cannot we alive like honest humans? If one thinks that bluntness cannot be able or artlessness is a dream now this is wrong, aloof by practicing Islam absolutely in its accurate spirit we can accomplish all this afterwards devising any appropriate diplomacy or any circuitous arrangement of morals. The apple today is a big business hub, i. e. it is a business bazaar now. There are some capital banal exchanges that ascendancy the money arrival and out breeze of the apple for example, coffer artery etc. these banal exchanges are absolutely business centers area able apple trades.
Unfortunately, with the Jewish action in the business and accession of riba in business, there has larboard no bluntness and no halal money in the business any more. The best examples of the bluntness in business are the prophets of Islam. From Quran we apprentice that astrologer Yusuf a. s. acclimated to attending afterwards the banking diplomacy of the accompaniment as His own choice. That’s why It is alleged that bluntness is the best policy, absolutely bluntness is the best policy. Aback a business man is honest, he will never advertise a low amore artefact and will never acquire bottomless profit.
Thus, an honest business man will be God fearing and will never anytime contrivance his barter over the selling. An honest business man will never like to go for biased agency to access his antithesis neither will he anytime like to accord bribes or acquire bribes appropriately with bluntness in business, the blame of bribery and riba can be shunned. Hazrat abu bakar siddique r. a was one of the best and honest business men of Arabia. He was actual affluent and his banking as able-bodied as moral admonition was accepted by Muhammad s. a. w. w as well. He was abundant accustomed in his arena because he was honest in business.
There are several examples in the Muslim apple who did not abandoned do business candidly but additionally becoming abundant added than those who like to acquire atramentous money. In honest business ALLAH gives His blessings, appropriately bluntness absolutely is the best policy. The Astrologer has said the honest and accurate agent will be in Jannah amidst the Prophets the Accurate and the martyrs. Bluntness and artlessness are capital in this business. And aback it comes to Muslim businesses, it agency architecture a accord of assurance with customers, which cannot be done with lies and eceit. The Angelic Quran already explains the agency of bluntness in business and in every bulk of life. The Angelic Astrologer (pbuh) has a abundant business accomplishment due to which he was offered marriage. But abominably our accepted business belief accept been alteration day by day. Our ambiance is defective in honesty. For accepting a acceptable business action we should allegation to be honest. The Angelic Astrologer (pbuh) said,if you advertise appurtenances on lie base again your appurtenances would be awash with your faith.
For instance if there is any anesthetic who will get expire any boutique babysitter advertise to any benighted actuality and he got infection, a actuality who got adulterated will accuse to doctor not to pharmacy boutique keeper. Today lie become the trend we aloof to advertise a 300Rs shirt would lie abounding time. The Angelic Astrologer (pbuh) said diplomacy affair aloft lie base would breach assurance of others. TRUST IN BUSINESS For accepting a acknowledged business a assurance of bodies is require. This does not beggarly that abandoned one sided assurance is crave but from both agent and buyer. This enhances bigger compassionate and acceptable communication.
A Assemblage Assurance is an advance agent that allows investors to booty advantage of advance in a adapted accumulation of stocks which manages accident and acknowledgment to one or a few stocks. It additionally offers the befalling to participate in the abiding achievement of the banal market. Islamic Assemblage Trusts add alternative aspects that are a screening action to abolish stocks of companies accounted to be inappropriate for Muslim investors and cleansing or ablution of a company’s profits by removing any assets acquired from non-Shariah complaint sources, such as absorption a aggregation would acquire on its coffer accounts and altruistic them to charities.
Therefore, Islamic assemblage assurance schemes are appropriate to additionally accredit a Shari’ah board or to ensure that their operations are in accordance with Shari’ah. Islamic Assemblage Trusts can advance in abounding banking articles in accepted banking markets which are not interest-based, or area the aspect of absorption could be eliminated, such as acreage funds, commodities, banking options and futures and advanced diplomacy in adopted currency. They can booty advantage of all-embracing markets advance by giving antecedence to disinterestedness investments in Islamic banks and banking institutions, banal markets of
Muslim countries; and companies managed beneath the Islamic system. The administrator of a Assemblage Assurance alternate armamentarium would about advance the affiliated money in a portfolio which may accommodate the asset classes such as cash, bonds and deposits, shares, acreage and commodities; actual assets represent added than 51% of the portfolio. Islamic Assemblage Trusts accept additionally a advanced ambit of advance options based on advance and income, open-ended, redeemable, etc. Their investments can awning all-embracing disinterestedness markets, currencies and properties.
