Business Ethics in Islam

118 Pages·2010·3.197 MB·English

by  Sayyid Muhammad Rizvi

Mi
J
ISBN 0-920675-12-3
i
I
780920 67<120
I
I
i
■
I
I
Islamic
Business
Ethics
by
Sayyid Muhammad Rizvi
Al-Ma ‘arif Books
Canada
r i
First Edition 1426/2006
© All rights reserved i
This publication may not be printed without
the written permission of the writer.
i
r
Library and Archives Canada Cataloguing in Publication
Rizvi, Sayyid Muhammad, 1957-
Islamic business ethics / by Sayyid Muhammad Rizvi.
Includes bibliographical references and index.
ISBN 0-920675-12-3
!
ISBN 978-0-920675-12-0
1. Islamic ethics. 2. Business ethics. 3. Muslim
4
businesspeople—Handbooks, manuals, etc. I. Title
BP173.77.R59 2007 297.5’644 C2007-900180-7
Published by
ALMa'arif
Al-Ma‘arif Books i
Canada )■
I
Cover designed by Mahdi Rizvi
Printed in Canada
sf:
Al-Ma‘arif Books (Canada) acknowledges the support of
Dr. Asad Sadiq
(for the isal-e thawab of his late mother Sughra Sadiq)
and Dr. Aftab Hussain
in making the printing of this edition possible.
Distributors in Canada:
Islamic Humanitarian Services Mihrab Publishers
81 Hollinger Cr., Kitchener, 7805 Bayview Ave, Suite 802
Ontario, Canada N2K 2Y9 Thornhill, ON, Canada L3T 7N1
Tel: [phone] Tel: [phone]
Distributor in USA: Distributor in East Africa:
Al-Khoei Book Store Bilal Muslim Mission
89-89 Van Wyck Expressway, PO Box 20033,
Jamaica, NY, USA 11435 Dar-es-Salaam, Tanzania
Tel: [phone] ext. 116 Tel: [phone]
Distributor in India: Distributor in UK:
Al-Ma‘arif Publications Alif International
Gopalpur, PO Bakarganj, Tel: [phone]
Siwan, Bihar, India e-mail : [email protected]
Tel: [phone]
sfc
For comments and questions on this book,
you may contact the author via
e-mail: [email protected]
tel: [phone]
fax: [phone]

Contents
Preface ... 1
Introduction ... 5
1. This World & the Hereafter ...9
A. The Relationship ... 9
B. The Attachment... 12
Alluence & Charity ... 14
C. Seeking Livelihood ... 16
2. You & God ...21
A. Human Efforts & Divine Decree ... 21
B. Seek from Lawful Means ... 25
C. Tawakkul & Du ‘a ...21
Tawakkul & Insurance ... 28
3. Your Time & Money ... 31
A. Time Management... 31
B. Financial Management... 33
4. Your Customers ... 37
A. Sanctity of Property ... 37
B. Truthfulness & Honesty ... 41
C. Concern for Society’s Well-Being ... 42
D. Fraud & Customers’ Rights ... 44
5. Your Employees ... 49
I
6. Your Partner ... 53
A. Types of Partnership ... 53
B. Importance of Written Contracts ... 55
C. Disputes & Arbitration ... 57
7. Your Business ... 61
A. Five Types of Laws ... 61
B. Haram Business & Trade ... 63
1. Intoxicating Drinks ... 63
2. Animal Products ... 66
3. Other ‘Ayn Najis ... 67
4. Hoarding Food Items ... 68
5. Tools & Machines for Haram Purposes ... 68
6. Money Related Issues ... 69
(a) Riba & Interest... 69
(b) Two Types of Interest ... 72
i. Interest in Business & Trade ... 72
ii. Interest in Loan ... 74
(c) Loan, Debt & al-Qarzu ’l-Hasan ... 75
(d) Bank Activities ... 78
i. Banks ... 78
ii. Deposits in Non-Muslim Banks ... 78
Hi. Islamic Banking ... 78 ■
iv. Getting Loan from Banks... 79
i
I
v. Use of Credit Cards ... 80
i
!
I
vi. Financing a Car Purchase ...81
vii. Services of the Bank ... 81
viii. Working in the Banks ... 82
(e) The Stock Market & Futures ... 82
i. Mutual Funds, the Stock Market
& Bonds ... 82
ii. Futures Markets ... 83
7. Other Professions ... 85
i. Joining the Police & Armed Forces ... 85
ii. Sculpting & Painting & Drawing ... 87
Hi. Astrology & Palmistry ... 88
iv. Legal Profession ... 89
8. The Non-Muslim Work Environment... 91
A. Introduction ... 91
B. Problems Faced by Muslim Minorities ... 94
1. Beards for Men ... 94
2. Hijab or Dress Code for Women ... 95
3. Shaking Hands ... 96
4. Religious Holidays ... 97
5. Daily & Friday Prayers ... 98
6. Participation in the Christmas Party ... 99
C. Conclusion ... 99
Works Cited 101