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.
