Islamic perspective on commerce is increasingly gaining momentum and importance in today’s global economy, listed below are some reasons:
#1. Islam being a religion of peace and a practical religion with clear daily procedures to follow, shapes the attitudes and behaviors of its adherents, the Muslim consumers, who represent more than a fifth of the world population.
#2. The financial crises of 2008/2009 shattered the world markets which had followed conventional financial wisdom, while those practicing Islamic finance to prospered and made significant gains. In the September 2008 quarter, when share markets in London and New York were a third of their peaks, Dow Jones’s Islamic financials index, in contrast, rose 4.75 per cent.
#3. Because of the oil boom, as well as many other factors, Muslim countries are becoming the most affluent consumers presently in the world.
#4. Level of foreign investment in Muslim countries is increasingly rapidly and making a significant impact on the global economy.
#5. Slowly but surely there is a movement towards forming a Muslim trading bloc, although such a bloc might take some time to materialize.
#6. There is a strong push towards the Islamization of countries where Muslims are a majority through laying down clear Islamic codes of conduct in all walks of life, and commerce is no exception to this.
The Muslim ethical system has four sources:
#1. The Holly Quran.
#2. Sayings and Doings of Prophet Mohammad (saw).
#3. Examples set by his companions.
#5. Interpretation of Muslim scholars of these sources.
These sources cover Business relationships between buyers and sellers, employers and employees and also lenders and borrowers since Islam is a practical religion it provides an entire socioeconomic system that guides the behavior of Muslims.
● Islam supplies a practical program that includes detailed coverage of specific economic variables such as interest, taxation, circulation of wealth, fair trading and consumption in economics
● Islam provides a balanced view of human motivation, desire for wealth, propensity for greed and selfishness in humans are recognized.
● Islam gives importance to the well-being and good life to mankind and religious brotherhood and sisterhood, socioeconomic justice, and a balanced satisfaction of both the material and the spiritual
●In business Islam introduces rules to control the desires of people and guide them to the right path
● Islam guides the behavior of all parties involved in commerce accordingly,
Islam as a simple, rational and practical religion teaches us that business success is not judged by material terms, but rather by the degree to which the Muslims are able to comply with rules that Islam teaches them. .
In conclusion, many Islamic scholars were great traders, as they were following the teachings of Islam. So Muslims of the present generation specially and the entire human beings can benefit from trade if they follow Islamic teachings in this respect because:
#1. Islam has given due importance to commerce and trade.
#2. The Holy Quran gives clear rules and regulations for it.
#3. The Sunnah of the Holy Prophet (saw) has also given due importance to it.
#4. The Holy Prophet (Saw) himself adopted trade as his Profession.
#5. Islam announces the rewards of the traders here and hereafter.
#6. All humans can be successful by following the teachings of Islam here and hereafter.