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Economy, Business and Islamic Brotherhood. GMP Opening quote… ۗ ت َوقَلي ٌل ما ُهم ِ صا ِلحا ُ طاء لَيَبغي بَع ِ َثيرا ِمنَ ال ُخل ٍ َلى ب ّ ع ِملُوا ال ً َو ِإ َّن َك َ عض ِإ ََّّل الَّذينَ آ َمنوا َو َ ض ُهم ٰ ع and indeed many partners bully one another, except such as have faith and do righteous deeds, and few are they.’ (38: 24) Where lies the nexus between these 3 terms? There is a principle that the business of business is business! Then, business should give back to the society from where it derives its existence—socially responsible What is economic transaction? Historically, Islam has been favorable to the merchant, beginning with the Prophet Muhammad (peace be upon him), who was a merchant, and his wife Khadijah (may God be pleased with her) who was also a merchant. Indeed, she was the wealthier of the two, and he worked for her before their marriage. It was, in fact, because she was so impressed by his strong business ethics that she proposed marriage to him, fifteen years before he received the call to prophethood. Although she was fifteen years his senior he admired her character so much that he accepted her proposal. Why do we seek to acquire properties? Property is a necessity for man to fulfill his calling as khalîfah The freedom of action by which we are tested is hampered by the absence of property. You are not as free, in the sense that you are not as empowered, if you have no property. Property is an extension of the self that leverages our freedom of choice and therefore provides the best opportunity for testing our morality. Islamic property law Property is strongly protected in Islamic law. The punishment for theft is very severe. In his farewell pilgrimage the Prophet said to the assembled pilgrims: “O Men, your lives and your property shall be inviolate until you meet your Lord. The safety of your lives and of your property shall be as inviolate as this holy day and holy month” (Haykal, 1976, p. 486). A CONTRACTUAL CONCEPTION OF COMMERCIAL LAW The Qur’an holds contracts in very high regard. It has already been noted that the Qur’an even uses contract as a metaphor for our relationship with God, referring to the great bargain man obtains in entering a contract with God which will render him a huge profit. The Qur’an contains some details of contract law. This is further testimony to the importance of contracts as, contrary to what you may have heard, the Qur’an contains few laws and little legal detail. The legal structure of Islamic law comes from the legal precedents of the early community and from the jurisprudential analyses of the legal scholars through a process called ijtihad This word comes from the same root as jihâd, which means “struggle” in general, and ijtihad means the struggle of the individual scholar to understand the law. Relations must be governed by Contract of mutual consent The overall view of human relations in Islam is contractual. Within the broad scope of the law as to what is permitted and what is prohibited, all else is determined by contract among ourselves, by mutual agreement. َّ س ُكم ۚ ِإ ن ِ يا أَيُّ َها الَّذينَ آ َمنوا َّل تَأ ُكلوا أَموالَ ُكم َبينَ ُكم ِب ٍ َ عن ت َ ً جارة َ ُراض ِمن ُكم ۚ َوَّل تَقتُلوا أَنف َ ِالباط ِل ِإ َّّل أَن تَكونَ ت َّ اَّللَ كانَ ِب ُكم َرحي ًما O you who have faith! Do not eat up your wealth among yourselves unrightfully,1 but it should be trade by mutual consent. And do not kill yourselves.2 Indeed Allah is most merciful to you. (4: 29) Scorecard of Muslim businesses How far so far? Tales of woes OR few successes? Nothing to show but individuals do succeed when they deal with nonMuslims? Muslim schools Muslim masjid Muslim business Partnerships among Muslims Mediocrity Incompetence Lack of ethics Honesty/creditworthiness What is the limit of brotherhood in business transaction? Brotherhood must strengthen our business operations not undermine it. Prophetic advice O Men. Harken well to my words. Learn that every Muslim is a brother to every Muslim and that Muslims constitute one brotherhood. Nothing shall be legitimate to a Muslim which belongs to a fellow Muslim unless it was given freely and willingly. Do not therefore, do injustice to your own selves (Haykal 1976, p. 487) Spiritual dimension to business failures Case of Mudarabah (Partnership) The agency factor Pre-contractual attitude Post-contractual attitude The whispering of the devil (Shaytan is stronger than the individual) The limit of Islamic brotherhood (earning of trust) Concealment/misrepresentation of fact