FREEDOM OF ECONOMIC PURSUIT
One can’t think of the possibility of trade and legal transactions unless the right of the individuals as well as groups to own and alienate any property freely and without coercion is recognized. The holy Qur’an recognizes this right of individuals and groups. Especially in this 21st century where online transactions and financial becoming more and more popular, question arises of where does the Islamic and Shari’ah stand on this matter, because al-Qur’an doesn’t state clearly on how to conduct businesses online,
The answer and solution is, although al-Qur’an doesn’t state specifically on how to behave in the cyberspace, it gives the basic foundation of approved business conducts which suitable for everybody at anytime, whether it was during the of the Prophet or at this 21st century, where many businesses are turning to a cyberspace, not a brick-and-mortar superstores. al-Qur’an does recognize the rights of individuals and groups.
(i) Recognition of and Regard for Personal Property.
Although the real and absolute Owner of all wealth is Allah the legitimacy of man’s ownership over his property is not ruled out. al-Qur’an recognizes the delegated authority of man over that wealth that is legally possessed by him. It grants him full freedom to make any transactions he wants, enjoining him, however, to observe the limits prescribed by the Shari’ah. Wealth is regarded as inviolable, and therefore, respects for a man’s right to his life, honor and property are enjoined as a religious duty. al- Qur’an prohibits any unlawful interference with the property of others. A Muslim is not allowed to make use of anything that belongs to someone else except with the express permission of the owner. The holy Prophet (saw), during his Last Sermon at al-‘Arafat, declared the inviolability of property to be at par with that of life and honor:
“Like this day of this month in this territory, sacred and inviolable, God has made the life and property and honor of each you unto the other, until you meet your Lord”.
(ii) Legality of Trade
The recognition of man’s ownership over his property is an acknowledgement of his exclusive right to make important decisions regarding his property. He can use, sell or exchange it for another property. al-Qur’an declares that trade is lawful. The legality of trade implies that a Muslim is free to make any kind of approved transaction al-Qur’an envisages complete freedom of trade, be it internal or external. Open competition based on the natural law of demand and supply is encouraged. Islam encourages the owner of the capital to invest his capital and earn profit through a lawful business.
(iii) Mutual Consent
Complete mutual consent of the parties concerned is regarded as a pre-condition for the legality of any transaction. Unless this condition is duly met, consumption of the transacted property amounts to akl bi al-batil (i.e. a consumption which is unjust and illegal). A business transaction cannot be said to have taken place with complete consent (tijaratan ‘an taradin minkum) if either pressure, fraud or misstatement have been used by any party.
JUSTICE / EQUITY
It is no exaggeration to say that justice forms the core of the Qur’anic injunctions. al-Qur’an itself asserts that the purpose of its revelation is to establish justice and equity. After citing several unique instances of Islamic justice, Sayyid Abu 'Ala Mawdudi remarks that only Islam presents a system of real and perfect social justice. The Qur’anic teachings pertaining to justice in the realm of business may be categorized under two heads, namely the imperatives and the safeguards.
(i) The Imperatives
This category consists of commands and recommendations regarding conduct in business. These are discussed separately below.
(a) Fulfillment of Promises, Pacts and Contracts
One of the most important teachings of the holy Qur’an about business conduct is to fulfill promises and contracts. al-Qur’an demands that all contracts and promises be honored and all obligations fulfilled. Also, it warns that everyone will be questioned regarding the contracts and covenants made by him / her. It commands the believers not to violate their concluded contracts even there be a genuine reason to believe that the other party is intent upon its violation. Under such circumstances it instructs them to inform the other party about their (the believers’) decision regarding the formal dissolution of the pact so that they are left on an equal footing. al-Qur’an, moreover, enjoins upon the believers to guard their oaths; this means they should be serious about fulfilling them. It has also prescribed a penalty for violation of one’s oath. Guarding of oath also implies that one should be careful not to take an unlawful oath, since elsewhere al-Qur’an has instructed the believers to defy their unlawful oaths and expiate for the sin of violation.
(b) Exactness in Weight and Measures.
It goes without saying that the confidence of the customers plays a vital role in the advancement of any business concern. That’s why all big businesses make every effort to build up their reputation and maintain it. By the same token, the importance of accuracy in terms of weights, measures or any promised specifications cannot be overemphasized. al-Qur’an has laid enormous stress on this matter. It has repeatedly commanded the believers to weigh and measure in full without the slightest diminution, warning that those who did not do it will suffer dire consequences. The Qur’anic emphasis on justice in general and maintenance of straight balance in particular is evident from its forceful and oft-repeated injunctions.
(c) Truthfulness, Sincerity and Honesty
al-Qur’an commands people to be honest, sincere and truthful in all walks of life. This is especially required in the realm of business. While lying and cheating are condemned and forbidden and even approximated with the negation of faith, the quality of truthfulness is not only commanded but has been made an absolute requirement.
(d) Investigations and Verifications
Investigations and verifications are essential because they constitute a prelude to right and ethical conduct. al-Qur’an instructs Muslims to probe and verify any given statement or information before making decision or taking any action. Also, it advises them to investigate about the commodity before purchasing it. This must be done even if there be no other reason, in order to ascertain whether the commodity is halal or haram.
(ii) The Safeguard
(a) Writing of a Contract
A business contract should be put in black and white. This is specially recommended in the case of credit transactions whether large or small. Needless to say, the act of writing down of the terms of transactions is an effective safeguard against any false claims made by either party subsequently. The contemporary business practice of issuing a customer’s receipt or cash-memo is a convenient way of achieving the same objective.
(b) Witnesses
al- Qur’an also recommends that credit transactions should be witnessed by two reliable adult males, or if two men are not available, then one man and two women. The presence of two reliable witnesses at the time of making a credit transaction is, undoubtedly, an added safeguard against any sort of foul play, whether deliberate or otherwise, by other of the contracting parties.
(c) Rahn
Another safeguard, in case of a credit transaction, is the act of taking into possession by the creditor of a real property belonging to the debtor, as pawn or mortgage until the loan is repaid.
(d) The Principle of Individual Responsibility
According to al-Qur’an, in a business transaction as in any other sphere of life, the principle of individual responsibility is of prime importance. Everyone is held personally responsible for any undertaking or transaction made by him. No one is given the privilege of immunity from facing the consequences of one’s deeds. In this Qur’nic principle, there is a dependable deterrent against any irresponsible behaviors. Everyone is answerable both in this world and in the Hereafter.
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