Islam teaches us the difference between halal and haram. Halal means what is obligatory in Islam, while harm means what Islam stops us to do. The religion Islam teaches Muslims the way of living and gives guidance in every path of life.
Every person must learn Islamic teachings by getting in some Muslim academy where they should learn Islam, learn Muslim culture and Arabic language. These teachings extend in all areas of life, both for personal lives and for professional or economical lives. Islam gives detailed regulations of follow halal way of doing business that is fair and balanced. Muslims must recognize that material goods, earnings and wealth are all the properties that belong to Allah, and they are just his trustees. There are certain fundamental principles in Islam that teaches us to behave honestly and responsibly to follow proper economic system that is proposed by the religion Islam.
The first fundamental principle of the halal way of doing business says that Muslims should not earn interest in business. It means earning money in a wrong way is restricted in Islam. Usury is strictly forbidden in Islam, and those who are getting usury in their business will allow them to get the blessing of Allah. Being Muslim, this is the only halal way of establishing a business where there is no usury and no doubling or multiplying of investments. Islam prohibits all the transactions that are interest based. The second fundamental principle says that Islam forbids the gaining of wealth or any property by making frauds, cheats, and by deceiving someone. Injustice is not allowed in Islam, and so people must play good and true in their business.
The third fundamental principle of halal way of doing business says that it is the guardian must not take the property of an orphan. People must not cheat them for making their own business. That means for getting money for your business, you cannot deceive anyone who has no one for the support. It is considered a sin in Islam. The fourth fundamental says that people who are doing business of gambling, sales of alcohol, or doing business of lotteries, are all bad means of earning. Gambling, lotteries or production and sales of alcohol are considered haram means of doing business. According to the next fundamental principle, Muslims must behave responsibly and carefully while spending money in the business. They should not waste money in haram things or in unnecessary things.
The next fundamental principles of halal way of doing business say that people who are doing some businesses and are economically strong, they must pay Zakat. Those Muslims who own their own business and are financially strong must always pay some fixed amount of money in the form of Zakat. Zakat can be given to needy people and those who are disabled. There are so many Arabic quotes you can learn in the Quran which will give an evidence of all these principles.
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