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There are different aspects of an economic systems. Islam gives us general principles to adjust all the dealings based on justice and fairness. Let’s learn about those basic principles that are essence of Islam.
1. Fairness in all transactions.
Islam endorses fairness and condemns injustice in any form, Islam wants safety and security of every party involved in transaction. It doesn’t allow anyone either rich or poor to exploit others.
2. Truthfulness and trustworthiness:
Islam doesn’t like any kind of deception, Islam encourages fairness that is impossible without truthfulness and trustworthiness. Anyone can deceive others by telling lies about his product or whatever, that leads to lack of trust, that ultimately leads to reputation of the party being dishonest, people don’t like to have financial dealings with such person or organization.
3. Full measure and weight:
Islam condemns cheating and fraud. Because there’s loss of one or more parties in it, so cheating from either side is prohibited. It’s mandatory to deliver what you say in quantity and quality.
4. Documentation:
Islam ensures recording financial dealings for clarity, transparency and accountability. It helps to avoid confusions or misunderstandings and to resolve the conflicts. Documentation helps in in securing both parties interests.
5. Mutual consent:
Mutual consent is necessary for both parties to prevent pressure or forced transactions, so that both parties could agree mutually on a common interest. When both parties are satisfied, the chances of conflicts are reduced. This is also an ethical business behavior and creates a respectful and harmonious environment.
These are the dos based on Islamic principles while in next article we’ll learn about don’ts.
