Islamic Finance: Business Ethics in Islam - Kickoffall Info Hub

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Monday, July 15, 2019

Islamic Finance: Business Ethics in Islam

The basic principles of the framework of Islamic finance includes some ethical aspects which should be followed by those involved in any kind of financial activities.

  1. Justice and fair dealing: There should not be any kind of injustice based on religion, gender, race, color, the region, etc. dealing should be fair to everyone.
  2. Honesty and truthfulness: there should be transparency and honesty in financial activities and should not hide any errors and defects in the subject matter.
  3. Prohibition of Najash (overbidding): Once the deal is finalized between two people should not be hijacked with a bigger offer.
  4. Prohibition of khalabah (misleading marketing): The business communications and advertisements with false claims should be avoided.
  5. Fulfilling the covenants and removal of hardship: It is the responsibility of the seller to exchange the product safely to the buyer without any hardship during the supply.
  6. Fair pricing: Pricing should be fair in a way that does not disturb the market and customers.
  7. Freedom from dharar (detriment & harm): the product should be safe for all; the customer, the society and the environment
  8. Valid gains on investment: the product should offer some valid gains. Islam never permits immature spending on over luxury.  
  9. Transparency and documentation: Any contract of exchange should be documented and the business, its modes  and products should be transparent.

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