Obligatory and Recommended Business Transactions. Islam has given detailed regulations for our economic life, which is balanced and fair. Islamic and Business Ethics-Overview [Extract from Foreword by Prof. Rodney Wilson on Islam and Business Ethics by Dr S M Hasanuzzaman, published by the Institute of Islamic Banking and Insurance 2003] Many question why the global economy appears so unjust, with huge income and wealth disparities and exploitation all too apparent. Money is not a dirty word. It is suggested that you simply give away the percentage of the profits that are created by the haram section of the business. Honesty & integrity goes a long way, not only do you benefit for the hereafter but read any business book, or ask any consultant. And the money from trade also helped farmers get through a … Muslims are to recognize that wealth, earnings, and material goods are the property of God and that we are merely His trustees. The Prophets (alayhimussalaam) were involved in trade, and so were their companions and followers. Vogel and Hayes are also co-authors of the book Islamic Law and Finance: Religion, Risk and Return (Kluwer Law International, 1998). Issue 722: It is obligatory upon every Muslim to learn the rules of business transactions to the extent of his need. The Prophet (sallallhu ‘alayhi wasallam) said: Being in the retail/trade business, I can identify with alot of the Hadith below. Many Sahaba were extremely rich. Without money, one entire pillar of Islam cannot be implemented: Zakat (charity). Mecca was a centre of commerce and caravans from Asia to Africa passed through on a regular basis. The Hindus and Jews were (and still, are) worshippers of the Mammon. Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Most Scholars are in agreement that if the company only deals in a fraction of un-Islamic goods and services then you may still invest. Islam and business have inspirational relation: The Prophet Muhammad’s (peace be upon him) first Profession was Trade. They’ll tell you the same. 2. Doing business/trade is highly encouraged and praiseworthy in Islam. In some cases, you may still be able to trade and remain halal. 1 dollar for 3 dollars) because that falls in the domain of riba. That is the reason why perfect honesty in business and truthfulness in trade are much emphasised by the Holy Prophet (may peace be upon him). You cannot trade the same currency for different values (e.g. He was joined by a specialist in Islamic law, Harvard Law School professor Frank E. Vogel, for the series' discussion on doing business in the Islamic world. The Islamic Empire was great for farmers. Some of that money from conquering people and from trade went into building new irrigation systems and new canals that helped farmers get more out of their land. 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