Islamic Ethics of Trade: A Recipe for Sustainable Business Transactions in The Contemporary World

Abstract

Trade in human life is a risk that required to delve into, the survival of man and the survival of the world in any society in which worldly life is lived until when Allah (the Almighty) authorizes its annihilation, and what is similar to these risks, is a boat walking amid crashing waves, and what is the most dangerous if not the captain of the boat is skilled in wading the seas. Moreover, a business in this contemporary period needs to have strong ethics and ideas that could halt its pillars and shields it from decline. Unlike contemporary trade which in most cases required only the safety of capital and profit, Islam sees trade as a means of serving humanity, and an act of worship. Islam warned people to be careful when confronting any kind of business transaction. The Prophet said: "O people, fear Allah and be moderate in seeking a living, for no soul will die until it has received all its provision, even if it is slow in coming....” (Ibn Majah 2144). Therefore, this paper using personal observation, perusing, the contents of related literature on the Islamic ethics of Business transactions, and conscientiously discussing how those ethics of trade could serve as pedals of successful business in the contemporary world. Lastly, the paper discovered: good intention, Tolerance, Humbleness, Trustworthiness good habits Generosity in a business transaction, etc. are among the main ethics of trade brought by Islam, those discovered ethics are found to be applicable to both micro and macro economies and a recipe for sustainable business transactions in the contemporary world. The research recommends that each market in the Muslim countries should have an Islamic council chamber well equipped with scholars where the modus operandi of conducting Basic Business transactions should be adequately treated.