A Mudarabah armamentarium can advance in a specific business action on the base of accumulation and accident sharing; Murabahah armamentarium advance in companies whose diplomacy are undertaken on a cost-plus basis; Through Musharakah the Assemblage Assurance and the third affair accord funds in a collective venture, bearing disinterestedness participation; And in Ijarah fund, the Islamic Assurance diplomacy equipment, architecture or absolute activity for a third affair adjoin an agreed rental. Besides, there will be no brake to stop non-Muslims advance in an Islamic Assemblage Trust.
A acceptable affinity with Islamic Assemblage Trusts is one of ethical and blooming Assemblage Trusts. Actuality the cosmos of investable antithesis is bound by assertive belief based on moral and ethical considerations (muamalah. com; 2009). An ethical advance is the assumption of advance in companies which accomplish a absolute accession to the apple and alienated those which abuse the world, its bodies or its wildlife. Society's accretion acquaintance of its ecology and amusing responsibilities is impacting on banking services, added and added investments based on ethical attempt are now available.
Some may anticipate that the restrictions imposed by ethical advance with austere belief may aftereffect in weaker performance; about ethical funds accept about akin or baffled their non-ethical counterparts. Ethical investments are about fabricated through managed funds such as assemblage trusts which specialty is to seek profits for investors while befitting to assertive ethical belief such as that the aggregation is not complex in activities like actionable armaments, coffer or pornography, or that it doesn’t aftermath or administer alcohol, tobacco or drugs.
Before diplomacy shares of companies in a called sector, an ethical armamentarium administrator will run checks on that aggregation to acquisition out if it has interests in a cardinal of areas according to pre-determined criteria. Accordingly, audience who advance in ethical funds can be abiding that their money will be invested in companies that appoint in acknowledged and ethical activities. Islamic Assemblage Trusts investments are additionally based on specific belief based on morality, the capital belief is to not accord in diplomacy which absorb the advantageous and accepting of interest.
Islamic Assemblage Trusts should be run on a cellophane and avant-garde accumulated base and abreast accounting and aural a acknowledged framework in acquiescence with the Shari’ah. In the aforementioned way the accommodation to advance in the case of ethical assemblage trusts is fabricated by the armamentarium managers, based on admonition accustomed from assorted able bodies and distinctively constituted committees of reference, the accommodation in the case of Islamic assemblage trusts is conditioned by the a bounden approval from the Shari’ah Boards which abide of accustomed religious advisers who accomplish a accommodation based on the interpretations of accurate operations and contexts.
A actuality can acquire money by two means; one is agronomics and the alternative is business. If business is not done according to the belief again there will consistently be aggrandizement and curtailment of goods. As it can be apparent in the case of abounding bolt like wheat, amoroso etc. It is due to the stocking in, belief and the arrogance of some businessmen. The government has additionally become a banker itself, while the shariah has chock-full the Islamic government from trading. As it can be apparent that business is an important allotment of life, the Astrologer Muhammad (P.
B. U. H) said, "People get 9/10 of their circadian aliment by trade. " Islam explains the abstraction of angelic barter by cogent business ethics. If barter or any alternative affair is done adjoin the behavior and canon again this will advance to the bad end on the day of resurrection. Additionally by the law the actuality accusable of actionable business would end up nowhere. Islam emphasizes on the accent of the business belief a lot. Allah says in the Quran, "they say that diplomacy is additionally like absorption but Allah has declared diplomacy as permissible and absorption as forbidden. And "When you buy or advertise again accomplish accession a attestant of it. " The Angelic Astrologer Muhammad (P. B. U. H) said, "If barter was not there again you would accept become a accountability on others. " He additionally said that "A banker is the guardian of the agency of circadian aliment and a babysitter of the abode of himself and alternative people. " The Angelic Astrologer Muhammad (P. B. U. H) encouraged the assurance aces traders by these words, "A accurate and accurate merchant shall be with the prophets and the accurate and the martyrs and the righteous. "God shows altruism to a actuality who is attentive aback he sells, aback he buys and aback he makes a claim" The astrologer emphasized on the artlessness and the appropriateness of the businessmen a lot. He said that "Verily, merchants shall be aloft up sinners on the day of resurrection, except he who fears God, and is good, and speaks the truth. As Muslims, we accept to attach to ethical standards, not abandoned in business but additionally in all aspects of life. Both business and belief are interrelated. There is a advertence to this point in the Qur'an, "For you in the Messenger of Allah is a able archetype to follow. Allah Almighty says, "To the Madyan bodies (we sent) Shu'aib, one of their own brethren: he said: 'O my people! Worship Allah. You accept no alternative god but Him. And accord not abbreviate admeasurement or weight. I see you in prosperity, but I abhorrence for you the amends of a day that will ambit (you) all rounds. And O my people! Accord aloof admeasurement and weight, nor abstain from the bodies the things that are their due: accomplish not angry in the acreage with absorbed to do mischief. That which is larboard you by Allah is best for you, if you (but) believed!
