economics, finance and treaties in islam
Quran 2:43
…give zakah… (FBL)
Commentary of Quran 2:43
Islam is not only a religion based on spirituality and rituals, military, politics, morality and ethics, social science, but also on welfare. One of the core philosophies of human welfare is taking money from the rich and giving it to the poor and good causes. Quran has emphasized this philosophy numerous times. Zakat is a faith-based taxation, but non-Muslims do not need to give this but rather need to pay Jizya. Zakat is only one aspect of Islamic taxation system. Islamic taxation is designed to support a welfare system for all. It prohibits hoarding of wealth. Other modes of taxation is Khumus, Ushr, Rkaz and Khraj. Zakat is to be paid on animals, agriculture and economic currency. Khumus is paid on financial profit, natural resources, treasures and spoils of war. Zakat is a political endeavor according to Quran as it appoints collector of Zakat. The most effective logical instrument is that of the state. Hence Zakat is not only a personal charity but a state charity. This is extended to all forms of Islamic taxation except the voluntary ones one gives. This further confirms Islam's political nature. The business and financial models in Islamic rule should generate enough zakatable amounts to establish a strong and rich social welfare. Localized accounting delegation from Islamic treasury to audit businesses based on geographical location should be organized. Businesses need to keep and use government issued financial statements for economic and financial measurements. Banks must deduct Islamic taxable amounts from businesses at year end (hawl) and transfer the money to Islamic treasury. This is for monetary value and not for other types of taxable items such as livestock, crops, minerals etc. as detailed by Shariah law. These should be collected by Zakat ministry.
Secular taxation model is designed to support social darwinism and empower corporatism and politicians. Even though US capitalist taxation system called progressive taxation where those who make more money pay a higher tax rate but in reality, there are actually dozens of legal ways to bypass this. Anything which is a "business expense" is not taxed at all. Individual citizens aren't allowed to "write off" their expenses in this fashion, but businesses and big corporations are. And there are thousands of ways businesses can claim that the money they make isn't really profit at all. Every single year there are stories about companies which make tens of billions of dollars but pay zero in taxes. Every single year. There is another form of tax called social security tax. This is a "regressive tax" because the more money you make, the less you pay. Those who make very little money must pay the full percentage. Those who make decent money also pay the full percentage. But when you make enough money, then you get to stop paying the tax after a certain point. This means that someone making a million dollars a year pays a tiny, tiny fraction of the percentage that almost everybody else has to pay.
A framework:
www.academia.edu/49786431/Understanding_Macroeconomics_for_Islamic_Economic_Development
derby.academia.edu/MohammadMushfequrRahman/Economics
Quran 59:7
And what Allah restored to His Messenger from the people of the towns - it is for Allah and for the Messenger and for [his] near relatives and orphans and the [stranded] traveler - so that it will not be a perpetual distribution among the rich from among you. And whatever the Messenger has given you - take; and what he has forbidden you - refrain from. And fear Allah ; indeed, Allah is severe in penalty. (FBL/NFBL)
Commentary of Quran 59:7
This is today equivalent to Islamic government- who represents God and His prophet through Islamic rule- taking various Islamic taxes from the localities in its jurisdiction and distributing to the relevant recipients. By effective efficient taxation model, the distribution of wealth is circulated between rich and poor. When money is circulating between the classes economy grows gradually as this circulation increases consumer spending and investments. However, if money is hoarded and sits in banks then it is only favorable to the rich and economy is stuck among the rich then.
Quran 5:1
O you who have believed, fulfill [all] contracts…(NFBL)
Commenatry of Quran 5:1
This verse commands Muslims to fulfill all contracts. The command is towards Muslim individuals and Islamic political and legal establishments. As Islamic government is the highest guardian of a Muslim and it’s non-Muslim subjects then enforcing and overseeing fulfillment of contracts/treaties are also included in this verse. This verse also establishes norms of international law that is treaties must be fulfilled by Islamic government. The conditions of contracts are detailed in Islamic law books of both Shia and Sunni.
