Islamic banking, economics and finance emphatically insist on clarity and avoiding ambiguity. Its principles are justice, transparency, fairness for all parties and protecting their rights in business transactions.
In the Forty Hadeeth of Imam An’nawawi, Hadeeth number 13, Anas bin Malik (pbuh) narrates; the messenger of God (may the peace and blessings of Allah be upon him) said, “None of you truly believes until he loves for his brother what he loves for himself.” The universal Golden Rule is never an exception to these.
Muhamad Ayub in his book Understanding Islamic Finance said, “The fundamental feature of Islamic finance and economics is socio-economic and distributive justice”.
These principles are contained in a silo, full of ethical and moral directives from the lawgiver Himself, and their sources are the Shariah.
For example, one major principle is that commercial interest is absolutely forbidden since it is viewed as economic exploitation.
In addition, excessive uncertainty in business such as gambling/ all games of chance is vehemently prohibited. Dealing with illicit products and businesses such as pork, pornography, tobacco, hard drugs, prostitution and other such commercial ventures is forbidden.
This means that blessings are not merely measured only in terms of money but also in terms of mental well-being, emotional well-being, spiritual well-being, psychological well-being, relationships well-being, environmental well-being and so on.
Another integral principle of Islamic finance and economics that must be noted is that dealings between or amongst all parties involved in trade contracts (uqood) must be from their own will, concern, and acceptance and not from duress, lest a contract becomes invalid.
At the zenith of all the moral and ethical principles that govern the conduct of Islamic economics and finance is the concept that God owns everything.
In Islam, it is religiously believed that all assets and for that matter, anything that has the ability to offer any form of benefit to humans and life is solely owned by God and that human beings who claim to own these assets and benefits are just caretakers or trustees.
Quran 31: 26 states, “to God belong all things in the heaven and earth, verily, God is He that is free from all wants, worthy of all praise”.
An authentic tradition of the messenger of God from Saheeh Muslim: 1829, has also explained this verse further, “Beware, every one of you is a shepherd and everyone is answerable with regard to his flock…”
Thus, the trustees are supposed to act responsibly as far as taking care of these assets is concerned.
In addition, investing these assets productively and successfully, and managing them judiciously back into the community is expected of human beings.
The prudent investment of these trusted assets will eventually assist to achieve economic prosperity, job opportunities and peaceful coexistence within the community.
This is fair, just, and equitable. We act as trustees of these assets on behalf of their real owner God, and we will be accountable before God for any and every breach, abuse, or misuse of this trust.
YAHAYA ILIASU MUSTAPHA
The writer is an Islamic Banking and Finance patron and advocate in Ghana
Email : yahaya0246873726@gmail.com
Facebook account: facebook.om/Yahaya.iliasu.94