The Fiqh of Business Transactions
By Hamza Isa on Jun 22, 2009 with Comments 2
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Buying and selling is undoubtedly permissible in Islam however, Allah and His Prophet (saw) have told us to be mindful and honest in our dealings:
Allah say in The Glorious Qur’an
And Allah has made business transactions permissible (Quran 2.275)
And take witnesses when you buy and sell (Quran 2.282)
Except transactions done based on mutual agreement between you (Quran 4.29)
There is no harm upon you to seek after the bounties from your Lord (Quran 2.198)
A transaction between Muslims and between Muslims and non Muslims are an extremely important part of Deen and as such, requires our full attention lest we fall into error.
Buying and selling on eBay and other ecommerce websites should not remove the obligation of honesty and taqwa from our actions. It is a lot easier to fool or be fooled online because transactions do not occur face to face and many of us have unfortunately fallen into this trap.
Our beloved Prophet Muhammad said:
Whosoever sells a defective product without disclosing its defect to the purchaser, shall earn the permanent anger of Almighty Allah and the angels continuously curse such a person
Muhammad Sayed Adly has spoken on this subject in a really interesting talk on the fiqh of business transactions. Listen Here
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Filed Under: Shariah & Business
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As’Salam O Alaikum,
Ma Sha Allah nice work your team is doing, may Allah bless you all, ameen.
Jaza ka Allah for a abstract rule of managing/running business according to Quran and Hadith, however, I believe, if your team share something on purity of specific business according to Quran & hadith, it will be more beneficial.
For instance, is it okay to do Forex trading online? if yes what are the precautions, like I heard from a person (not Aalim) that its stock exchange is permissible, but a muslim could trade in any company that dont deal in non-permissible products or services, however I have no Fiqh scholar stamped on it, if you could post something in light fiqh for such things, I think it will be beneficial.
Allah best knows!
Wa’Salam