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This hadith tell about five pillars of Islam, the beliefs that make up
Iman (including the belief of fate or qadar), the attainment of the
highest level of Iman which is Ihsan, the adab of seeking knowledge
and of teaching. In terms of practice by IB and IE, an entrepreneur
Hadith 2 Islam, Iman, Ihsan
need to understand the pillars of Islam, when the pillar is strong, so
the business will get blessing and right way to achieve Al-Falah, plus
the an entrepreneur have the Iman and Ihsan when practicing the IB
and IE and also have an ethics to seek knowledge and teaching.
Rejection of Evil
Hadith 5 Deeds and
Innovations
The Religion is
Hadith 7 Naseehah (Sincere
Advice)
The Sanctity of a
Hadith 8
Muslim
Obligations are
Hadith 9
According to Ability
Restricting Oneself to
Hadith 10
the Permissible
Prohibition of Blood
Hadith 14
of a Muslim
The Forbiddance of
Hadith 16
Anger
Prescription of Ihsan
Hadith 17
(Perfection)
Be Mindful of Allah
Hadith 19 and Allah will Protect
You
Hastening to Do
Hadith 23
Good
The Forbiddance of
Hadith 24
Oppression
The Virtue of
Hadith 26 Reconciling between
People
Righteousness is in
Hadith 27
Good Character
The Obligation of
Hadith 28
Following the Sunnah
The Reality of
Hadith 31
Asceticism
No Harming nor
Hadith 32
Reciprocating Harm
The Virtue of
Gathering for the
Hadith 36
Remembrance of
Allah
Attaining Nearness to
Hadith 38
Allah and His Love
Be in This World As a
Hadith 40
Traveler
Entrepreneurship is a major part of Islamic Finance and Economics. There are several
successful Muslim entrepreneurs in the world today. Prophet Muhammad (P.B.U.H) and
his esteemed companions were businessmen of high caliber and strong morals. The
knowledge and wisdom that they imparted are the cornerstones of Islamic business
dealings today.
Unfortunately, with the passage of time, many Muslims have become corrupt, greedy
and conduct their businesses with dishonesty. Below we bring to you the timeless
wisdom and ethics that Islam encourages Muslims to adhere to while conducting
business:
“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)
The reflection of the above verse is that a Muslim entrepreneur should have faith in
Allah and strive with his wealth to follow the path that Allah has ordained for him.
“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)
Earning halal income can be done via these ways; working for others, being self-
employed and employing others and ensuring that you are fair in all dealings.
“But Allah hath permitted trade (bay) and forbidden usury (riba).” (Al-Baqarah 2:275)
The economic transaction of trade implies the existence of a business man, he should
conduct his dealings fairly.
Trustworthiness
Prophet Muhammad (P.B.U.H) was a trustworthy individual and also encouraged his
companions to be the same. They conducted business in the most honest manner. The
following hadith is narrated by Hudhaifa that the Prophet said:
“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)
Furthermore, in another hadith, the Prophet is narrated to have said as follows:
“The truthful trustworthy merchant is with the Prophet (SAW) the True ones and the
martyrs (on the Day of Resurrection”. (Al-Tirmidhi. Book 14: #1213)
The above-mentioned rules are just a handful of the rules and requirements that a
Muslim entrepreneur has to abide by while making business transactions.
Some general guidelines govern the Islamic code of ethics with relation to both one’s
daily life and business conduct. Muslims are required to behave Islamically in their
business dealings because Allah Himself is witness to their transactions:
In whatever business you may be, and whatever portion you may be reciting from the
Quran and whatever deed you (mankind) may be doing - We are Witnesses thereof
when you are deeply engrossed therein. (Quran-10:61).
Here are some key business principles that Muslims should follow.
• Be Honest and Truthful. Honesty and truthfulness are qualities which a Muslim
businessman should develop and practise himself. Truth, for example, has a self-
reinforcing effect. In a hadith reported in Sahih al Bukhari:
The Prophet (peace be upon him) said, “Truthfulness leads to righteousness, and
righteousness leads to Paradise. A man continues to tell the truth until he becomes a
truthful person. Falsehood leads to al fujur (i.e., wickedness, evil-doing), and al fujur
(wickedness) leads to the Hell Fire, and a man may continue to tell lies till he is
written before Allah, a liar.
Honesty is especially important for Muslim business persons. The need to make a
profit and the temptations to enhance the attributes of their product or service during a
sales pitch may distract them to exaggerate. This is why the Prophet said:
The merchants will be raised on the Day of Resurrection as evil-doers, except those
who fear Allah, are honest and speak the truth.
• Keep Your Word. In a hadith narrated by Abu Hurayrah, the Prophet is reported to
have said:
The Prophet (peace be upon him) said, “If you guarantee me six things on your part, I
shall guarantee you Paradise. Speak the truth when you talk, keep a promise when you
make it, when you are trusted with something, fulfill your trust, avoid sexual
immorality, lower your eyes, and restrain your hands from injustice.
• Love Allah More Than Your Trade. We must love Allah even if we have to sacrifice
everything else. Allah warns in the Qur’an,
Say, “If it be that your fathers, your sons, your brothers, your mates, or your kindred;
the wealth that you have gained; the commerce in which you fear a decline; or the
dwellings in which you delight - are dearer to you than Allah, or His Messenger, or
the striving in His cause - then wait until Allah brings about His Decision: and Allah
.guides not the rebellious. ( Quran-9:24).
• Be Humble in how You Conduct Your Life. Muslims must not lead a life of
extravagance, and must exhibit good-will in any transactions among themselves.
O you who believe! Eat not up your property among yourselves in vanities: but let
there be amongst you traffic and trade by mutual good-will: nor kill (or destroy)
yourselves: for verily Allah has been to you Most Merciful. ( Quran-4:29).
Those who hearken to their Lord: and establish regular prayer; who (conduct) their
affairs by mutual consultation, who spend out of what we bestow on them for
sustenance. (Quran-42:38).
• Do Not Deal in Fraud. Businessmen should avoid duplicity. They should treat others
in the same righteous and fair manner that they themselves would like to be treated.
Woe to those that deal in fraud those who when they have to receive by measure from
men exact full measure. But when they have to give by measure or weight to men give
less than due. Do they not think that they will be called to account? (Quran-83: 1-4).
The Apostle of Allah (peace be upon him) cursed the one who bribes and the one who
takes bribes.
• Deal Justly. The general principle that applies across all transactions including those
pertaining to businesses is that of justice or adl. Allah emphasizes this point in the
Qur’an:
Deal not unjustly, and you shall not be dealt with unjustly. (Quran:2:279).