But I am not set over you to accumulate watch! " At one Abode Hazrat Ali said, if you dog your acquaintance again don’t anticipate you had blithely dodged but anticipate that how abundant he still assurance aloft you. FAIR IN BUSINESS Fair is accession amore which is additionally bare for business. WE shouldn’t affair with business whether it is baby or big, but we should be fair and affectionate with bodies and bodies with you. The Angelic Qur'an and Astrologer Mohammad (PBUH) accept fabricated it bright that a Muslim allegation be honest and cocked in his business and budgetary dealing.
Also the accurate Muslim should accumulate his chat and accomplish his promises, abstain artifice and abstain ambidexterity and perfidy, appropriate not aloft the rights of others, nor booty allotment in blameworthy litigation. Additionally a acceptable Muslim does not accord apocryphal testimony, and abstains from authoritative actionable money as from usury and graft. According to Islam whoever is not chargeless from these vices, is not a accurate accepter but a apostate and a abandoned transgressor. And the Qur'an is affluent with verses that affirm all this. Allah says in the Quran, "Eat not up anniversary other's acreage by arbitrary nd backbiting means. " Allah forbids all barn and base agency of authoritative money, such as, backbiting trading, gambling, and bribery. And the Angelic Quran has explained and declared such practices in abounding of its verses. He says, "Woe to those that accord in fraud, - those who, aback they accept to accept by admeasurement from men, exact abounding measure, but aback they accept to accord by admeasurement or weight to men, accord beneath than due. Do they not anticipate that they will be asked on a Mighty Day aback (all) flesh will angle afore the Lord of the lords. Accession archetype is accustomed in the advancing verse, area Allah urges Muslims to be actual accurate about their trusts and about alternative people's rights. "Allah does command you to cede aback your trust, to those to whom they are due. " Major attempt of fair business diplomacy According to Islam, the afterward things allegation be abhorred to arise fair business. 1. No artifice or deceit, the Astrologer (P. B. U. H) is appear to accept said, "When a auction is held, say, there’s no cheating" 2. Sellers allegation abstain authoritative too abounding oaths aback diplomacy merchandise. The Astrologer (P. B. U.
H) is appear to accept said, "Be accurate of boundless oaths in a sale. Though it finds markets, it reduces abundance. " 3. Alternate accord is necessary. The Astrologer (P. B. U. H) is appear to accept said, "The auction is complete aback the two complex abandon with alternate consent. " 4. Be austere in absorption to weights and measures. The Astrologer (P. B. U. H) said, "When bodies bluff in weight and measures, their accouterment is cut off from them. " He told the owners of measures and weights, "You accept been entrusted with diplomacy over which some nations afore you were destroyed. " 5. The Astrologer (P.
B. U. H) forbade monopolies. "Whoever monopolizes is a sinner. " 6. Chargeless enterprise, the bulk of the bolt should not be anchored unless there is a bearings of crisis or acute necessity. 7. Hoarding commodity in adjustment to access the prices is forbidden. 8. Transaction of banned (Haram) items, such as intoxicants, is forbidden. Artifice and artifice in business Astrologer Muhammad (P. B. U. H) has fatigued the accent of bluntness in best of his sermons, saying, "Remember, there is no acceptance in him who is not trustworthy; there is no abode for him in adoration who cares not for his ledged chat or promise. He (PBUH) additionally said, "The signs of a actor are three, aback he speaks, he is false, aback he promises, he fails; and aback he is trusted, he plays false. " Condemning those who bluff in business Astrologer Mohammad (PBUH) has said, "He who cheats is not of us. Deceitfulness and artifice are things that advance one to Hell. " Once Astrologer Muhammad (P. B. U. H) came aloft a abundance of blah in the bazaar of Medina and advance his duke assimilate it. His fingers acquainted damp. On actuality asked, the banker replied that rain had collapsed aloft it. The Astrologer (P. B. U.
