Evils prevalent in Pakistani society and business sector : Unjust profiteering. Lecture 18 Shahid Iqbal

Transcription

1 Evils prevalent in Pakistani society and business sector : Unjust profiteering Lecture 18 Shahid Iqbal

2 Islam has forbidden hoarding of food grain and stocking them in godowns to create artificial dearth of supply for the purpose of selling it later on exorbitant price.

3 The Prophet (Peace be upon him) has prohibited this practice.

4 The Quran says: " And let not those who covetously withhold of the gifts which Allah has given them of His Grace, think that it is good for them: It will be the worse for them: soon shall the things which they covetously withheld be tied to their necks like a twisted collar on the Day of Judgment.

5 To Allah belongs the heritage of the heavens and the earth and Allah is well acquainted with all that ye do." (3.180)

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7 The Quran says: "Say: In the Bounty of Allah and in His Mercy in that let them rejoice: that is better than the (wealth) they hoard." (10.58)

8 The Prophet (Peace be upon him) said: 'Hoarding up food (to sell it at a high price) in the sacred territory is a deviation (from right to wrong).'

9 The Prophet (Peace be upon him) said: 'One who supplies goods to the market gets bounties from God, but the hoarder receives his wrath and curse.'

10 Islam favors to earn reasonable profit in a trade but to earn extra profit by exploiting the circumstances is forbidden and hateful. The Illegal profiteering also includes smuggling and speculation or forward sales & purchase.

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12 The Prophet (Peace be upon him) said: 'There are three persons whom Allah will not look at on the Day of Resurrection, nor will He purify them and they shall face severe punishment. One of them is a man who displays his goods for sale and says, "By Allah, except Whom None has the right to be worshipped, I have been given so much for my goods," and somebody believes him (and buys them).' (Narrated by: Abu Huraira)

13 Prohibited forms of Business

14 Monopoly business As monopoly means concentration of supply in one hand, it leads to exploitation of the consumers and the workers, it has, therefore, been declared unlawful by the Holy Prophet (may peace be upon him).

15 Gigantic trusts. cartels and monopolies should not exist in the Islamic society.

16 The monopoly-dominated economic order betrays lack of harmony between private and social good and is, thus, a negation of the principle of maximum social advantage which the Islamic society sets out to achieve.

17 WIN WIN WIN

18 Speculative business based on selfish interest Speculation means buying something cheap in bulk at a time and selling it dear at another and, thus, controlling the whole market to achieve personal gains.

19 A close observation will reveal that speculators are primarily interested in private gains regardless of the larger interest of the society.

20 These speculators try to create artificial scarcity of goods and commodities and thereby create an inflationary pressure on the economy. As the poor masses have to pay for this. Islam has condemned such speculative business.

21 The Quran says: "Give full measure when ye measure and weigh with a balance that is straight: that is the most fitting and the most advantageous in the final determination."(17.35)

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23 The Quran says: " Those men (are pious) whom buying and selling or trade does not cause them to forget the hymn of Allah. And who exercise honesty because of the will of Allah." (24.37)

24 In Islamic Economic system the principles of mutual consent, honesty, lawful and legal trade must be followed.

25 God has forbidden all such sources of revenue which are based on tyranny injustice and infringement of the rights of others.

26 Allah's Messenger (Peace be upon him) was asked: What type of earning was best? He (Peace be upon him) replied: 'A man's work with his hand and every business transaction which is approved.' ( Narrated by: Rafi' ibn Khadij)

27 The Prophet (Peace be upon him) said, 'The merchants will be raised on the Day of Resurrection as evildoers, except those who fear Allah, are honest and speak the truth.' ( Narrated by: Rifa'ah ibn Rafi' and Al-Bara' ibn Azib )

28 The Prophet Muhammad (Peace be upon him) said: 'Honest traders shall be raised up along with the Veracious and the Martyrs.'