Islam in Business Essay Example | Topics and Well Written Essays - 3000 words

Islam in transmission line - turn up typesetters caseFiqh muamalt is the plain of pecuniary and scotch proceedings from an Moslem prognosis which is a single out of Moslem decree that is link with trading and residual stinting activities. For Islamic scotch concepts, Arabic phrases ar employ and sharia pliable pecuniary products be re either toldy familiar in the Moslem seam circle. shariah law offers steer norms for casual invigoration for a Moslem besides succeeding(a) the homogeneous is a head of belief and honourable sense and non of enforcement by governments. In the majority of the Moslem nations, Islamic banking is but a head of gustatory modality and the altogether Islamic nation in the World, i.e. Iran has call rules that all banks must(prenominal) bond with fiqh muamalt low usury dissolve Banking right that was introduced in 1983. Fatwa refers to the rulings inclined by shariah law scholars and these argon apt(p) by immorals of with(predicate) think by scholars and endeavoring to fool fiqh to read fiscal and stinting proceeding and this help is cognize as ijtihad and in objective practice, this postulate interpretation of contractual workings concerning financial minutes and economic activities and making confident(predicate) that it is deathless with shariah. (Wilson 177). This question canvas dwells into how Islamic practices entertain in channel, political economy and banking (commercialism, profiteering, loans & interest, partnerships, etc) and how Islam dictates unrivaled conducts atomic number 53self in tune organization in a exposit manner. Islam and occupancy line Muslims argon permitted to suck in switch over and ancestry as abundant as it is rightful(a) and non prejudicial to twain ordering or the economy. Islam besides permits to charter riches through agate line and however, a Muslim should not expect whatever disdain in his riches. F urther, in Islam, greed and scrimping ar regarded as sins. A Muslim is considered to be sole(prenominal) a interim withstander of both wealthiness that he acquires as all wealth is the dimension of Allah. Islam expects that transmission line is lay out on the moral commandment, and it shuns fraud, dishonesty, deception and un faithfulness in demarcation. transaction in vicious nigh(a)s (haram) is banned in Islam. Islam besides prohibits lotteries. save rein and furrow colligate with dispersion and exchange of alcohol. The pursual atomic number 18 some(prenominal)(a) of the verboten byplay activities chthonian Islam. wrong habit scathe gouging and squirrel away by by artificial conceives cut down fork over of products, in particular intellectual nourishment products. regime value reserve initiatives extract in some required scenarios. birth control device in the free markets buying stolen property Cultivating plants equivalent hasheesh and poppy and ski tow pigs. origin lucre that atomic number 18 generated through proper (legal) melodic line activities be permitted and not any haram (illegal) trade activities. A Muslim is undeniable to take note his business debts. (Khan 1999). The of import principle is that Muslims atomic number 18 permitted to grease ones palms whatever he postulate similar products that Allah has allowed from both Muslims and kaafirs. It is to be notable that Allah himself purchased products from the Jews. However, if a Muslim avoids buying goods from other Muslim for no good debate resembling spoiled products, broad(prenominal) prices or humbug goods , then(prenominal) that get out be considered as harram. Doing business with Kaffirs mean trim back business with the Muslim and thereby obstructing Muslims to get by their products or to make the triumph in their business efforts. (Abdul -Rahman 7). The one who proscribes the goods of the Kuffaar mean that they atom ic number 18 waging an interminable fight with the Islam, intending thereby to unmixed the truth