It should be known that entrepreneurship is a major part of Islamic economics and Islamic finance. Entrepreneurship dates back from the time of the prophet and his companions. They were businessmen with a high caliber and strong morals. Looking around the world, there are several successful Muslim entrepreneurs. They have developed knowledge and wisdom and this has been imparted on by studying the Qur’an and some of them apply this knowledge to varying degrees of success.
It is true that some businesses have gotten corrupt. Some of them are greedy and conduct business activities in a dishonest manner. Below is a collection of Islamic teachings in ethics and wisdom shared with us to encourage conducting proper business practices.
Work towards a Halal Business
As Muslims, we are asked to conduct businesses that are considered “Halal”. This is from the rules which were laid by the Quran.
“O ye people! eat of what is on earth, lawful and good; and do not follow the footsteps of the evil one, for He is to you an avowed enemy. “(Al-Baqarah. 2: 168)
Businesses such as selling alcohol, pork or any intoxicant are prohibited. Be sure to earn “halal” income.
Faith(Taqwa)- The main framework
As Muslims, it is key to have faith in Allah and for our businesses to grow, this faith must be in place. It is mentioned in the Quran
“O you who have believed, shall I guide you to a transaction that will save you from a painful punishment? [It is that] you believe in Allah and His Messenger and strive in the cause of Allah with your wealth and your lives. That is best for you, if you should know.”(Al-Saff 61:10-11)
This can be learnt from the life of Prophet Muhammad (pbuh). He was known to be a trustworthy individual and encouraged his follows to be the same. They conducted business in the most honest manner.
“Once a man died and was asked: “What did you use to say (or do) (in your life time)?” He replied, “I was a business-man and used to give time to the rich to repay his debt and (used to) deduct part of the debt of the poor.” So he was forgiven (his sins). Abu Mas’ud said: “I heard the same (Hadith) from the Prophet”. (Sahih Bukhari. Volume 3, Book 41: #576) narrated by the prophet.
This verse narrates that a Muslim entrepreneur should have faith in Allah as well as strives with his wealth to follow the path that Allah has ordained for him.
Keep Your Morals High
This point is heavily emphasized in the Quran. Practicing high level of morality is the key to a growing business.
“But Allah hath permitted trade (bay) and forbidden usury (riba).” (Al-Baqarah 2:275)
Please note that dishonesty, usury and bad business practices are strongly prohibited.