ISLAMIC GUIDELINES FOR BUSINESS

The Quran and the Hadeeth provide basic guidance to a person indulged in Business. Let us study some of them.

Selecting Staff:

Truly the best of man for you to employ is the (man) who is strong and trustworthy. (Al-Qur'an 28:26)

Prophet Muhammed (p.b.u.h.) adviced his followers "we do not appoint for our jobs anybody who demands it earnestly."
(Al-Bukhari I:462)

The Quran advises its believes that they should not hire a person who is weak in understanding. His inefficiency could cause a loss to his master. 

"Do not give your property to people of weak understanding." (Al-Qur'an 4:5)

Dealing with Staff:

Islam orders the boss and the businessman to be kind to his juniors and servants. The statement of Quran: 

"kind words and forgiveness are better than charity followed by injury." (Al-Qur'an 2:263)

Prophet Muhammed (p.b.u.h.) treated his subordinates in a very decent manner. Anas bin malik who was in the service of the Prophet right from his childhood said, "The Prophet never scolded me if I made a mistake." The Prophet never with held the wages of any person.
(Al-Bukhari I:462)

Expenditure in Business Property:

Islam even teaches its believers, where not to spend. Although it exhorts for generosity, it forbids in clear term, extravagancy in expenditure. The Quran states:

"And give to the near of kin his due and (to) the needy and the wayfarer, and do not squander (your wealth) wastefully. Surely the squanderers are the fellows of the Shaitans and the Shaitan is ever ungrateful to his Lord." (Al-Qur'an 17:26-7)

"Allah hates you for wasting the wealth." (Riyyadh us Saleheen)

Be Honest in Dealing:

Islam forbids speaking lies to sell one's goods. There are many merchants who do not give in proper measures, they mix up pebbles with grain. Some merchant withhold grains and wait for the prices to rise, so that they may earn more out of it. Allah and His Messenger did not allow this.

"As for those who sell the faith, they owe to Allah and their own plighted word for a small price, they shall have no portion in the hereafter, nor Allah will speak to them, or look at them on the day of Qayamat." (Al-Qur'an 3:77)

"Give full measure when you measure and weigh with a balance that is straight. That is the most fitting and the most advantageous in the final determination." (Al-Qur'an 17:35)

"Woe to each sinful dealer in falsehoods." (Al-Qur'an 45:7)

"Give just measures and cause no loss (to others) by fraud and weigh with scales true and upright. And do not withhold things justly to men." (Al-Qur'an 26:181-183)

The Holy Prophet (p.b.u.h.) said, "None keeps goods till the price rises, but a sinner". (Bulug-al-Maram:680)

And do not mix truth with falsehood or conceal the truth while you know. (Al-Qur'an 2:42)

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* pbuh - Peace be upon him; It is a Muslim practise to convey prayers of peace whenever the name of Prophet Muhammad (pbuh) and other prophets is taken.