1239EA1FAFAD46BC36AC90C3EB78D224 "Debt Transaction". . Two words that sum up the ethics of Islam -->

"Debt Transaction". . Two words that sum up the ethics of Islam

Islam came with a comprehensive system of life that determines the form of man's relationship with his Creator, as well as regulating his relationships and dealings with others, Muslims and non-Muslims. . Islam, as revealed by the Noble Qur’an and defined by the rest of its features, our Noble Messenger, may God’s prayers and peace be upon him, includes beliefs, worship, morals and transactions. . Transactions almost represent the whole of Islam, as morals only appear when dealing with people. As for acts of worship, if their effect does not appear on transactions, then there is no benefit from them. The Prophet, may God’s prayers and peace be upon him, says: Except later." . We also see that the correct belief is reflected in the transactions between people, as he, peace and blessings be upon him, says: “He who sleeps full and his neighbor next to him is hungry does not believe in me while he knows.” That is, transactions represent the essence of Islam as Islam came to reform the world and its policy in all its aspects. It is logical for the Prophet, may God’s prayers and peace be upon him, to limit all religion to transactions when he said in the authentic hadith: “Religion is transactional.”

What are the most prominent transactions approved by Islam or devised by jurists and for which they found evidence and proofs in the Book of God and the Sunnah of His Messenger, may God bless him and grant him peace? What are its controls, principles, conditions for its validity, and its effects when it is right, and its effects when it happens to the contrary?

At the outset, the Islamic economic thinker, Dr. Youssef Ibrahim, Professor of Economics and Director of the Center for Islamic Economics at Al-Azhar University, confirms that sound transactions are motivated from the beginning by a sincere intention. In Islam, intention is the basis for accepting or not accepting actions. To your images and your money, but to look at your hearts and your deeds.” Looking at the heart is intended to know the intention that the worker has in his heart, and in the authentic hadith also, the Messenger of God, peace and blessings be upon him, says: “Actions are only by intentions, and every person will have what he intended, so whoever emigrated To God and His Messenger, then his emigration is to God and His Messenger, and whoever emigrated for worldly benefits or for a woman to marry, his emigration is for what he emigrated to.”

The most comprehensive picture of dealing

The first and most comprehensive form of dealing that Islam has permitted and has set the controls and rules governing it is (sale), it is one of the transactions on which the life of societies is based, and mankind has known it since ancient times, and it is based on the appropriation of money with another money with an offer and acceptance through mutual consent between the sellers.

God Almighty has permitted selling, and made it the natural way for people to obtain what they need from the production of others. Unlawful such as theft or rape. God Almighty said: “And God has permitted selling,” and by exchanging money between people through sales, everyone is at the service of everyone, so the buyer serves the seller, and the seller serves the buyer, and both parties are beneficiaries.

Because of the importance of selling in people’s lives, Islam legitimized it and organized it in a precise manner, and surrounded it with guarantees that make it achieve people’s interests, and do not result in problems or disputes, and Islamic jurists have unanimously agreed on the legality of selling based on the evidence and proofs contained in the Book of God and the Sunnah of His Messenger, may God bless him and grant him peace.

Permissible speculation

Among the forms of transactions that were common in the pre-Islamic era and approved by Islamic Sharia after it was set by its controls, as Dr. Nasr Farid Wasel, the former Mufti of Egypt, a member of the Council of Senior Scholars in Al-Azhar (speculative), says, and its name is derived from beating the ground, meaning walking in it for trade and livelihood, This company was well-known in the pre-Islamic era, and one of the most famous of those who gave his money was the speculation of al-Abbas ibn Abd al-Muttalib, the uncle of the Prophet, may God’s prayers and peace be upon him, and Islam approved it and Muslims deal with it to this day.

Its image is that a person has money and is not free to invest it, or is basically unable to invest it, so he resorts to another person who has a surplus in administrative capabilities, and does not have the capital with which he is able to operate and exploit his capabilities, and here their potentials are complemented, and each of them uses what he has to use. It is useful, if they participate on this basis, for one party to provide the capital and the second party to provide the work in which the capital is used and exploited, and they agree to distribute the profits between them in the proportion they are satisfied with, and each of them has a share in the profit according to their agreement on the proportion of each of them in it. If a loss occurs, the owner of the money is the one who bears it, and the speculator bears only his effort, and this is the justice between the two parties.

There are two types of speculation: (absolute and restricted). The divorced woman is the one in which the owner of the money gives the worker the freedom to act without restrictions or conditions. . As for the restricted condition, it is in which the owner of the money stipulates on the speculator certain conditions that are not contrary to the nature of the work.

However, speculation is not imprisoned in this form, but it can accommodate the needs of societies for major companies, which include a large group of money owners, as well as a large group of speculators, meaning that speculation in our time is based on the multiplicity of individuals on both ends.

Murabaha and Ijarah

One of the forms of transactions approved by Islamic Sharia is (Murabaha), which is a type of sales, which Muslims dealt with from ancient times. The books of fiqh have taken care of explaining its forms and conditions, and the jurists have defined it with many definitions, all of which revolve around one meaning which is the sale at the same price as the first price and an agreed increase between the seller and the buyer. . That is, the buyer, instead of bargaining over the price until he reaches the price he is satisfied with, only bargains on the seller's profit above the price or above what the commodity was based on. He entrusts the seller with determining the amount of what the commodity has made on him, and his bargaining is limited to the amount of profit, is it 5%, 6%, or 4%, for example. Its image is that the seller says to the buyer: The price of this wheat ardeb is one thousand dirhams, and my profit is ten percent.

Also, one of the forms of transactions permitted by Islamic Sharia to take care of and achieve people’s interests is (lease), which is a contract on an intended, known, and subject to benefit.