The startup lifestyle is known to be stressful and challenging, but it’s also meant to be satisfying and fulfilling, with you as the entrepreneur in control of your own destiny. Unfortunately, it doesn’t always work out that way.
Most Muslim entrepreneurs today overlook the importance of following Islamic principles when it comes to running a business and just focus on making profits. According to a Hadith in Sahih Buhari, Prophet Muhammad (SAWW) once said, “A time will come when one will not care how one gains one’s money, legally or illegally.”
In Surah An Nisa (29), Allah the Almighty says, “O believers! Do not devour one another’s wealth illegally, but rather trade by mutual consent. And do not kill ˹each other or˺ yourself. Surely Allah is ever Merciful to you.” However, all hope is not lost.
You all have chances if you are a righteous Muslim entrepreneur looking to run your business in accordance with Islamic business principles and earn halal wealth.
Indulge in ‘Halaal’ transactions: Allah the Exalted informs us in the noble Qur’an thus: “O you who believe! Eat not Riba (usury) doubled and multiplied, but fear Allah that you may be successful.” Besides usury, Muslims also need to avoid any business related to alcohol, gambling, pornography and all that Islam forbids in its entirety.
Although, some of those businesses seem lucrative. However, there’s no success in aiding evil behind the scene. In addition, we’re forbidden from hoarding up goods in anticipation of scarcity.
Build trust: A good instance can be cited from the life of the messenger of Allah (SAWW). There should also be fairness in deals. While Islam doesn’t set profit limit, there’s also no need to exploit customer’s naivety. Allah’s Apostle (SAWW) told us: “He’s not one of us, the one who deceives us”.
Another uncommon practice in recent times is the adjustment of measures. It is so rampant that even gas stations do it in certain geographical locations. This is an act that is highly detestable as it incurs the wrath of Allah.
Start little, expand largely. One secret of business success is diversification and reinvestment of profits. A good example can be taken from the life of Abdur Rahman bin Auf (RA). When he migrated to Madinah, his ansar brother donated half of his wealth to him.
In return, Ibn Auf (RA) told him: “may Allah bless your wealth and family. Just show me the way to the market”. He set out by selling dried buttermilk with just two dirhams. He later moved to selling horses and made more profits by adding the saddles to his stock. As Allah blessed him more, he expanded into agricultural produce and export trade.
Don’t make too many promises: If you make promises that you can’t keep, you’re going to end up letting down your client, which is bad for business. A Hadith from Sahih Muslim records the Prophet as saying, “Be careful of excessive oaths in a sale. Though it finds markets, it reduces abundance”.
Now that you know a few Islamic business ethics, it is up to you to choose to follow them or not. We must walk on the right path to gain Allah’s blessing and attain success in everything we do.
