Islamic Guidelines Emphasize Fair Trade and Prohibition of Usury

Islamic guidelines for business and financial transactions place a strong emphasis on fair trade, integrity, and strict adherence to ethical boundaries. According to the foundational teachings highlighted in the guidelines, Islam actively encourages fair and faithful business practices. At the same time, the framework strictly prohibits any form of exploitation, fraud, and usury, which is known as riba. In the context of Islamic finance, adherents are required to correct their intentions before engaging in any financial activities, ensuring their focus remains on earning the satisfaction of God rather than simply accumulating material wealth.

The ethical framework governing trade explicitly forbids the exchange or sale of certain prohibited goods. Items such as alcohol, pork, or any products intended for unethical purposes are strictly banned from commerce. Furthermore, the economic principles of Islam discourage uncertainty and deception, commonly referred to as gharar, to maintain absolute transparency between buyers and sellers during transactions. Integrity is further underscored by a teaching from Prophet Muhammad (PBUH), who stated that the person who gives deception is not included among his ummah, emphasizing that 'যে ব্যক্তি ধোঁকা দেয়, সে আমার উম্মতের অন্তর্ভুক্ত নয়।'

Usury, or riba, faces absolute prohibition within this financial system. This comprehensive ban extends to modern financial practices such as credit card late fees, interest-bearing loans, and buy-now-pay-later schemes that incorporate penalty fees. These restrictions align with the divine decree declared by Almighty Allah, who stated in the religious texts that Allah has made business lawful and usury unlawful, encapsulated in the Arabic declaration 'আল্লাহ ব্যবসাকে হালাল করেছেন এবং সুদকে হারাম করেছেন।'

Jurisprudence in Islamic commerce also imposes strict rules regarding the ownership of goods before a sale can take place. Selling an item that is not currently in one's full ownership or possession is strictly not permitted. This rule reinforces a direct instruction attributed to Prophet Muhammad (PBUH), who advised believers not to sell what they do not have or what is not under their direct ownership, stating 'তোমার কাছে যা নেই বা যা তোমার মালিকানাধীন নয়, তা বিক্রি কোরো না।'

Finally, the guidelines regulate currency exchange to ensure absolute fairness and equity in monetary dealings. Currency exchange in Islam mandates equal amounts when trading the exact same currency, alongside immediate spot transactions executed at current market rates whenever different currencies are being exchanged. Through these structured principles, reported via Prothom Alo, Islamic finance establishes a comprehensive and moral framework designed to protect all parties involved in commercial and financial transactions.