Quran 17:34
…And fulfill [every] commitment. Indeed, the commitment is ever [that about which one will be] questioned. (NFBL)
Commentary of Quran 17:34
A commitment/promise/oath is like a verbal treaty which also needs to be fulfilled by the Muslim. Collective widespread adherence to this moral and ethics will create a better society, economy and country.
Quran 4:29
O you who have believed, do not consume one
another's wealth unjustly but only [in lawful] business by mutual consent…(NFBL)
Commentary of Quran 4:29
Some of the rules of a just and fair financial and economic practice are:
That which can be made pure from Najas (filth) is halal (lawful)
That which is essentially najas (filth) haram (unlawful)
That which is purposed for haram is haram (unlawful)
That which becomes halal (lawful) under exceptions which are: loss of life, limb or great amount of physical suffering
That there is a benefit, and such must be greater than harm
That which is prohibited by text
That which are essentials of life are not taxed or charged but should be publicly given
That which is financially solvent is supposed to provide to that which is financially insolvent
Flexible and fair valuation, buying and selling in economic and financial activities
Market based on equal opportunities for both seller and buyer
Ownership of good or service from seller to buyer through agreed upon price must be based on precise terms and clarified language. No place of vagueness in the wordings of exchange.
The buyer, if acquired ownership of a good or service without shariah compliant contract then such ownership is invalid, and the buyer insured.
Buying and selling must take place between adults who are sane, complete free to choose and intending.
The good or service must be deliverable, quantified, qualified and in possession of seller through transparency of the trade and exchange processes.
Monetary values of different types or kinds can be exchanged. If same kind or
Some of the unjust and prohibited practice are:
Tadlees: A defect that is hidden and can only be accessed/exposed/ascertained by the description of the investor/financier/seller. In such circumstances benefit of the doubt is given to the buyer/recipient/client in case of financing or product or service quality lacking.
Gharar: A trade or transaction where the product or service being sold/financed/debted/bought is unknown and/or deceptive in quantity or quality.
Ghish: The seller hides something in the product or service if the buyer knows about it wouldn't have purchased/financed/loan in the first place.
Tatfeef: Shortcoming in quantity or quality.
Najash: A form of prohibited sale in which a person or group of persons connive with a seller to bid up the price of a commodity offered for sale through an auction (mazad), not meaning to purchase but only to entice an unsuspecting bidder to offer higher prices, and eventually have him stuck with the object of sale.
Ihtikar: monopoly is forbidden where one exploits peoples need of a certain product or service.
This verse establishes private property and rejects communist and capitalistic corporate exploitation of people’s wealth. Note that financial and economic policies to guide people towards economic and financial activities and promote growth and trade among Muslim demography is not forced activity but a model of trade and businesses. What this means is Islamically planned welfare economy is not prohibited. This verse prohibits wastage of personal and state wealth and guides us to implement proper models for equitable distribution of wealth. God prohibits wastage of wealth. Any wealth also spent in haram means and ends is also wastage. Spending of wealth into luxury, vanities and material pleasure while not improving uplifting the needy and helpless is also wastage. God also encourages here halal trade and business activities. A country doesn't thrive without trade and business activities. A big population but moral and educated is a blessing to start such activities if also backed by law, security and accountability. Islam proposes such morality, law, security and mechanism of accountability.
Quran 17:35
And give full measure when you measure, and weigh with an even balance. That is the best [way] and best in result. (NFBL)
Commentary of Quran 17:35
The foundation of trade and business is mentioned in this verse: correct measurement and quality of goods and services must be given to customers and clients. The practitioners are businesses while the overseer is the Islamic government. Trade and business activities must be such that exchange of goods and services must be based on precision, clarity, transparency and completion. Vagueness, ambiguity and deception have no place in this.
