With growing inflation in the world, we often get tempted to resort to unconventional means for enhancing our business. However, Islam provides Muslims with clear guidelines for how to conduct business.
Like all other aspects of life, there are certain do’s and don’t of business that are halal and haram, respectively. Here are some of these points that can help you establish a halal business:
The Dos of Doing business in Islam
These are some of the basic steps that you can follow to keep your business afloat and flourishing. By including these techniques in the fundamental structure of your business, you can maximize the benefits for yourself and the people involved.
1. Aim of the Business
While profit-making is completely acceptable in Islam, the aim of your business should be to establish a halal way of earning in a manner that would please Allah. Placing profit generation as a secondary goal will benefit you more if you prioritize Islam first.
Putting your trust in Allah will allow you to follow the path to success more easily. The Quran and Hadith together can provide you with answers to all your business-related questions.
For example, in a situation where you are finding it difficult to make an important decision, you can use the istikhara dua to ask Allah for guidance. This will make it significantly easier for you to make the correct choice.
2. Halal Earnings
Generating a profit is completely permissible in Islam but through the Quran and Hadith, we are provided with complete guidelines on how to do so. Muslims are taught to establish their businesses according to the teachings of Islam and to create their working model based on its guidelines.
In the capitalist world, it has become very normal to take up different means to maximize profit. Many of these mechanisms have become a part of the economic structure, and individuals find it very difficult to refrain from them.
This includes usury, also known as Riba, which consists of any interest received or paid. This is deemed haram and is strictly prohibited in Islam.
Riba is considered an exploitative tool that widens the gap between the rich and the poor in society. These techniques can be very tempting, but this is the test for Muslims.
The guidelines of Islam lead to the formation of a business structure that benefits everyone involved, so remain sturdy on the path of Islam, and Allah will increase your blessings.
3. Kind Treatment of Employees
Your employees are the backbone of your business. As a business owner, you should never be prejudiced and mistreat your employees.
Keeping a check on whether they are performing well and following the code of conduct is not wrong, but the manner of doing so should always be polite. Their good performance is essential for the functioning of your business, but this can only be done in a working environment that is healthy.
If you keep your employees happy, your business will automatically excel because not only will their capacity to work increase, but they will also be more motivated to work to the best of their abilities.
The Don’ts of Doing business in Islam
These are some practices that you should refrain from at all costs. The following practices will never lead to any form of betterment for your business.
1. Wrongful exchange of money
Large chunks of money can make any individual greedy for more, but that is a test for the Muslims in this world. Islam instructs Muslims never to make use of haram forms of money exchange.
This includes bribes. It doesn’t matter if you are taking or giving the bribe; it is haram by all means because bribes are only included in business for malpractices.
Using such means to elevate your business will eventually lead to losses no matter how easy they make the business process for you. Muslims should always aspire to have more barakah in their business which are blessings given by the will of Allah but to receive these; they have to refrain from all forms of ill practices in business.
2. Exploitation of staff
You might think that a little exploitation will not harm your business, but you are wrong! If you mistreat even one of your workers, you will face the consequences because Allah is just to all.
Exploiting your employees by paying them less than the wage they deserve or by making them work over hours will not help you enhance your business. For a short while, you might earn a little bit of extra cash, but in the long run, this will do you no good.
Exploiting your employees will compel them to leave, and those who have no choice but to stay will not perform to the best of their abilities. Simultaneously, if you take up these ways, you will only displease Allah, and the way to glad tidings will only become more difficult for you.
3. Cheating for sales
Popular marketing techniques usually include deceiving tactics to lure clients into the business. This is not preferred in Islam as it is a form of cheating.
Muslims are instructed to conduct their business honestly and to refrain from any form of lying. This will benefit you and your client because you will be more motivated to improve your business and your client will receive an authentic and purposeful business.
Cheating is a technique that can be beneficial for you temporarily, but it can cause long-term trouble as well. Such techniques almost always lead to client distress and can potentially be extremely destructive towards your business.
Dur-e-Sabih provides ghostwriting and copywriting services. Her educational background in Accountancy helps her in tackling topics ranging from career and business productivity to web development, finance, and digital marketing.