In the medieval times, Muslims have been called fore-runners in business, science and other areas of civilization. The principles of Islamic financial transactions span back to the 14th century. The early Muslims involved in trade and product that created opportunities throughout the Mesopotamian colonies down to West Africa. This enhanced the fiscal strength of the Muslim community exponentially.
Here are some of the success hints harnessed from the early Muslims.
#1 Establish a good intention:
Abu Bakr (RA) was a wealthy merchant that ran his business with integrity. He had been the first man to attest to religion. When he became Muslim, he continued his business and was also calling to the path of Allah. Some distinguished companions accepted Islam at this case of Abu Bakr. One of which were: Uthman bin Affan, Zubair bin Awam Talhah bin Ubaidullah, Abdur Rahman bin 'Auf, Sa’ad bin Abi Waqas and Abu Ubaidah bin Al-Jarrah (RAM). These were men of standing who afterwards proved to be great assets for Islam. They were all from the ten whom Allah gave glad tidings of heaven from earth. Really this activity of Abubakr earned him supreme success both in his life and afterlife. In connection with business, begin with a great intention, have a positive mind, hit the floor running and aim for achievement in both worlds.
#2 Indulge in 'Halaal' trades:
Besides usury, Muslims also have to avoid any Company Related to alcohol, gambling, pornography and all that Islam prohibits in entirety. Although, a few of those businesses seem rewarding. However, there is no success in helping evil behind the scene. Moreover, we are prohibited from hoarding up products in anticipation of scarcity. This can be done with the intention to make massive profit once the actual scarcity occurs.
#3 Build trust through sincerity:
A Fantastic example can be cited from the life of the messenger of Allah (PBUH). His sincerity with Khadijah was what earned her love for him. There should also be equity in prices. While Islam does not set profit limitation, there is also no need to exploit client's naivety. If there's any fault at the great, its best one shows it or fix it before purchase.
Another common practice in recent times is modification of measures. It's so rampant that even gas stations do it in certain geographical locations. This is an act that's quite detestable as it incurs the anger of Allah.
#4 Steady cash flow procedure:
Always adopt the principle of cash tender for goods. In as Much as you are able to avoid incurring debts and welcoming debtors because it does little good to a running company. Also, swap and exchange deals are discouraged due to sophistication stemming from inferiority and superiority of things. It's a good idea to sell goods once there is an appreciable profit obtained on the product. This aids in recycling and preserving wealth.
#5 Start little, expand big:
1 secret of business success is diversification and reinvestment of profits. A great example could be taken from the life span of Abdur Rehman ibn 'Auf (RA). When he migrated to Madinah, his ansari brother contributed half of his wealth to him. In return, Abdur Rahman (RA) told him:
"May Allah bless your wealth and loved ones. Just show me the Way to the marketplace."
He set out by selling dried butter milk with just two dirhams. He afterwards moved to selling horses and made more gains by incorporating the Saddles to his inventory. As Allah blessed him more, he expanded into agricultural Produce and export commerce. He was stupendously wealthy and he contributed generously in charity.