Quran 2:282
O you who have believed, when you contract a debt for a specified term, write it down. And let a scribe write [it] between you in justice. Let no scribe refuse to write as Allah has taught him. So, let him write and let the one who has the obligation dictate. And let him fear Allah, his Lord, and not leave anything out of it. But if the one who has the obligation is of limited understanding or weak or unable to dictate himself, then let his guardian dictate in justice. And bring to witness two witnesses from among your men. And if there are not two men [available], then a man and two women from those whom you accept as witnesses - so that if one of the women errs, then the other can remind her. And let not the witnesses refuse when they are called upon. And do not be [too] weary to write it, whether it is small or large, for its [specified] term. That is more just in the sight of Allah and stronger as evidence and more likely to prevent doubt between you, except when it is an immediate transaction which you conduct among yourselves. For [then] there is no blame upon you if you do not write it. And take witnesses when you conclude a contract. Let no scribe be harmed or any witness. For if you do so, indeed, it is [grave] disobedience in you. And fear Allah. And Allah teaches you. And Allah is Knowing of all things. (NFBL)
Commentary of Quran 2:282
This verse establishes the most basic banking, trade and business protocols. The most important thing is documentation and witness for keeping track of transaction and money. Muslims must utilize all the latest tools and technologies to achieve the best and most transparent form of accounting and record keeping. The individual citizen must not be deceived in this and businesses must ensure that do not trick their way out of accurate record keeping and documentation.
Today corporations and many other entities cheat governments and people out of billions of dollars of taxes and benefits. This part addresses against that technique of cheating and fraud.
Guardianship is established here and the Islamic government must ensure that the weak, the ignorant and those who have little understanding are not defrauded and exploited in their wealth, transaction and financial ventures. The best guardian is the Islamic government. Effective efficient legal framework of wealth transaction and distribution must be implemented by Islamic government.
This verse establishes number of witnesses in financial and business transactions. Islamic court can enforce witnesses to give their witness.
It makes clear that not everything needs to be recorded and documented due to flexibility and ease of our day to day activities but there is no harm even if such is documented and recorded. Today almost everything is documented by digital systems.
This verse proposes adoption of laws, protocols and frameworks so that essential and critical workers in the economic and financial sectors are not bullied, threatened or exploited.
Quran 82:1
Woe to those who give less [than due], Who, when they take a measure from people, take in full. But if they give by measure or by weight to them, they cause loss. (NFBL)
Commentary of Quran 82:1
This verse exposes the reality of corporate cruelty who will not show mercy and flexibility when dealing with people. Corporations, big business will take in full the payments and contractual obligations from the common people without considering the financial ability and circumstances of the people. One example is in hospital settings where the hospitals do not care if patients die or the relatives suffer but they will make sure they get full payments from the customers. However, these hospitals will not provide equal and quality service to all patients. Their best service is focused on the rich and VIP patients. This is also the case with other businesses. Islamic government must intervene and make an example of this elitist unjust business service.
The foundation of trade and business is mentioned in this verse: correct measurement and quality of goods and services must be given to customers and clients. The practitioners are businesses while the overseer is the Islamic government. Trade and business activities must be such that exchange of goods and services must be based on precision, clarity, transparency and completion. Vagueness, ambiguity and deception have no place in this.
Quran 2:283
And if you are on a journey and cannot find a scribe, then a security deposit [should be] taken. And if one of you entrusts another, then let him who is entrusted discharge his trust [faithfully] and let him fear Allah, his Lord. And do not conceal testimony, for whoever conceals it - his heart is indeed sinful, and Allah is Knowing of what you do. (NFBL)
Commentary of Quran 2:283
This is in case of journey when it is difficult to record a debt transaction or business transaction then a security deposit needs to be given in exchange for the debt or business deal. This is called security backed transaction.
Quran 8:58
If you [have reason to] fear from a people betrayal, throw [their treaty] back to them, [putting you] on equal terms. Indeed, Allah does not like traitors. (NFBL)
Commentary of Quran 8:58
If it is perceived that a party to a treaty will violate the treaty either from their past behavior or from newly discovered evidence, then the treaty can be withdrawn unilaterally by Islamic government or entity.
Quran 6:152
…And give full measure and weight in justice. We do not charge any soul except [with that within] its capacity...(NFBL)
Commentary of Quran 6:152
The foundation of trade and business is mentioned in this verse: correct measurement and quality of goods and services must be given to customers and clients. The practitioners are businesses while the overseer is the Islamic government. Trade and business activities must be such that exchange of goods and services must be based on precision, clarity, transparency and completion. Vagueness, ambiguity and deception have no place in this.
