BUSINESS TRANSACTIONS IN ISLAM
By Dr. Waquar Anwar
Markazi Maktaba Islami Publishers
D-307, Dawat Nagar, Abul Fazl Enclave,
Jamia Nagar, Okhla, New Delhi – 110025
Edition – July 2012
Pages – 48, Price – Rs. 24
Reviewed by KAMRAN SHAHID ANSARI
We live in a society where the implementation of ideas of secularism has made the religion redundant in all other temporal fields. The very idea of getting guidelines from religion seems not only awkward but also raises questions regarding the intellectual acumen of the person. However as Islam is a complete way of life and has its say in all the spheres that dominate the human life, it gives guidelines in the field of Business Transactions as well. The very first page of the book emphasises this aspect and reads, “Even the pure business transactions undertaken with the motive of earning profit are not outside the ambit of divine counselling and commandments of Allah the Exalted as contained in the Holy Qur’ān and the traditions (sunnah) of the Prophet (peace and blessings be to him).”
Corruption is now so entrenched in the society that the business transactions have not only become unethical but also something which can cause harm. We all are aware of fake medicines and other life-saving drugs which are sold in market to earn profit only without bothering about the consequences of it on other persons. At this point of time when the cut-throat competition has overthrown all the values and people are finding it difficult to do business transactions without employing unfair means, the book Business Transactions in Islam by Dr. Waquar Anwar presents an alternative by following which one can not only earn profit in this world but will also earn the pleasure and rewards from Allah in the next world.
The book runs through 48 pages and discusses in short, with proof, the correct way of doing business as promulgated and propagated by Islam. The book is full of ahadith and verses from the Holy Qur’ān, along with references, which makes the book authentic and reliable. The language is very easy and the complete text of ahadith and the Qur’ānic verses is given in Arabic as well as in English. La darar wa la dirara fil Islam is quoted very often; however most of people think that darar and dirar are but the same thing. The book gives the opinion of the scholar and explains the two terms to give a correct understanding. The book says, “A more plausible and understandable view is that darar in reference to an act by which someone benefits but which, unfortunately, harm others. On the other hand dirar is an act by which no one benefits and only harm is brought upon others.”
Unlike the transactions that take place today where ambiguities always remain a part of the deal, Islam emphasises that the transactions should not be misleading and must be free from any ambiguities. “Ambiguity with regard to the benefit that will finally accrue to one party will render the deal as Islamically incorrect and unacceptable.”
To give more authenticity to the work, some related Fiqh Maxims are also given in the book. The book takes a dig at gaming as it is a taboo in Islam. It discusses the prohibition of Khamr (strong drinks) and Maysir (forms of gaming) however the reference to the exegesis of Ibn Kathir for the verse 5:90 opens up the room for discussion as it gives a different take on what Maysir is and what it is not. Though the collection by Ibn Kathir is a wonderful job but it gives the opinions of the companions of the Messenger of Allah (peace and blessings of Allah be to him) and not the sayings of the Messenger of Allah.
Dealing in full light of knowledge is one of the rules of business transactions in Islam. Unlike today where the sellers hide the defect and sell the product to the customer and later when the customer gets to know about the defect and comes to return the product they refuse to accept it saying you should have checked it earlier, Islam gives a clear-cut guideline regarding dealing in full light of knowledge. The book records two ahadith on this aspect. One of the ahadith goes, “If anyone sells a defective article without pointing it out, he will come under Allah’s anger.”
The book records ahadith which says that all the business transactions must take place in the market place and not outside it. The reason is that it is only when one reaches the market that he realises the actual price of his goods, and any transaction taken place outside the market might result in the loss. One of the ahadith says, “Abdullah Ibn Abbas (may Allah be pleased with him) reported that the Prophet (peace and blessings of Allah be to him) forbade an urbanite to purchase/sell the product of the villager.” Another hadith related to this issue says, “Do not meet the caravans by approaching them en-route while they are coming with trading goods.”
The book further deals in short regarding the embargoes and other fraudulent practices that are in vogue in these days and are employed as a means to gain politically. The book talks about the ‘The concepts of options in sales,’ ‘Hoarding,’ ‘Right to earn profit,’ ‘Conflicting business deals,’ etc. On the issue of right to earn profit the book records a hadith which says, “Right to earn is linked with risk-bearing.”
Plenty of ahadith and Qur’ānic references add to the credibility of the book. The book has not taken only one stance, whereas it has projected different opinions so as to give the reader a better understanding of the subject and how the scholars of the past has dealt with the issues.
One thing which the book misses is the content page which sometimes makes it difficult for the reader to find the topic of his interest. This short book, however, is lucid in its content and is a good read for understanding the basic principles of Islam regarding the business transactions.