The Hindus and Jews were (and still, are) worshippers of the Mammon. As a result, there are many teachings within the Qur’an and Sunnah relating to business transactions, trade and ethics. You cannot trade the same currency for different values (e.g. 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. And the money from trade also helped farmers get through a … Mecca was a centre of commerce and caravans from Asia to Africa passed through on a regular basis. Being in the retail/trade business, I can identify with alot of the Hadith below. Issue 722: It is obligatory upon every Muslim to learn the rules of business transactions to the extent of his need. Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Obligatory and Recommended Business Transactions. Historically analyzing the early Three hundred (300) years of Islam, we find out that Islam reached in Arab through trade and business activities. Trade and commerce played a crucial role in the spread of Islam. 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. Without money, one entire pillar of Islam cannot be implemented: Zakat (charity). It is suggested that you simply give away the percentage of the profits that are created by the haram section of the business. It will not be an exaggeration to say that absolute honesty in business and commerce is really an Islamic concept. Vogel and Hayes are also co-authors of the book Islamic Law and Finance: Religion, Risk and Return (Kluwer Law International, 1998). 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). 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. Islam has given detailed regulations for our economic life, which is balanced and fair. It is obligatory upon the scholars ('Ulamaa’) to teach these rules to the people. Islam and business have inspirational relation: The Prophet Muhammad’s (peace be upon him) first Profession was Trade. 1 dollar for 3 dollars) because that falls in the domain of riba. 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. 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