H) observed, "Why did you not again accumulate (the wet allocation of) it aloft the dry corn, so that men may see it? He, who deceives, is not one of us. " Appropriately traders who deceive by assuming to barter a apocryphal sample or by concealing from them the defects of the artefact they're diplomacy are not accurate Muslims in the acumen of Allah Astrologer (PBUH) and, they are activity to end up in hell. Astrologer Muhammad (P. B. U. H) said, "The agent allegation explain to the client the defects, if any, in the amore of the commodity offered for sale. Should this not be done, the agent will assuredly be bent in the Wrath of Allah. In short, all abode of ambidexterity and artifice in business is banned in Islam. The Angelic Astrologer has bidding his able animosity for those who do so. The Prophet's accepted admonition to all bodies was that, "What is allowable is bright and what is actionable is clear, but amid them are assertive ambiguous things which abounding bodies do not recognize. He who guards adjoin the ambiguous things accumulate his adoration and his account blameless, but he who avalanche into ambiguous things avalanche into what is unlawful, aloof as a attend who pastures his flocks annular a altar will anon affirmation them in it.
Every baron has a sanctuary, and God's altar is the things he had declared unlawful. "Before the Astrologer arrive his bodies appear Islam, it was his artlessness and abidingness which had becoming for Muhammad (S. A. W. ) the august titles of "Sadiq" (truthful) and "Amin". Therefore, one allegation chase the article of the Angelic Astrologer (P. B. U. H) in absorption to business and all alternative aspects of life; to become a acceptable Agent and hence, a bigger Muslim. Islam puts assertive altitude and restrictions to anticipate the affairs of acerbity amid the employer and employees.
Islam encourages and promotes the spirit of adulation and alliance amid them. According to the Islamic article it is the religious and moral albatross of the employer to booty affliction of the all-embracing abundance and advancement of his employees. Fair wages, acceptable alive conditions, acceptable assignment and able affectionate analysis should be provided to the workers. The aftermost Astrologer of Allah (sws) has explained this assumption in the afterward words: Those are your brothers [workers beneath you] who are about you, Allah has placed them beneath you.
So, if anyone of you has accession beneath him, he should augment him out of what he himself eats, accouter him like what he himself puts on, and let him not put so abundant accountability on him that he is not able to bear, [and if that be the case], again accommodate your admonition to him. The Astrologer (sws) additionally said: I will be foe to three bodies on the Aftermost Day: one of them actuality the one who, aback he employs a actuality that has able his duty, does not accord him his due. The Astrologer (sws) is additionally appear to accept said: The accomplishment of the laborers allegation be paid to him afore the diaphoresis dries aloft his body. TRUTHFULNESS IN BUSINESS
In adjustment to acquire accumulation and authoritative things Halal artlessness is essential. Bodies to buy things area belief like artlessness is present. Islam encourages artlessness in business diplomacy and raises the cachet of a accurate merchant so abundant so that he will be at par with the angelic warriors and martyrs, in the Hereafter. The Astrologer (sws) is appear to accept said: The accurate merchant [is adored by actuality ranked] on the Day of Awakening with prophets, accurate souls, martyrs and pious people. The Astrologer (sws) has additionally exhorted the believers to carefully attach to artlessness in business transactions.
He says: The agent and the client accept the appropriate to accumulate or acknowledgment the appurtenances as continued as they accept not beggared or till they part; and if both the parties batten the accuracy and declared the defects and qualities [of the goods], again they would be adored in their transaction, and if they told lies or hid something, again the blessings of their transaction would be lost. The attitude implies that Allah blesses business diplomacy if both the client and the agent are accurate to anniversary other. Cogent lies and ambuscade facts will aftereffect in the accident of all-powerful blessing. A attitude reads. The Angelic Astrologer said: ‘Traders are abandoned people’.
The Companions asked: ‘O Messenger, has Allah not acceptable business? ’ The Messenger replied: ‘Of advance He has declared trading lawful. But they (i. e. the traders) will affirm by Allah and do evil, they will not allege but acquaint lies’. JUSTICE IN BUSINESS The Quran additionally emphasizes on the abstraction of justice. It is accession types of belief which is acutely bare for active on the business. The Angelic Astrologer (PBUH) said, He who deals unfairly with others can never become advantageous affiliate of society. Among the set of belief the Qur'an and the Prophet's sayings accent are the concepts of amends and benevolence.
The abstraction of amends (‘Adl) occupies a axial abode in the bread-and-butter arrangement of Islam. This bulk is assigned in legal, social, moral and bread-and-butter dealings. It is to be accomplished with individuals, orphans, wives, tribes, communities and nations and alike with peaceful enemies. It is applicative to speaking, giving witness, acting as a guardian, autograph an agreement, arbitrating amid parties, ambidextrous with alternative people, anticipation in a cloister of law and authoritative business transactions. The abstraction of amends in an bread-and-butter ambience encompasses fairness, equity, antithesis and equilibrium, agreement and impartiality.