Quran 4:37
Who are stingy and enjoin upon [other] people stinginess and conceal what Allah has given them of His bounty - and We have prepared for the disbelievers a humiliating punishment – (NFBL)
Commentary of Quran 4:37
God prohibits any system or entity which promotes and implements a model of wealth hoarding. Today it is corporate capitalism. God rejects this and proposes an equitable distribution of wealth. In Capitalist system you will always see this is the case as only few businesses earn a whole lot and large portion of total wealth is sitting in banks. The only solution to give every person a chance to a better standard of living is to introduce Islamic Taxation System due to this system enforcing wealth circulation between rich and poor. They are collectively responsible for not doing enough against poverty, crimes, diseases and injustice. It is because they are hoarding their wealth without using to alleviate human suffering. Concentration of wealth will be always among few people hence they have responsibility to contribute to maintain a good and fair standard of living. Islam does not want to take away rich peoples’ wealth but want them to pay their due share to the society and humanity.
Quran 28:77
But seek, through that which Allah has given you, the home of the Hereafter; and [yet], do not forget your share of the world. And do good as Allah has done good to you. And desire not corruption in the land. Indeed, Allah does not like corrupters." (FBL/NFBL)
Commentary of Quran 28:77
This verse sets the conditions for Islamic materialism. First of all you must not forget the hereafter while pursuing the materialistic goals of this world that is you must not commit haram and must not belittle the service of God and Islam. Pursuit of materials must not be your priority but secondary to Islamic existence and piety. The transgression in pursuing materialism can be any model or framework or practice that impedes sustainable development, inequitable distribution of wealth and violation of rights whether human, animal or environmental. Justice and equity must be continuous companions of this research based materialistic pursuit. Muslim consumer demand backs Islamic research or else research cannot thrive without demand. The research must thus initiate with proof of their ability to deliver quality products and services.
…give zakah… (FBL)
Commentary of Quran 2:43
Islam is not only a religion based on spirituality and rituals, military, politics, morality and ethics, social science, but also on welfare. One of the core philosophies of human welfare is taking money from the rich and giving it to the poor and good causes. Quran has emphasized this philosophy numerous times. Zakat is a faith-based taxation, but non-Muslims do not need to give this but rather need to pay Jizya. Zakat is only one aspect of Islamic taxation system. Islamic taxation is designed to support a welfare system for all. It prohibits hoarding of wealth. Other modes of taxation is Khumus, Ushr, Rkaz and Khraj. Zakat is to be paid on animals, agriculture and economic currency. Khumus is paid on financial profit, natural resources, treasures and spoils of war. Zakat is a political endeavor according to Quran as it appoints collector of Zakat. The most effective logical instrument is that of the state. Hence Zakat is not only a personal charity but a state charity. This is extended to all forms of Islamic taxation except the voluntary ones one gives. This further confirms Islam's political nature. The business and financial models in Islamic rule should generate enough zakatable amounts to establish a strong and rich social welfare. Localized accounting delegation from Islamic treasury to audit businesses based on geographical location should be organized. Businesses need to keep and use government issued financial statements for economic and financial measurements. Banks must deduct Islamic taxable amounts from businesses at year end (hawl) and transfer the money to Islamic treasury. This is for monetary value and not for other types of taxable items such as livestock, crops, minerals etc. as detailed by Shariah law. These should be collected by Zakat ministry.
Secular taxation model is designed to support social darwinism and empower corporatism and politicians. Even though US capitalist taxation system called progressive taxation where those who make more money pay a higher tax rate but in reality, there are actually dozens of legal ways to bypass this. Anything which is a "business expense" is not taxed at all. Individual citizens aren't allowed to "write off" their expenses in this fashion, but businesses and big corporations are. And there are thousands of ways businesses can claim that the money they make isn't really profit at all. Every single year there are stories about companies which make tens of billions of dollars but pay zero in taxes. Every single year. There is another form of tax called social security tax. This is a "regressive tax" because the more money you make, the less you pay. Those who make very little money must pay the full percentage. Those who make decent money also pay the full percentage. But when you make enough money, then you get to stop paying the tax after a certain point. This means that someone making a million dollars a year pays a tiny, tiny fraction of the percentage that almost everybody else has to pay.
