Importance of Ethics in global economy- Holistic Approach
Quran 2:188
And do not eat up your property among yourselves for vanities, nor use it as bait for the judges, with intent that ye may eat up wrongfully and knowingly a little of (other) people's property.
Tafsir Ibn Kathir
And eat up not one another's property unjustly (in any illegal way, e.g., stealing, robbing, deceiving), nor give bribery to the rulers (judges before presenting your cases) that you may knowingly eat up a part of the property of others sinfully.) Tafsir Ibn Kathir
`Ali bin Abu Talhah reported that Ibn `Abbas said, "This (Ayah 2:188) is about the indebted person when there is no evidence of the loan. So he denies taking the loan and the case goes to the authorities, even though he knows that it is not his money and that he is a sinner, consuming what is not allowed for him.'' This opinion was also reported from Mujahid, Sa`id bin Jubayr, `Ikrimah, Al-Hasan, Qatadah, As-Suddi, Muqatil bin Hayan and `Abdur-Rahman bin Zayd bin Aslam. They all stated, "Do not dispute when you know that you are being unjust.''
It is reported in the Two Sahihs that Umm Salamah narrated that Allah's Messenger said:
(I am only human! You people present your cases to me, and as some of you may be more eloquent and persuasive in presenting his argument, I might issue a judgment in his benefit. So, if I give a Muslim's right to another, I am really giving him a piece of fire; so he should not take it.)
Tafsir Ibn Kathir
Quran 4:29. O you who believe! Eat not up your property among yourselves unjustly except it be a trade amongst you, by mutual consent. And do not kill yourselves (nor kill one another). Surely, Allah is Most Merciful to you.) Prohibiting Unlawfully Earned Money
Goals of the Firm from Islamic Perspective
Keenness to Earn Legitimate (Halal) Earnings
Trade through Mutual Consent
Truthfulness in Business Transactions
Trustworthiness in Business Transactions
Generosity and Leniency in Business Transactions
Honouring and fulfilling Business Obligations
Fair Treatment of Workers
Prohibited Matters in Business Transactions
Dealing in Prohibited (Haram) Items
Sale of Al-Gharar (Uncertainty, Risks, Speculation)
Arbitrarily Fixing the Prices
Hoarding of Foodstuff
Exploitation of one’s Ignorance of Market Conditions
Al-Najsh (Trickery)
Cheating and Fraud in Business Transactions
Swearing
Giving Short Measures
Dealing in Stolen Goods
