The main objectives this lesson is to:
-Discuss the ethical precepts relating to business
-Identify the Islamic teachings for commercial transactions
What are the main teaching relating to business?
– Market participants should not lie, not deceive, not bribe, not boast, not sell harmful products and not value trade higher than Allah. They should honor their pledges and uphold justice.
– The ten rules relating to business include: avoidance of Riba, Gharar, misrepresentation, bai al bai, hording, bai al Mudtar, and selling haram items. Instead, businesses should deal in honesty. They should also provide full disclosure and sale goods in the open market.