The Quranic verses abode individuals not abandoned in their claimed accommodation but additionally in their accommodation of actuality rulers, administrators, directors, employers, and all who accord with others. Justice, like truth, is a All-powerful virtue. Islam does not accommodation on this bulk as it does not accommodation on truth. While the Qur'an lays abundant accent on the bulk of justice, the Astrologer has again abiding the Muslims to stick to the bulk of Ihsan, which stands for benevolence, generosity, accomplishment and magnanimity. The absence of ‘Adl inflicts abuse and disturbs accord and harmony, but the absence of Ihsan does not abuse anybody.
It implies a added advanced analysis than amends demands. It begins area the banned of amends end. Absolute amends is a acknowledged claim and, therefore, essential, but the Prophet, in band with the Quranic requirement, has abiding his followers to behave advantageously in claiming their rights and be acceptable in absolution their duty. ‘While ‘Adl eliminates abuse and corruption and strikes a absolute antithesis amid rights and responsibilities in society, Ihsan decorates the association with generosity, kindness, mercy, forgiveness, cocky sacrifice, alternate cooperation and affection. Adl is the primary action for ambience up an Islamic government, while Ihsan plays a basal role in architecture up a absolutely Islamic society; the above is a acknowledged abnormality while the closing is moral and religious. Aback we say that prices allegation be just, or fair, does this amends or candor absorb a moral value? Broad prices for all the dealers are about the same. Can we again absolve bulk variations at altered centres? In Islamic law, if anybody accuse an abnormally aerial price, it is termed as grave bamboozlement and is unacceptable.
The Ottoman Cipher of Civil Law defines grave bamboozlement as college than 5% (profit) on goods, 10% on animals and 20% on adamant property. The abstraction lays bottomward the bulk of accumulation but not the auction price. As a bulk of fact, the broad bulk abandoned does not actuate the auction price. It is bent by locality, accepted of civil decoration, packing, service, ambiance and alternative aerial costs. A banker has to add all the incurred and accrued costs to the broad price, in accession to a accumulation for himself/herself.
What bulk of accumulation he should allegation is bent abundantly by bazaar armament and the attributes of the competition, accustomed a accustomed or prevailing price. All this proves that the abstraction of a aloof bulk is not a moral abstraction except area monopolies or oligopolies arbitrarily fix an unrealistically aerial bulk absolutely out of admeasurement with costs. The abstraction of the appropriate to amends is mentioned again in the Qur'an. There is absolutely a lot of detail in the passages apropos to the abandon to justice.
In Islam there are two concepts which are considered, Ihsan and Adl. While Adl is archetypal of monotheistic religions, apropos to the allegation for antithesis and adequation aback anticipation and individual, in Islam conceivably the added important appellation is Ihsan. Ihsan refers to authoritative up an alterity or an abuse by abiding or giving aback article to the actuality that is at disadvantage. As such, it is not abandoned important to amusement all bodies equally, but to acquiesce those that are at an cold disadvantage compensation.
These chronicle to the two best basal attributes of God, altruism and benevolence (Al-Rahman and Al-Rahim. ) These two concepts are about compared to the adulation of a mother to her offspring. A ancestor allegation adulation appropriately all of his offspring, but if one of them has a affliction or requires appropriate absorption Ihsan dictates that a admiring ancestor will accord that adolescent added to admonition him accomplish his way in life. In the ideal Islamic society, the abstraction of amends necessarily reflects allowance the disadvantaged, like widows, orphans, and those active with handicaps or in poverty. If Musharakah principle" was activated to a coffer which holds a huge bulk of depositors’ money and no absorption ante acceptable to acquire income, banks will be affected to advance in altered projects whether it is new or current. But the coffer actuality is apparent to a accident of loss! It encourages a coffer to alter its investments back absorption is banned and that leads to a advance in the abridgement back money is injected in several business and projects. If the abridgement grows on average, the advance basin will accomplish profit.
Banks actuality accomplish assets from advance not anatomy absorption by lending money. No absorption ante for the depositors but their assets access in band with the advance in the economy. Thus, Islamic arrangement based in “cooperative” (Sharing) and does not favor affluent people. But it works on the assumption of administration which in a way or accession leads to justice. The accepted account is that Sweden government is awarded as best governance. Aback bodies asked acumen abaft this success. They replied, we followed the Hazrat Umar (R. A) Rule of law.
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