(Read Company & Trade Laws Here) (Read Rules of Selling Here) There are 5 types of companies defined in Islamic Economic System: 1. The Company of Equals (Al-‘Inan): This is a type where all partners put their money into a business and all work with it. Both partners would have the right to buy and […]
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(Read Rules of Trade / Selling Here) Being a comprehensive way of life, Islam has laid down specific laws for trading and designated various rules for when individuals come together to form a company for business purposes. Basics of a Corporate or Company The Company (Sharika in Arabic) is an agreement between two or more
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“An honest Trader will be with Prophets, Shuhadaa and Saaleheen on day of Judgement”. Hadeeth ‘Sale’ (Bai in Arabic) is defined in Shariah as ‘the exchange of a thing or service of value by another thing of value with mutual consent’. Selling is an essential part of everybody’s life therefore Islam has provided detailed rules
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For many in the 3rd world especially the Muslim world, Multinational companies such as Coca Cola, McDonalds, and General Electric represent awe inspiring success stories of Capitalism. The rulers regularly distribute contracts to foreign companies who extract oil, minerals, build infrastructure, hospitals, and provide services such as banking and insurance as well as production plants
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