5. 3rd PRINCIPLE
He has not oppressed any of us.
Therefore, we should not oppress one
other
6. THE ISLAMICAPPROACH:
BALANCEDVIEW
Right to property but not absolute & unconditional to
cause disorder on Earth
-Freedom not at the cost of equality
-Equality not at the cost of freedom
“MODERATION”
7. ISLAMICWAY OFTRADE
AND COMMERCE
Islam encourages trade & business activities
Allah (swt) has ordained in Holy Quran
“Allah has permitted trade &
prohibited Riba”
8. HADITH
“If you leave behind wealthy heirs, it’s
better than that of leaving them needy
and dependent on others and under
their control”
9. ISLAMIC PRINCIPLE IN BUSINESS
.Keenness to earn legitimate (halal) earnings
.truthfulness in business transactions
.fair treatment of workers
.justice & honesty
.mutual respect
10. What is forbidden
in business in
Islam?
.trade of alcohol &
drugs is prohibited
.Islam prohibits fraud
in business
.buying & selling what is
legal if we know that it will
be used for illegal use:
weapons
.interest/riba is prohibited
11. POLICY STATEMENT OF ISLAM:
JUSTICE
“… in order that it may not become confined to
rich amongst you”.
… BETTER THE CIRCULATION, BETTER THE
ECONOMY
MUHAMMAD NOUMAN
15. OWNERSHIP OF PROPERTY
All belongs to Almighty Allah as ALLAH creates
everything…
Messenger ofALLAH said;
“people are partner in three things, i.e. water,
fire and green pastures”.
16.
17. Takaful(Islamic insurance)
.cooperative or mutual insurance, where
members contribute a certain sum of money to a
common pool
.purpose of this system is not profits but to
uphold the principle of
“bear ye one another’s burden”
(mutual cooperation)
18. RIBA
.RIBA-an Arabic noun derived from verb
Raba, meaning to ‘increase’, ‘to grow’,
& ‘to exceed’.
.It includes interests which is paid
by banks or on loans such as car loans,
home loans or credit card debt
19. RIBA IS HARAM
Riba is one of THE
most serious sins in
Islam.
“ ALLAH has permitted trade and has
forbidden riba.” (2:275)
“Allah has cursed the one who consumes Riba,
the one who gives it, the one who witnesses
over it & the one who writes down the
transaction.”
20. Obsanjo, Nigerian former
president commented on debt
Nigeria faces:
All we had borrowed up to 1985 or 1986
was around $5 billion & we have paid
about $16 billion yet we are still being
told that we owe about $28 billion
because of injustice in foreign
creditors’ interest rates. If you ask me
what is the worst thing in the world, I
will say it is compound interest.”
22. that’s why Allah declared
riba/usury/interest as Haram.
According to 3rd principle,
“He has not oppressed any
of us.Therefore, we should
not oppress one other”
