Rulings on transactions in Islam – Cleric

The cleric gave the advice over the weekend while delivering a lecture at a gathering organised by the Organisation of TadhamunulMuslimeen (OTM), the Federal Capital Territory (FCT) chapter.“Islam is the religion of life. We must allow Islam to be our instructional guide. Muslims have to submit themselves to Allah’s injunctions. Business in Islam is a […]

The cleric gave the advice over the weekend while delivering a lecture at a gathering organised by the Organisation of TadhamunulMuslimeen (OTM), the Federal Capital Territory (FCT) chapter.
“Islam is the religion of life. We must allow Islam to be our instructional guide. Muslims have to submit themselves to Allah’s injunctions. Business in Islam is a way of life. Allah loves transaction because people circulate wealth through business. Through business, somebody can gain paradise and he or she can be blessed materially and spiritually if the dos and don’ts of Allah are taken care of.
“The prophet was reported to have said that a sincere, just and pious businessman does his trade to please Allah. He knows that it is Allah that blesses business. The Prophet says that a person who engages in sincere business will be raised up on the day of accountability among the truthful ones and the martyrs.
“So, someone who wants to establish any business needs to look at Qur’an and Sunnah (the practices, customs and traditions of Prophet Muhammad that are considered to be a perfect example).  Imam Ghazali in UlumDeen says a Muslim who adopts a trade must, first of all, have a clear and thorough understanding of rules guiding business in Islam,” he added.
UztadhAzubayd, while speaking on the basic conditions that made transactions lawful, said: “Transactions must take place between buyers and sellers; items to be sold or bought must be lawfully acquired by the owner and seller;  goods should not be sold before obtaining their possession;  goods must be bought in open market; prohibited items should not be sold; there must be mutual agreement between the parties involved; items should be bought from the owner unless somebody who is permitted as an agent; items to be sold should be possible to be delivered to the owner; and items to be sold should be backed with clear information.