In the name of God, the compassionate the merciful
Islamic finance professionals have a unique system (etiquettes) of rules and regulations by which they conduct themselves both in their work and in improving their skills. These etiquettes are sine qua non as far as working in both the domestic and global Islamic Finance industry is concerned. However, it is important to note that there are specific and general etiquettes. Today our work will deal with the general ones, and we shall also talk about the importance of honesty and trust in this noble endeavor.
First and foremost, the maqasid Al-shariah (objectives of the shariah). This emanates from Al-Tawheed (the strict belief in the oneness of God). “ It is You alone we worship, and You alone we ask for help” (Quran 1: 5). Every Islamic finance professional must know and observe this, it is non-negotiable. In other words, this rule is what Islamic jurists refer to as the Asl (foundation) upon which the others called furu’u (branches) are built. It involves protection of faith, protection of life, protection of intellect, protection of lineage, and protection of property. This enhances the deep understanding of ethical considerations since Islamic finance is rooted in ethical and moral principles (shariah). Developing a strong understanding of these principles and their application (shariah compliant) in financial transactions is crucial. The observation of the maqasid Al-Shariah must be reflected throughout the work of the Islamic finance professional. No more no less.
Note that in this Islamic finance industry, an Islamic finance house will prefer an employee who is knowledgeable with integrity without experience to an experienced person without integrity. Islamic financial institutions do this for their own interest, the interest of the bank, and every person or persons, body or bodies, and every organization that deals with the Islamic bank. This beautiful moral attitude prevents what we call a zero-sum game which breeds animosity and rancor, and promotes a win-win situation for the bank on the one hand and its customers on the other. This is why when the conventional banks were collapsing in the 2008 economic turmoil, their Islamic bank counterparts were vertically standing and making profits. To achieve this feat, trust is imperative. Allah exalted be He said, “Oh ye who believe! Eat not up each other’s property by unfair and dishonest means” (4:29). Allah exalted be He also said, “Allah doth command you to render back your trust, to those to whom they are due.” (4:58).
The prophet (SAW) said, “An honest and trustworthy merchant will be with the prophets, the truthful, and the martyrs” (Sunan al-Tirmidi). The Prophet (SAW) often used to say in his sermons: “Remember, there is no faith in him who is not trustworthy; there is no place for him in religion who cares not for his pledged word or promise.” In another tradition, the prophet (SAW) says: “The signs of a hypocrite are three: when he speaks, he is false, when he promises, he fails; and when he is trusted, he plays false”.
Condemning those who cheat in business the sacred Prophet (SAW) has said: “He who cheats is not of us. Deceitfulness and fraud are things that lead one to Hell.” In another tradition, the prophet (SAW) said: “Honesty certainly leads to goodness, and goodness leads to paradise. Truly, a man keeps speaking the truth until he is inscribed as being truthful in the heavens. And lying leads to going wrong, and going wrong leads to hell. Truly, a man lies and lies until he is inscribed as being a liar in the heavens.” (Muslim)
The Quran chiefly distinguishes the feature of Muslims as saying that they are: “Those who faithfully observe their trusts and their covenants.” (24:8)
The Prophet of Allah (SAW)) once came upon a heap of corn in the market of Medina and thrust his hand onto it. His fingers felt damp. On being asked, the trader replied that rain had fallen upon it. The Prophet observed: “Why did you not then keep (the wet portion of) it above the dry corn, so that men may see it? He who deceives is not one of us.” Thus, traders who cheat by showing to customers a dishonest sample or by concealing from them the flaws of the article they offer for sale are not true Muslims in the judgment of the Holy Prophet (SAW) and, God-forbidding, they are going to end up in hell.
In another tradition, the prophet (SAW) says: “The seller must explain to the buyer the defects, if any, in the quality of the article offered for sale. Should this not be done, the seller will permanently be caught in the Wrath of Allah (according to another narrator the exact words, ‘he will always be cursed by the angels’).”
In fact, the foundation of the Islamic finance industry is grounded on honesty and integrity. This is not to say that there are only Muslims in the Islamic finance fraternity, there are non-Muslim employees in this endeavor. What we want to emphasize here is that the Islamic banking and finance industry is governed by honesty, integrity, transparency, good judgment, equity, and equality. Without these invaluable qualities, the Islamic banks would have ended up just like their other counterparts’ conventional banks when the economic turmoil hit the global financial system in 2008. Countless verses of the Quran and traditions of the Prophet (SAW) give glad tidings of paradise to men and women of integrity and promise untruthful and dishonest men and women of torment in the hellfire. May Allah protect us from this. All praise is due to Allah, in whose favor GOOD DEEDS are accomplished. (Bn Majah: 3803). And Allah knows best! To be continued.
YAHAYA ILIASU MUSTAPHA
The writer is an Islamic Banking and Finance patron and advocate in Ghana.
Email: yahaya0246873726@gmail.com
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