how does Islam change the way people do business?
Re: business in islam
Not imposing taxes… maybe being more sincere not cheat your business mates… dont know… just a though!
Re: business in islam
No interest?
Re: business in islam
thanks for joining. i am trying to gather information on this topic. will post soon. i request u too put some valuable information in this matter.
Re: business in islam
A person closed the palm of his hand and says** : ** "Give me that particular item for whatever money is in my hand." And it is not known what is in his hand; whether he has dollars, rands, cents, a gold coin; whether he has one, two or many. Such a transaction is not permissible.
Re: business in islam
we're not going to buy a house bcoz of interest....still renting.may Allah make us strong in our belief.Ameen.
Re: business in islam
Hello folks,
Heres a very interesting article I read about money, want to share with you folks.
I Want The Earth Plus 5%
http://www.relfe.com/plus_5_.html
.
Re: business in islam
hareem01
it's better to avoid interest. If u want to buy home there are some bank (like Bank al-falah) providing ficility of islamic house finance that is surely interest free. i think u should contact them.
Re: business in islam
I gave it a thought in the past
here
http://www.paklinks.com/gs/showpost.php?p=3299629&postcount=28
&
http://www.paklinks.com/gs/showthread.php?t=180181&page=2
And for understanding impact of riba and prefered economic system in society by Islam. please see the attached file. (not compiled by me )
Also it is an understanding of devine law and restrictions by a human with limited intelect and wisdom, . It may not be 100% accurate
Re: business in islam
jazak Allah.....
Re: business in islam
The Islamic Bank of Britain, and HSBC bank offer interest free mortgages in the UK.
http://www.hsbc.co.uk/1/2/personal/current-accounts/more/amanah-finance
Re: business in islam
By the way, interest is not haram in Islam, Usury is, there's a difference between interest and usury.
Re: business in islam
Every loan upon which a profit is made is haraam in Islam.
It is reported by Sayyidna Ali, Radi-Allahu anhu, that the Holy Prophet, Sall-Allahu alayhi wa sallam, has said,
“Every loan that derives a benefit (to the creditor) is riba.”
This hadith is reported by Harith ibn Abi Usamah in his Musnad.
Re: business in islam
^ but if it is not just a loan but a financial service, with charges for that service, it becomes a diff thing. I mean even 'Islamic' mortgages are deriving benefits to the entities providing such mortgages, and by the hadith posted above, they are unislamic no matter how they spin it.
Or you can just go with an approach that a financial service which is regulated is diff than a personal loan back in the day.
Re: business in islam
^
Isn’t giving loan a financial service in itself of it’s own? Then, why charging riba on such money could be forbidden if one is making money on the services provided. hmmm… I wonder why then Quran clearly mentions that it is not same and categorically denies it to be same. Such a logic equates riba with the usual business deal, which clearly is mentioned here:
2:275] Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: “Trade is like usury,” but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever).
Re: business in islam
anwaar, please go ahead and tell all those “islamic mortgage” folks that no matter what they say and how they spin it, it is still ‘riba’ by this definition.
I mean forget folks who dont consider interest as riba, but those who do, and go for things like ‘islamic mortgages’ should know that there is fundamentally no difference. these companies are deriving profits from the loans or whatever they want to call them.
Re: business in islam
oh yeah, also, please refuse to pray in masjid which have mortgage payments.
Re: business in islam
I was not sure either about it.. I was just wondering since I happen to know that ayah.. I probably am missing the whole picture… you know HSBC bank is one institution in USA that is providing the same services.. I met Shaikh Yusuf Islahi of India who is actually one of the many people who brought that scheme up with HSBC.. Scholars are divided.. That kind of scheme was first introduced in middle east…
Nonetheless, only people I saw opposing were of the Salafi School of thought… people who are Ahl-e-Sunnah but I think they are not Jamaah… Ahl-e-Hadeeth we call them in Pakistan… One imaam of a masjid in Brooklyn who I went with for his driving test [he is raised in NY and went to school here] tried to prove to me that it is in fact riba because you are not saying it as interest but just changing the name..
Everyone has their own understanding… I am trying to understand every point of view and establish my understanding based to what seems more solid … Just on my part… May Allah:swt: saves us from the curse of Ribaa.. Aameen.
[edit]
PS: Praying is for Allah and the whole earth is fine to do that as long as it is clean.. I do not see your point .. that’s more towards taunting and sarcasm.. 
Re: business in islam
I understand, all I am stating is that if one fully ascribes to the viewpoint you had noted earlier, then that person should not be going for islamic mortgages also, because the companies are there for profit. Even if they ever organize the companies as not for profit and the ‘service’ pays salaries, its still monetary benefit from loans
Re: business in islam
agreed, praying is for Allah. My statement was not to taunt or be sarcastic but was a point to think about. If mortgage is haram, then the masjid is built using haram means…
I mean think of another haram thing, selling alcohol to fund a mosque..
if one thinks interest including mortgage is haram, then is it not a little concerning