Follow the Islamic ethics of entrepreneurship
Islam is a complete way of life, and almighty Allah is the all-knowing entity. He has included a code of conduct for different aspects of life. Our pious religion focuses on individual and social aspects along with legal and cultural ways. It also covers business and politics.
The entrepreneurship or business must stick to a certain quality of standards and defined values. Allah has provided profound instructions about halal and haram in all aspects of life. As true Muslims, we must ensure that we are implementing the right things. We must always follow the path of halal.
Importance of Islamic ethics in business:
Ethics is a significant aspect of a Muslim’s life and behaviour towards others. Entrepreneurs who are ethical clearly differentiate between what is right and wrong. Islamic ethics are established on Allah’s instructions. Financial ethics in Islam are of the utmost importance.
Islam focuses on the well-being of society. It encourages moderation of the ummah, with a focus on Afterlife. Also, justice and brotherhood are immensely important.
Always be honest:
It is clear in the holy Qur’an that lying is a despicable act. In business, the importance of honesty multiplies if the businessman follows the honest path.
In Sahih Muslim, the beloved Prophet (PBUH) stated that both parties doing business can cancel the agreement provided they have not separated. If they are truthful, their business will be blessed, however, lying or deceiving in the transaction will destroy its blessing.
Being lenient is also one of the Islamic ethics:
It is said in Sahih al-Bukhari, beloved Prophet(PBUH) invoked Allah’s mercy on his followers who deal with his purchases and sales with compassion. The Prophet (PBUH) advised not to pressurize people and to follow an easygoing nature.
Being lenient means allowing buyers to cancel transactions if they wish or face problems. In Sunan Abi Dawud, the Prophet (PBUH) said that one who allows a Muslim to pull out of a transaction will be relieved of his distress on the Day of Reckoning by Allah.
Importance of paying off debts:
Although riba is haram in Islam, still you cannot carry your debts forever. They are a grave matter in Islam. Being in debt can harm a true Muslim even after his death. As debt is the right of another person. Therefore, the obligation needs to be fulfilled by the deceased person’s family.
Moreover, in Islam, people are encouraged to give extra time to debtors or even waive payments. Thus, take your time and pay off your debt.
Islamic ethics on the importance of contracts:
Almighty Allah SWT stresses that the believers should write down about the transactions. He also discusses the importance of contracts in the verses of Surah al-Baqarah. Contracts bring clarity to the business deals. It ensures that the Muslims have proof of the agreed-upon terms. This helps to avoid unnecessary tussles in case of a dispute.
Riba or Usury is totally forbidden:
Riba is one of the most heinous sins in our pious religion. In Surah Al-Baqarah, the believers are told to let go of whatever they are owed of interest. Our beloved Prophet (PBUH) cursed the person who accepts riba, the person who pays it and the witness of the payment. Riba has severe harmful effects on society. It makes the rich more rich and poor to die off in poverty.
Bribery is despicable:
In Surah Al-Baqarah, Alla orders us to abstain from the sin of bribery. It is an unethical act from any point of view, be it Islamic or social. Pur religion has the best morals, thus it is forbidden.
According to Sunan Abi Dawud, the Prophet (PBUH) cursed the persons who engage in bribery.
Importance of charity:
Be just to people. And always consider the crucial situations of business. Sometimes, we have to go against Allah’s will in these situations. The only way to get rid of that sin is to indulge in charity. It is something that will attain Allah’s forgiveness. That is why the Prophet (PBUH) told traders to mix some charity with their business, as reported in Sunan Ibn Majah.
Compatibility of entrepreneurship with Islam:
Islam has a set of rules to uplift the Ummah. We must follow those rules. We must never get lost from the path of Almighty Allah. The life of our beloved Prophet (PBUH) taught that Buying, selling, and trading are completely legitimate ways of making a living. But all within the guidelines.
For example, indulging in business related to Alcohol is strictly haram. Therefore, one must not involve in that.
Remember, the only way to succeed for a Muslim is by obeying Allah and his beloved Messenger (PBUH). Disobedience will bring regret in the Afterlife. The Islamic ethics of business are also included in this aspect.