A framework:
www.academia.edu/49786431/Understanding_Macroeconomics_for_Islamic_Economic_Development
derby.academia.edu/MohammadMushfequrRahman/Economics
Quran 59:7
And what Allah restored to His Messenger from the people of the towns - it is for Allah and for the Messenger and for [his] near relatives and orphans and the [stranded] traveler - so that it will not be a perpetual distribution among the rich from among you. And whatever the Messenger has given you - take; and what he has forbidden you - refrain from. And fear Allah ; indeed, Allah is severe in penalty. (FBL/NFBL)
Commentary of Quran 59:7
This is today equivalent to Islamic government- who represents God and His prophet through Islamic rule- taking various Islamic taxes from the localities in its jurisdiction and distributing to the relevant recipients. By effective efficient taxation model, the distribution of wealth is circulated between rich and poor. When money is circulating between the classes economy grows gradually as this circulation increases consumer spending and investments. However, if money is hoarded and sits in banks then it is only favorable to the rich and economy is stuck among the rich then.
Quran 5:1
O you who have believed, fulfill [all] contracts…(NFBL)
Commenatry of Quran 5:1
This verse commands Muslims to fulfill all contracts. The command is towards Muslim individuals and Islamic political and legal establishments. As Islamic government is the highest guardian of a Muslim and it’s non-Muslim subjects then enforcing and overseeing fulfillment of contracts/treaties are also included in this verse. This verse also establishes norms of international law that is treaties must be fulfilled by Islamic government. The conditions of contracts are detailed in Islamic law books of both Shia and Sunni.
Quran 17:34
…And fulfill [every] commitment. Indeed, the commitment is ever [that about which one will be] questioned. (NFBL)
Commentary of Quran 17:34
A commitment/promise/oath is like a verbal treaty which also needs to be fulfilled by the Muslim. Collective widespread adherence to this moral and ethics will create a better society, economy and country.
Quran 4:29
O you who have believed, do not consume one
another's wealth unjustly but only [in lawful] business by mutual consent…(NFBL)
Commentary of Quran 4:29
Some of the rules of a just and fair financial and economic practice are:
That which can be made pure from Najas (filth) is halal (lawful)
That which is essentially najas (filth) haram (unlawful)
That which is purposed for haram is haram (unlawful)
That which becomes halal (lawful) under exceptions which are: loss of life, limb or great amount of physical suffering
That there is a benefit, and such must be greater than harm
That which is prohibited by text
That which are essentials of life are not taxed or charged but should be publicly given
That which is financially solvent is supposed to provide to that which is financially insolvent
Flexible and fair valuation, buying and selling in economic and financial activities
Market based on equal opportunities for both seller and buyer
Ownership of good or service from seller to buyer through agreed upon price must be based on precise terms and clarified language. No place of vagueness in the wordings of exchange.
The buyer, if acquired ownership of a good or service without shariah compliant contract then such ownership is invalid, and the buyer insured.
Buying and selling must take place between adults who are sane, complete free to choose and intending.
The good or service must be deliverable, quantified, qualified and in possession of seller through transparency of the trade and exchange processes.
Monetary values of different types or kinds can be exchanged. If same kind or
Some of the unjust and prohibited practice are:
Tadlees: A defect that is hidden and can only be accessed/exposed/ascertained by the description of the investor/financier/seller. In such circumstances benefit of the doubt is given to the buyer/recipient/client in case of financing or product or service quality lacking.
Gharar: A trade or transaction where the product or service being sold/financed/debted/bought is unknown and/or deceptive in quantity or quality.
Ghish: The seller hides something in the product or service if the buyer knows about it wouldn't have purchased/financed/loan in the first place.
