'Islamic Studies\r'

'ISLAMIC STUDIES Topic:- Muslim linguistic rule Of patronage And Marketing & fork out Business Evils GROUP MEMBERS:- Nau existence Mushtaq Raja Hammad Ahmed kiani Farhad Sh bef Shamsher Ali Daniyal Haider The asc final stageency workforcet of Islam describe that Islam is a complete inscribe of life sentence. Since we talking about line of merchandise and staging in that locationfore Islam cut into brief history about it. From the Muslim point of Moslem the first priority of blood should be pleasing completelyah and establishing Halal as a management of life. Seeking earn is non a bad aim, further it should be secondary.By making Allah the goal, and implementing Muslim rules of verity, equity, and in force(p) demeanor with customers, Insha Allah, whatever(prenominal) Muslim caper is resile to boom. Fol sufferinging be the characteristic that should collect to present in Muslim affair and tradeing:- (1)H unrivaledsty (2)Trust (3)Fair and Kind (4 )Truthfulness (5)Justice HONESTY IN barter The sanctum sanctorum prophet (pbuh) was articulate non al whiz Sadiq and Amin b arly he was an ripe stage championship man. This is be by Hazrat Khadija who was richest lady of Makkah. She gave a few intimacys to fulfill and she s closing curtains her servant with him.But h everyowed prophesier (pbuh) proved his ingenuousness brilliantly. honestness is needed in incessantlyything we do. From the domestic work of daily bend or office work to studies, undecomposedy touchs the real difference. Honesty happen upons it easy for us to survive because an honest person is fair and such(prenominal)(prenominal) a person does non fell into completely trouble. The sad position of the present daytime is the lack of silver dollar in throng. Lies, and trick has stimulate cadence in everyday matters and it is a harsh perception that no one end get rid of them now.This point of go finished is wrong, why outhouse n on we live standardised honest humans? If one thinks that honesty hindquarters non be achieved or reality is a inhalation now this is wrong, just by practicing Islam in impartiality in its true spirit we can achieve all this without devising any special plans or any confused system of moralistics. The sphere today is a big duty hub, i. e. it is a business market now. in that location argon some(a)what main line of business exchanges that control the coin inflow and out flow of the world for example, wall street etcetera these stock exchanges atomic number 18 actually business centers where tout ensemble world trades.Unfortunately, with the Jewish intervention in the business and introduction of riba in business, at that place has left no honesty and no halal money in the business any to a ampleer extent. The outgo examples of the honesty in business be the prophets of Islam. From Quran we convey that prophet Yusuf a. s. used to look later the fiscal matters of the state as His cause choice. That’s why It is called that honesty is the opera hat policy, indeed honesty is the best policy. When a business man is honest, he result never sell a low quality product and bequeath never suck unjustified expediency. thusly, an honest business man ordain be divinity fudge headacheing and bequeath never ever trick his customers over the selling. An honest business man allow for never like to go for unjust operator to increase his loot neither volition he ever like to gift bribes or turn out bribes thus with honesty in business, the curses of transplant and riba can be disapprovalned. Hazrat abu bakar siddique r. a was one of the best and honest business men of Arabia. He was very rich and his financial as well as moral ease was appreciated by Muhammad s. a. w. w as well. He was much honor in his region because he was honest in business.There are several examples in the Muslim world who did not only do business honestly stock-s manger besides realize much much than than those who like to earn black money. In honest business ALLAH gives His blessings, thus honesty indeed is the best policy. The visionary has verbalise the honest and truthful businessman will be in Jannah amongst the visionarys the Truthful and the martyrs. Honesty and truthfulness are essential in this business. And when it comes to Muslim businesses, it means building a relationship of imprecate with customers, which cannot be through with lies and eceit. The sanctum Quran already explains the divisor of honesty in business and in every matter of life. The sanctified seer (pbuh) has a great business accomplishment due to which he was offered marriage. But unfortunately our reliable business nourishs suck in been changing day by day. Our environs is lacking in honesty. For having a vertical business policy we should need to be honest. The sacred seer (pbuh) said,if you sell goods on lie instauration consequent ly your goods would be sold with your faith.For instance if there is any medicine who will get run unawares any shop alivenesser sell to any uneducated person and he got infection, a person who got infected will complain to doctor not to pharmaceutics shop keeper. Today lie become the trend we just to sell a 300Rs shirt would lie umteen time. The Holy prophet (pbuh) said selling thing upon lie creation would break assertion of another(prenominal)s. TRUST IN BUSINESS For having a successful business a trust of large number is require. This does not mean that only one sided trust is require exclusively from both vendor and demorali descryr. This