Honouring and fulfilling Business Obligations Islam attaches great importance to the fulfilment of contract and promises. Islamic teachings require a Muslim trader to keep up his trusts, promises and contracts. The basic principles of truth, honesty, integrity and trust are involved in all business dealings. The Holy Qur’an emphasizes the moral obligation to fulfil one’s contracts and undertakings. A verse states thus: O you who believe! Fulfil [your] obligations. (5:1) A tradition of the Prophet (sws) states thus: The Muslims are bound by their stipulations. (Abu Da’ud, No: 3120) Another tradition condemns promise-breaking as the hallmark or trait of a hypocrite: If he makes a promise, he breaks it, and if he makes a compact, he acts treacherously. (Bukhari, No: 32) In order to safeguard the interest of both the buyer and the seller it is desirable, according to the Islamic teachings, to clearly define all the necessary details concerning the business deal. Each business contract should clearly specify the quality, the quantity and the price of the commodity in question. Thus, in a business contract the offer and acceptance should be made between the parties concerned on a commodity which is with the buyer and, which he is able to deliver. Any commodity which is non-existent or not deliverable is not allowed to be transacted. A contract must be explicit with regard to the rights and obligations of the parties concerned so that it does not lead to disputes and disagreements between them.
Posted on: Fri, 26 Sep 2014 01:00:49 +0000
Trending Topics
Recently Viewed Topics
© 2015