Money

Islamic Code of Commerce

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Tuesday, 18 January 2011 19:57

There is no contention with regard to wealth being essential for the existence of man. Likewise, there is also no difference of opinion that certain methods of acquisition of wealth are advisable whilst others are not. For instance, acquisition of wealth by means of stealing, fraud, cheating, deception, usurpation, etc, is abhorred across the globe.

However, there is no comprehensive code of commerce which can determine with total justice, as to which methods of acquisition are correct and which are not. The code clearly cannot be the law of humans, who are susceptible to greed, bias, etc,. It can only be the law of Allah, The Lord of All the Worlds.

The laws of shariah are Divine. Hence, they are balanced, just, comprehensive, perfect and absolutely flawless just as Allah, the most Wise and Knowledgeable is absolutely perfect and beyond any flaw. Unlike other systems, such as the capitalist, socialist and communist systems, the Islamic code of commerce has maintained complete balance between the needs of people, their property, and extortion and monopolization.

Allah Ta'ala commands in the Holy Qur'an:

Verse of the Qur'an on Trade and Commerce

“O you who believe! Do not consume your wealth between yourselves unjustly, except that it be (through) trade (which is concluded) with mutual agreement between you”

This verse of the Qur'an has encapsulated all those forms of trade which are impermissible in Islam. It includes stealing, fraud, forcefully expropriating someone’s property, bribery, gambling, lying and deception, and every other impermissible transaction, the details of which have been elucidated in the Ahaadith of Nabi (Sallallahu Alayhi Wasallam).

The Qur'an Shareef has permitted us to acquire wealth by means of lawful trade (or tijaarah) with mutual agreement. It is imperative at this juncture, to understand the meaning of tijaarah in the terminology of the Holy Qur'an.

Tijaarah is the exchange of wealth (maal) for wealth with mutual agreement. From this definition, the following transactions are understood to be invalid according to the Shariah:

 

One or both Exchanges are not Wealth or not Classified as Wealth in the Terminology of Shari'ah

In such an instance, the exchange will not be a sale in Shar'iah. Rather, this is a form of deception, where one exchanges his wealth for ‘nothing’. For instance, in an interest transaction, money is NOT charged in lieu of any wealth. Likewise, the sale of those things which are not regarded as wealth in Shariah is also impermissible (like pork etc).

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Inheritance Conflicts

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Thursday, 20 December 2007 15:02

THE POTENTIAL FOR CONFLICT in money matters is an open secret. If one's financial matters are not absolutely clear, problems in most instances are bound to arise. These problems sometimes lead to serious conflict which often result in split families and estranged friends. In many cases the problem remains dormant and does not surface...until it is finally the time of distributing the inheritance. Then it suddenly explodes, bringing in its wake much misery and unhappiness. Actually there should never be any serious problem. If the financial matters of the deceased were not absolutely in order, they can be sorted out. The root problem at this time is that the SHARIAH is often totally cast aside. Suddenly the apparent piety also evaporates. Such statements are then heard which should never even cross a Muslim's mind, let alone come onto his tongue. The unIslamic laws of the land are then placed above the laws of Allah Ta'ala.

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Seeking Halal Earnings

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Thursday, 20 December 2007 14:59

According to Abdullah ibn Masud, (RadiAllahu unhu), The Prophet Muhammad, (Sallallahu Alyhi Wasallam), said: 'Seeking halal earning is a duty after the duty.' In other words working to earn a halal living is itself a religious obligation second in importance after the primary religious obligations like prayers, fasting and hajj.

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Do I want barakah?

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Sunday, 04 November 2007 16:34

Do I want barakah in my life and wealth? Yes indeed, I will love that. Do I want a double reward for the sadaqah (charity) that I give? A double reward? Most certainly. Do I want the support of Allah Ta’ala? I definitely need His support. Do I want high stages and lofty ranks on the Day of Judgment? Absolutely.


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The Test of Wealth

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Sunday, 04 November 2007 16:31

Among the fundamental beliefs of a Muslim is the belief in the reality of life after death. A Mu’min believes that the grave is either a garden of Jannah, which the inmate of the grave enjoys or it is a part of hell wherein the inmate suffers. He also firmly believes that the Day of Judgment will come and every person will have to give an account of his life in this world. Rasulullah (sallallahu alaihi wasallam) is reported to have said: “On the Day of Judgment no person will move from the spot he is standing on until he is asked four questions: How did he spend his life? How did he spend his youth? How did he earn his money and where did he spend it? How much did he practice upon the knowledge of Deen he possessed? (Mishkaat).

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