enhances better cause and good communication.A social unit of mea certainment Trust is an investment vehicle that allows investors to canvass advantage of drop in a diversified telephoner of stocks which manages find and exposure to one or a few stocks. It in addition offers the opportunity to comparisonticipate in the long-term deed of the stock market. Islamic whole Trusts tack on other aspects that are a exhibit process to remove stocks of companies deemed to be wrong for Muslim investors and cleansing or subtlety of a company’s clams by removing any income derived from non-Shariah complaint sources, such as stake a company would earn on its assert accounts and sireating them to charities.Therefore, Islamic unit trust schemes are essential to additionally appoint a Shari’ah delegation or to ensure that their operations are in accordance with Shari’ah. Islamic fond unit Trusts can invest in many financial products in conventional financial markets which are not beguile- base, or where the share of interest could be eliminated, such as property stocks, commodities, financial options and futures and forward minutes in foreign currency. They can take advantage of international markets ingathering by giving priority to equity investments in Islamic banks and fina ncial institutions, stock markets ofMuslim countries; and companies managed chthonian the Islamic system. The manager of a Unit Trust mutual fund would commonly invest the pooled money in a portfolio which whitethorn include the asset classes such as cash, bonds and deposits, shares, property and commodities; tangible assets symbolize more than 51% of the portfolio. Islamic Unit Trusts exhaust as well a grand range of investment options establish on growth and income, open-ended, redeem up to(p), etc. Their investments can underwrite international equity markets, currencies and properties.A Mudarabah fund can invest in a specific business activity on the basis of profit and dismissal sharing; Murabahah fund invest in companies whose minutes are undertaken on a cost-plus basis; Through Musharakah the Unit Trust and the triad party contri scarcelye funds in a joint venture, producing equity battle; And in Ijarah fund, the Islamic Trust pay equipment, building or entire switch for a third party against an concur rental. Besides, there will be no re setion to stop non-Muslims investing in an Islamic Unit Trust.A good coincidence with Islamic Unit Trusts is one of honourable and green Unit Trusts. Here the public of investable securities is limited by certain criteria base on moral and honest considerations (muamalah. com; 2009). An honorable investment is the doctrine of investing in companies which make a positive donation to the world and avoiding those which harm the world, its hatful or its wildlife. Societys increasing awareness of its environmental and social responsibilities is impacting on financial services, more and more investments based on ethical principles are now available.Some may think that the restrictions oblige by ethical investment with strict criteria may result in weaker mathematical operation; however ethical funds go through a good deal matched or beaten their non-ethical counterparts. ethical investments are generally make through managed funds such as unit trusts which specialty is to seek profits for investors eyepatch conforming to certain ethical criteria such as that the company is not composite in activities like illegal armaments, manoeuvre or pornography, or that it doesn’t spend a penny or distri ande alcohol, tobacco or drugs.Before buying shares of companies in a elect sector, an ethical fund manager will run checks on that company to get under ones skin out if it has interests in a exit of areas according to pre-determined criteria. concordly, clients who invest in ethical funds can be sure that their money will be invested in companies that engage in legal and ethical activities. Islamic Unit Trusts investments are in addition based on specific criteria based on morality, the main criteria is to not ask in works which involve the paying(a) and receiving of interest.Islamic Unit Trusts should be run on a transparent and modern merged basis and up-to-date acc ounting and at heart a legal framework in conformity with the Shari’ah. In the same way the decision to invest in the show window of ethical unit trusts is made by the fund managers, based on teaching received from various professional bodies and peculiar(prenominal)ly constituted billtees of generator, the decision in the bailiwick of Islamic unit trusts is conditioned by the a binding approval from the Shari’ah Boards which be of established religious scholars who make a decision based on the interpretations of special(prenominal) operations and considerations.A person can earn money by 2 means; one is agriculture and the other is business. If business is not done according to the moral philosophy then there will ever so be inflation and shortage of goods. As it can be seen in the suit of many commodities like wheat, sugar etc. It is due to the stocking in, speculation and the selfishness of some businessmen. The governing body has overly become a bargainer itself, while the shariah has stopped the Islamic government from trading. As it can be seen that business is an important part of life, the Prophet Muhammad (P.B. U. H) said, â€Å" race get 9/10 of their daily bread by trade. ” Islam explains the purpose of mightyeous trade by congress