This is a continuation of our ‘ Fiqh of Business Transactions’ series, originally taught by Sheikh Tawfique Chowdhury in his Real Deal course held on Birmingham last year.
In the first part of this compilation we went through a prelude of Business Regulations in the shariah. We began with ‘Pillars of a business transactions’ and now we would like to continue on from where we left off Inshallah by looking into ‘The goals & purposes of shariah in Business transactions’ the second of the 10 matters mentioned in part 1 of this series.
The 3 main goals:
1. All business is permissible.
This is from the most important goals. The Shariah permits most contracts and only prohibits those few that fulfil certain conditions. Therefore every new contract is permissible except those that contain features or conditions in it that make it impermissible.
2. Prevention from oppression.
Allah has not decreed any oppression in His legislation, nor does He want us to oppress each other, whether it is by mutual consent or coercion. (for example, the prohibition of selling that which is uncertain in its quality or quantity.)
3. Prevention of conflicts and disputes
Allah wishes to remove any matter that may cause us to have a dispute. (for example the prohibition of proposing to a sister for marriage, over the proposal of your brother.)
How does the Shariah legislate in a business?
It does so by either one of two ways:
- By prohibiting the transaction
- By allowing the transaction with certain conditions or within certain limits.
Many a times, a contract may have some sort of oppression in it, or may generally lead to conflicts and disputes, however it is still allowed due to the greater benefit that the Shariah perceives in allowing it.
Inshallah this will give us something to reflect on until the next post.