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A Critical Analysis of the Islamic Principles of Trade and Commerce i)) *+ Abstract Islam presents an exceptional outlook to Muslims as compared to other religions. 1 dollar for 1 dollar). How to Calculate Zakat of Gold, Silver, and Money. This fact is strengthen by the following verses: يَا أَيُّهَا الَّذِينَ آمَنُواْ اتَّقُواْ اللّهَ وَذَرُواْ مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِينَ . For example, when you are dealing with the same kind of currency (e.g. This can be seen from either the Asnaf or the recipient of zakat. Such businessman deserves to get profits. If, during the signing of selling contract A required to be able to settle in the house for a year until the due date, and B agreed with the requirement, then A was rightful to use that mortgaged house of B. Your email address will not be published. عن حذيفة رضي الله عنه قال: قال رسول الله صلى الله عليه و سلم : أتى الله بعبد من عباده آتاه الله مالا، فقال له: ماذا عملت في الدنيا؟ قال: ولا يكتمون الله حديثا. For the purposes of this article, the definition used for fair trade will be: “Fair Trade is a trading partnership, based on dialogue, transparency and respect that seeks greater equity in international trade. رواه أبو داود والترمذي وابن ماجه, “From Urwah Al Bariqy -may Allah be pleased with him-, he said: The Messenger of Allah -peace and prayer of Allah be upon him- gave me one Dinar to purchase a sheep for him. coerced or forced one is a cornered one, thus he is unable to reject the transaction, and he is forced to sell his properties. Download The Entire Album in a SINGLE ZIP FILE. It is the embodiment of the code of life which Allah, the Creator and Lord of the universe, has revealed for the guidance of mankind. 105, Al Muwafaqat by As Syathiby 3/199, As Syarhul Mumti’ by Sheikh Ibn Uthaymeen 8/278, 9/120, 127-129, Ad Dirasyat As Syar’iyah li Ahammil uqud Al Maliyyah Al Mustahdatsah, by Dr. Muhammad Musthofa As Syinqity 1/73-89]. For example, A sold a car to B with a price of IDR 50.000.000,- and the settlement was due after a year, with a house as the guarantee. Among the examples of such contracts are selling and buying contract, marriage, etc. Islam is the religion of truth. This is one of the trading principle that was depicted by the Prophet -peace and prayer of Allah be upon him-, in his saying, “Income/advantage is the return of readiness to bear the collateral.” (Narrated by Ahmad, Abu Dawud, At Tirmidhi, An Nasai; classed good by Al Albani). To ensure that trade works for people and the planet, and not the other way around, trade and investment policy should as a minimum adhere to the following principles: 1. Shari`ah, which takes its roots from the Qur’an, considers “details of required duties and outlines all types of human interactions. Holding any other precept besides these to form part of the basic tenets of Islam is misguided and unacceptable. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers – especially in the South. [Division of these contracts is extracted from several references as follow: Qawaidh Ibn Rajab Al Hambaly 1/375, principle no.52, & 2/418, principle no. If articles are to be edited for publishing, please contact us at. Introduction to Islamic Law A.Overview The Islamic Sharia discusses all matters of religion and life. لا يفترقن اثنان إلا عن تراض. Islam raises and orients social funds to the needy and the poor, slaves, people who cannot afford to pay debts, converts, people on the journey, and also Fisabilillah. From the Mediterranean and Africa, these traders brought gold, glass, and ivory. Allah’s Got You Covered, A Brief Biography on Muhammad al-Hassan Walid al-Dido al-Shanqītī. Have fear of Allah and give up all outstanding interest if you do truly believe. 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