business ethics. If trade or any other thing is done against the moral philosophy and creed then this will offer to the bad end on the day of resurrection. Also by the law the person guilty of illegal business would end up nowhere. Islam stresss on the importance of the business ethics a lot. Allah says in the Quran, â€Å"they say that buying is too like interest but Allah has declared buying as permissible and interest as disallow. And â€Å"When you buy or sell then make someone a witness of it. ” The Holy Prophet Muhammad (P. B. U. H) said, â€Å"If trade was not there then you would gain become a cargo on others. ” He also said that â€Å"A trader is the withstander of the means of daily bread and a keeper of the dignity of himself and other people. ” The Holy Prophet Muhammad (P. B. U. H) encouraged the trust commensurate traders by these words, â€Å"A trustworthy and truthful merchandiser shall be with the prophets and the truthful and the martyrs and the righteous. â€Å" matinee idol shows kindness to a person who is neighborly when he sells, when he buys and when he makes a claim” The prophet emphasized on the truthfulness and the righteousness of the businessmen a lot. He said that â€Å"Verily, merchants shall be raise up sinners on the day of resurrection, remove he who fears God, and is good, and speaks the truth. As Muslims, we occupy to amaze to ethical standards, not only in business but also in all aspects of life. Both business and ethics are inter look upd. There is a reference to this point in the Quran, â€Å"For you in the courier of Allah is a fine example to espouse. Allah shaper says, â€Å"To the Madyan people (we sent) Shuaib, one of their own brethren: he said: ‘O my people! idolization Allah. You agree no other god but Him. And give not short measure or pack. I see you in prosperity, but I fear for you the penalty of a day that will compass (you) all rounds. And O my people! Give just measure and weight, nor keep from the people the things that are their due: commit not evil in the domain of a function with intent to do mischief. That which is left you by Allah is best for you, if you (but) believed!But I am not set over you to keep watch! ” At one frame Hazrat Ali said, if you dog your friend then don’t think you had brilliantly dodged but think that how much he still trust upon you. FAIR IN BUSINESS Fair is another quality which is also needed for business. WE shouldn’t concern with business whether it is small or big, but we should be fair and kind with people and people with you. The Holy Quran and Prophet Mohammad (PBUH) have made it clear that a Muslim mustiness be honest and upright in his business and monetary dealing.Also the true Muslim should keep his word and fulfill his promises, shun fraud and avoid deceit and perfidy, impinge not upon the rights of others, nor take part in wrongful litigation. Also a good Muslim does not give dour testimony, and abstains from making unlawful money as from usury and graft. According to Islam whoever is not cease from these vices, is not a true worshipper but a renegade and a worthless transgressor. And the Quran is rich with verses that confirm all this. Allah says in the Quran, â€Å"Eat not up each others property by unsportsmanlike nd dishonest means. ” Allah forbids all begrimed and corrupt means of making money, such as, dishonest trading, gambling, and bribery. And the Holy Quran has explained and draw such practices in many of its verses. He says, â€Å"Woe to those that deal in fraud, †those who, when they have to receiv e by measure from men, ask 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 asked on a Mighty sidereal day when (all) man will stand before the ecclesiastic of the lords. Another example is given in the coming verse, where Allah urges Muslims to be very particular about their trusts and about other peoples rights. â€Å"Allah does command you to render fanny your trust, to those to whom they are due. ” major principles of fair business transaction According to Islam, the following things must be avoided to fetch fair business. 1. No fraud or deceit, the Prophet (P. B. U. H) is report to have said, â€Å"When a exchange is held, say, there’s no cheating” 2. Sellers must avoid making too many oaths when selling merchandise. The Prophet (P. B. U.H) is account to have said, â€Å"Be circumspect of excessive oaths in a sale. though it finds markets, it reduces abundance. ” 3. Mutual consent is necessary. The Prophet (P. B. U. H) is reported to have said, â€Å"The sale is complete when the two involved depart with mutual consent. ” 4. Be strict in call for to weights and measures. The Prophet (P. B. U. H) said, â€Å"When people cheat in weight and measures, their provision is cut off from them. ” He told the owners of measures and weights, â€Å"You have been entrusted with affairs over which some nations before you were destroyed. ” 5. The Prophet (P.B. U. H) forbade monopolies. â€Å"Whoever monopolizes is a sinner. ” 6. part with enterprise, the value of the commodities should not be contumacious unless there is a situation of crisis or extreme necessity. 7. Hoarding merchandise in order to increase the hurts is forbidden. 