Most Muslim entrepreneurs today, overlook the importance of following Islamic principles when it comes to running a business and just focus on making profits. According to a Hadith in Sahih Buhari, Prophet Muhammad (PBUH) once said, “A time will come when one will not care how one gains one’s money, legally or illegally.”
If you ask me, I think that time is upon us. However, all hope is not lost.f you are reading this article, chances are you are a righteous Muslim entrepreneur looking to run your business in accordance with Islamic business principles and earn halal wealth. Asalamu Alaikum to you. Keep reading to find out Islamic ethics you can observe including quotations from Prophet Muhammad (S.A.W).
If you are reading this article, chances are you are a righteous Muslim entrepreneur looking to run your business in accordance with Islamic business principles and earn halal wealth. Asalamu Alaikum to you. Keep reading to find out Islamic ethics you can observe including quotations from Prophet Muhammad (S.A.W).
#1. Never deceive any client or customer
Islam and all other major religions in the world forbid dishonesty. You can’t expect to have Allah’s blessing on your business if you swindle, mislead, dupe, con, rip and lie to people to get their money now, can you?
Stick to honesty, it always pays off. The Prophet (S.A.W) is reported to have said, “When a sale is held, say, “There is no cheating” (Al-Bukhari).
#2. Don’t make too many promises
This is a major don’t. If you make promises that you can’t keep, you’re going to end up letting down your client and possibly lose him/her, which is bad for business.
By following this Islamic business ethic, you can avoid catastrophes like that, please Allah, and watch your business blossom. A Hadith from Sahih Muslim records the Prophet as saying, “Be careful of excessive oaths in a sale. Though it finds markets, it reduces abundance”.
#3. Be precise in weights and measures
This refers to people who deal with stuff that requires scales and measuring. You need to be precise when dealing with things like that and make sure it’s accurate so you can avoid unfairness on both ends.
With regards to this issue, The Prophet (PBUH) is reported to have said, “When people cheat in weight and measures, their provision is cut off from them” (Al-Muwatta). He also told the owners of measures and weights, “You have been entrusted with affairs over which some nations before you were destroyed” (Al-Tirmidhi).
#4. Never hoard merchandise in order to increase the price
Islam has forbidden this act. It is dishonest and totally unfair to the consumers. Remember what I said about dishonesty? It only sets you back so for the sake of your business, your deen, and your conscience, avoid it by all means.
#5. Steer clear of Monopoly
Monopoly is unfair and, frankly, for the selfish. Why else will one person want to dominate an entire market and reap all the benefits for himself/herself if not for greed? Of course, Islam forbids it. Islam is a religion of brotherhood/sisterhood and one of sharing.
A Muslim must want for someone else what he/she wants for herself/himself. From an authentic Hadith, the Prophet (PBUH) is reported to have said, “Whoever monopolizes is a sinner” (Abu Dawud).
Now that you know a few Islamic business ethics, it is up to you to choose to follow them or not. Just remember that the difference between following these ethics and not following them could be the difference between failure and success of your business and you as a Muslim.