FAEZ: Islam permits increase in capital through trade. However, prohibits anyone who tries to increase his capital through lending on unsury or interest. Judaism had also prohibited interest, as stated in the Old Testament Ex 22:25 but later redefined restriction to Jews alone as stated in Deuteronomy 23:20. As for Christianity, the Gospel according to Luke 6:30 reads: Give away to everyone who begs of you,......, do not demand them back again.
TEGUH: While it is best to buy by paying cash, it is also permissible in Islam to purchase on credit by mutual consent but the price should not differ by the two modes of payment. Should the seller increase his price if the buyer asks for deferred payments, the price differential due to the time delay resembles interest which is haram (prohibited) in Islam.
AKHTAR: It is lawful for Muslim to hand over his wealth to a capable, experienced person to invest in a joint venture, or jointly pooled with capital of others for investment, trade or any lawful business venture. All parties should share the risks incurred proportionate to their capital invested.
MULIA: However, Islam forbade any kind of transaction in which there is no guarantee that the seller can deliver the goods for which he received payment in advance. For examples, for fish in the sea, or birds in the air which one has not caught; or offspring of a cattle still in the female’s womb; or for fruits which are still not flowering yet. There is an element of uncertainty as to the outcome in all such transactions.
FAEZ: Islam promotes markets which are free and permitted to respond to the natural laws of supply and demand. Unnecessary artificial interferences such as hoarding in order to acquire excessive profit, and manipulation of setting unreasonable high prices are not permissible.
TEGUH: However, due to complexities of trade especially in foreign trade, brokers play a very vital role in facilitating the success of the business. Therefore brokerage is allowable since it is a sort of mediation and connection between buyer and seller. The commission may be fixed amount or proportional to the volume of sales.
MULIA: Another act which Islam prohibits is, someone’s bidding for an item in excess of its price without having any intention of actually buying it, but merely in order to induce others to bid at a much higher price. This is pre-arranged for the purpose of deceiving others.
AKHTAR: Islam also prohibits every type of fraud and deception. One way of defrauding the customer is to measure or weigh incorrectly. In all situations the Muslims must be honest by exposing the defects of what they sold and be truthful, holding his faith dearer than any worldly gain.
FAEZ: The Muslim is not permitted to have two standards, one for himself and one for other people.
MULIA: Islam has prohibited the Muslim to buy any article which he knows to have been stolen or taken unjustly from its owner.
AKHTAR: Trading in goods such as wine, swine, flesh of dead animals, intoxicants, idols, crosses and statues are prohibited because permitting the trade implies promoting and propagating non-halal products among the people.
TEGUH: Our Prophet Muhammad (saw) disapproved of frequent swearing in business transactions because it is probably done to deceive people and it reduces respect for the name of Allah.
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