8. Transaction of forbidden (Haram) items, such as intoxicants, is forbidden. Fraud and dishonesty in business Prophet Muhammad (P. B. U. H) has accented the importance of honesty in close to of his sermons, saying, â€Å"Remember, there is no faith in him who is not trustworthy; there is no place for him in pietism who cares not for his ledged word or promise. He (PBUH) also said, â€Å"The signs of a hypocrite are three, when he speaks, he is false, when he promises, he fails; and when he is trusted, he plays false. ” Condemning those who cheat in business Prophet Mohammad (PBUH) has said, â€Å"He who cheats is not of us. Deceitfulness and fraud are things that lead one to Hell. ” Once Prophet Muhammad (P. B. U. H) came upon a heap of corn in the market of Medina and thrust his hand onto it. His fingers felt damp. On being asked, the trader replied that rain had locomote upon it. The Prophet (P. B. U.H) observed, â€Å"Why did you not then keep (the wet portion of) it to a higher place the dry corn, so that men may see it? He, who deceives, is not one of us. ” Thus traders who deceive by showing to customers a false sample or by concealing fr om them the defects of the product theyre selling are not true Muslims in the nous of Allah Prophet (PBUH) and, they are going to end up in hell. Prophet Muhammad (P. B. U. H) said, â€Å"The seller must explain to the buyer the defects, if any, in the quality of the article offered for sale. Should this not be done, the seller will permanently be caught in the Wrath of Allah. In short, all manner of deceit and dishonesty in business is prohibited in Islam. The Holy Prophet has expressed his strong dislike for those who do so. The Prophets general advice to all people was that, â€Å"What is lawful is clear and what is unlawful is clear, but between them are certain indeterminate things which many people do not recognize. He who guards against the doubtful things keep his religion and his honor blameless, but he who travel into doubtful things falls into what is unlawful, just as a shepherd who wanders his flocks round a chancel will soon pasture them in it.Every king has a s anctuary, and Gods sanctuary is the things he had declared unlawful. â€Å"Before the Prophet invited his people towards Islam, it was his truthfulness and trustworthiness which had earned for Muhammad (S. A. W. ) the glorious titles of â€Å"Sadiq” (truthful) and â€Å"Amin”. Therefore, one must follow the teachings of the Holy Prophet (P. B. U. H) in regard to business and all other aspects of life; to become a good businessman and hence, a better Muslim. Islam puts certain conditions and restrictions to pass the chances of bitterness between the employer and employees.Islam encourages and promotes the spirit of beloved and brotherhood between them. According to the Islamic teachings it is the religious and moral responsibility of the employer to take care of the overall welfare and improvement of his employees. Fair wages, good working conditions, suitable work and excellent brotherly intervention should be provided to the workers. The last Prophet of Allah (s ws) has explained this principle in the following words: Those are your brothers [workers under you] who are around you, Allah has determined them under you.So, if anyone of you has someone under him, he should feed him out of what he himself eats, line up him like what he himself puts on, and let him not put so much burden on him that he is not able to bear, [and if that be the case], then lend your economic aid to him. The Prophet (sws) also said: I will be foe to three persons on the Last Day: one of them being the one who, when he employs a person that has accomplished his duty, does not give him his due. The Prophet (sws) is also reported to have said: The wages of the laborers must be paid to him before the sweat dries upon his body. veracity IN BUSINESSIn order to earn profit and making things Halal truthfulness is essential. People to buy things where ethics like truthfulness is present. Islam encourages truthfulness in business transactions and raises the status of a trut hful merchant so much so that he will be at par with the holy warriors and martyrs, in the Hereafter. The Prophet (sws) is reported to have said: The truthful merchant [is rewarded by being ranked] on the Day of Resurrection with prophets, veracious souls, martyrs and pious people. The Prophet (sws) has also exhorted the believers to strictly adhere to truthfulness in business transactions.He says: The seller and the buyer have the right to keep or authorise the goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities [of the goods], then they would be lucky in their transaction, and if they told lies or hid something, then the blessings of their transaction would be lost. The tradition implies that Allah blesses business dealings if both the buyer and the seller are true to each other. Telling lies and privateness facts will result in the loss of divine blessing. A tradition reads. The Holy Prophet s aid: ‘Traders are austere people’.The Companions asked: ‘O Messenger, has Allah not permitted business? ’ The Messenger replied: ‘Of course He has declared trading lawful. But they (i. e. the traders) will hope by Allah and do evil, they will not speak but tell lies’. referee IN BUSINESS The Quran also emphasizes on the fantasy of jurist. It is another types of ethics which is deeply needed for running on the business. The Holy Prophet (PBUH) said, He who deals below the belt with others can never become useful member of society. Among the set of values the Quran and the Prophets sayings emphasize are the models of legal expert and benevolence.The concept of evaluator (‘Adl) occupies a central place in the economic system of Islam. This value is dictate in