Tatfeef: Shortcoming in quantity or quality.
Najash: A form of prohibited sale in which a person or group of persons connive with a seller to bid up the price of a commodity offered for sale through an auction (mazad), not meaning to purchase but only to entice an unsuspecting bidder to offer higher prices, and eventually have him stuck with the object of sale.
Ihtikar: monopoly is forbidden where one exploits peoples need of a certain product or service.
This verse establishes private property and rejects communist and capitalistic corporate exploitation of people’s wealth. Note that financial and economic policies to guide people towards economic and financial activities and promote growth and trade among Muslim demography is not forced activity but a model of trade and businesses. What this means is Islamically planned welfare economy is not prohibited. This verse prohibits wastage of personal and state wealth and guides us to implement proper models for equitable distribution of wealth. God prohibits wastage of wealth. Any wealth also spent in haram means and ends is also wastage. Spending of wealth into luxury, vanities and material pleasure while not improving uplifting the needy and helpless is also wastage. God also encourages here halal trade and business activities. A country doesn't thrive without trade and business activities. A big population but moral and educated is a blessing to start such activities if also backed by law, security and accountability. Islam proposes such morality, law, security and mechanism of accountability.
Quran 17:35
And give full measure when you measure, and weigh with an even balance. That is the best [way] and best in result. (NFBL)
Commentary of Quran 17:35
The foundation of trade and business is mentioned in this verse: correct measurement and quality of goods and services must be given to customers and clients. The practitioners are businesses while the overseer is the Islamic government. Trade and business activities must be such that exchange of goods and services must be based on precision, clarity, transparency and completion. Vagueness, ambiguity and deception have no place in this.
Quran 2:282
O you who have believed, when you contract a debt for a specified term, write it down. And let a scribe write [it] between you in justice. Let no scribe refuse to write as Allah has taught him. So, let him write and let the one who has the obligation dictate. And let him fear Allah, his Lord, and not leave anything out of it. But if the one who has the obligation is of limited understanding or weak or unable to dictate himself, then let his guardian dictate in justice. And bring to witness two witnesses from among your men. And if there are not two men [available], then a man and two women from those whom you accept as witnesses - so that if one of the women errs, then the other can remind her. And let not the witnesses refuse when they are called upon. And do not be [too] weary to write it, whether it is small or large, for its [specified] term. That is more just in the sight of Allah and stronger as evidence and more likely to prevent doubt between you, except when it is an immediate transaction which you conduct among yourselves. For [then] there is no blame upon you if you do not write it. And take witnesses when you conclude a contract. Let no scribe be harmed or any witness. For if you do so, indeed, it is [grave] disobedience in you. And fear Allah. And Allah teaches you. And Allah is Knowing of all things. (NFBL)
Commentary of Quran 2:282
This verse establishes the most basic banking, trade and business protocols. The most important thing is documentation and witness for keeping track of transaction and money. Muslims must utilize all the latest tools and technologies to achieve the best and most transparent form of accounting and record keeping. The individual citizen must not be deceived in this and businesses must ensure that do not trick their way out of accurate record keeping and documentation.
Today corporations and many other entities cheat governments and people out of billions of dollars of taxes and benefits. This part addresses against that technique of cheating and fraud.
Guardianship is established here and the Islamic government must ensure that the weak, the ignorant and those who have little understanding are not defrauded and exploited in their wealth, transaction and financial ventures. The best guardian is the Islamic government. Effective efficient legal framework of wealth transaction and distribution must be implemented by Islamic government.
This verse establishes number of witnesses in financial and business transactions. Islamic court can enforce witnesses to give their witness.
It makes clear that not everything needs to be recorded and documented due to flexibility and ease of our day to day activities but there is no harm even if such is documented and recorded. Today almost everything is documented by digital systems.
This verse proposes adoption of laws, protocols and frameworks so that essential and critical workers in the economic and financial sectors are not bullied, threatened or exploited.
