Question

summery of Islamic economic system in the light of Holy Quran and Sunnah​

Answer 1

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Islamic Economics and Trade In this regard, there are clear directives in Quran and Sunnah; of which the beneficial nd lawful commodities are permissible and the harmful and unlawful ones have been prohibited. In this context, the Holy Quran says, “And Allah has permitted the Trade and prohibited Riba”.

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Answer 2

Answer:

Islamic Economics and Trade

Industry and Trade are essential for human life. In this regard, there are clear directives in Quran and Sunnah; of

which the beneficial nd lawful commodities are permissible and the harmful and unlawful ones have been

prohibited. In this context, the Holy Quran says, “And Allah has permitted the Trade and prohibited Riba”.

(2:275). It has further been directed that, “And do not misappropriate what belong to others, nor may you give

presents to those in authority with a view to gain an opportunity to snatch unjustly that which is rightfully a part

of that which belongs to others”.(2:188). Further more, the Holy Quran says, O Believers! Do not

misappropriate one another’s goods illegally. Indeed , you should undertake transactions by agreement”.(4:29).

This prohibits all kinds of unlawful business. Any kind of trade or business which is not against the directions

or objectives of Shariah, is permissible.

In this connection, there are the following Traditions of the Holy Prophet (S.A.W) which clarify the matters

related to trade and business:

“Woe to those that deal in fraud, those who, when they have to receive by measure from men, exact full

measure, but, when they have to give by measure or weight to men, give less than due. Do they not think that

they will be called to account?” [Al-Mutaffifin:1-4].

Keeping the commodities of general use in possession and not supplying them in the market for the sake of

increasing the price is prohibited [Ahmed-Bin-Hanbal: 19802].

Prophet Muhammad (pbuh) said: “No one hoards but the traitors (i.e. the sinners).” (Abu Da’ud, No. 2990)

Prophet Muhammad (pbuh) said: “The importer [of an essential commodity] into the town will be fed [by

Allah], and the hoarder will have [Allah’s] curse upon him.” (IbnMajah, No: 2144)

Trying to buy commodities before they reach market is prohibited because market will decide the price.