legal, social, moral and economic dealings. It is to be practiced with individuals, orphans, wives, tribes, communities and nations and even with peaceful enemies. It is rele vant to speaking, giving witness, acting as a guardian, writing an agreement, arbitrating between parties, dealing with other people, judging in a beg of law and making business transactions. The concept of justice in an economic context encompasses fairness, equity, balance and equilibrium, symmetry and impartiality.The Quranic verses address individuals not only in their personal mental ability but also in their ability of being rulers, administrators, directors, employers, and all who deal with others. Justice, like truth, is a Divine virtue. Islam does not via media on this value as it does not compromise on truth. While the Quran lays great emphasis on the value of justice, the Prophet has repeatedly persuaded the Muslims to stick to the value of Ihsan, which stands for benevolence, generosity, increase and magnanimity. The absence of ‘Adl inflicts harm and disturbs peace and harmony, but the absence of Ihsan does not harm anybody.It implies a more liberal treatment t han justice demands. It begins where the limits of justice end. Absolute justice is a legal requirement and, therefore, essential, but the Prophet, in line with the Quranic requirement, has persuaded his followers to behave magnanimously in claiming their rights and be generous in discharging their duty. ‘While ‘Adl eliminates injustice and exploitation and strikes a real balance between rights and responsibilities in society, Ihsan decorates the society with generosity, kindness, mercy, forgiveness, self sacrifice, mutual cooperation and affection. Adl is the primeval condition for setting up an Islamic government, while Ihsan plays a vital mathematical function in building up a truly Islamic society; the agent is a legal phenomenon while the latter(prenominal) is moral and religious. When we say that tolls must be just, or fair, does this justice or fairness involve a moral value? Wholesale prices for all the dealers are just about the same. Can we then justify pr ice variations at contrasting centres? In Islamic law, if anybody charges an extraordinarily high price, it is termed as recruit deception and is unacceptable.The Ottoman Code of well-mannered Law defines grave deception as higher than 5% (profit) on goods, 10% on animals and 20% on real estate property. The concept lays down the rate of profit but not the sale price. As a matter of fact, the wholesale price alone does not determine the sale price. It is determined by locality, standard of intragroup decoration, packing, service, environment and other overhead costs. A trader has to add all the incurred and accrued expenses to the wholesale price, in addition to a profit for himself/herself.What rate of profit he should charge is determined largely by market forces and the nature of the competition, given a normal or prevailing price. All this proves that the concept of a just price is not a moral concept except where monopolies or oligopolies arbitrarily mountain an unrealist ically high price sort of out of proportion with costs. The concept of the right to justice is mentioned repeatedly in the Quran. There is quite a lot of pointedness in the passages relating to the freedom to justice.In Islam there are two concepts which are considered, Ihsan and Adl. While Adl is typical of monotheistic religions, referring to the need for balance and equality when judging and individual, in Islam perhaps the more important term is Ihsan. Ihsan refers to making up an imbalance or an injustice by returning or giving back something to the person that is at disadvantage. As such, it is not only important to treat all people every bit, but to allow those that are at an objective disadvantage compensation.These relate to the two most basic attributes of God, mercy and compassion (Al-Rahman and Al-Rahim. ) These two concepts are often compared to the love of a mother to her offspring. A parent must love equally all of his offspring, but if one of them has a handicap o r requires special wariness Ihsan dictates that a loving parent will give that child more to help him make his way in life. In the ideal Islamic society, the concept of justice necessarily reflects helping the disadvantaged, like widows, orphans, and those vivification with handicaps or in poverty. If Musharakah principle” was use to a bank which holds a considerable amount of depositors’ money and no interest rates permitted to earn income, banks will be forced to invest in different projects whether it is new or current. But the bank here is exposed to a risk of loss! It encourages a bank to shift its investments since interest is prohibited and that leads to a growth in the economy since money is injected in several business and projects. If the economy grows on average, the investment pool will make profit.Banks here make income from investment not form interest by modify money. No interest rates for the depositors but their income increase in line with the gro wth in the economy. Thus, Islamic system based in â€Å"cooperative” (Sharing) and does not kick upstairs rich people. But it works on the principle of sharing which in a way or another leads to justice. The current news is that Sweden government is awarded as best governance. When people asked reason behind this success. They replied, we followed the Hazrat Umar (R. A) hulk of law.\r\n'