Quran 82:1
Woe to those who give less [than due], Who, when they take a measure from people, take in full. But if they give by measure or by weight to them, they cause loss. (NFBL)
Commentary of Quran 82:1
This verse exposes the reality of corporate cruelty who will not show mercy and flexibility when dealing with people. Corporations, big business will take in full the payments and contractual obligations from the common people without considering the financial ability and circumstances of the people. One example is in hospital settings where the hospitals do not care if patients die or the relatives suffer but they will make sure they get full payments from the customers. However, these hospitals will not provide equal and quality service to all patients. Their best service is focused on the rich and VIP patients. This is also the case with other businesses. Islamic government must intervene and make an example of this elitist unjust business service.
The foundation of trade and business is mentioned in this verse: correct measurement and quality of goods and services must be given to customers and clients. The practitioners are businesses while the overseer is the Islamic government. Trade and business activities must be such that exchange of goods and services must be based on precision, clarity, transparency and completion. Vagueness, ambiguity and deception have no place in this.
Quran 2:283
And if you are on a journey and cannot find a scribe, then a security deposit [should be] taken. And if one of you entrusts another, then let him who is entrusted discharge his trust [faithfully] and let him fear Allah, his Lord. And do not conceal testimony, for whoever conceals it - his heart is indeed sinful, and Allah is Knowing of what you do. (NFBL)
Commentary of Quran 2:283
This is in case of journey when it is difficult to record a debt transaction or business transaction then a security deposit needs to be given in exchange for the debt or business deal. This is called security backed transaction.
Quran 8:58
If you [have reason to] fear from a people betrayal, throw [their treaty] back to them, [putting you] on equal terms. Indeed, Allah does not like traitors. (NFBL)
Commentary of Quran 8:58
If it is perceived that a party to a treaty will violate the treaty either from their past behavior or from newly discovered evidence, then the treaty can be withdrawn unilaterally by Islamic government or entity.
Quran 6:152
…And give full measure and weight in justice. We do not charge any soul except [with that within] its capacity...(NFBL)
Commentary of Quran 6:152
The foundation of trade and business is mentioned in this verse: correct measurement and quality of goods and services must be given to customers and clients. The practitioners are businesses while the overseer is the Islamic government. Trade and business activities must be such that exchange of goods and services must be based on precision, clarity, transparency and completion. Vagueness, ambiguity and deception have no place in this.
Quran 4:37
Who are stingy and enjoin upon [other] people stinginess and conceal what Allah has given them of His bounty - and We have prepared for the disbelievers a humiliating punishment – (NFBL)
Commentary of Quran 4:37
God prohibits any system or entity which promotes and implements a model of wealth hoarding. Today it is corporate capitalism. God rejects this and proposes an equitable distribution of wealth. In Capitalist system you will always see this is the case as only few businesses earn a whole lot and large portion of total wealth is sitting in banks. The only solution to give every person a chance to a better standard of living is to introduce Islamic Taxation System due to this system enforcing wealth circulation between rich and poor. They are collectively responsible for not doing enough against poverty, crimes, diseases and injustice. It is because they are hoarding their wealth without using to alleviate human suffering. Concentration of wealth will be always among few people hence they have responsibility to contribute to maintain a good and fair standard of living. Islam does not want to take away rich peoples’ wealth but want them to pay their due share to the society and humanity.
Quran 28:77
But seek, through that which Allah has given you, the home of the Hereafter; and [yet], do not forget your share of the world. And do good as Allah has done good to you. And desire not corruption in the land. Indeed, Allah does not like corrupters." (FBL/NFBL)
Commentary of Quran 28:77
This verse sets the conditions for Islamic materialism. First of all you must not forget the hereafter while pursuing the materialistic goals of this world that is you must not commit haram and must not belittle the service of God and Islam. Pursuit of materials must not be your priority but secondary to Islamic existence and piety. The transgression in pursuing materialism can be any model or framework or practice that impedes sustainable development, inequitable distribution of wealth and violation of rights whether human, animal or environmental. Justice and equity must be continuous companions of this research based materialistic pursuit. Muslim consumer demand backs Islamic research or else research cannot thrive without demand. The research must thus initiate with proof of their ability to deliver quality products and services.
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