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Economy and Trade in Islam

Economy and Trade in Islam

Contents > Economy and Trade in Islam

- Allah created us and taught us to live together and fulfil
our needs through mutual trade. Any society functions
through the continuous exchange of wealth, goods and
services that allow all people to meet their needs. This is an
essential part of our lives that can easily be abused and
exploited. Allah says,

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 hath been to you Most Merciful!
The basis of trade in Islam, as is clearly laid out in the above
verse is, transactions between two capable and consenting
parties who both have mutual benefit and satisfaction in
their trade. This prevents some people from taking
advantage of others and prevents the rich from exploiting
the weak and poor through usury, gambling, monopolies,
hoarding wealth etc.

The Islamic economic rules are the most robust and just
trade laws in existence and given the chance would
eradicate poverty, greed and exploitation and reduce the
overwhelming gap between rich and poor that is prevalent
today.

For the ordinary Muslim, trade, including: buying and
selling goods, borrowing and lending money, using and
providing services and giving and receiving gifts, is an
unavoidable part of daily life. It is essential for us to know
what forms of trade and earning are permitted in Islam.







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Related Pages

1. Monopolies

You must know not to monopolise.

2. Cheating

You must know not to cheat anyone.

3. Usury/Interest

You must know not to deal with usury.

4. Gambling

You must know not to gamble.

5. Lotteries

You must know not to play the lottery.

6. Playing games of gain or forfeit

You must know not to play for a gain or for a forfeit.

7. Haram earnings

You must know not to earn by prohibited means.

8. Stealing

You must know not to steal.

9. Trading by deception or doubt

You must know not to trade by deception.

10. Bribery

You must know it is forbidden to accept or to give bribes.

11. Dealing drugs

You must know it is forbidden to deal in drugs or alcohol.

12. Taking back donations

You must know it is forbidden to take back donations.

13. Taking back gifts

You must know it is forbidden to take back gifts.

14. Pickpocketing

You must know not to pickpocket.

15. Forgery

You must know not to forge.

16. Fraud

You must know not to con people.

17. Trading Haram things

You must know not to sell anything prohibited (e.g. Pork, Pornography, idols).

18. Eating Haram

You must know not to eat anything prohibited in Islam.

19. Concealing defects in goods

You must know not to hide faults or defects in goods for sale.

20. Benefitting from the Haram

You must know not to benefit from what is forbidden.