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Just as Islam regulate and influences all aspects of life, also governs the
conduct of usiness and commerce.
Muslims should conduct their business acc. to Islam which requires them
to be fair, honest and just.
Rahman (1994) notes there are loads of Islamic concept and values which
define the extent and nature of business activity.
Iqtisad MODERATON
Adl JUSTICE
Ihsan KINDNESS PAR EXCELLENCE
Amanah HONESTY
Infaq SPENDING TO MEET SOCIAL OBLIGATIONS
Sabr PATIENCE
Istislah PUBLIC INTEREST
Negative values to be avoided:
Zulm TYRANNY
Bukhl MISERLINESS
Hirs GREED
Iktinaz HOARDING OF WEALTH
Israf EXTRAVAGANCE
Economic activity within the parameters of haram and halal.
PRODUCTION
DISTRIBUTION
Islam preaches moderato and a balanced pattern of consumption.
Luxury and over-indulgence is condemned, as is poverty.
Every being has the minimum requirement to live in dignity.
This is why zakat is an essential part of the faith.
If zakat not enough, govt would apply a temporary tax on the rich and
affluent to balance the budget as a religious duty (fard kefaya).
SOCIAL RESPONSIBILITIES
BUSINESS PRINCIPLES
PROPERTY RIGHTS
CONTRACT LAW
BUSINESS ORGANIZATIONS
P/ships play an important role in Islamic accounting and the law is very
complex (NYAZEE 1999).
Shirkah al inan LIITED P/SHIP
MUSHARAKA
MUDARAA or QIRAD
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